Future of Lotus

[exeterjeep]

And a new model...

Lotus unveiled the “world’s first pure electric British hypercar,” the Enivja, in 2019 with 2000 hp and a starting price tag of over $2 million

[EuropaSman]

Ah, so that's the IPO strategy that was referred to in the job spec that ended up being Mike Johnstone's appointment; the floatation of Lotus Technology Inc. I wonder what the initial share price will be?

[KusaKusa]

I would've thought Lotus would demonstrate results through Eletre before going public, since there's a lot of uncertainty around EV companies like Rivian and Lucid. But maybe they just really need the funding now due to the high interest rates.

[jonwat]

14 hours ago, Bibs said:

https://electrek.co/2023/01/31/luxury-ev-maker-lotus-to-go-public-under-the-ticker-lot/

From today's Times:

Lotus, the British sportscar brand that has teetered on the edge of financial oblivion for much of its 75-year history, is to float on the US stock market valued at £4.4 billion.

The creation of the legendary British engineer Colin Chapman is a much-changed business since its 2017 rescue by Geely. The Chinese automotive group’s UK industrial prizes include owning LEVC, the Coventry company that makes hybrid black cabs for the London market, and a stake in the perennially lossmaking Aston Martin.

Lotus Cars manufactured petrol sportscars at Hethel in Norfolk. Out of it Geely created a separate company called Lotus Technology with a plan to build Lotus-branded electric sports utility vehicles at a new purpose-built facility in Wuhan in China.

[exeterjeep]

Maybe Bibs and TLF should buy the whole company, I'd  offer a couple of quid.

[mdavies]

Always a mass of “positive presentation” associated with new listings anywhere – actually a SPAC deal and one without material current holdings, I presume – but far more relevant than all the puff and blah will be whatever details are, or are not, revealed in the initiation document.  If that resembles what is required for an IPO in the UK, it would likely be a worthwhile read.  Of course SPAC rules in the US may be very different. Whatever the rules, if the usual US marketing norms are followed, the puff and blah will be “UK turned up to 11”.

Edited February 1 by mdavies

[pixelmix]

Out of curiosity, is there a relatively up go date group structure and ownership document online that anyone can point to?

[mdavies]

This seems to be the top level entity, the Zhejiang Geely Holding Group, but nothing apparently there.  I guess the news has been issed via the Press Contacts link on the LHS.

http://zgh.com/media-center/geely-story/?lang=en

Episode 5 of Carpool Conversations under Media could be interesting: Mcintyre, Regional Director of Lotus.   (Not seen - work to do!)

"How does Lotus attract drivers in new markets? We find out more from the Regional Director for China and APAC about how the brand wins over car enthusiasts around the world."

[mdavies]

Correction, sorry, Episode 4.  Now anyway!

[NedaSay]

I find it interesting that the LVMH group enters the picture... I find it worrying that they are only talking about Lotus tech and not Lotus Group.

https://www.reuters.com/technology/ev-maker-lotus-tech-plans-us-ipo-via-deal-with-spac-l-catterton-sources-2023-01-31/

https://jalopnik.com/worlds-richest-man-is-helping-lotus-go-public-1850055357

Edited February 2 by NedaSay

[DarrylV8]

Tried asking Matt a couple of weeks ago, was robustly told all parts of the business were part of group Lotus, this followed an interview by Matt which to me read they were individual companies standing on their own under the Lotus banner! Yes confused.com I was

[webfoot]

Just so it's not missed, KusaKusa's post in the Type135 thread has a link to investor presentation, lots of info on the Future of Lotus

 

 

[Bibs]

Estimate revenue for 2025, $8.5bn+ which is up from this years expected revenue of close to $2.5bn.

Good luck with that, that's a lot of cars! 

[Barrykearley]

Yeah but this year they ain’t exactly delivered a glut of cars….. just saying

[chipp]

Sure I heard 19 a day 🙂

[Dave Eds]

1 hour ago, Barrykearley said:

Yeah but this year they ain’t exactly delivered a glut of cars….. just saying

Give them a chance Barry, Chinese New Year was only on the 22nd January......

[mdavies]

4 hours ago, Bibs said:

Estimate revenue for 2025, $8.5bn+ which is up from this years expected revenue of close to $2.5bn.

Good luck with that, that's a lot of cars! 

Decent enough looking set of pretty slides but, as would be in the small print of the PR for any such IPO or SPAC launch, there will be words such as those below - extracted from that Lotus Tech presentation.  They amount to: "we are just guessing some best possibilities and hoping". Don't try and hold us to anything we've said!

"This document contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, that are based on beliefs and assumptions and on information currently available to Lotus Technology Inc. (“Lotus Tech”) and L Catterton Asia Acquisition Corp (“LCAA”). All statements other than statements of historical fact contained in this document are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements."

Edited February 3 by mdavies

[TBD]

Quote

 is to float on the US stock market valued at £4.4 billion

That looks like a solid investment strategy for Geely. Turning ther money they invested into Lotus into stock capital is not a bad move.

 

[jonwat]

From 641 cars to 150k in 5 years

[exeterjeep]

April's  Lotus registrations (UK)  177, that's more than some other car companies now. Eg Jeep  only 115.

When talking to Hendy Exeter the other day, they are getting more interest in Eletre than Emira.

[Frickin_idiot]

I hope that Lotus achieve their ambition, but, they really need to improve the pitiful dealer network to attract new buyers and critically, to retain them.

[jonwat]

Four reasons to be excited about Lotus going electric

[LotusLeftLotusRight]

Typical Monday morning deadline journalistic fluff, probably written on the train on his way in to work.

[Bibs]

LOTUS DRIVE: Award-winning e-commerce platform explained

[mdavies]

If anything more was necessary to convince me that Geely’s Lotus and I are utterly incompatible, that piece of brazen, shameless, pure PR is it.

Whatever criticism from those possibly happy with Geely’s Lotus, I’m not troubling to make detailed comments: partly because I regard my time as worth more than that of whoever – or whatever – wrote such words, and partly because it would be too much of a risk at my age - I’d fear apoplexy!

I see what is, for me, mostly empty nonsense – some laughable, some cryable - and claims at odds with the experiences recounted on forums recently and the previous ones of my own, both directly with Lotus-as-was and its dealers, over decades.