Lotus Technology has a market capitalization of $9.3 billion, higher than Xpeng's $8.1 billion and slightly lower than Nio's $11.2 billion.

In May 2017, Geely acquired 49.9 percent of Proton and 51 percent of Lotus. Etika Automotive of Malaysia currently holds the remaining stake in Lotus.

At the end of August 2021, Lotus established a new company in China, Wuhan Lotus Technology, with an investment from Nio Capital.

The Nasdaq listing will support the development of Lotus Technology's next-generation n automobility technologies and the expected expansion of its global distribution network from around 200 to over 300 stores globally by 2025, the company said in the overnight statement.

Lotus Technology is set to be the first traditional luxury car brand to achieve a 100 percent electric portfolio by 2027, it said.

The company has already launched two EVs, including the Eletre hyper-SUV and Emeya hyper-GT, and plans to launch two additional luxury EVs over the next two years.

Lotus Eletre 'Hyper-SUV' officially launched, starting at $114,000 in China