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Lotus to invest over 2 billion pounds, become all-electric by 2028

British sports automaker Lotus said on Tuesday it will spend over two billion pounds ($2.78 billion) in new technology and in massively expanding production of its sports car models, and it would like to sell only electric cars by 2028.

The automaker said its owners, Chinese firm Geely and Malaysia’s Etika Automotive, will give the financial backing so the automaker can increase production from an average of 1,500 cars per year to tens of thousands globally that will be sold at dealerships or online.

Those investment plans include a new Lotus plant in Wuhan, China.

Lotus prepares to launch its last combustion engine sports car model, the Emira, in July. The sports cars sell for between 45,000 pounds ($62,473.50) and 100,000 pounds ($138,926), according to Lotus’ Managing Director Matt Windle. Windle said Lotus will stick within that price range as it develops.

“This really is a new era for us,” Windle said. “Not only will it be accessible in terms of price point, but our quality is going to take a huge leap forward as well.”

Windle said the automaker will be investing over two billion pound ($2.78 billion).

Windle said Lotus aims to be all-electric by 2028. The same year when the automaker turns 80.

The first electric sports car of the automaker will be released by 2028, said Windle.

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