EV maker Lotus Tech dips a day after de-SPAC

Lotus Technology

26/02/2024 14:02

** Lotus Technology's  LOT.O  shares down 3.6% at $13.31
premarket, a day after luxury electric car maker's Nasdaq debut
    ** U.S.-listed LOT shares on Fri closed up ~2% at $13.80 co
completed merger with special-purpose acquisition company backed
by PE firm L Catterton
    ** Lotus Tech, headquartered in central Chinese city of
Wuhan, is part of British sports car maker Lotus Group, which is
owned jointly by Chinese automaker Geely  GEELY.UL  and
Malaysia's Etika Automotive
    ** In a statement late Fri, Lotus Tech said Nasdaq listing
will support development of its next-generation automobility
technologies and expected expansion of its global distribution
network from around 200 to over 300 stores globally by 2025
    ** Lotus Tech has launched two EVs, including the Eletre
hyper-SUV and Emeya hyper-GT, and plans to launch two additional
luxury EVs over the next two years
    ** Prior to the merger, over 90% of the L Catterton-backed
SPAC redeemed their holdings. A thin public float of shares
typically exposes a stock to volatility
    ** As of Fri, LOT had market valuation of ~$9.6 bln, per
LSEG data. That compares to other U.S.-listed China-based EV
makers Xpeng  XPEV.N  at $8.1 bln, Nio  NIO.N  at $11.2 bln and
Li Auto  LI.O  at $37.9 bln

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))