In a significant stride toward the future of luxury electric mobility, Lotus Technology Inc. solidified its position in the global market with its debut on the Nasdaq Stock Exchange. The ceremony, held in New York City, not only celebrated the commencement of trading of the company’s American depositary shares (ADSs) under the symbol “LOT” but also marked the culmination of a strategic merger with L Catterton Asia Acquisition Corp (LCAA), a move orchestrated by L Catterton’s affiliates, a powerhouse in consumer-focused investment. This merger, finalised on February 22, 2024, paves the way for Lotus Technology’s ambitious Vision80 strategy, aiming to redefine luxury mobility through electrification, intelligence, and sustainability.
Lotus Technology, under the stewardship of CEO Feng Qingfeng, and flanked by teams from both Lotus Tech and L Catterton, heralded this milestone as a testament to the brand’s resilience and innovative edge. “Today marks a pivotal chapter in the illustrious journey of Lotus, as we embrace the future with our public listing,” Feng Qingfeng remarked, acknowledging the unwavering support of shareholders, partners, employees, and customers in this venture.
Chinta Bhagat, Co-Chief Executive Officer of LCAA, echoed this sentiment, highlighting Lotus Tech’s unique positioning to capitalize on the burgeoning luxury EV market, bolstered by strategic insights and a partnership with LVMH. “The public listing today is a crucial leap forward in Lotus Tech’s expansion trajectory, and we are thrilled to continue our collaboration with their exceptional management team,” Bhagat stated.
The Nasdaq listing is not just a financial milestone; it is a launchpad for Lotus Tech to advance automobility technologies and expand its global footprint, aiming to increase its distribution network to over 300 stores by 2025. Lotus Technology is on track to become the premier traditional luxury auto brand to transition entirely to electric vehicles by 2027, already boasting a portfolio that includes the Eletre hyper-SUV and Emeya hyper-GT, with plans to unveil two more luxury BEVs in the coming years.
The bell-ringing event, amplified by Nasdaq’s digital platforms in Times Square and a global livestream, was a moment of pride and celebration for Lotus Tech employees worldwide. The display of Lotus’s signature electric models in Times Square underscored the brand’s commitment to innovation and excellence in the electric vehicle space.
About Lotus Technology Inc.
With a global footprint spanning China, the UK, and the EU, Lotus Technology Inc. is at the forefront of crafting luxury lifestyle electric vehicles. The company is committed to leading the charge in next-generation automobility technologies, focusing on electrification and digitalization to redefine the automotive landscape.
About L Catterton Asia Acquisition Corp
Incorporated as a blank check company, L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is designed to facilitate mergers, acquisitions, and similar business combinations, targeting high-growth sectors across Asia. With a consumer technology focus, LCAA leverages its expertise to identify and engage with potential business partners.
About L Catterton
With a portfolio management approach that encompasses approximately $35 billion in equity capital, L Catterton stands as a vanguard in consumer-focused investments. The firm’s extensive experience, spanning over 275 investments in iconic consumer brands since 1989, is a testament to its operational excellence and strategic acumen. Headquartered across 17 global offices, L Catterton’s 200-strong team works tirelessly to foster value creation and innovation in its partnerships.