L Catterton Asia Acquisition Corp
L Catterton Asia Acquisition — SPAC Merger (January 2023)
56 slides from L Catterton Asia Acquisition's SPAC merger presentation, Jan 31, 2023
Slide 1: Investor presentation February 2023
Investor presentation FEB RUARY 2023
Slide 2: About this Presentation
2 THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, REPRODUCTION, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH RELEASE, REPRODUCTION, PUBLICATION OR DISTRIBUTION IS UNLAWFUL
Slide 3: Industry and Market Data; Presentation of Financial Data
3 Industry and Market Data This Presentation also contains information, estimates and other statistical data derived from third party sources including Oliver Wyman, LLC .. Such information involves a number of assumptions and limitations, and due to the nature of the techniques and methodologies us
Slide 4: Risks Relating to Lotus Tech's Business and Industry
4 Risks Relating to Lotus Tech's Business and Industry 1. The automotive market is highly competitive, and we may not be successful in competing in this industry .. 2. Our reliance on a variety of arrangements with Geely could subject us to risks .. 3. We may not succeed in continuing to maintain an
Slide 5: Risks Relating to Intellectual Property and Legal Proceedings
5 Risks Relating to Intellectual Property and Legal Proceedings 1. We may need to defend ourselves against intellectual property right infringement, misappropriation, or other claims, which may be time - consuming and would cause us to incur substantial costs .. 2. We may not be able to prevent othe
Slide 6: Today's Presenters
6 TODAY’S PRESENTERS Note: In this presentation, “Lotus Tech,” "Lotus Technology," or "we" refer to Lotus Technology Inc. and its subsidiaries, "L otu s UK" refers to Lotus Group International Limited and its subsidiaries. Lotus Tech and Lotus UK currently operate separately and independently from e
Slide 7: L Catterton – Trusted Partner to Visionary Entrepreneurs
Source: Public sources 1. The list of L Catterton portfolio companies includes historical and current investments L CATTERTON – TRUSTED PARTNER TO VISIONARY ENTREPRENEURS AND LEADING CONSUMER BUSINESSES Selected L Catterton Portfolio Companies 1 • A leading global consumer - focused investment firm
Slide 8: Geely Has a Proven Track Record in Transforming Auto Brands
Source: Geely company filings, news releases, public information 1. BEV: Battery Electric Vehicles; SEA: Sustainable Experience Architecture; EPA: Electrical Performance Architecture 2. Initial delivery year; Polestar started delivery in July 2020; Lynk & Co started delivery in December 2017; Zeekr
Slide 9: A Strategic Partnership with Support from Geely and L Catterton
9 ▪ Iconic brand and heritage ▪ Pioneer in advanced auto technology ▪ Global distribution network ▪ Fully - electric product portfolio 1 ▪ Architecture development ▪ Manufacturing capabilities ▪ Procurement & supply chain ▪ Incubation and human capital support ▪ Consumer insights ▪ Brand building ex
Slide 10: Investment Highlights
10 1 Early mover in the modern sustainable luxury BEV market Lotus Tech targets the most attractive price segment and key regions within the global luxury BEV market 2 Iconic brand with racing heritage Leading sports car brand signifying innovation, driving performance and engineering prowess 3 Prop
Slide 11: Business Overview
BUSINESS OVERVIEW
Slide 12: Transformation of the Iconic Lotus Brand
MODERN SUSTAINABLE LUXURY BEV PERFORMANCE DESIGN ENGINEERING ICONIC BRAND & HERITAGE ‒ ESTABLISHED BRITISH BRAND ‒ RACING HERITAGE WITH SUPERIOR AERODYNAMICS ‒ PIONEER IN LIGHTWEIGHT TECHNOLOGY ‒ EARLY MOVER IN THE LUXURY LIFESTYLE BEV SEGMENT ‒ LEADER IN ADVANCED TECHNOLOGY ‒ FULLY - ELECTRIC PORTF
