Latest news with #LotusTechnology
The Guardian
16 hours ago
- Automotive
- The Guardian
Lotus plans end to UK sportscar production, putting 1,300 jobs at risk
Lotus is planning an end to production of its sportscars in the UK, in a move that would put 1,300 jobs at risk and represent a major blow to the British car industry. The carmaker's Chinese owner, Geely, is looking at options including manufacturing its Emira sportscar in the US, and stopping production at its plant in Hethel, Norfolk, permanently, according to a person with knowledge of the company's thinking. However, no final decision has been made. Workers at the factory have not been informed of the plans. The Norfolk factory has not built any cars since mid-May. The company said in a statement that it had paused production to manage inventories and supply chain issues caused by the US's extra 25% tariffs on car imports. The factory closure could come as soon as next year, according to the Financial Times, which first reported it. Lotus was founded by car engineer Colin Chapman in 1948, and gained a reputation for lightweight British sportscars. However, it was taken over in 2017 by Geely, which is owned by the billionaire Li Shufu. Geely has stakes in a wide range of car companies, ranging from the UK's Aston Martin to Germany's Mercedes-Benz and Sweden's Volvo. In China Geely makes vehicles under its own name, as well as under the Lynk & Co and Zeeker brands. Since taking over Lotus, Geely has shifted its focus to China, where it makes its electric SUV, the Eletre. In 2023 Geely listed the electric carmaking arm of the business, Lotus Technology, on the New York stock exchange. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion However, that listing left the original Lotus business in the UK standing alone without access to the same significant investment as the Chinese operations received.
Bloomberg
12-05-2025
- Automotive
- Bloomberg
Lotus Cars Are Driving on Fumes in the Trade War
The US listing of Lotus Technology Inc. last year was supposed to herald a new era for a perennially financially troubled British racing icon. But the Chinese-owned group now looks in need of another cash injection; the only question is who should provide it. Controlled by affiliates of billionaire Li Shufu and his Zhejiang Geely Holding Group Co., the modern incarnation of Lotus makes luxury EVs in China and owns the global distribution rights to its UK-made sports cars. (Malaysia's Etika Automotive Sdn Bhd is also a big shareholder.)
Yahoo
11-05-2025
- Automotive
- Yahoo
Is Lotus Technology (LOT) the Best Small Cap EV Stock to Buy?
We recently compiled a list of the 12 Small Cap EV Stocks to Buy Now. In this article, we are going to take a look at where Lotus Technology Inc. (NASDAQ:LOT) stands against the other best small-cap EV stocks. In 2024, electric vehicles (EVs) represented 8.1% of the 16 million vehicles sold in the United States, according to Cox Automotive. While this was a record share, it was still below the 10% that analysts had expected at the beginning of the year. Despite this, some believe that the EV market may be picking up pace. READ ALSO: 11 Stocks That Will Bounce Back According To Analysts and 11 Best Stocks Under $15 to Buy According to Hedge Funds. Despite the fact that overall EV adoption has been slower than expected, brands like Cadillac are expanding their electric lineup. By the end of 2025, Cadillac plans to offer five EVs. These include the Escalade IQ, Optiq crossover, Lyriq, the upcoming three-row Vistiq, and the luxury Celestiq. Cadillac expects roughly one in three vehicles it sells in the US this year will be all-electric. Brad Franz, Cadillac's director of marketing, told CNBC that the company is launching EVs to grow its business and attract new customers to the brand instead of just shifting sales from gas-powered cars. According to Franz, the EV portfolio will offer customers more choices. In 2024, the company sold about 29,000 EVs. For 2025, Cadillac aims for EVs to make up between 30% to 35% of its sales in the US. However, Cadillac has abandoned its earlier plan to sell only EVs by 2030. Instead, the company said that customer demand will determine the elimination of gas-powered vehicles. This approach reflects a broader trend. A number of automakers have turned their back on plans to exclusively sell EVs in the near future as customer adoption has not been as fast as expected. To compile our list of the 12 small-cap EV stocks to buy now, we reviewed our own rankings and consulted various online resources to compile a list of the best small-cap EV stocks. Please note that we defined small-cap stocks as those with a market capitalization between $500 million and $10 billion. From an initial pool of more than 20 small-cap EV stocks that met our criteria, we focused on the top 12 stocks most favored by institutional investors. Data for the hedge fund sentiment surrounding each stock was taken from Insider Monkey's Q4 2024 database of more than 1,000 elite hedge funds. The 12 small-cap EV stocks to buy now were then ranked in ascending order based on the number of hedge funds holding stakes in them as of Q4 2024. Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A brand new electric vehicle charging at a charging station with a city skyline in the background. Market Capitalization: $1.25 Billion Number of Hedge Fund Holders: 11 Lotus Technology Inc. (NASDAQ:LOT) designs, develops, and sells luxury battery electric vehicles under the iconic British brand 'Lotus.' The company has operations across the UK, the EU, and China. Lotus Technology Inc. (NASDAQ:LOT) ranks among the best small-cap EV stocks to buy now. In the full year of 2024, the company delivered a total of 12,134 units, representing an increase of 74% year-over-year. Lotus Technology Inc. (NASDAQ:LOT) reported total revenue reached $924 million, up 36%. Additionally, the company successfully managed to reduce operating expenses for five consecutive quarters through the execution of efficiency enhancement initiatives. In 2024, the European market accounted for nearly 40% of deliveries, driven by the rollout of Eletre and Emeya starting deliveries in mid-2024. China was the second largest market with 25% of total deliveries while North America was the third largest market with 21% of deliveries. Emira, the sports model produced in the UK, started customer deliveries in the US. Lotus Technology Inc. (NASDAQ:LOT) is strategically expanding globally and in 2024, it made new market entries in over 10 countries in the Gulf Cooperation Council (GCC), Asia, and Oceania. The company's business is supported by more than 200 stores around the world. Overall, LOT ranks 12th on our list of small-cap EV stocks to buy now. While we acknowledge the potential of LOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than LOT but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-04-2025
- Automotive
- Yahoo
Lotus Technology to acquire majority stake in Lotus UK
Geely-owned Lotus Technology has exercised its put option to acquire a 51% equity interest in Lotus Advance Technologies (Lotus UK). This strategic move follows the put option agreement signed by Geely and Lotus Technology in January 2023. The acquisition consolidates the manufacturing of Lotus' sportscars and hypercars, as well as Lotus Engineering's consultancy services, under the unified Lotus brand. The transaction is expected to be completed by 2025, pending regulatory approvals. It involves a non-cash agreement based on a pre-agreed pricing method, allowing Lotus Technology to gain control over Lotus UK and consolidate its financial results. Additionally, this acquisition aligns with the business combination between Lotus Technology and L Catterton Asia Acquisition, a special purpose acquisition company. The put option agreement, which includes both Geely and Etika, grants them the right to sell their equity interest in Lotus UK to Lotus Technology, contingent on Lotus UK and its subsidiaries selling over 5,000 vehicles in 2024. Lotus Technology chief executive officer 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.' Also, this month, Lotus Robotics, the intelligent driving arm of Lotus Technology, has signed a memorandum of understanding with HERE Technologies. This collaboration aims to develop an advanced Highway Navigation Pilot solution by producing an L2+ advanced driver assistance systems (ADAS) solution, powered by HERE HD Live Map, with plans for homologation in Europe in 2025. "Lotus Technology to acquire majority stake in Lotus UK" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
