Lotus Technology Inc., a leading global luxury electric vehicle maker, announced 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.
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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.
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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, 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.
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