Chinese owner of Lotus Technology to list a stake in US via blank cheque firm The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world's richest man.China's Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault.The Nasdaq listing is expected to value the business at $5.4bn and would put Arnault head to head with Elon Musk, the world's second-richest man and founder of the much larger electric car brand Tesla.Lotus Technology has a plant in China and had been looking to list on the stock market since early last year.A US listing would represent the latest high-end car listing after Porsche floated last September in the biggest European initial public offering in a decade with a $72bn valuation. Lotus unveiled its electric sports utility vehicle Eletre last year and expects to launch a rival to Porsche's Taycan EV this year.Lotus Tech's existing owner, Geely, and its partners are expected to hang on to a holding of 89.7%. Geely, which is owned by billionaire Li Shufu, also has stakes in Britain's Aston Martin, Germany's Mercedes-Benz and Sweden's Volvo.

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