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After Polestar, the Geely group will very soon list the Lotus division on the New York Stock Exchange. Its valuation is estimated at more than 5 billion dollars.
The market for luxury electric cars has been booming lately. And to surf, or rather ride on this wave, Lotus announced two days ago that it wants to merge with L Catterton Asia acquisition, a company specialized in fundraising and already listed on the stock exchange. If the deal goes through, it will allow the carmaker to join the Nasdaq under the same listing.
“We believe this deal will help position Lotus as a leading manufacturer in the electric car space,” announced Feng Qingfeng, Lotus’ CEO in a statement.
Lotus, bought in 2017 51% by Geely Group for $ 65 million, will be valued at $ 5.4 billion (5 billion euros), after this merger with L Catterton Asia Acquisition.
Geely already owns other automotive companies such as Volvo, Polestar, Mercedes and Link&Co.
A future stock market listing that promises to be beneficial
Founded in 1989, L Catterton Asia Acquisition (LCAAC), a firm specializing in investment, has already made 250 investments in brands in the consumer goods industry. For the past seven years, the world’s leading luxury goods company LVMH has partnered with the firm to expand its investments around the world. Going public in 2021, LCAAC has raised $250 million. Since its arrival on the Nasdaq, the company’s share price has fluctuated little, rising from $9.85 in April 2021 to $10.35 in 2023.
This future listing on the US stock exchange will be a major event in the automotive sector. After Porsche’s IPO on Wall Street last September, with a valuation of $72 billion, no other high-end car brand has been launched on the market. Lotus becomes the second.
Following its upcoming IPO, the zero-emission carmaker plans to launch its first electric model in China, the Eletre SUV, in the first quarter of 2023. It will then offer its vehicle in Britain and the European Union during 2023.
Read also >D-Day for Porsche’s stock market launch
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After Polestar, the Geely group will very soon list the Lotus division on the New York Stock Exchange. Its valuation is estimated at more than 5 billion dollars.
The market for luxury electric cars has been booming lately. And to surf, or rather ride on this wave, Lotus announced two days ago that it wants to merge with L Catterton Asia acquisition, a company specialized in fundraising and already listed on the stock exchange. If the deal goes through, it will allow the carmaker to join the Nasdaq under the same listing.
“We believe this deal will help position Lotus as a leading manufacturer in the electric car space,” announced Feng Qingfeng, Lotus’ CEO in a statement.
Lotus, bought in 2017 51% by Geely Group for $ 65 million, will be valued at $ 5.4 billion (5 billion euros), after this merger with L Catterton Asia Acquisition.
Geely already owns other automotive companies such as Volvo, Polestar, Mercedes and Link&Co.
A future stock market listing that promises to be beneficial
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After Polestar, the Geely group will very soon list the Lotus division on the New York Stock Exchange. Its valuation is estimated at more than 5 billion dollars.
The market for luxury electric cars has been booming lately. And to surf, or rather ride on this wave, Lotus announced two days ago that it wants to merge with L Catterton Asia acquisition, a company specialized in fundraising and already listed on the stock exchange. If the deal goes through, it will allow the carmaker to join the Nasdaq under the same listing.
“We believe this deal will help position Lotus as a leading manufacturer in the electric car space,” announced Feng Qingfeng, Lotus’ CEO in a statement.
Lotus, bought in 2017 51% by Geely Group for $ 65 million, will be valued at $ 5.4 billion (5 billion euros), after this merger with L Catterton Asia Acquisition.
Geely already owns other automotive companies such as Volvo, Polestar, Mercedes and Link&Co.
A future stock market listing that promises to be beneficial
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