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Geely and other owners are expected to retain an 89.7% shareholding in Lotus Tech after the SPAC merger. Geely’s billionaire owner Li Shufu also controls Swedish carmaker Volvo Car AB and owns stakes in Germany’s Mercedes-Benz Group AG and the UK’s Aston Martin Lagonda Global Holdings Plc
https://www.theguardian.com/business/2023/aug/10/lotus-produce-record-2200-sports-cars-first-half-2023-eletre-electric-suv
How much of Lotus does Nio own?
89.7%
Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc https://www.nio.com/ , will retain their interests in the company and own 89.7% of it following the deal, it said.Jan 31, 2023
Chinese owner of Lotus Technology to list a stake in US via blank cheque firm
EV maker and R&D arm of car group owned by Geely planning to join Nasdaq in deal with Spac backed by Bernard Arnault
31 January 2023
https://www.theguardian.com/business/2023/jan/31/chinese-owner-of-lotus-technology-to-list-a-stake-in-us-via-blank-cheque-firm
On 24 May 2017, Chinese multinational Geely announced that was taking a 51% controlling stake in Lotus.[20][21] The remaining 49% were acquired by Etika Automotive, a holding company of Proton's major shareholder Syed Mokhtar Albukhary.[22]
In January 2021 Lotus' parent company Geely announced a joint venture with Renault–Nissan–Mitsubishi Alliance and their Alpine division to develop a range of electric performance cars sharing some of their future platforms.[23] In April 2021 Lotus announced plans to produce only electric cars by 2028 and increase production numbers from around 1,500 per annum to tens of thousands. Geely and Etika Automotive provided two billion pounds (US$2.8 billion) to fund the changes.[24]
Lotus Technology, the electric vehicle division of Lotus which has a different ownership structure (30% by Etika and the rest by Geely and Nio Capital) was listed on NASDAQ through a SPAC acquisition. After the listing, 10.3% of shares will be held by the public.[25]
https://en.wikipedia.org/wiki/Lotus_Cars#cite_note-25
My thinking on this is that... L Catterton may have other SPAC/ IPOs. These firms create SPACS for exchange listings.
L Catterton is a market-leading consumer-focused investment firm, managing more than $30 billion of capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands.
https://www.lcaac.com/#about_us
so lotus and birkenstock? both ipos with one SPAC? is that even doable?
Waiting on the when date for the Lotus Technology take over.
Press Releases © 2023 L Catterton Asia Acquisition Corp. https://www.lcaac.com/Documents.html
07.24.23 Lotus Technology Expands Distribution Network Catering to Growing Global Demand
04.28.23 Lotus Technology Enters into Agreements for $122M with Strategic Partners and Business Partners
04.18.23 Lotus Technology showcased Eletre at Auto Shanghai 2023 after its first delivery
01.31.23 Lotus Technology to Go Public through Business Combination with L Catterton Asia Acquisition Corp, Accelerating Lotus's Vision to Deliver All-Electric, Sustainable Luxury Vehicles Globally
04.30.21 L Catterton Asia Acquisition Corp Announces the Separate Trading of its Class A Ordinary Shares and Warrants Commencing May 3, 2021
03.10.21 L Catterton Asia Acquisition Corp. Announces Pricing of $250 Million Initial Public Offering
So Lotus will list in the US via SPAC?
The World's Richest Man Is Helping Lotus Go Public
... Bernard Arnault is merging with Lotus....
January 31, 2023
https://jalopnik.com/worlds-richest-man-is-helping-lotus-go-public-1850055357
Geely Auto is currently the seventh largest automobile manufacturer in China, with 1.328 million sales in China in 2021. Globally, the group sold over 2.2 million cars in 2021,[19] and over 17,926 plug-in electric vehicles in January 2022.
In May 2017, Geely confirmed plans to purchase a 51% controlling-stake in Lotus Cars[44] from its owner,
Lotus Group Lotus Cars(JV), Lotus Technology(JV)
https://en.wikipedia.org/wiki/Geely
you seem all in on this...
This Wow, Wow, story!!!!
Jul 24, 2023 Investor Presentation of Lotus Technology Inc.
PDF
https://www.group-lotus.com/presentations
******* Our Business ********
https://www.group-lotus.com/ourbusiness?columnId=8
**** New York and Singapore - Jul. 24, 2023 – Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global luxury electric vehicle maker, today announced updates on its global expansion over the first six months of 2023.
Lotus Tech has expanded its global retail network to 193[1] stores, opening 24 new outlets over the first half of 2023. Following the anticipated completion of its global sales and distribution platform in the third quarter of this year, the Company expects to further develop its global distribution network, and targets to reach over 300 stores by the end of 2025.
Through Lotus Tech's digital-first, omni-channel sales model, customers can place orders, reserve test drives and book tailor-made services online through the Company website and mobile application, or in-person at Lotus stores globally. Amid the Company’s distribution expansion, as of June 30, 2023, Lotus Tech has accumulated a global orderbook of approximately 17,000 vehicles worldwide, including Eletre, its first fully electric hyper-SUV, and Emira, the brand's mid-engine sports car.
“Our strong global order intake demonstrates customers' enthusiasm for the Eletre and Emira. We expect to ramp up production to meet robust global demand as we continue growing our retail network,” said Mr. Qingfeng Feng, Chief Executive Officer of Lotus Group. “We look forward to driving the industry's sustainable transition to battery electric vehicles as we roll out global deliveries of Eletre.”
In January 2023, Lotus Tech entered into a definitive agreement and plan of merger (the "Merger Agreement") with L Catterton Asia Acquisition Corp (“LCAA”) (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm. The transactions contemplated by the Merger Agreement are expected to be completed later this year and would result in Lotus Tech becoming a public company with a pro forma enterprise value of approximately US$5.6 billion.
https://www.group-lotus.com/pressReleases/detail?id=42
April 27, 2023 Lotus Technology Enters into Agreements for $122M with Strategic Partners and Business Partners
https://www.group-lotus.com/pressReleases/detail?id=39
2024 Lotus Eletre EV https://www.caranddriver.com/lotus/eletre
Press Releases https://www.lcaac.com/Documents.html
July 7, 2023 L Catterton mulls IPO for Birkenstock at more than $6 billion valuation, Bloomberg reports
https://www.reuters.com/business/retail-consumer/l-catterton-considering-ipo-birkenstock-6-bln-bloomberg-news-2023-07-06/
2024 Lotus Eletre First Drive Review: New Beginnings
https://insideevs.com/reviews/675838/2024-lotus-eletre-first-review/
The all-electric Hyper-SUV https://www.lotuscars.com/en-US
Lotus to go public via IPO with L Catterton Asia
estimated enterprise value of about $5.4 billion for Lotus Tech
Feb 1, 2023
https://www.electrive.com/2023/02/01/lotus-to-go-public-via-ipo-with-l-catterton-asia/
Lotus Elise reimagined as a sporty EV that can fully charge in 6 minutes
Jun 14 2023
https://electrek.co/2023/06/14/lotus-elise-reimagined-sporty-ev-6-minute-quick-charge/
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