Geely’s luxury EV brand Lotus to go public on Nasdaq · TechNode

Lotus Technology, an electric vehicle company affiliated with Chinese auto major Geely, said on Tuesday that it will go public on the Nasdaq Stock Market by merging with special purpose acquisition company L Catterton Asia Acquisition Corp. The deal will value the combined group at $5.4 billion and is expected to close in the second half of 2023. Geely took a 51% stake from Malaysian conglomerate DRB-Hicom in Lotus, originally a British sports and racing car producer, in mid-2017 and launched its first electric crossover Eletre with a starting price of RMB 828,000 ($123,218) last March. Delivery is scheduled for the first quarter of 2023 in China and later this year in the UK and other European countries. [Bloomberg]