NEW
YORK and SINGAPORE,
Sept. 10,
2023 /PRNewswire/ -- Lotus Technology Inc. ("Lotus
Tech" or the "Company"), a leading global luxury electric vehicle
maker, announced today that its intelligent driving arm, Lotus
Robotics, has been designated to license several
leading automakers to provide them with its intelligent
driving technology and software. The announcement demonstrates the
R&D prowess that is driving the growth of Lotus Tech's
technology-related revenues as the Company executes its Vision80
business transformation strategy.
Lotus Robotics has advanced software capabilities and develops
key intelligent driving algorithms, as well as testing and
simulation tools. Its self-developed intelligent driving
systems are used in all of the Company's luxury lifestyle
electric vehicles, including Eletre, its first fully electric hyper
SUV, which began deliveries globally in March this year, and Emeya,
its first electric hyper-GT, which was unveiled in New York on September 7. These vehicles
feature innovative technologies, such as the world's first
deployable LiDAR system, and are fully embedded
with best-in-class hardware that supports end-to-end
intelligent driving solutions across scenarios ranging from
highway, urban, to parking, which are expected to be integrated
into the vehicles as premium functions through over-the-air
updates.
Mr. Qingfeng Feng, Chief
Executive Officer of Lotus Tech, said, "We're glad to see
Lotus Robotics' cutting-edge technologies being applied beyond
our own luxury electric vehicles as we join our peers in advancing
the development of intelligent driving solutions. These
partnerships demonstrate Lotus Tech's technology-related growth
potential and further Lotus's transformation under its Vision80
strategy into an intelligent, all-electric provider of sustainable
luxury mobility ahead of its 80th anniversary in
2028."
Lotus's intelligent driving research and development commenced
in 2018, and is committed to building the best platform for
advanced intelligent driving technologies. Lotus Robotics has
developed best-in-class hardware, award-winning algorithms and
software, and powerful cloud solutions supported by its teams
across Germany and China. Lotus Robotics has won awards in
world-class competitions, including the CVPR 2023 Online HD Map
Construction Challenge and the 2022 Argoverse Motion Forecasting
Competition.
As announced in January 2023,
Lotus Tech entered into a definitive agreement and plan of merger
(the "Merger Agreement") with L Catterton Asia Acquisition
Corp ("LCAA") (NASDAQ: LCAA), a special purpose acquisition
company formed by affiliates of L Catterton, a leading
global consumer-focused investment firm. The transactions
contemplated by the Merger Agreement are expected to be completed
later this year and would result in Lotus Tech becoming a public
company with a pro forma enterprise value of approximately
US$5.6 billion.
About Lotus Technology
Lotus Technology Inc., headquartered in Wuhan, China, has operations across
China, the UK, and the EU. The
Company is dedicated to delivering luxury lifestyle battery
electric vehicles, including SUVs and sedans, with a focus on
world-class R&D in next-generation automobility technologies
such as electrification, digitalisation and more. For more
information about Lotus Technology Inc., please visit
www.group-lotus.com.
About L Catterton Asia Acquisition
Corp
L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is
a blank check company incorporated for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or entities. While it may pursue an initial target
business in any industry or sector, it has focused its search on
high-growth, consumer technology sectors across Asia. For more
information about L Catterton Asia Acquisition Corp, please
visit www.lcaac.com.
About L Catterton
L Catterton is a market-leading consumer-focused
investment firm, managing approximately $34
billion of equity capital and three multi-product platforms:
private equity, credit and real estate. Leveraging deep category
insight, operational excellence, and a broad network of strategic
relationships, L Catterton's team of more than 200
investment and operating professionals across 17 offices partners
with management teams to drive differentiated value creation across
its portfolio. Founded in 1989, the firm has made over 250
investments in some of the world's most iconic consumer brands. For
more information about L Catterton, please visit
lcatterton.com.
