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NEW YORK, 24 July 2023: Lotus Tech, a leading global luxury electric vehicle maker, has expanded its global retail network to 193 stores, opening 24 new outlets over the first half of 2023. The company expects to further develop its global distribution network, targeting to reach over 300 stores by the end of 2025.
Lotus Tech’s digital-first, omni-channel sales model allows customers to place orders, reserve test drives, and book tailor-made services online or in-person at Lotus stores globally.
As of 30 June 2023, Lotus Tech has accumulated a global orderbook of approximately 17,000 vehicles, including the Eletre, its first fully electric hyper-SUV, and the Emira, the brand’s mid-engine sports car.
“Our strong global order intake demonstrates customers’ enthusiasm for the Eletre and Emira,” stated Lotus Group CEO Qingfeng Feng. “As we expand our retail network, we expect to ramp up production to meet robust global demand.”
Lotus Tech signed a final agreement and merger plan with L Catterton Asia Acquisition Corp (LCAA), a special purpose acquisition company founded by affiliates of L Catterton, a leading worldwide consumer-focused investment firm, in January 2023. The transactions envisaged by the Merger Agreement are expected to close later this year, giving Lotus Tech a pro forma enterprise value of about USD 5.6bn.
Key Benefits of Lotus Tech’s Global Expansion
The expansion of Lotus Tech’s global retail network will provide a number of benefits for the company, including:
- Increased sales: The new stores will help Lotus Tech to reach more customers and increase sales.
- Enhanced brand awareness: The new stores will serve to enhance awareness of the Lotus brand and its electric vehicles.
- Improved customer service: The new stores will provide customers with a better shopping experience, including the ability to place orders, reserve test drives, and book tailor-made services online or in-person.
- Increased brand value: The expansion of the retail network will help to increase the brand value of Lotus Tech.
Conclusion
Lotus Tech’s expansion of its global retail network is a significant step in the company’s growth strategy. The new stores will help Lotus Tech to reach more customers, increase sales, and enhance brand awareness. The expansion of the retail network is also expected to improve customer service and increase brand value.
