NEW YORK and SINGAPORE, Jan. 9, 2024 /PRNewswire/ — Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global manufacturer of luxury electric vehicles, today announced that its business intelligent driving company, Lotus Robotics will showcase next-generation autonomous driving hardware and software responses at the Consumer Electronics Show (CES) 2024 in Las Vegas, USA. U. S.
The technologies on display and Lotus Tech’s recent approval for conditional automated driving (“Level 3” or “L3”) applications on highways in part of China demonstrate Lotus Tech’s progress in executing Lotus Tech’s Vision80 business transformation strategy. the brand and its global R&D prowess.
The ROBO Soul, ROBO Matrix and ROBO Galaxy software introduced at CES provide answers for complex power assist systems, remotely assisted operations and cloud-based knowledge management, respectively. The technologies have been used in Lotus Tech vehicles, contributing to their autonomous driving. capabilities. The Eletre hyper SUV and the Emeya hyper GT, for example, feature aircraft-grade autonomous driving hardware, protection and redundancy, adding two NVIDIA DRIVE Orin chips, as well as the company’s cognitive module, which can identify and identify intelligently. Avoid dangers on the road. Lotus Robotics is also showing off the hardware it is introducing as part of efforts to drive adoption of autonomous driving technology, adding its ROBOCube smart street cleaner.
In recognition of Lotus Tech’s leadership in intelligent driving, the company recently won approval to test L3 autonomous driving in Wuxi, a city near Shanghai that serves as China’s pilot domain for “Internet of Vehicles” connectivity. This license allows Eletre drivers to use the vehicle’s L3 capacity on designated city highways. Eletre is supplied with L4-compatible hardware, adding the world’s first deployable LiDAR system and leverages five other sensor types to complement high-definition virtual maps with 360° live perception.
“Lotus Robotics’ cutting-edge technologies are a testament to R&D’s innovation capabilities
Visit Lotus Robotics at the Las Vegas Convention Center’s North Hall, in the Tech East AI (Artificial Intelligence) pavilion at booth 9217 from January 9-12.
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 through subsidiaries. . de L Catterton, a leading consumer-focused global investment firm. The transactions considered through the merger agreement are expected to close in the first quarter of 2024 and would allow Lotus Tech to become a public company. Following the final touch of the business combination, the combined company is expected to retain the so-called Lotus Tech under the moniker “Lotus Technology Inc. and its American Depositary Shares (ADS) are expected to be indexed on Nasdaq under the ticker symbol “LOT. “
About Lotus Technology Lotus Technology Inc. , headquartered in Wuhan, China, has operations in China, the United Kingdom, and the EU. The Company is committed to offering luxury battery electric vehicles, adding SUVs and sedans, with top-notch research and development in next-generation automotive technologies such as electrification, digitalization and much more. To learn more about Lotus Technology Inc. , visit www. group-lotus. com.
About Lotus RoboticsLotus Robotics’ project is to drive the transition to autonomous driving generation by creating endless opportunities for how other people and goods move smart cars and robots. The company offers end-to-end autonomous driving services, adding autonomous driving software, testing capabilities, and cloud-based fleet control offerings.
About L Catterton Asia Acquisition Corp L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is a blank check corporation formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more companies or entities. While he would likely pursue an initial target activity in any industry or sector, he has focused his studies on high-growth lead generation sectors in Asia. For more information on L Catterton Asia Acquisition Corp, please visit www. lcaac. com.
About L Catterton L Catterton is a market-leading, client-focused investment corporation with approximately $34 billion of capital under control and 3 multi-product platforms: personal equity, credit, and real estate. Leveraging in-depth category knowledge, operational excellence, and an extensive network. L Catterton’s team of more than 200 investment and operations professionals across 17 offices partners with control groups to drive differentiated pricing across its portfolio. Founded in 1989, the company has made more than 250 investments in some of the world’s leading companies. iconic customer brands. For more facts about L Catterton, visit www. lcatterton. com.
Forward-Looking StatementsThis 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.
In connection with the proposed business combination, (i) Lotus Tech has filed with the SEC a registration on Form F-4 (Docket No. 333-275001) involving an initial LCAA power of attorney and an initial prospectus (the “Registration Statement/Power of Attorney”), and (ii) LCAA will register a final power of attorney relating to the proposed business combination (the “Definitive Power of Attorney Statement”) and mail the final power of attorney and other documents applicable to its shareholders after registration/power of attorney”). declaration is declared effective. The Registration/Proxy Statement comprises vital information about the proposed business combination and other issues to be voted on at an LCAA shareholder meeting to be held to approve the proposed business combination. This press release does not involve all of the information you wish to consider. It is deemed to relate to the proposed business combination and is not intended to form the basis of any investment resolution or any other resolution related to the business combination.
Before making any voting or investment decision, LCAA security holders and other interested persons are requested to read, where available, the registration/proxy and any amendments thereto, as well as the final proxy and other documents filed in connection with the proposed business combination, as such. The documents will include vital data on LCAA, Lotus Tech, and business combinations. When available, the final proxy and other documents applicable to the proposed business combination will be mailed to LCAA shareholders beginning on a record date to be set for voting on the proposed business combination. Shareholders may also download copies of the Registration Statement, Final Proxy Statement and other documents filed with the SEC, free of charge, once they become available, on the SEC’s online page at www. sec. gov, or by directing a request to: LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, Attn: 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 LCAA and Lotus Tech application, and certain of their directors and officers, will likely be considered participants in the LCAA shareholder proxy solicitation with respect to the proposed business combination. A list of the names of those directors and officers and a description of their interests in the LCAA is set forth in the LCAA’s filings with the SEC (including the LCAA’s final prospectus related to its initial public offering (docket No. 333-253334) declared effective through the SEC on March 10, 2021). , and can be obtained free of charge from the SEC’s online page at www. sec. gov, or by directing a request to LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, Attn: Katie Matarazzo. Additional data relating to the interests of such participants and other persons who may, under SEC rules, be deemed participants in the shareholder solicitation in connection with the proposed business combination will be contained in the registration/proxy for the proposed business. . Combination when available.
No Offer and Non-SolicitationThis 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 InformationFor inquiries regarding Lotus TechDemi [email protected]
Group BrunswickLotustechmedia@brunswickgroup. com
For inquiries related to LCAA and/or L CattertonJulie Hamilton (États-Unis)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