Lutes Technology completes a new round of financing: valued at $4.5 billion, the brand's first electric SUV will be produced by the end of the year.

On September 22, according to foreign media reports, Lutes Technology, a technology company under the Lutes Group, a sports car manufacturer, said it had completed its latest round of financing, valuing its business at $4.5 billion.

Lutes Technology said it would use the funds raised for product innovation and the development of a global distribution network. In 2021, foreign media reported that Lutes Technology hoped to raise $400 million to $500 million by the end of the year, valuing it at $5 billion to $6 billion. On Sept. 21, Lutes Technology confirmed that it had completed the same round of financing, but did not disclose the amount of financing or the investors involved.

Lutes describes it as a "global 'smart technology' subsidiary that enhances the brand DNA and technology accumulated by Lotus over the past 73 years" to accelerate innovation in areas such as battery and energy management, electric vehicles, motors, electronic control systems, intelligent driving, intelligent manufacturing, etc.

It is reported that Lutes plans to start production of its first electric SUV at the end of this year and start delivery in early 2023.