There’s been some good recent articles about Geely. This Chinese company owns not only UK black taxi company LEVC but they also bought/control Volvo Group who are about to release Polestar 2 in the EU and the US. Along with the XPENG P7 this is a hatchback Tesla Model 3 rival
Also of interest, Volvo: VLVLY which I think is the US stock quote https://www.marketwatch.com/investing/stock/VLVLY?mod=MW_story_quote
An absolutely glowing review of Geely’s Volvo/Polestar 2 car - a Chinese designed/made car that this very clued up reviewer says is basically as good as a Tesla Model 3.
I have this on my Yahoo Finance list and this week I keep getting “52 week high” notifications!
The Freetrade team must know, especially after today with CIIG / Arrival, how much the FT gang loves to throw money at electric vehicle companies!
This is Hong Kong listed so understandable that it might come later.
Geely is working with advisers to sound out potential investor interest in a funding round that could value Lotus’s EV operations at about $5 billion, the people said, asking not to be identified because the matter is private.
Separately from the fundraising, the Chinese company is also weighing an initial public offering of Lotus Cars, or just the British carmaker’s EV business, as soon as next year, the people said. A listing could value the entire business, including its combustion-driven sports and racing cars, at more than $15 billion, the people said.
Chinese billionaire Li Shufu’s Geely, which also controls Sweden-based Volvo Car AB, purchased a stake in Group Lotus in 2017. It owns 51% of the company, including both Lotus Cars and consultancy Lotus Engineering, while Malaysia’s Etika Automotive Bhd. owns the remainder, according to a press release. Under Geely, Lotus in 2019 launched its all-electric Evija hypercar, a 1,972-horsepower coupe that costs about $2 million.
This would be a huge uplift from the $130m the business was valued upon Geely’s 2017 takeover.
The Chinese firm is also said to be weighing a SPAC deal for Polestar, the EV brand of its Volvo division.
Lotus Cars Ltd turned over £96m in 2019, of which £86.7m were car sales and the rest were Engineering services. 2020 retail sales increased 4.4% which is very impressive compared to others like Aston Martin and MacLaren that have struggled.