Luxury Electric Vehicle Maker: EV maker Lotus Tech plans U.S. IPO via deal with SPAC L Catterton, Auto News, ET Auto
Lotus Technology will go public in the United States via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp in a deal that will value the combined group at $5.4 billion, people familiar with the matter said on Tuesday.
The valuation takes into account $288 million of cash in LCAA’s trust account, they said.
Lotus Tech is a luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely and Malaysia’s Etika Automotive.
Lotus Tech’s existing shareholders, including Geely, Etika and NIO Capital, will retain their interests in the company and own almost 90% of it following the deal, they said.
The firm’s current leadership team will also stay on, they added.
Lotus began production of its first electric sports utility vehicle (SUV) at the end of 2022 and intends to begin deliveries in the first quarter of this year, it said in September.