Lotus Technology and L Catterton Asia Acquisition Corp have officially concluded their merger, marking a significant milestone for the all-electric car manufacturer. Beginning February 23, 2024, Lotus will commence trading on the Nasdaq under the ticker symbol ‘LOT’, with the company’s public listing estimated to value at approximately $5.5 billion.
Despite ongoing uncertainties surrounding electric vehicles (EVs) within the industry, Lotus’s successful public debut comes amidst recent setbacks for other EV ventures. Renault canceled its plans for an IPO of its Ampere division, while Volvo announced a cessation of funding for Polestar, reflecting the challenges faced by some EV startups in the public market.
Lotus has garnered significant support, raising over $880 million in pre-closing and private investments from global investors, existing shareholders, and strategic partners since announcing its merger with the special purpose acquisition company (SPAC), L Catterton Asia Acquisition Corp.
CEO of Lotus Tech, Qingfeng Feng, expressed enthusiasm about the company’s Nasdaq debut, emphasizing its role in accelerating growth and leading the electric transformation of the global luxury battery electric vehicle (BEV) market in collaboration with L Catterton.
Lotus Technology is renowned for its innovative offerings, including the all-electric Eletre SUV and the Emeya sedan, both featuring an 800-volt architecture. Additionally, Lotus Cars is advancing its lineup with the combustion-powered Emira, slated to be replaced by an all-electric sports car, the Type 135, in 2027. The Type 135, built on the Lightweight Electric Vehicle Architecture (LEVA), is expected to offer single- and dual-motor configurations, delivering power ranging from 469 hp to 872 hp.
With a commitment to a fully electric product portfolio by 2027, Lotus Technology continues to drive innovation and sustainability in the automotive industry.