China's Geely to list Lotus Tech on the Nasdaq

February 1, 2023 10:35 pm

Zhejiang Geely Holdings said it planned to list Lotus Technology, the EV division of the British automobile manufacturer Lotus Cars, on the Nasdaq

via a merger with a special purpose acquisition company (SPAC).

Lotus Technology is expected to be merged with SPAC company Catterton Asia Acquisition Corporation which is backed by LVMH and its billionaire founder Bernard Arnault.

The Nasdaq listing is expected to value Lotus Technology at $5.4bn, it will trade on the Nasdaq exchange under the ticker LOT.

Lotus Tech, which manufacture electric vehicle through a partnership with Geely, is headquartered in Wuhan, capital of central Hubei province.

Lotus Tech plans to start delivering its first model, the electric SUV Eletre, in China in the first quarter before selling the vehicle in Britain and the European Union later this year.

According to announcement made by Lotus Tech, Eletre will equip a Level 4 (L4) autonomous driving system, Lidar sensors, supercharging capabilities, and high energy conservation.. 

Zhejiang Geely Holding Group is the majority shareholder of Lotus Cars after acquired a 51 percent stake in the British automobile manufacturer in 2017.

Geely completed acquisition of Volvo Cars in 2010, also has stakes in Aston Martin, Volvo and Mercedes-Benz.