Bear with me, as this one is a bit complicated and jargon-heavy. Lotus Technology Inc. announced that Geely, the majority owner of its vehicle manufacturing business Lotus UK, exercised its put option earlier this week to sell its 51% stake in the latter company back to the former company. In Lamen’s terms, Geely is out, so Lotus Tech has to buy the 51% of Lotus UK back, putting all those respective businesses back under one umbrella. Still with me? More below.
The Lotus brand was founded in the UK over 70 years ago and has made a name for itself in delivering sporty yet luxurious hypercars. Unlike many of its competitors, Lotus was a relatively early adopter of EV technologies and has previously vowed to become an all-electric brand.
That promise was part of a strategy bolstered by Geely Hong Kong Ltd. (Geely), which acquired 51% of Lotus Advanced Technologies (Lotus UK or Lotus Cars) in 2017. As a result, Geely gained majority control of Lotus’ manufacturing division in the UK and its consultancy division, Lotus Engineering.
Lotus Technology Inc. – The R&D and design business of Lotus Group has been operating as a separate entity since then. In late January 2023, Geely and Lotus Tech signed a Put Option on Geely’s 51% stake in Lotus UK’s equity interests. As of April 14, 2025, Geely has decided to exercise said Put Option, requiring Lotus Tech to purchase that majority stake back, which it intends to do this year.
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Source: Lotus
Lotus Tech ($LOT) to buy business back from Geely
Lotus Technology Inc. ($LOT) issued a press release today outlining details of Geely’s Put Option announcement. The company explained its intention to purchase 51% of Lotus Cars and reorganize R&D, engineering, and manufacturing under one brand.
The equity interest purchase of Lotus Cars will be a non-cash transaction based on a pre-agreed pricing method between Lotus Tech and Geely, i.e., the 2023 Put Option. Lotus Tech CEO Qingfeng Feng addressed the news:
This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand, which will strengthen brand equity and enhance our operational flexibility and internal synergies. We are confident that the transaction will create substantial long-term value for our shareholders.
Mr. Feng may be painting a rosier picture than what is actually going on. It will be beneficial to regain control over Lotus UK and Lotus Engineering to consolidate financials and streamline business operations. Still, an exercised Put Option is hardly ever encouraging news.
Geely remains a massively successful global auto conglomerate and a key piece behind many leading EV technologies across its marques, especially in China. The fact that such a savant in engineering and EV development has left Lotus’ corner is concerning when imagining the future of the veteran UK brand, at least in terms of BEV development.
Lotus Tech… or Lotus Cars? Okay, let’s just call the company Lotus now. Whatever the name, Lotus will continue without Geely but still has support from consumer-focused investment firm L Catterton following a SPAC merger completed last year.
The reintegration of all Lotus businesses is expected to be completed this year. According to a representative for the company, it is now in a blackout period, so they could not comment any further until Lotus releases its Q4/ EOY 2024 earnings on April 22. That report will offer more insight into where the automaker currently stands financially and what plans it has going forward without Geely. Hopefully those plans still include more sexy BEVs!
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new ONYX RCR 80V electric moped, new lightweight e-bike motors, Aventon’s powerful update, California cops catching illegal e-bike riders with drones, a super lightweight new e-bike from Dahon, and more.
Today’s episode is sponsored by CYCROWN, an e-Bike company born from a passion for cycling. Its lineup now includes the new CYCROWN Dremax – a high-performance urban commuter e-bike now on sale in the US and Canada. Use Electrek50 to save $50 off your new eBike when you order.
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While much of the Western world is still figuring out how to get more people on electric bikes, China just flipped a switch, and the results are staggering. Thanks to a generous nationwide trade-in program rolled out around six months ago, China has seen an explosive surge in electric bicycle sales, with over 8.47 million new e-bikes hitting the road in the first half of 2025 alone.
The program, which offers subsidies to riders who trade in their old, often outdated electric bikes for newer, safer, and more efficient models, has sparked a new e-bike sale boom in a country already dominated by e-bike travel. In major provinces like Jiangsu, Hebei, and Zhejiang, over one million new e-bikes were sold in each region in just six months. That’s a tidal wave of e-bike sales.
The incentives vary depending on location and the model being traded in, but for many consumers, the subsidies cover a substantial portion of a new e-bike’s price – enough to turn a “maybe next year” purchase into a “right now” upgrade. And these aren’t just budget bikes either. The program has driven demand for higher-quality models with better batteries, safer braking systems, and more reliable electronics, accelerating both adoption and innovation across the industry.
The move has proven successful in replacing the millions of older models with lower-quality lithium-ion batteries that had posed safety risks around the country. Instead, China has pushed for higher-quality lithium-ion batteries, a return to a newer generation of higher-performance AGM batteries, and even interesting new sodium-ion battery options.
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Most e-bikes in China look more like what we’d consider seated scooters
According to China’s Ministry of Commerce, more than 8.4 million consumers have participated in the e-bike trade-in program so far, contributing to a sales increase of 643.5% year-over-year and more than doubling sales month-over-month. Meanwhile, production of new electric bicycles rose by nearly 28%, as manufacturers scrambled to meet demand. The sales boosts have already been seen in the financial reports of major industry players like NIU.
And it’s not just the big players benefiting – over 82,000 small independent e-bike dealers reported average sales increases of ¥302,000 (around US $42,000), giving a serious boost to local economies.
What’s particularly striking here is how fast this happened. The program was officially launched late last year as part of a broader effort to stimulate domestic consumption and phase out outdated vehicles and appliances. But while most analysts expected gradual growth, the e-bike sector responded much more quickly. In less than a year, the trade-in subsidies have reshaped the electric bicycle market, creating a consumer-driven boom that shows no signs of slowing.
For those of us watching from outside China, it’s hard not to wonder what might happen if other countries tried something similar. While most families in Chinese cities already own an electric bike and thus see this as an opportunity to trade it in for a newer model, Western countries like the US are still figuring out how to stimulate commuters into buying their first e-bike.
It’s too soon to know exactly how long the boom will last or whether the momentum will carry into 2026 and beyond. We’ve seen bicycle industry bubbles grow and burst before. But one thing’s clear: with the right incentives, even modest ones, it’s possible to ignite real, large-scale change. China just proved it with nearly 8.5 million new e-bikes to show for it.
And if you’re wondering what it looks like when a country takes electric micromobility seriously, this is it.
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Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!
In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.
Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.
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