Hyperdrive
Lotus Plays Up LVMH Links as Electric-Vehicle Maker Goes Public
- China’s Geely is listing the EV unit of the Lotus Elise maker
- Luxury tie-ups will set it apart from ailing rivals, CEO says
Lotus Technology Inc. shares were volatile in their first trading session following a merger with a blank-check vehicle, after opening well above the SPAC’s closing price on the previous day.
The shares ended the day at $13.80, 2.2% above Thursday’s close for LVMH-backed L Catterton Asia Acquisition Corp. They opened at $17.99 each, about a third higher than where the SPAC ended yesterday, and briefly plunged 25% below that day’s closing price before rebounding.