Geely’s global ambition drives long-awaited Lotus SPAC listing

['Jill Shen', 'More Jill Shen', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] TechNode 2024-02-24 00:00:00

Geely is taking strides towards becoming a global auto leader as it finally lists an iconic sports car brand after a months-long delay. Lotus Technology, the electric vehicle division of Lotus, majority-owned by Geely after a financing deal in 2017, began trading its shares on Nasdaq on Friday. Global markets will account for roughly 60% of Lotus’ total sales by 2025, while China is set to contribute the remaining 40%, according to Feng. In addition to economic uncertainty worldwide, consumer sentiment for EVs is weak overall, especially in Europe, where Lotus is set to operate 105 retail stores by 2025. Meanwhile, EV sales in China appear to be shifting into a slower gear this year after years of accelerating growth.