PE Deals

Luxury EV maker Lotus Technology to snag $122m

Earlier this year, Lotus agreed to merge with L Catterton Asia Acquisition Corp, a blank check company backed by L Catterton.

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  • L Catterton Asia Acquisition Corp is a blank check company backed by L Catterton
  • The combined company is expected to retain Lotus Tech’s name as “Lotus Technology Inc” and trade on the NASDAQ under the ticker symbol “LOT”
  • The capital infusion will be used for product development, expansion and marketing

Lotus Technology, a Wuhan, China-based luxury electric vehicle maker, has agreed to raise about $122 million from undisclosed investors.

Earlier this year, Lotus agreed to merge with L Catterton Asia Acquisition Corp, a blank check company backed by L Catterton. The combined company is expected to retain Lotus Tech’s name as “Lotus Technology Inc.” and trade on the NASDAq under the ticker symbol “LOT.”

The capital infusion will be used to further advance Lotus Tech’s development of next-generation automobility technologies, continue the company’s expansion of its global distribution network and promote product innovation.

L Catterton Asia Acquisition Corp is focused on high-growth, consumer technology sectors across Asia.

Based in Greenwich, Connecticut, L Catterton is managing approximately $33 billion of equity capital. L Catterton was founded in 1989.