4 days ago
Lotus will become one company again as current owner Geely International has exercised its put option as agreed in 2023.
The ‘strategic transaction’ will see Lotus Technology Inc, which controls the manufacturing operations for the brand’s cars, acquire the Lotus UK.
The Put Option Agreement from January 2023 requires Lotus Tech to buy the 51% equity from Geely at an agreed price.
This will bring all Lotus companies and financial results under one business.
The equity interest purchase will be a non-cash deal at a pre-agreed pricing method.
The pre-agreed price was available as long as Lotus sold more than 5,000 cars in 2024, which it did.
Lotus Technology has been run as a separate business focussing on the research and development side of Lotus since Geely got involved in 2017.
Geely still owns a 51% stake in Lotus, with Etika Automotive owning the remaining 49%.
Senior Vice President of Geely Holding Group and CEO of Group Lotus Qingfeng Feng said: ‘This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand, which will strengthen brand equity and enhance our operational flexibility and internal synergies.
‘We are confident that the transaction will create substantial long-term value for our shareholders.’
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