The iconic Lotus brand is going public on the US Nasdaq exchange under the ticker LOT as the pioneering luxury EV maker looks to become a global competitor.
Founded in 1948, Lotus is celebrating its 75th anniversary this year after growing to become a renowned sports car manufacturer.
In June 2017, Zhejiang Geely Holding Group, better known as Geely, bought majority ownership (51%) in Lotus Cars. Geely has scooped up several brands like Volvo, who also owns Polestar, with plans to accelerate their efforts to go electric.
In addition, Geely provides support to help its brands sustain growth while transitioning to new technology like electric vehicles and AI.
The original founder, Colin Chapman, was keen on lightness as the key to a great sports car, which is still a significant part of the brand’s DNA today. Lotus Technology, the global “intelligent tech” division of Lotus Group, takes the best of what the brand has accumulated over the past 75 years and injects it with modern innovations like EV batteries, energy management, and electric motors.
Lotus unveiled the “world’s first pure electric British hypercar,” the Enivja, in 2019 with 2000 hp and a starting price tag of over $2 million.
Meanwhile, Geely’s plans for the brand were much more extensive, announcing plans to produce four new electric vehicles, including two SUVs. Shortly following the exciting news, Lotus revealed a new lightweight EV platform to support the expansion of an all-electric lineup.
This past October, we got a glimpse of what the Lotus brand of the future could look like with the fully electric Eletre hyper SUV. The Eletre is part of a “new breed of pure electric SUVs” with 0 to 60 mph in under three seconds and starting price tag of around $95,000.
Deliveries are expected to begin in China this quarter, followed by the UK and EU later this year. However, Lotus is also planning a US expansion for future delivery of the Eletre EV.
To help expand the brand and gear up for a US launch, Lotus is now planning to go public on the US-based Nasdaq exchange under the ticker LOT.
Lotus (LOT) goes public in the US to expand EV brand
In a press release today, Lotus said it has agreed to merge with special purpose acquisition company (SPAC) L Catterton Asia Acquisition Corp (LCAA) to become a publicly traded company.
Lotus is expected to keep its name, “Lotus Technology,” and will trade on the Nasdaq exchange under the ticker LOT.
CEO of Lotus Tech, Mr. Qingfeng Feng, is excited about the new business collaboration, explaining:
We believe the proposed Business Combination and listing will help position Lotus Tech as a leading global luxury EV company and will enable us to further execute our strategy, accelerate our growth, and importantly, further our mission to steer the industry towards a more sustainable future.
The value of the combined business is around $5.4 billion, while Lotus’s existing shareholders, including Geely and NIo Capital, will retain their interests and own 89.7% of the equity.
Through a manufacturing partnership with Geely, Lotus has access to the company’s 150,000 annual EV unit capacity and dedicated EV manufacturing facility in Wuhan, China.
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