Lotus Know-how has a market capitalization of $9.3 billion, larger than Xpeng’s $8.1 billion and barely decrease than Nio’s $11.2 billion.
(Picture credit score: Lotus Know-how)
Lotus Know-how, the luxurious electrical car (EV) firm majority-owned by Geely Holding, was up barely in its Nasdaq debut Friday, after finishing a merger with a particular goal acquisition firm (SPAC).
Lotus Know-how, which trades underneath the ticker image “LOT,” was up 2.15 % to $13.80 by the tip of Friday’s buying and selling on the US inventory market, giving it a market capitalization of $9.3 billion.
That is larger than Xpeng’s (NYSE: XPEV) $8.1 billion, and barely decrease than Nio’s (NYSE: NIO) $11.2 billion. Li Auto (NASDAQ: LI) has the best market capitalization amongst US-listed Chinese language EV makers, at the moment at $36.9 billion.
Nio fell 7.69 % to $5.40 at yesterday’s US inventory market shut, after JPMorgan downgraded its score on the EV maker to Underweight from Impartial and reduce its worth goal to $5 from $8.50 on Friday.
Lotus Know-how’s itemizing on the Nasdaq was achieved by a merger with L Catterton Asia Acquisition Corp (LCAA), which closed on February 22.
(Lotus Know-how inventory worth intraday efficiency on February 23, 2024 on the Nasdaq.)
The itemizing of Lotus Know-how, headquartered in Wuhan, Hubei province, is the most important itemizing of a China-concept inventory thus far this yr.
“We’re proud to hold Lotus’s heritage into the long run, and to open a brand new chapter within the Lotus story with our public itemizing immediately,” Lotus Know-how CEO Feng Qingfeng stated, in accordance with an in a single day assertion.
Based in 1948, Lotus Group is a longtime luxurious sports activities automobile firm. Within the Eighties, Lotus was in deep monetary bother and in 1983 Toyota purchased a 16.5 % stake within the firm.
In 1986, Basic Motors acquired 58 % of Lotus and elevated its stake to 97 % in 1987.
In 1993, GM offered Lotus to an Italian businessman for €300 million. In 1996, Lotus was offered to Proton Holdings of Malaysia.
In Might 2017, Geely acquired 49.9 % of Proton and 51 % of Lotus. Etika Automotive of Malaysia at the moment holds the remaining stake in Lotus.
On the finish of August 2021, Lotus established a brand new firm in China, Wuhan Lotus Know-how, with an funding from Nio Capital.
The Nasdaq itemizing will help the event of Lotus Know-how’s next-generation n automobility applied sciences and the anticipated enlargement of its international distribution community from round 200 to over 300 shops globally by 2025, the corporate stated within the in a single day assertion.
Lotus Know-how is ready to be the primary conventional luxurious automobile model to attain a one hundred pc electrical portfolio by 2027, it stated.
The corporate has already launched two EVs, together with the Eletre hyper-SUV and Emeya hyper-GT, and plans to launch two extra luxurious EVs over the subsequent two years.
Lotus Eletre ‘Hyper-SUV’ formally launched, beginning at $114,000 in China