Lotus Robotics Designated by Leading Automakers to License its Intelligent Driving Solutions
11 September 2023
Lotus Technology Inc. (referred to as "Lotus Tech"), a renowned global luxury electric vehicle manufacturer, has made an important announcement regarding its subsidiary, Lotus Robotics. Lotus Robotics will be providing leading automakers with licenses for its advanced intelligent driving technology and software. This strategic move highlights Lotus Tech's commitment to expanding its technology-related revenues and advancing its Vision80 business transformation strategy.
Lotus Robotics is known for its sophisticated software capabilities and the development of essential intelligent driving algorithms, testing procedures, and simulation tools. The company has successfully created intelligent driving systems used across Lotus Tech's luxury electric vehicle lineup, including the Eletre, the company's fully electric hyper SUV, which commenced global deliveries in March, and the Emeya, its first electric hyper-GT, unveiled in New York on September 7. These vehicles incorporate cutting-edge technologies, such as the world's first deployable LiDAR system, and are equipped with premium hardware that supports comprehensive intelligent driving solutions for various scenarios, including highway, urban, and parking. These functionalities are expected to be integrated into the vehicles as premium features through over-the-air updates.
Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech, expressed his satisfaction with Lotus Robotics' technologies being adopted by other automakers. He emphasized that this development underscores Lotus Tech's growth potential in the technology sector and aligns with the company's Vision80 strategy to become a leading provider of intelligent, all-electric, and sustainable luxury mobility in anticipation of its 80th anniversary in 2028.
Lotus initiated its intelligent driving research and development efforts in 2018, focusing on creating a robust platform for advanced intelligent driving technologies. Lotus Robotics, a critical part of this endeavor, has excelled in hardware development, award-winning algorithm and software creation, and cloud solutions. The company's teams are distributed across Germany and China and have received accolades in renowned competitions, including the CVPR 2023 Online HD Map Construction Challenge and the 2022 Argoverse Motion Forecasting Competition.
In January 2023, Lotus Tech entered into a definitive agreement and plan of merger with L Catterton Asia Acquisition Corp (LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a prominent global consumer-focused investment firm. The anticipated completion of these transactions later in the year will result in Lotus Tech becoming a publicly traded company with an estimated enterprise value of approximately US$5.6 billion.