Lotus Technology Inc., a leading pioneer in luxury electric vehicles, has shared exciting updates on its international growth. Over the initial half of 2023, Lotus Tech has widened its worldwide retail footprint to 193 outlets, marking a notable increase with the launch of 24 new stores.
Why It Matters
This growth comes as the company prepares for the projected completion of its global sales and distribution platform by Q3 2023. With this solid foundation, Lotus Tech aims to continue enhancing its worldwide distribution network. By the end of 2025, the company has set a target of surpassing 300 stores, signaling an ambitious phase of expansion.
- Lotus Tech’s unique, digital-first, omni-channel sales model allows customers to place orders, schedule test drives, and customize services via the company website, mobile app, or in person at Lotus stores worldwide.
- As of June 30, 2023, amidst the company’s distribution growth, Lotus Tech boasts a global order book tallying approximately 17,000 vehicles. This includes the Eletre, Lotus Tech’s debut fully electric hyper-SUV, and Emira, the brand’s mid-engine sports car.
- CEO Qingfeng Feng remarked on the significant global demand, stating that the company plans to scale production accordingly, particularly for the Eletre and Emira models. He added that Lotus Tech is committed to leading the transition to battery electric vehicles.
In a strategic move earlier in 2023, Lotus Tech entered a definitive Merger Agreement with L Catterton Asia Acquisition Corp (LCAA), an SPAC developed by affiliates of L Catterton, a prestigious global consumer-focused investment firm. The anticipated completion of this merger later this year would result in Lotus Tech emerging as a publicly-traded entity with an estimated enterprise value of approximately US$5.6 billion. This move underlines the robust growth trajectory of the company and its commitment to spearheading the evolution of luxury electric vehicles globally.