Lotus Technology has secured $870 million of private investment in public equity financing and convertible notes prior to the electric carmaker’s merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA). The Lotus merger will see it become a Nasdaq-listed company under the ticker symbol ‘LOT.’
The company has received approximately $750 million of new financing commitments based on a $5.5 billion valuation. This is in addition to the $120 million of financing commitments it secured earlier in the year. Investors are expected to be issued public shares in the company when it is listed.
LCAA has been formed by affiliates of L Catterton, an investment firm backed by LVMH Louis Vuitton Moet Hennessy, Reuters reports.
Lotus will use the funds from these investments for the development of its next-generation automotive technologies, for general corporate purposes, and to expand its global distribution network.
Read: 2025 Lotus Emeya Debuts As 905 HP Flagship Electric GT
“As a leader in the electrification of luxury vehicles, Lotus Tech is poised to leverage the segment’s rapid growth as we cater to unmet market needs,” Lotus Tech chief executive officer Qingfeng Feng said in a press release. “The US$870 million of funding commitments we have received this year demonstrates global investors’ confidence in Lotus Tech’s performance and growth potential. We are thankful for our strategic collaborators’ and investors’ enthusiasm about accelerating our progress as Lotus Tech moves toward completing the planned business combination with LCAA.”
Confirmation of these new financing commitments comes just a few months after Lotus unveiled its second luxurious battery-electric vehicle, the Emeya. The sleek four-door sedan follows in the footsteps of the Electre SUV and has a pair of electric motors that combine to produce up to 905 hp and 726 lb-ft (985 Nm) of torque. Power comes courtesy of a 102 kWh battery pack and while no official range figure has been published, it is expected to surpass the 300-mile (482 km) mark.
