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

Lutus Technologies, the technology company of sports car maker Lutus Group, said it has closed its latest round of financing, valuing the business at $4.5 billion.

In 2021, foreign media reported that Rutgers Technologies hoped to raise $400 million to $500 million by the end of the year, valuing the business at $5 billion to $6 billion after the financing. 21 September Rutgers Technologies confirmed that the same round of financing was completed, but did not disclose the amount of financing or the investors involved.

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

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