Wallan Investment Company celebrates Lotus Technology’s debut on Nasdaq exchange
Riyadh, Saudi Arabia – 28 February, 2024:
Wallan Investment Company — a subsidiary of Wallan Holding — was invited by Lotus Technology to present the Nasdaq Stock Market opening bell at the Nasdaq Tower in New York, United States. Celebrating Lotus Technology’s debut on the Nasdaq exchange, the ceremony marked a significant milestone for Wallan Investment Company.
Wallan Investment Company’s participation in this event marked a significant milestone in the company’s history, where Wallan Trading will become the luxury brand’s official representative in Saudi Arabia. Lotus Technology is renowned for its expertise in manufacturing and developing high-end electric cars with advanced battery, energy management, electronic control systems, smart driving, and smart manufacturing technologies. Lotus Technology is also known for its impressive racing history spanning over seven decades, and it represents the gold standard in luxury sports cars, setting market-leading standards in performance, design, and engineering.
Fahad Al-Wallan, Chairman of Wallan Holding, represented the company at the ceremony, with Lotus Technology CEO, Qingfeng Feng, ringing the opening bell. Lotus Technology was listed under the stock ticker symbol “LOT”.
Under the iconic British brand “Lotus”, Lotus Technology is a pioneering luxury battery electric vehicle (BEV) maker that designs, develops, and sells luxury lifestyle vehicles. With over seven decades of racing heritage and proven leadership in the automotive industry, the Lotus brand symbolizes the market-leading standards in performance, design and engineering. Fusing proprietary next-generation technology built on world-class research and development capabilities and an asset-light model, Lotus Tech is breaking new ground in electrification, digitization, and intelligence.
Fahad Al-Wallan said: “I could think of no greater or more fitting way for Lotus Technology to enter a such an exciting, new phase of its history. Nasdaq’s opening bell ceremony has become iconic over the years, ushering in eras of sustained prosperity for countless companies and enterprises across a range of sectors. We are proud to join this long and esteemed list, through our investment arm’s — Wallan Investment Company — stake in Lotus Tech. Lotus Technology’s listing on the Nasdaq Stock Exchange paves the way for sustainable growth, aligning with the company’s transformation strategy and increased investments in innovative products..”
He added: “As demonstrated by our partnership with Lotus Technology, Wallan Investment Company is fully committed to investing in the world’s most innovative and future-focused enterprises. We have developed a diverse and comprehensive portfolio uniquely curated to deliver the highest return on investments, bolstering our revenues and the wider Saudi economy.”
Wallan Trading Company, a subsidiary of Wallan Holding, is one of the oldest companies in the Kingdom’s automotive sector. With over 45 years of experience, it provides high-quality products and services to its customers. The company represents major global automobile manufacturers such as Hyundai, Genesis, Geely, Renault, and Zeekr. It actively seeks investment opportunities and aims to meet the diverse needs of its customers.
