Lotus Technology gains on $23 million investment by ECARX Holdings

U.S-listed shares of EV maker Lotus Technology LOT.O up 3.4% at $1.36 premarket

LOT announces $23 mln strategic investment from automotive technology firm ECARX Holdings ECX.O

ECX agrees to subscribe to 16,788,321 newly issued ordinary shares of LOT at a price of US$1.37 per ordinary share

Private placement is expected to close within 30 days following the execution of the subscription agreement, LOT says

Up to last close, LOT had fallen ~64% YTD