Slide 13: Lotus Cars and Lotus Technology
LOTUS CARS UK - BASED SPORTS CAR HERITAGE ENGINEERING EXCELLENCE ACQUIRED BY GEELY (51%) IN 2017 LOTUS TECHNOLOGY NEW LIFESTYLE BEV - FOCUSED PLATFORM GLOBAL SALES AND DISTRIBUTION FOUNDED IN 2021 AS PART OF “VISION80” 13 100% BEV PORTFOLIO 2 BORN BRITISH, RAISED GLOBALLY 3 + 3 3 EXISTING MODELS + 3
Slide 14: Vision80: A Long-Term Business Transformation Strategy
14 Technology - related growth Autonomous driving, smart cabin, human machine interface, IOV connectivity Auto - related growth Build distribution, launch models, drive volume, aftermarket services Ecosystem - related growth Lifestyle products, customised premium services, in - car purchases VISION8
Slide 15: Product Portfolio Leading the Modern Sustainable Luxury BEV Market
Source: Company information, Lotus management estimates 1. Average Manufacturer’s Suggested Retail Price (MSRP) 2. Forecasted annual sales volume in years when production level and sales volume are relatively stable: Evija (~2023 onwards), Emira (~2024 onwards), Eletre (~2026 onwards), Type 133 (~20
Slide 16: The World's First All-Electric Hyper-SUV
<20 min CHARGING SPEED (10 - 80% CHARGE) 905 hp 1 675KW 2.95 s 1 0 - 100 KM/H 0 - 62 MPH 600 km 2 TARGET RANGE (WLTP 3 COMBINED CYCLE) ~US$100K STARTING MSRP Reader Award, 2022 Electric Car of the Year We’re most curious to drive, The Electric Awards 2022 Finalist, Car Design Award 2022 1. Figure fo
Slide 17: Unparalleled Self-Developed Technological Capabilities
17 800V EPA designed and created by Lotus Self - developed software system for cognition, decision - making, design and control algorithm Deployable LiDAR technology Five 360 ° perception coverage Easily adaptable design UNPARALLELED SELF - DEVELOPED TECHNOLOGICAL CAPABILITIES Advanced Driver Assist
Slide 18: Eletre Delivery Begins in Q1 2023
Source: Company information 1. Designed maximum annual manufacturing capacity at dedicated Wuhan, China factory, which has been in use since 2022; produc tio n based on contract manufacturing with Geely 2. Lotus Group store / dealer number as of 31 December 2022; store number including self - owned,
Slide 19: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 20: Early Mover in the Modern Sustainable Luxury BEV Market
Source: Oliver Wyman, LLC Note: Car market here indicates all powertrain types, i.e. BEV and non - BEV 1. BEV penetration of Luxury car segment (>US$80k) 20 ....driven by rapid BEV transformation EARLY MOVER IN THE MODERN SUSTAINABLE LUXURY BEV MARKET 1 Lotus Tech is leading the electrification tran
Slide 21: Early Mover in the Modern Sustainable Luxury BEV Market: Target Price Segment
21 EARLY MOVER IN THE MODERN SUSTAINABLE LUXURY BEV MARKET 1 Lotus Tech’s target price segment is the largest volume contributor in the luxury BEV segment… Global luxury car market ( BEV ) sales volume by region (unit, k) CAGR (‘21A - ’31E) Global car market (BEV) sales volume by price band (unit, k
Slide 22: Luxury BEV Market Underserved Due to Limited Competitive Models
22 EARLY MOVER IN THE MODERN SUSTAINABLE LUXURY BEV MARKET 1 …however, the global luxury BEV market is currently underserved due to limited competitive models Comparison of global luxury vehicle models Source: Oliver Wyman , LLC Note: The charts cover a representative list of vehicle models and are
Slide 23: Fully-Electric Product Portfolio
