Lotus Technology to buy 51% of Lotus UK from Geely

Lotus Technology (Lotus Tech) will be buying back a 51% equity interest from Geely International Hong Kong Limited (Geely) – a wholly-owned subsidiary of Zhejiang Geely Holding (ZGH) – which holds said share of Lotus Advance Technologies (Lotus UK), the brand has announced.

Geely will be merging Lotus Tech, which is the R&D and design arm that builds the brand’s EVs, the Eletre and Emeya, with Lotus UK, which is the manufacturing division in the United Kingdom for the brand’s sports cars such as the Emira.

Completing the transaction will see Lotus Tech gain control of Lotus UK, and financial results will be consolidated. In doing so, all of the brand’s business will be integrated under the Lotus brand. The acquisition is expected to be completed this year, subject to regulatory approvals, Lotus stated.

This acquisition is part of a wider business combination between Lotus Tech and L Catterton Asia Acquisition Corp, a special purpose acquisition company where Lotus Tech and Lotus UK entered into a put option agreement with Geely and Etika Automotive, who owned Lotus UK at 51% and 49% respectively.

Geely and Etika were granted the right to require Lotus Tech to acquire its equity interest in Lotus UK upon satisfying the condition that Lotus UK exceeds 5,000 units in vehicle sales in 2024, which has been met.

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