, a subsidiary of Etika Strategy, which is owned by Tan Sri Syed Mokhtar Al-Bukhary, who happens to control DRB-Hicom. Etika also has a smaller 30% stake in Lotus Technology.
The combined company following the merger is valued at approximately USD5.4 billion , taking into account the approximately USD288 million of cash in LCAA’s trust account. Proceeds from the merger, which will be listed on the Nasdaq under the ticker ‘LOT’, are expected to be used to further product innovation, developing next-generation automobility technologies, global distribution network expansion and general corporate purposes., with deliveries set to begin in China in Q1 of this year, with the United Kingdom and the rest of Europe to follow later in 2023. The fully electric SUV will also make its way to the United States and other markets in the future.