23 FULLY - ELECTRIC PRODUCT PORTFOLIO 1 Transformation to fully - electric portfolio Brand heritage and luxury positioning 1 Heading the electrification wave among all global luxury automakers Source: Oliver Wyman , LLC 1. New car roll outs are all BEV models beginning in 2022 with ICE model product
Slide 24: Lotus's Launch of Its BEV Models Is Ahead of the Competition
Source: Company information, Oliver Wyman , LLC 1. Peer group based on the luxury car brands including Ferrari, Porsche, Aston Martin, Bentley, Lamborghini and Land Rover 2. Excludes Porsche Taycan model 24 LOTUS’S LAUNCH OF ITS BEV MODELS IS AHEAD OF THE COMPETITION 1 Type 134 (D - segment SUV) Lau
Slide 25: Leading Product Performance Against Core Competitor Models
25 5 star expected 5 star expected 5 star expected 5 star 5 star expected 5 star LEADING PRODUCT PERFORMANCE AGAINST CORE COMPETITOR MODELS Scoring: High Low BEV Companies Competitive performance Established MNCs MSRP, RMB Vehicle length , mm ES7 100kWH 548,000 4,912 Audi SQ8 etron ~850,000 2 4,915
Slide 26: Iconic Brand with Racing Heritage
Source: Company information 1. From 2008 - 2012, Tesla Roadster rolled off from Lotus production line 26 ICONIC BRAND WITH RACING HERITAGE 6 FIA Formula 1 Drivers’ World Championships 81 FIA Formula 1 Grand Prix Wins 9 Le Mans W ins (In Class) 1 Indianapolis 500 Grand Prix Win 1 FIA World Rally Cham
Slide 27: Proprietary Next-Generation Technology: Lotus 800V EPA
‒ Extreme temperature control for maximum energy conservation ‒ Up to 985 Nm torque fully - electric transmission ‒ U p to 373 miles (WLTP) for full charge and <20 min for 10 - 80% charge ‒ Up to 905 hp dual motor, underpinned by 7 decades of tuning technology ‒ 1 Gbps ethernet, 5G, V2X connectivity
Slide 28: Proprietary Next-Generation Technology: ADAS
28 PROPRIETARY NEXT - GENERATION TECHNOLOGY BUILT ON WORLD - CLASS R&D CAPABILITIES 3 ADAS upgradeable through embedded L4 hardware capabilities and Over - The - Air software updates 360 ° (5x) perception coverage with LiDARs , HD cameras, radars and USS ( ultrasonic sensor system) redefining travel
Slide 29: Proprietary Next-Generation Technology: Intelligent Cabin
29 ‒ Lotus Hyper OS from ECARX (advanced, proven and tested from Emira) ‒ Dual Qualcomm 8155 chips to power next - generation real - time 3D digital mapping and graphing experience ‒ Premium experience through KEF speakers and OLED touchscreen ‒ Voice control enabled ‒ Up - to - date OTA software PR
Slide 30: World-Class R&D Capabilities Across UK, Germany and China
PROPRIETARY NEXT - GENERATION TECHNOLOGY BUILT ON WORLD - CLASS R&D CAPABILITIES 3 World - class R&D capabilities supported by dedicated centres in the UK, Germany and China Lotus Technology (Global headquarters) Wuhan, China Cloud computing & online data processing Lotus Technology Software Centre
Slide 31: Asset-Light Business Model Supported by Geely Ecosystem
31 4 Synergistic businesses with independent governance structures S trong bond Mutually beneficial partnership Independently governed ‒ Procurement and supply chain ‒ Manufacturing support ‒ Incubation and human capital support ‒ Ancillary revenue to Geely ’s group of companies ‒ Iconic, prestigiou
Slide 32: Backed by Geely's Industry-Leading Production Capability
32 ASSET - LIGHT BUSINESS MODEL SUPPORTED BY GEELY ECOSYSTEM 4 Backed by Geely’s industry - leading production capability ‒ BEV manufacturing facility 1 in Wuhan, China opened in 2022 ‒ Contract manufacturing by Geely ‒ Designed maximum annual manufacturing capacity of 150,000 units ‒ Highly automat
Slide 33: Unrivalled Focus on Sustainability
