On the evening of February 23, Lotus Technology successfully landed on NASDAQ, ** as "LOT". As of the same day**, at 13$8 shares, with a total market capitalization of about 93400 million US dollars (equivalent to 67.2 billion yuan).
It is worth mentioning that Lotus Technology is the first car company to successfully go public in the United States this year, and it is also the largest listing in the United States in recent years. The listing process was quite fast, and it took only 13 months from the official announcement to the successful listing.
Source: Lotus official.
Commenting on the listing, Lotus CEO Feng Qingfeng said: "This is an exciting moment for every Lotus Technology employee. I would like to express my deep gratitude to our shareholders, partners, merchants, our wonderful employees and, most importantly, our users, who have always supported us. We are proud to take Lotus' rich history and heritage into the future and start a new chapter in Lotus' development with a successful listing. ”
Chinta Bhagat, Co-CEO of LCAA, said: "We are confident that Lotus Technology is uniquely positioned to capitalize on the huge market opportunity in the luxury electric vehicle market and fill the gap. We will also work together through our deep understanding of global consumers and our strategic partnership with LVMH. Today's listing opens a new chapter in the future of Lotus Technologies, and we look forward to working with our talented management team." ”
Lotus is a luxury sports car manufacturer, born in the United Kingdom in 1948, once along with Ferrari and Porsche, and belonged to the world's three major sports car manufacturers.
Successfully landed on NASDAQ.
On February 22, 2024, Lotus and L Catterton Asia Acquisition Corp ("LCAA"), a special purpose acquisition company ("SPAC"), successfully completed the successful listing of the business combination.
According to public information, LCAA is a special purpose acquisition company listed on NASDAQ, engaged in mergers and acquisitions, capital transactions, asset acquisitions, share purchases, restructurings or similar business integrations with one or more businesses. The company is currently focusing its search on acquisitions in the high-growth consumer technology sector in Asia. The company is part of L Catterton, the world's leading consumer investment firm. With more than $35 billion under management, it spans three multi-asset classes: private equity, credit and real estate. Investments in more than 275 of the world's most iconic consumer brands have been completed.
Source: Lotus official.
The partnership dates back to January last year, when Lotus Technologies and LCAA announced that they had reached a definitive merger agreement to merge with LCAA, a special purpose acquisition company (SPAC), which is part of L Catterton Private Equity. On February 2 this year, LCAA shareholders approved the business combination transaction by resolution at the extraordinary general meeting of shareholders, and the merger was completed on February 22 and listed on the NASDAQ on February 23.
The global layout is accelerated.
Lotus was born in the UK, and our goal is to take the global leap and eventually become a global business. This listing in the United States has laid another milestone for our global landscape and competition. Feng Qingfeng, CEO of Lotus Group, said.
The "vision80" ten-year brand revival plan has entered the second half, and "accelerating globalization" has become the key word for its transformation and upgrading at this stage. "Vision80" is a 10-year brand revival plan first proposed by Feng Qingfeng in 2018, that is, to complete the comprehensive transformation of the brand to electrification and intelligence on the occasion of the 80th anniversary of the establishment of the Lotus brand in 2028. The launch of the first all-electric supercar flagship evija the following year marked the beginning of the transformation.
At present, Lotus has launched three pure electric products, namely the electric supercar flagship Evija, the pure electric supercar SUV eletre and the pure electric supercar sedan Emeya. Two more all-electric models will be launched in the next two years. According to the plan, Lotus is expected to become the world's first traditional luxury car brand to achieve a full product portfolio of 100% pure electric vehicles by 2027.
Source: Lotus official.
In the first half of this year, Lotus products, such as the pure electric supercar SUV Eletre, will enter Malaysia, the Middle East, Australia, New Zealand, Japan and other countries, South Korea will enter the second half of the year, and the United States will also enter the second half of the year. In this way, our channel will expand to more than 300 in 24-25 years, and we will also accelerate the development of future products. Feng Qingfeng also said.
As one of the three major supercar brands, Lotus inherits the supercar DNA and launches a new brand proposition "For the Drivers", and at the same time takes the lead in fully shifting to electrification and intelligence, and is a pioneer in the transformation of the global luxury pure electric vehicle market. Not only that, what Lotus wants to do is a pure electric car with sports car performance, a smart car with sports car performance, which is its unique characteristic.
In 2024, the competition in the automotive market, especially in the smart pure electric market, will become more and more fierce, and with the blessing of capital, Lotus will usher in a new round of acceleration.
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