Lotus Technology To Go Public At $5.4 Billion Valuation | Carscoops carscoops
Lotus Technology is going public after merging with special purpose acquisition company L Catterton Asia Acquisition Corp in a deal that will value the company at $5.4 billion.has an ongoing manufacturing partnership with Zhejiang Geely Golding Group and leverages Geely’s 150,000 annual unit capacity in Wuhan, China. Moving forward, Lotus Technology will operate an asset-light business model and focus on the research, development, and distribution of EVs globally.
Lotus Technology serves as the automaker’s technology, sales, and marketing division and says it will break new ground in electrification, digitalization, and intellectualization. It served an important role in the creation of, providing its 800 high-voltage Electrical Performance Architecture as well as the world’s first deployable LiDAR system and a self-developed software system.
Through the completion of the merger, Lotus Technology will be listed on the NASDAQ under the ticker symbol ‘LOT’.Tech as we work towards delivering our first fully electric hyper SUV, applying our innovation and engineering expertise to meet the rising global demand for luxury EVs,” Lotus Technology chief executive Qingfeng Feng said in a press release.
L Catterton Asia Acquisition Corp has ties to the world’s richest man Bernard Arnault with LVMH Moët Hennessy Louis Vuitton serving as a passive minority investor in the company. “The global EV market is expanding rapidly, with the luxury segment growing at a faster pace than the broader industry,” added co-chief executive of LCAA and a managing partner in the Asia fund of L Catterton,” Chinta Bhagat. “China, the EU, the UK, and the U.S. are expected to fuel the majority of this growth over the next decade as government policies in these regions provide further tailwinds for EV sales.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luxury EV maker Lotus Tech to go public via merger with SPAC L Catterton Asia Acquisition in $5.4 billion dealLotus Tech, a Singapore-based luxury electric vehicle maker, is going public via a merger with special purpose acquisition corporation L Catterton Asia...
Read more »
‘The White Lotus’ Breakout Sabrina Impacciatore Signs With Gersh & MGMT EntertainmentEXCLUSIVE: The White Lotus breakout Sabrina Impacciatore has signed with Gersh and MGMT Entertainment for representation. Impacciatore is one of the Italian stars of the HBO smash’s second se…
Read more »
‘White Lotus’ Star Sabrina Impacciatore Signs With Gersh, MGMT EntertainmentShe plays Valentina, the hotel manager in the Sicily-set second season of the popular HBO drama.
Read more »
Joe Lansford Interview: Valorant's Lotus Map Design & DecisionsWe sat down with riotgames' PlayVALORANT Map Design Lead Joe Lansford to discuss Lotus, and the many different elements that come into play when designing a map as complex and visually compelling as the newest to join valorant's map pool.
Read more »
Connie Britton reveals how she met the ‘amazing man’ in her lifeConnie Brixton opened up about her romance while chatting with Andy Cohen on his SiriusXM radio show, 'Radio Andy.'
Read more »
Gartner Predicts 70% of Technology Sourcing Leaders Will Have Environmental-Sustainability-Aligned Performance Objectives by 2026By 2026, 70% of technology sourcing, procurement and vendor management (SPVM) leaders will have environmental-sustainability-aligned performance objectives for their functions, according to Gartner_inc. Read more here. GartnerIT CIO
Read more »