Lotus electric vehicle unit plans to list on Nasdaq at the end of March, with a valuation of US$5.4 billion

Lotus Technology, the electric vehicle division of the well-known sports car manufacturer Lotus, plans to conduct an initial public offering on the Nasdaq Stock Exchange in the United States before the end of March this year.

It is reported that Lotus is now owned by Geely Holding Group and plans to enter into a partnership with listed "blank check" company L. Catteron Asia in the first quarter of this year. Acquisition completes merger. Regarding the postponement of the listing plan, Mike, head of L. Catteron Asia Acquisition Johnstone said there was no specific reason and they were in a very good position at the moment. At the same time, Volvo, another brand under Geely, announced that it will stop financial support for the Polestar brand. This is mainly due to the unsatisfactory market performance of Polestar since its launch in 2022.

According to the editor’s understanding, Lotus has met previous expectations in terms of delivery volume, and has formulated a very pragmatic plan in terms of growth and gross profit. According to documents submitted by the company to the U.S. Securities and Exchange Commission in October last year, they expect to achieve annual sales of 76,000 vehicles in 2025, which will mainly be contributed by three models: the Eletre large SUV, the Emeya large sedan, and the Emira fuel-engine sports car. This listing, Lotus Technology’s valuation is expected to reach US$5.4 billion, equivalent to approximately RMB 38.934 billion.

Although Lotus did not disclose specific sales data for 2023, they pointed out in the document that as of September 30, 2023, 4,800 Eletre and Emira models had been shipped worldwide. . In addition, Lotus also plans to launch a new mid-size SUV this year, and its competitor is expected to be the Porsche Macan. This model is codenamed Type The new car 134 is expected to be officially launched in 2026, and is expected to achieve the annual sales target of 80,000-90,000 vehicles in 2027, accounting for the majority of the 150,000-unit annual production capacity of Lotus's Wuhan factory in China.

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