A rendering of the Lotus Technology Co in the Wuhan Economic & Technological Development Zone (WEDZ). [Photo/WeChat account: whkfq]
Lotus, the renowned global sports car manufacturer, announced on Jan 2 that it will rebrand in China as "Lianhua Sports Cars", marking a significant milestone in the brand's revival journey.
This change reflects the company's commitment to unifying its global brand identity and accelerating its Vision80 strategy in the rapidly evolving Chinese market, according to Feng Qingfeng, CEO of Lotus Group.
Founded in 1948 and headquartered in Norfolk, UK, Lotus is recognized as one of the world's top three sports car brands. In 2018, the brand unveiled its Vision80 10-year brand revival plan, focusing on transitioning to electric and intelligent vehicles. In China, due to the absence of the "Lianhua" trademark, the brand was previously known as "Lutesi", a transliteration of Lotus.
Feng emphasized the importance of reclaiming the "Lianhua" name. "In China, we've used 'Lutesi' for five years. Our insistence on reverting to 'Lianhua' is because it is our most valuable brand totem, cherished and respected by the industry, users, and enthusiasts," said Feng.
As part of its strategic transformation, Lotus has heavily invested in the Wuhan Economic & Technological Development Zone (WEDZ), building a global smart factory and establishing a global smart technology company known as Lotus Technology.
The smart factory, with an investment exceeding 8 billion yuan ($1.09 billion), is the world's first to utilize 3D digital twin technology for comprehensive planning, design, and construction. It began production in July 2022, manufacturing the brand's first electric hyper-SUV, known as the Eletre, and the first electric hyper-sedan known as the Emeya.
Lotus Technology is responsible for brand operations and the research, design, manufacturing, and global marketing of intelligent electric vehicle models. On Feb 23, 2024, it was listed on the NASDAQ stock market under the ticker symbol "LOT".
