Lotus Technology Meets Global Demand with Expanded Distribution Networks 

Lotus Technology Inc. (“Lotus Tech” or the “Company”), a renowned global luxury electric vehicle manufacturer, unveiled its momentous strides in global expansion during the first half of 2023. The company announced that it has successfully increased its global retail network to an impressive 193 stores, with 24 new outlets opened in various key locations over the last six months. As it continues to forge ahead, Lotus Tech has set its sights on reaching over 300 stores by the end of 2025.

More on the Expansion

Through its innovative digital-first, omni-channel sales model, Lotus Tech has revolutionised the customer experience, allowing users to seamlessly place orders, reserve test drives, and access tailored services through the Company’s official website and mobile application, as well as in-person at Lotus stores worldwide. This dynamic approach has garnered a massive global order book of approximately 17,000 vehicles as of June 30, 2023, encompassing the highly-anticipated Eletre, which is the brand’s entry into the fully electric hyper-SUV segment, and Emira, the brand’s exhilarating mid-engine sports car.

The Chief Executive Officer of Lotus Group, Mr. Qingfeng Feng, shared his excitement about the overwhelming demand for the Eletre and Emira, stating that their strong global order intake is suggestive of the customers’ enthusiasm for the Eletre and Emira. Production in response to these high demand rates is soon to be expanded to meet robust global demand.this will be supported with a rapidly growing retail chain. The company stands at the helm of the āindustry’s sustainable transition to battery electric vehicles as it rolls out global deliveries of Eletre.

Effects of the Merger

A significant milestone in Lotus Tech’s journey came in January 2023, when it entered into a definitive agreement and plan of merger with L Catterton Asia Acquisition Corp. Formed by affiliates of L Catterton -a global investment firm, it is a special purpose acquisition company. The ongoing transaction is set to be finalised later this year, resulting in Lotus Tech becoming a public company with an estimated pro forma enterprise value of approximately US$5.6 billion.

As part of its expansion strategy, Lotus Tech aims to complete its global sales and distribution platform by the third quarter of 2023. This milestone will enable the company to further enhance its global distribution network, catering to the surging demand for its luxury electric vehicles.

Lotus Technology Inc., headquartered in Wuhan, China, is not confined to its native country, as it extends its operations across China, the UK, and the EU. The Company is steadfast in delivering luxury lifestyle battery electric vehicles, encompassing SUVs and sedans, with a resolute focus on best-in-class R&D, pioneering next-gen automobile technologies like electrification and digitalisation.