Geely Li Shufu made a big move! Lotus was listed in the United States and rang the bell, with a market value of 66.9 billion yuan

On February 23, 2024, Lotus Technology, a subsidiary of Geely Holding Group, held a bell ringing ceremony on the NASDAQ exchange in New York and was officially listed for trading under the ticker symbol "LOT". As of press time, its stock price was US$13.8, with a total market capitalization of US$9.294 billion (about 66.9 billion yuan). This is not only the first IPO in the automotive industry this year, but also the largest listing of Chinese concept stocks in the United States since July 2021.

Geely Holding Group has successfully promoted the listing of a number of subsidiaries on the capital market, and Lotus Technology's current market value is not only well above its pre-IPO valuation, but also more than three times the market value of Polestar (co-founded by Geely Holding and Volvo Cars), which is also listed in the United States.

Qingfeng Feng, CEO of Lotus Technology, said: "We are pleased to announce that Lotus Technology will successfully list on Nasdaq at the time of the completion of the business combination with LCAA. This was a key turning point in the company's development. We look forward to accelerating our business growth as a publicly traded company and leading the electrification transition to the global luxury electric vehicle market together with L Catterton." ”

Chinta Bhagat, Co-CEO of LCAA, said: "Our partnership with Lotus Technology has grown stronger and more focused on its mission. Leveraging LCAA's global consumer insights and our strategic partnership with LVMH, we will continue to build this luxury electric car brand." The launch of Lotus Tech on the Nasdaq is a significant milestone in its history, and we are confident that Lotus Tech will achieve many more to celebrate in the years to come." ”

Lotus models were unveiled in Times Square outside the NASDAQ exchange

Lotus expects to be 100% electric by 2027, with two more all-electric models to be launched over the next two years, following the Eletre supercar SUV and the Emeya supercar sedan. At the same time, Lotus also plans to increase the number of stores worldwide from about 200 to more than 300 by 2025.