Lotus Technology and L Catterton Asia Acquisition Corp have finalized their merger and the all-electric car manufacturer will commence trading on the Nasdaq under the ticker symbol ‘LOT’ on February 23, 2024.
The public listing will value the company at approximately $5.5 billion and comes despite ongoing uncertainty with EVs across much of the industry. Renault recently canceled plans for an IPO of its Ampere division and Volvo revealed it will stop funding Polestar after what has proven to be a tumultuous life on the public market for the EV startup.
Lotus has raised more than $880 million in pre-closing and private investment from global investors, existing shareholders, and strategic partners since it first announced its planned merger with the special purpose acquisition company (SPAC).
“We are thrilled to announce our upcoming debut on the Nasdaq as we complete our business combination with LCAA,” Lotus Tech chief executive Qingfeng Feng said. “This is a pivotal moment in our journey. We look forward to accelerating our growth as a listed company, leading the electric transformation of the global luxury BEV market together with L Catterton.”
Read: Lotus Finishes 3-Year Testing And Development Of The Emeya EV
Lotus Tech is the company behind the all-electric Eletre SUV and the Emeya sedan, both underpinned by an 800-volt architecture. Lotus Cars is currently building the combustion-powered Emira but it will ultimately be replaced by an all-electric sports car due to arrive in 2027. This new model, known as the Type 135, will have the same Lightweight Electric Vehicle Architecture (LEVA) as the successor to the Alpine A110 and could have its battery pack mounted behind the front seats. Both single- and dual-motor configurations are expected with power ranging from 469 hp up to 872 hp.
The car manufacturer intends to have a 100% electric product portfolio by 2027.
