Geely needs to raise funds as it plans to go global, but investor confidence isn't quite there yet
Taking Lotus Tech public wasn't the success story Geely may have hoped for. After two weeks, shares on the Nasdaq have plummeted by nearly 40%, from $13.80 at listing on February 23 to $8.37 at publication, dipping as low as $5.75 last week. In fact, it's been the latest in a string of disappointments for the Chinese automaker, whose previous IPOs have been met with similar results.
In contrast, while the Chinese government and development agencies bankroll other EV manufacturers, such investment comes with the expectation that plants be built primarily within the country. See Also: Polestar Gets $950 Million In Fresh Funding After Volvo Split However, there are signs that this is part of a much longer play by the company. Indeed, with Volvo — a once struggling brand — Geely has been patient, taking a longer-term outlook.
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