Saturday, April 13, 2024

Legendary car brand disappoints badly after the first day

There were high expectations for the IPO of the Chinese-owned Lotus brand. But it only turned into a modest increase after the first day.

Lotus' electric car division, Lotus Technology, did not experience the success they had hoped for when they went public in New York.

On the first day of trading, the brand's shares rose by only two percent compared to their offering price.

The shares started at a price of 13.8 dollars, corresponding to just under 95 Danish kroner. Over the course of the day, however, the 190,000 shares performed so poorly that the value plunged to $10.1 per share.

Despite the troubled start, Lotus Tech was still able to register a small overall increase when share trading closed on Friday. And here today, Tuesday, there is further progress to be traced.

READ ALSO: The Danes sing more slowly than ever before

A plus of 0.28 percent means that Lotus' electric cars are now priced at $14.25 per stock. This applies to the 190,000 shares.

The Lotus we know today, however, has little to do with the original Lotus. The brand is now owned by Geely, which also owns Volvo, Polestar and Smart, as well as a series of the Chinese's own brands.

However, Lotus is far from the only car brand that disappoints these days. It is festive time for annual and quarterly accounts at the moment.

And here even the most popular car brand in Denmark has to admit that it is difficult to live up to towering expectations. Both internally and externally.Read more about it here .

Read more news from and about Lotus here!

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