Lotus Technology to acquire 51% equity interest of Lotus Advance Technologies

Lotus Technology (LOT) announced that Geely International Limited exercised its put option on April 14, 2025, requiring us to purchase 51% of the equity interests in Lotus Advance Technologies Sdn held by Geely pursuant to the Put Option Agreement dated January 31, 2023 between the parties. Lotus UK controls the manufacturing operations for Lotus’ sportscars and hyper cars, and Lotus Engineering which provides comprehensive consultancy services to many of the OEMs and Tier 1 suppliers around the world. Pursuant to the exercise of put option from Geely, the Company expects to acquire 51% of the equity interest in Lotus UK through a non-cash transaction based on a pre-agreed pricing method. Upon completion, the Company will gain control over Lotus UK and consolidate its financial results. The strategic transaction will enable the Company to integrate all businesses under Lotus brand. The acquisition is expected to be completed by 2025, subject to potential regulatory approvals.