Two weeks after its shares began trading on the Nasdaq, Lotus Technology is down by two-thirds.
Yet far from being a surprise, the collapse has a familiar sensation for investors who bought into other businesses listed on global stock markets by China’s Geely. In recent years, the ambitious Chinese group has listed shares in Volvo Cars, Polestar and ECARX. All remain deeply under water.
The fall, if sustained, deals a hammer blow to one of China’s most ambitious auto groups, and raises questions over its future ability to tap public markets to raise funding as it pushes further into the expensive business of developing electric vehicles.
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