The electric vehicle arm of Lotus has disclosed a $353 million half-year loss and warned about risks to its business from the Chinese government, in a filing ahead of its planned $5.5 billion stock market listing.
Chinese carmaker Geely took control of British sports car brand Lotus in 2017, and plans to float shares in a new unit within the company, called Lotus Technology, which makes electric SUVs in China. This business is aiming to merge with L Catterton Asia Acquisition, a SPAC listed on the Nasdaq and founded by LVMH-backed investment group L Catterton.
Lotus’ UK sports car division, which is based in Hethel in Norfolk, is not part of the listing, which is expected to take place later this year. The Lotus SPAC deal marks the latest effort by Geely’s owner Eric Li to unlock the value from a collection of auto investments built up over a decade. His deals include an initial public offering of Volvo Cars and floating EV brand Polestar, the Financial Times reports. Read more.
