Lotus Technology (LOT) Grants £80 Million Loan to Lotus Cars for Integration Strategy

Lotus Technology Inc. (NASDAQ:LOT) is one of the best EV penny stocks to buy according to hedge funds. On August 4, Lotus Technology Innovative Limited, a subsidiary of Lotus Technology Inc., granted a loan of up to GBP 80 million ($106 million) to Lotus Cars. The loan carries an interest rate of 8% per annum and is due for full repayment by December 31, 2025.

Lotus Technology (LOT) Grants £80 Million Loan to Lotus Cars for Integration Strategy

This financial support is part of ongoing strategies aimed at integrating and controlling Lotus UK’s manufacturing and engineering subsidiaries under Lotus Technology. Lotus Technology is also acquiring significant equity interests in Lotus UK, aiming for full integration of Lotus businesses to strengthen brand equity and operational flexibility.

Lotus Technology Inc. (NASDAQ:LOT) is an EV manufacturer that designs and sells luxury lifestyle battery electric cars, with operations spanning the UK, US, China, and the EU. The company focuses on next-generation automobility technologies, integrating advanced R&D into its premium EV lineup.

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Disclosure: None. This article is originally published at Insider Monkey.