Lotus Technology, an EV subsidiary of the Geely-owned Lotus Cars, has announced plans to go public through a SPAC merger with L Catterton Asia Acquisition Corp (LCCA).

Upon the transaction’s completion, the combined company will retain its name as Lotus Technology Inc., with ordinary shares listed on the Nasdaq under the LOT ticker symbol. Following the merger, the Lotus Cars subsidiary will be valued at approximately $5.4 billion (€4.9 billion).

Through its manufacturing partnership with Geely, Lotus Technology leverages the OEM’s 150,000 annual unit capacity alongside its dedicated EV manufacturing and integrated racing facility in Wuhan, China. The partnership will further support Lotus Technology operating an asset-light business model, focused on the R&D and distribution of EVs around the world. In the future, Lotus Technology is looking to innovate in electrification, digitalization, and intellectualization.

The division is currently preparing for the launch of Eletre – its first all-electric hyper SUV. The EV is expected to begin deliveries in China during Q1 2023, ahead of its UK and EU launch later in the year. Planning is also underway for future delivery of the Eletre to the U.S. and the rest of the world. Following this launch, Lotus Technology plans to broaden its portfolio of luxury, technology-focused EVs over the next four years – beginning with an E-segment sedan and a D-segment SUV.