L Catterton Asia Acquisition Corp (LCAA)

[barnyarddog]

**** 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