You might be surprised to know that Malaysian tycoon Tan Sri Syed Mokhtar Albukhary still owns a 49 percent stake in Lotus via Etika Automotive Sdn Bhd. Meanwhile, Zhejiang Geely Holding Group owns the remaining 51 percent of Lotus.
Earlier this year that was news in the global business community about Lotus Cars being listed on the NASDAQ.
Both Etika and Geely announced in January 31st 2023 that they were going to list Lotus. Well, to be more precise, the company is called Lotus Tech once it moved into the electric vehicle segment. Back in August 31st 2021, Lotus Tech announced its global headquarters in Wuhan, China.
Now this merger will value the combined company at USD5.4 billion, taking into account the USD288 million cash in LCAA’s trust account. (L Catterton Asia Acquisition Corp (“LCAA”) (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm, announced today that they have entered into a definitive agreement and plan of merger (the “Merger Agreement”).
It said all its existing equity holders, including Zhejiang Geely Holding Group, Etika and NIO Capital, are expected to retain their interest, collectively owning an 89.7 percent stake in the combined company.
PRESS RELEASE: The Lotus brand was founded in the UK in 1948. Today, with the backing and global resources of Geely Holding, Lotus Tech is committed to becoming an advanced, fully electric, intelligent, and sustainable luxury mobility provider ahead of the brand’s 80th anniversary in 2028.
Lotus Tech is the brand’s technology, sales and marketing division, integrating 75 years of technological expertise into a new generation of lifestyle vehicles.
Fusing proprietary next-generation technology built on world–class R&D capabilities with decades of British racing heritage, Lotus Tech expects to break new ground in electrification, digitalisation and intellectualisation.
Lotus Tech has successfully developed luxury EVs ahead of its traditional, internal combustion engine-focused peers by leveraging its wholly-owned R&D facilities spanning Coventry in the UK and Frankfurt in Germany, as well as Wuhan, Shanghai, and Ningbo in China.
Its first fully electric hyper SUV, Eletre, is expected to begin delivery in China this quarter and in the UK and EU later this year.
Planning is underway for the delivery of the full electric Lotus Eletre sports SUV to Malaysia and rest of the world, leveraging the Lotus brand’s global network across these core regions.