33 UNRIVALLED FOCUS ON SUSTAINABILITY TARGETING FULLY - ELECTRIC PROD UCT PORTFOLIO Material science & design 5 Targeting carbon neutrality by 2038 (scope 1, 2 & 3 1 ) ‒ Option to purchase 100% recyclable materials for vehicle interior ‒ Application of ‘Drive Sustainability’ tool for supplier chain
Slide 34: Adherence to International ESG Standards
Source: Company information, ST Green Finance, as of Q3 2022 1. CSR: Corporate Social Responsibility 2. ST Green Finance ESG rating awarded to Wuhan Lotus Cars Technology Co., Ltd. in Jan 2023. Comprehensive governance level a nd overall ESG risk are evaluated based on the ESG rating methodology of
Slide 35: Luxury Retailing Experience and Digital-First, Omni-Channel Sales Model
Source: Company information 35 LUXURY RETAILING EXPERIENCE AND DIGITAL - FIRST, OMNI - CHANNEL SALES MODEL 6 Premium stores in high - footfall locations providing personalised and exclusive service… • Customisable through global direct sales digital platform • RSVP parking reservation and flash char
Slide 36: Retail Strategy Supported by Omni-Channel Model
36 CUSTOMISATION CO - BRANDING AFTERMARKET CO - DEVELOPMENT CO - MARKETING RSVP SOFTWARE PURCHASE & TRADE - IN MOTORSPORTS PRIME FAST CHARGE RENTALS EVENTS LUXURY RETAILING EXPERIENCE AND DIGITAL - FIRST, OMNI - CHANNEL SALE S MODEL Car - related b usiness L ifestyle - related business 6 Lotus’s ret
Slide 37: Global Store Network Expansion
Source: Lotus management estimates Note: Stores currently owned by Lotus UK will be transferred to Lotus Tech after signing of the Master Distribution Agreement 1. Consists of dealership model only 2. Consists of direct - to - customer (DTC) model only, which includes self - owned, joint venture sto
Slide 38: Global, Experienced and Visionary Leadership
Source: Company information 38 Mike Johnstone Lotus Group VP, Commercial Alexious Lee Lotus Group CFO Huifang Tang GM of Lotus Tech Research Institute Jingbo Mao China President, Lotus Tech Maximilian Szwaj Vice President, Lotus Technology & Managing Director, LTIC Qingfeng Feng Lotus Group CEO & Se
Slide 39: Financial Overview
FINANCIAL OVERVIEW
Slide 40: Combination of a Massive Market, Advanced Technology and World Class Team
Source: Company information, Lotus management estimates 1. Total number of stores for Lotus Tech (including self - owned, joint venture, partnership and dealership stores) expected by 20 25E 2. Existing models include Evija , Emira and Eletre , models in pipeline include Type 133, 134 and 135 3. Gro
Slide 41: Strong Top-Line Growth Driven by Model Pipeline and International Expansion
Source: Company information, Lotus management estimates 1. The sales volume is based on the assumption that Lotus Tech and Lotus UK will complete the buildup of the Global Commercia l P latform pursuant to the Master Distribution Agreement; currently assume only 50% of 2023E sales and profits to ref
Slide 42: Key Summary Financial Forecasts
42 ⚫ Topline expected to grow at a ~ 90 % CAGR in 2023E – 2025E, as Lotus Tech launches Type 133, and Eletre and Emira continue to ramp up ⚫ Gross margin expected to improve to ~21% – 23% in medium - term 2025, driven by improvement in operational efficiency and economies of scale as delivery volume
Slide 43: Transaction Overview and Valuation
TRANSACTION OVERVIEW AND VALUATION
Slide 44: De-SPAC Overview
44 DE - SPAC OVERVIEW Transaction Structure Lotus Tech has entered into a definitive business combination agreement ("BCA") with L Catterton Asia Acquisition Corp (NASDAQ: L CAA). Upon completion of the proposed business combination transaction, Lotus Tech will become a publicly - listed company. In
Slide 45: Estimated Sources and Uses; Pro Forma Valuation
