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On January 31st, Lutes Technology announced that it had reached a final merger agreement with special purpose acquisition company L Catterton Asia Acquisition Corp (hereinafter referred to as LCAA), which is expected to complete the merger in the second half of 2023. According to the merger agreement, upon completion of the required transaction, LCAA will change its name to Lutes Technology and will be listed on NASDAQ under the ticker symbol "LOT".

It is understood that the deal has been unanimously approved by the board of directors of Lutes Technology and LCAA respectively, but still needs to be approved by Lulai Capital and Malaysian auto company Etika. Lutes Technology is expected to complete IPO in the second half of the year in order to meet other conditions in the merger agreement. In response to the direction of the funds raised after the backdoor listing, Lutes Technology said that the funds would be used to accelerate product innovation, develop a new generation of automotive technology, expand the global distribution network, and the day-to-day operation of the company.

It is understood that Rooster Technology is the third IPO company to go to the United States after Jixing Automobile and Yijiatong Technology.

On June 24, 2022, Polestar Polar Star listed on Nasdaq in the United States through its merger with Gores Guggenheim, a special purpose acquisition company, under the stock symbol "PSNY". On December 21, 2022, Yijiatong Technology and COVA Acquisition Corp. After reaching the merger agreement, officially log on to NASDAQ, stock symbol "ECX".

Founded in 1948, Lutes has been on a par with top supercar brands such as Ferrari and Porsche. In 1957, the Lutos Eleven won the championship of 750cc performance index in Le Mans endurance race. In 1963, Lutes won the first F1 team championship, and Lutes continued to shine in F1. In 1978, Lutes won the seventh F1 team championship. In 1982, Colin Chapman, founder of Lutes, died.

After entering the 1980s, Lutes could not be too minority to make a profit on a large scale, and finally could not escape the fate of being changed hands many times. It was successively acquired by Toyota, General Motors, Italian capitalists and Proton Group. In June 2017, Geely signed a final agreement with Malaysia's DRB-HICOM Group: Zhejiang Geely Automobile holding Group acquired 49.9% of Proton Motor, a subsidiary of DRB-HICOM Group, and 51% of luxury sports car brand Lotus.

The fact that Lutes became a brand owned by Geely Holdings did not seem to make much of a stir and was even regarded as a "giveaway" for Geely Holdings to acquire Proton cars. Proton means more to Geely than Lutes. Chairman Li Shufu said at the acquisition site: "Proton is Malaysia's industrial national treasure, we hope to work together to make Proton become the first in the Malaysian market and the top three leading brands in Southeast Asia."

After the acquisition of Proton, Geely entered the Southeast Asian market with the help of Proton's existing production lines and channels. At the same time, Geely also provided financial and technical support after the acquisition to reshape Proton's brand image and further increase its influence and sales in markets such as Malaysia, the UK, India and Australia. Geely after the acquisition of Baoteng, indeed led Proton to achieve recovery, so that it turned losses into profits, sales are also increasing year by year, becoming a well-known auto brand in Southeast Asia.

As for Lutes, although expensive is a top supercar brand, it has not released a new car since 2008. Geely Holdings is confused long after buying Lutes and does not know how to revive Lutes. Lutes CEO Feng Qingfeng said, "if Lutes goes to make a series of traditional things such as high-engine sports cars, the chances for Lutes are slim." So since the acquisition of Lutes in 2017, we are also confused to find the right way for Lutes. At this point in time, electrification, intelligence and autopilot are coming, and I think this is an opportunity for Lutes. "

In August 2021, Lutes officially announced the establishment of Lutes Technology Company, and moved its global headquarters to Wuhan Economic Development Zone. Lutes Global Intelligent Factory will also be located in Wuhan, and released the product matrix for the next five years. According to Lutes' plan, Lutes Technology plans to launch four all-electric models in the next five years. It includes pure electric intelligent SUV with internal code name Type132, pure electric intelligent four-door sedan car with internal code name Type133, pure electric intelligent new species with internal code name Type134, and pure electric trot with internal code name Type135.

In November 2021, Lutes' last fuel supercar, the EMIRA, was officially launched. The domestic model is equipped with a 2.0T engine from AMG. The competitor aims at Porsche 718, and the official price is 858000 yuan.

In March 2022, Lutes' first pure electric SUV--ELETRE was launched worldwide. The new car positioning medium and large SUV, built on the EPA platform, uses dual-motor four-wheel drive with front and rear layout, and will be produced in Wuhan Intelligent Factory. In October 2022, Lutes ELETRE officially launched, a total of two new models, S+ model 828000 yuan, R+ model 1.028 million yuan, the two models represent different power.

The role of Lutes to Geely, perhaps Geely does not expect Lutes to bring objective sales and revenue, as long as Lutes is a flow window, always active in the vision of consumers, because "ultra-luxury" originally determines the minority of Lutes, is destined to be difficult to dominate the development of the mainstream market. For Geely, although Lutes does not have a strong sense of existence compared with Porsche, Lamborghini and other supercar brands, Lutes was once one of the three major luxury supercar brands in the world, and Lutes is also one of the few top supercar brands under Geely, which is of great significance to its development.

At present, Geely Holdings owns Geely, Lectra, Polar Krypton, Volvo, Geometry, Polar Star and other brands, but these brands still need to stabilize the situation in the trend of electric and intelligent development, and these brands have priority over Lutes. Perhaps this is an important reason for Lutes' listing in the United States. after all, other brands need sustained high capital exports, and Geely may be willing but powerless.

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