The road to Lotus listing is officially confirmed!
On February 21, 2024, Lotus Technology officially announced that it will officially land on the NASDAQ U.S. stock market on February 23.
In the October 2023 prospectus,Lotus has an estimated market capitalization of $5.4 billion, and in 2017, Li Shufu, chairman of Geely Holding Group, bought a 51% stake in Lotus for just 50 million euros. The acquisition of Lotus for 7 years has brought Li Shufu a return of more than 50 times.
However, judging from the current business situation, Lotus is still in an absolute loss state: in 2021 and 2022, Lotus's pre-tax losses will be 86.6 million pounds (about 800 million yuan) and 1., respectively4.5 billion pounds (about 1.3 billion yuan), in the first half of 2023, Lotus has a net loss of 3500 million US dollars (about 2.5 billion yuan).
On the product side, Lotus currently has four models on sale, including the emira gasoline car, the evija, the eletre electric SUV, and the emeya (Fanhua), a pure electric sedan released in January this year. In terms of sales data, Lotus's official orders for 2023 will be 170,000 units, and only 4,880 units have been delivered as of September 30, 2023.
The sluggish sales figures and operating conditions do not affect Lotus' optimism about the new energy luxury car market. In the roadshow materials,Lotus expects its sales target from 2023 to 2025 to be 130,000 units; By 2025, more than 300 stores will be built worldwide, with revenue between 8.2 billion and 8.6 billion US dollars, and a gross profit margin of more than 20%.
In terms of product planning, in addition to the three BEVs currently on sale, Lotus will launch two more new models in 2024 and 2025 (BEV Type 134 and EV SEDAN Type 135), and EMIRA will also be electrified. The long-term goal is to become a leading provider of sustainable luxury pure electric smart mobility by 2028.
For Geely, Lotus will become Li Shufu's eighth IPO after listing. At the same time, within the year, ZEEKR will also embark on the road of IPO (with a valuation of about 128.1 billion yuan), and Geely's chessboard in the new energy market is getting bigger and bigger.