British sports carmaker Lotus aims to expand, go all-electric by 2028

FILE PHOTO: The Lotus logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Regis Duvignau

LONDON (Reuters) - British sports carmaker Lotus said on Tuesday it will invest more than two billion pounds ($2.8 billion) in new technology and in massively expanding production of its sports car models, and it hopes to switch to selling only electric cars by 2028.

The Hethel, England-based firm, said its owners, Chinese firm Geely and Malaysia's Etika Automotive, will provide the financial muscle so the niche carmaker can ramp up production from an average of 1,500 cars per year to tens of thousands worldwide that will be sold at dealerships or online.