Forward-Looking Statements
This press release (the "Press Release") 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 Tech and LCAA. All
statements other than statements of historical fact contained in
this Press Release 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.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by LCAA and
its management, and Lotus Tech and its management, as the case may
be, are inherently uncertain. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of definitive
agreements with respect to the proposed Business Combination
between LCAA, Lotus Tech and the other parties thereto
(the "Business Combination"); (2) the outcome of any legal
proceedings that may be instituted against LCAA, the
Combined Company or others following the announcement of the
Business Combination and any definitive agreements with respect
thereto; (3) the amount of redemption requests made by
LCAA public shareholders and the inability to complete the
Business Combination due to the failure to obtain approval of the
shareholders of LCAA, to obtain financing to complete
the Business Combination or to satisfy other conditions to closing
and; (4) changes to the proposed structure of the Business
Combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the Business Combination; (5) the
ability to meet stock exchange listing standards following the
consummation of the Business Combination; (6) the risk that
the Business Combination disrupts current plans and operations of
the Company as a result of the announcement and consummation of the
Business Combination; (7) the ability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of the
Combined Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (8) costs related to the
Business Combination; (9) risks associated with changes in
applicable laws or regulations and Lotus Tech's international
operations; (10) the possibility that Lotus Tech or the
Combined Company may be adversely affected by other economic,
business, and/or competitive factors; (11) Lotus Tech's
estimates of expenses and profitability; (12) Lotus Tech's
ability to maintain agreements or partnerships with its strategic
partner Geely Holding and to develop new agreements or
partnerships; (13) Lotus Tech's ability to maintain
relationships with its existing suppliers and strategic partners,
and source new suppliers for its critical components, and to
complete building out its supply chain, while effectively managing
the risks due to such relationships; (14) Lotus Tech's
reliance on its partnerships with vehicle charging networks to
provide charging solutions for its vehicles and its strategic
partners for servicing its vehicles and their integrated software;
(15) Lotus Tech's ability to establish its brand and capture
additional market share, and the risks associated with negative
press or reputational harm, including
from lithium-ion battery cells catching fire or venting
smoke; (16) delays in the design, manufacture, launch and
financing of Lotus Tech's vehicles and Lotus Tech's reliance on a
limited number of vehicle models to generate revenues;
(17) Lotus Tech's ability to continuously and rapidly
innovate, develop and market new products; (18) risks related
to future market adoption of Lotus Tech's offerings;
(19) increases in costs, disruption of supply or shortage of
materials, in particular for lithium-ion cells or
semiconductors; (20) Lotus Tech's reliance on its partners to
manufacture vehicles at a high volume, some of which have limited
experience in producing electric vehicles, and on the allocation of
sufficient production capacity to Lotus Tech by its partners in
order for Lotus Tech to be able to increase its vehicle production
capacities; (21) risks related to Lotus Tech's distribution
model; (22) the effects of competition and the high barriers
to entry in the automotive industry, and the pace and depth of
electric vehicle adoption generally on Lotus Tech's future
business; (23) changes in regulatory requirements,
governmental incentives and fuel and energy prices; (24) the
impact of the global COVID-19 pandemic on LCAA,
Lotus Tech, Lotus Tech's post business combination's projected
results of operations, financial performance or other financial
metrics, or on any of the foregoing risks; and (25) other
risks and uncertainties set forth in the section entitled "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements"
in LCAA's final prospectus relating to its initial public
offering (File No. 333-253334) declared effective by
the SEC on March 10, 2021, and other documents filed, or to be
filed, with the U.S. Securities and Exchange Commission (the "SEC")
by LCAA or Lotus Tech, including the Registration/Proxy
Statement (as defined below). There may be additional risks that
neither LCAA nor Lotus Tech presently know or that
LCAA or Lotus Tech currently believe are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved in any specified time frame, or
at all, or that any of the contemplated results of such
forward-looking statements will be achieved in any specified time
frame, or at all. The forward-looking statements in this Press
Release represent the views of LCAA and Lotus Tech as of the
date they are made. While LCAA and Lotus Tech may update
these forward-looking statements in the future, LCAA and
Lotus Tech specifically disclaim any obligation to do so, except to
the extent required by applicable law. You should not place undue
reliance on forward-looking statements.
Additional Information
In connection with the proposed Business Combination,
(i) Lotus Tech will file with the SEC a registration statement
on Form F-4 containing a preliminary proxy statement of
LCAA and a preliminary prospectus (the
"Registration/Proxy Statement"), and
(ii) LCAA will file a definitive proxy statement
relating to the proposed Business Combination (the "Definitive
Proxy Statement") and will mail the Definitive Proxy Statement and
other relevant materials to its shareholders after the
Registration/Proxy Statement is declared effective. The
Registration/Proxy Statement will contain important information
about the proposed Business Combination and the other matters to be
voted upon at a meeting of LCAA shareholders to be held
to approve the proposed Business Combination. This Press Release
does not contain all the information that should be considered
concerning the proposed Business Combination and is not intended to
form the basis of any investment decision or any other decision in
respect of the Business Combination.
Before making any voting or other investment decisions,
securityholders of LCAA and other
interested persons are advised to read, when available, the
Registration/Proxy Statement and the amendments thereto and the
Definitive Proxy Statement and other documents filed in connection
with the proposed Business Combination, as these materials will
contain important information about LCAA, Lotus Tech and the
Business Combination. When available, the Definitive Proxy
Statement and other relevant materials for the proposed Business
Combination will be mailed to shareholders of LCAA as
of a record date to be established for voting on the proposed
Business Combination. Shareholders will also be able to obtain
copies of the Registration/Proxy Statement, the Definitive Proxy
Statement and other documents filed with the SEC, without charge,
once available, at the SEC's website at www.sec.gov, or by
directing a request to: LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation
LCAA and Lotus Tech, and certain of their directors
and executive officers, may be deemed participants in the
solicitation of proxies from LCAA's shareholders with
respect to the proposed Business Combination. A list of the names
of those directors and executive officers and a description of
their interests in LCAA is set forth in LCAA's
filings with the SEC (including LCAA's final prospectus
related to its initial public offering
(File No. 333-253334) declared effective by the SEC
on March 10, 2021), and are available
free of charge at the SEC's web site at www.sec.gov, or by
directing a request to LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo. Additional information
regarding the interests of such participants and other persons who
may, under the rules of the SEC, be deemed participants in the
solicitation of the shareholders in connection with the proposed
Business Combination will be contained in the Registration/Proxy
Statement for the proposed Business Combination when available.
No Offer and Non-Solicitation
This Press Release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of LCAA or Lotus Tech, nor shall there be any sale of
any such securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities
Act.
Contact Information
For inquiries regarding Lotus Tech
Demi Zhang
ir@group-lotus.com
Brunswick Group
Lotustechmedia@brunswickgroup.com
For inquiries regarding LCAA and/or L
Catterton
Julie Hamilton
(U.S.)
media@lcatterton.com
+1 203 742 5185
Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com
+65 6672 7619 / +86 10 8555 1807
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