Replies to post #36 on L Catterton Asia Acquisition Corp (LCAA)

[barnyarddog]

Geely's Lotus forms new firm in China and secures NIO Capital investment

August 31, 2021
https://cnevpost.com/2021/08/31/geelys-lotus-forms-new-firm-in-china-and-secures-nio-capital-investment/

NIO Capital's partner, Ning Yu, was formerly a Vice President of Geely Group and was involved in the acquisition of Proton, Lotus, Terrifugia, and Daimler Benz. He may have played a key role in facilitating NIO Capital's investment in Lotus Technology.

Construction has begun on Lotus Technology's global headquarters in the Wuhan Economic & Technological Development Zone, according to a report in the Changjiang Daily on Tuesday.

The facility covers an area of about 186 mu (124,000 square meters), with a floor space of 390,000 square meters and a total investment of RMB 3 billion, previous information showed. The company's smart factory with an annual capacity of 150,000 vehicles is expected to start production by the end of the year.

Geely acquired Lotus in 2017 and owns 51 percent of the latter, including Lotus Cars and Lotus Engineering.