45 Estimated sources and uses US$ million Pro forma valuation US$ million Sources Existing Lotus shareholder equity 5,500 L CAA trust 1 288 Targeted 3 rd party pre - closing investment 2 100 Total 5,888 Base share price at merger US$10.00 PF shares outstanding (mm) 613 Pro forma equity value 4 6,129
Slide 46: Attractive Anticipated Entry Valuation with Discount to Peers
~0.9x 4.5x 4.4x 1.1x 1.0x 9.8x 2.5x 1.4x ~0.6x 3.8x 2.5x 0.9x 0.7x 9.1x 2.4x 1.3x Source: Company information, Lotus management estimates, FactSet as of 30 January 2023 1. Based on pro forma enterprise value of US$5.4bn 46 ATTRACTIVE ANTICIPATED ENTRY VALUATION WITH SIGNIFICANT DISCOUNT TO PEERS EV/
Slide 47: Significant Topline Growth and Attractive Margin Profile
Source: Company information, Lotus management estimates, FactSet as of 30 January 2023, Bloomberg Gross margin 2024E/2025E EBITDA margin 2025E SIGNIFICANT TOPLINE GROWTH EXPECTED GIVEN TOTAL MARKET OPPORTUNI TY AND ATTRACTIVE MARGIN PROFILE 2025E 2024E Revenue CAGR 2023E – 2025E 47 B EVs Luxury OEMs
Slide 48: Appendix
jg * APPENDIX ‘Na
Slide 49: Lotus History
Source: Company information 1. Under contract manufacturing and operated by Geely Group 49 1948 – 1960 Lotus was founded by Colin Chapman and moved to a factory in Cheshunt, UK. Stirling Moss won first Formula 1 Grand Prix in a Lotus car in Monaco 2000s – 2010s Lotus was established as a niche brand
Slide 50: Eletre: Sports Car Style, SUV Comfort, Aerodynamic Design
SPORTS CAR STYLE SUV COMFORT AERODYNAMIC DESIGN The all - new and all - electric Lotus Eletre takes the core principles and Lotus DNA from 75 years of sports car design and engineering The Evija - derived aerodynamics guide air over and through its body for extra downforce and speed The Eletre takes
Slide 51: Eletre: First Class Cabin
FIRST CLASS CABIN The driver - focused cockpit and high centre console are inspired by the Lotus Emira and Evija , creating a cossetted feeling. The layering of materials and textures creates a truly luxurious feel 51
Slide 52: Eletre: Refined Elegance
REFINED ELEGANCE Eletre’s interior is as comfortable as it is beautiful, combining highly durable materials and immersive infotainment The High Definition OLED central screen works in tandem with the digital passenger display The Eletre operating system is future - proof by design, updatable wireles
Slide 53: Eletre Offers the Best Price-to-Value Proposition Among Peers
ELETRE OFFERS THE BEST PRICE - TO - VALUE PROPOSITION AMONG PEERS Model Eletre S+ 1 Cayenne 3.0T Urus 4.0T V8 S Pricing (US$ k) 114 127 410 Powertrain type BEV ICE ICE 0 - 100km acceleration (s) 4.5 6.2 3.6 Horsepower (hp) 612 340 640 Torque (Nm) 710 450 850 Driving range (WLTP, km ) 600 638 602 Lea
Slide 54: The World's First Pure Electric British Hypercar
The One to Watch , 2021 Electric Awards Product Design of the Year , 2021 Overall Automotive Transportation , 2020 Global Design Awards 2,000 hp 1,500KW DELIVERED THROUGH 4 MOTORS 9.1 s 0 - 186 MPH 0 - 300 KM/H 200 mph (320 KM/H) MAX SPEED 1,680 kg LIGHTWEIGHT BEV 1,700 Nm TORQUE (WITH TORQUE VECTOR
Slide 55: L Catterton Track Record of Connecting Iconic Brands
55 L CATTERTON HAS AN INCREDIBLE TRACK RECORD OF CONNECTING ICONIC BRANDS GENTLE FENDI Source: Public information The two brands came together to create an extraordinary capsule collection inspired by Gentle Monster’s innovative designs and Fendi’s exquisite craftsmanship x • L Catterton’s strategic
Slide 56: www.group-lotus.com
www.group - lotus.com All contents contained in this document are owned by Lotus. © Lotus 2023
L Catterton Asia Acquisition — SPAC Merger (January 2023) on 6ix