Lotus Technology Goes Public At A $5.5 Billion Valuation

Lotus Technology division has been listed on New York’s Nasdaq stock exchange.

Renowned British marque Lotus is about to go public for the second time, as its tech arm, cordially known as Lotus Technology, has been listed on New York’s Nasdaq stock exchange this month.

A result of a merger between Lotus Technology and L Catterton Asia Acquisitions Corp, the rejuvenated tech division will commence trading on the Nasdaq from February 23 onwards under the ticker symbol ‘LOT’. What’s more eye-catching is the valuation given during Lotus Tech’s public listing, with the firm currently valued at a whopping $5.5 billion (RM26.276 billion), and that is despite the ongoing uncertainty of the EV market’s future.

Prior to this listing, Lotus had managed to bag over $880 million in pre-closing and private investment from global investors, existing shareholders, and strategic partners. This was done following the announcement of its merger with L Catterton Asia Acquisitions Corp – an Asian-based private equity firm.

“We are thrilled to announce our upcoming debut on the Nasdaq as we complete our business combination with LCAA,” Lotus Tech chief executive Qingfeng Feng said. “This is a pivotal moment in our journey. We look forward to accelerating our growth as a listed company, leading the electric transformation of the global luxury BEV market together with L Catterton.”

Lotus Technology is the company behind both the all-electric Emeya GT (left) and Eletre SUV (right)

For those who are not familiar with Lotus Technology, this division is in charge of churning out both the marque’s current EV models, the Emeya and Eletre. As the tech firm majorly owned by Chinese automotive giant Geely, both EVs share several parts with other Geely-affiliated EV models, including Geely’s SEA platform, which has been tweaked and rebranded as Electric Premium Architecture (EPA).

With the firm now going public, Lotus hopes to further accelerate its electromobility adoption by introducing a slew of new models under its EV portfolio, including a sportscar model codenamed Type 135, which is touted to be the all-electric successor to the iconic Elise.

All in all, the company aims to increase its sales volume to more than 76,000 units by 2025, with the help of both its current EVs and its sole ICE-powered offering, the Lotus Emira.

Lotus Technology is separate from the British sportscar maker, as the tech arm is owned more by the Chinese automotive giant Geely. The remaining 26.5% of its shares are owned by Malaysia’s Etika Automotive, which is owned by renowned Malay billionaire Tan Sri Syed Mokhtar Al-Bukhary. While its holdings in Lotus Tech are minor, Etika Automotive owns almost half of Group Lotus’ shares at 49%.