Lotus Technology is closing on an approved merger with Special Purpose Acquisition Company (SPAC) L Catterton Asia Acquisition Corp, setting the stage for a debut on the Nasdaq this week under the stock ticker symbol “LOT.”
It’s just over a year since we first caught wind of Lotus’ plans to go public on the US stock market via a SPAC merger – a once popular method that has since cooled down. SPAC mergers enable a publicly traded company to be created to merge with an existing company.
In the case of Lotus Technology, its SPAC is L Catterton Asia Acquisition Corp ($LCAA) – a blank check company explicitly incorporated for the merger to enable high-growth consumer tech across Asia. Lotus is currently owned by Zhejiang Geely Holding Group in China, where its electric hypercars are also built.
During the January 2023 announcement, we learned Lotus expected to continue operations under its “Lotus Technology” moniker, with the intention to eventually trade on the Nasdaq exchange under the stock ticker “LOT.”
This week, Lotus shared a progress update on the SPAC merger, which appears imminently complete, setting the stage for a public listing as early as this Friday.
Lotus Tech to join Nasdaq stock market February 23
According to Lotus Technology, its previously proposed merger with L Catterton Asia Acquisition Corp is expected to be completed on February 22, 2024.
Following the SPAC merger, the combined entity will keep the Lotus Technology namesake as planned, and its American Depositary Shares (ADS) will begin trading on the Nasdaq on February 23. Lotus CEO Qingfeng Feng spoke about the imminent stock listing:
We are thrilled to announce our upcoming debut on the Nasdaq as we complete our business combination with LCAA. This is a pivotal moment in our journey. We look forward to accelerating our growth as a listed company, leading the electric transformation of the global luxury BEV market together with L Catterton.
In anticipation of the approved SPAC merger, Lotus has raised over $880 million in pre-closing and private investment in public equity (PIPE) commitments. The automaker celebrated its 75th anniversary in 2023 and continues its work in delivering a 100% electric lineup of luxury vehicles by 2027.
Lotus Tech will ring the Nasdaq’s opening bell in New York City on February 23 to commemorate its public stock listing. You can view the event here.
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A new, all electric Peterbilt 579EV is in-service at Honda’s Lincoln, Alabama assembly plant, where it’s busy transporting newly-built Honda cars from the plant to a nearby railhead for shipment to dealers across the country.
Part of a pilot program between Honda, Alabama Power, and Virginia Transportation Corp., the new electric semi truck will help stakeholders gather data about the practicality and performance of the battery-powered Pete and use it to generate case studies for broader electrification initiatives. Other supporters of the pilot project include the Alabama Clean Fuels Coalition and, of course, Peterbilt.
“We remain committed to delivering for our customers and the environment,” offered Leo Doire, owner and CEO of Virginia Transportation Corp. “Our new Peterbilt 579EV model will be tested to determine how well it performs against the high productivity demands of our operations. The partners we have at the table will help us maximize this opportunity and prepare to scale up if we get the results we are hoping for.”
The truck itself has been spec’ed to be perfect for the kind of short haul and drayage applications Honda has in mind. This particular Peterbilt 579EV is fitted with PACCAR’s 400 kWh battery and a 670 hp electric motor good for an impressive 2,050 lb-ft of peak torque at 0 rpm.
The truck offers 150 miles of operating range and can be charged in about 3 hours on a 120 kW charger installed specifically for that purpose. A charger, it should be noted, that was partially paid for by Alabama Power.
“Alabama Power’s ‘Make Ready’ program provides businesses with valuable rebates to help reduce the upfront costs of installing EV infrastructure,” says Alabama Power Electric Transportation Manager Hasin Gandhakwala. “We are committed to partnering with customers who are exploring state and federal grant opportunities. Alabama Power is dedicated to advancing EV technologies to better serve the needs of our customers.”
With the big Pete’s 82,000 lb. GVWR and 150 miles of range between charging sessions, it seems like these guys will be making a lot of back-and-forth runs between the Honda plant and the CSX terminal to me. Here’s hoping they see the benefits of electrifying the rest of their vehicle transport fleets somewhat sooner than later.
On today’s episode of Quick Charge, we’ve got big solar breaking ground all over, despite the incoming administration’s supposed lack of love for home-grown clean energy. Our guests today walk us through home solar, energy storage, and more.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
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Tesla is now using ‘Tesla Electric’, its electric utility service in Texas, to help sell cars with a new incentive.
After gaining experience through its virtual power plants (VPPs), Tesla took things a step further with the launch of “Tesla Electric” back in 2022.
Instead of reacting to specific “events” and providing services to your local electric utilities, as Tesla Powerwall owners have done in VPPs in California, Australia, and a few other markets, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.
The company is essentially becoming an energy retailer.
Tesla Electric is currently only available to Powerwall owners in Texas and the UK, but the company has plans to expand its products through this new division.
The company has been growing its Tesla Electric userbase in Texas and now it plans to use it to help sell cars.
Tesla has two different plans under the program:
Feature
Tesla Electric Fixed Plan
Tesla Electric Dynamic Plan
Pricing Structure
Competitive fixed rate for electricity, with a discounted rate during low-cost hours.
Competitive variable rate, with higher rates during peak demand periods.
Contract Term
12-month commitment.
Month-to-month flexibility.
Unlimited Vehicle Charging
Available for an additional $15/month per vehicle, allowing unlimited charging.
Available for an additional $25/month per vehicle, allowing unlimited charging.
Powerwall Credits
Earn $400 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with Tesla managing the Powerwall to share energy with the grid when needed.
Earn $120 credit per year per Powerwall by participating in the Tesla Virtual Power Plant, with the customer managing the Powerwall to optimize earnings.
Energy Sharing with Grid
Sell energy back to the grid at a fixed rate per kWh.
Sell energy back to the grid at 90% of the real-time market price per kWh.
The first one enable you to charge your electric car for just $15 a month.
With this new incentive, Tesla is brining that down to $5 a month for a year for people who take delivery by the end of the year:
Get $5/mo Unlimited Overnight Charging With Tesla
To get unlimited overnight charging for $5 per month per vehicle for a full year, you must complete the following steps by December 31, 2024:
Order and take delivery of a new Tesla vehicle
Sign up for the Tesla Electric Fixed Plan
To be eligible, you need to live in an area of Texas that allows you to choose your electricity provider, be a new Tesla Electric member and take delivery of a new Tesla vehicle. Promotion is subject to change at any time.
This appear to be part of Tesla’s effort to deliver a record number of more than 515,000 vehicles in Q4 in order for its annual deliveries not to be down for the full year.
ver the last few weeks, we have been reporting on a series of sale incentives that Tesla has put in place to make sure it has the demand to achieve this record quarter.