Lotus Goes Public to Fund Expansion into Luxury EV Market
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Lotus Technology (LOT) is making its stock market debut via a SPAC merger to help execute its EV strategy and drive growth
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Lotus currently offers 4 EV models in Asia and plans to expand to more markets with 6 models total in the next 10 years
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The Lotus Eletre SUV will begin deliveries in the US in Q3 2024 through 50 distribution networks
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The SPAC merger raised $880 million to help Lotus compete in the fast-growing but underserved $80K-150K luxury EV segment
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Lotus aims to leverage partnerships (e.g. L Catterton, LVMH) for consumer insights, branding, manufacturing to develop its potential in luxury EVs