Eric Li increases control of Lotus Technology Inc. (LOT) to 56% stake

Rhea-AI Filing Summary

Lotus Technology Inc. received a new Schedule 13D showing an updated ownership position for Eric Li (Li Shufu) and affiliated entities. Eric Li is reported to beneficially own 362,142,292 ordinary shares, representing 56.0% of the outstanding class, based on 647,082,422 ordinary shares issued and outstanding as of January 29, 2026.

The filing details holdings through several vehicles, including Lotus Advanced Technology Limited Partnership with 186,648,945 shares (28.8%), Lotus Technology International Investment Limited with 108,740,886 shares (16.8%), and Lotus Group International Limited with 47,995,443 shares (7.4%).

It also describes a PIPE transaction in which ECARX Holdings Inc. agreed on December 23, 2025 to purchase 16,788,321 newly issued ordinary shares at US$1.37 per share, for a total of US$23 millionJanuary 19, 2026, giving ECARX a direct 2.6% stake and increasing Eric Li’s beneficial ownership, triggering the switch from a passive Schedule 13G to this Schedule 13D.

Insights

Equity ownership and governance analyst

Eric Li now holds a disclosed 56% control stake in Lotus Technology, following a US$23M PIPE-linked ownership increase.

The Schedule 13D shows Eric Li (Li Shufu) beneficially owning 362,142,292 ordinary shares, or 56.0% of Lotus Technology Inc. as of January 29, 2026. Control is exercised through multiple entities, including LATLP, LTIIL and LGIL, each with sole voting and dispositive power over their blocks.

The filing ties this change to a US$23 million PIPE, where ECARX Holdings Inc. purchased 16,788,321 newly issued shares at US$1.37 per share, closing on January 19, 2026 and representing 2.6% of shares. This additional stake increased Eric Li’s beneficial ownership by more than 2% over 12 months, requiring a move from Schedule 13G to 13D.

For investors, the key point is the confirmed majority position and clarified ownership structure across Geely-related entities and ECARX. Future company filings may further describe how this concentrated ownership influences strategic decisions, capital allocation and related-party transactions, but those aspects are not detailed here.

02/13/2026 - 04:13 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Lotus Technology Inc.

(Name of Issuer)

Ordinary Shares, par value US$0.00001 per share

(Title of Class of Securities)

54572F101

(CUSIP Number)

Zhejiang Geely Holding Group
No. 1760 Jiangling Road, Binjiang District
Hangzhou, F4, 310051
86-571-2809-8282

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/19/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 54572F101

1

Name of reporting person

Eric Li (Li Shufu)

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 362,142,292.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 362,142,292.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

362,142,292.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

56.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Row (7) and (9) - Includes (i) 186,648,945 Ordinary Shares held by Lotus Advanced Technology Limited Partnership ("LATLP"); (ii) 108,740,886 Ordinary Shares held by Lotus Technology International Investment Limited ("LTIIL"); (iii) 47,995,443 Ordinary Shares held by Lotus Group International Limited ("LGIL"); (iv) 1,968,697 Ordinary Shares held by Geely Investment Holding Ltd; and (v) 16,788,321 Ordinary Shares held by ECARX Holdings Inc. LATLP is a limited liability partnership incorporated under the laws of British Virgin Islands and its general partner is Yin Qing Holdings Limited. Yin Qing Holdings Limited is wholly owned by Mr. Qingfeng Feng, the CEO and director of the Company. On July 30, 2021, the partners of LATLP, namely Ming Jun Holdings Limited, Yin Qing Holdings Limited, Xing Rong Holdings Limited and Jing Can Holdings Limited signed an agreement, later joined by State Rainbow Investments Limited and Radiant Field Investments Limited, under which these partners agreed to act in concert with Ming Jun Holdings Limited. Ming Jun Holdings Limited is wholly owned by Mr. Shufu Li. Therefore, Mr. Shufu Li may be deemed to beneficially own all of the shares held of record by LATLP. The registered address of Lotus Advanced Technology Limited Partnership is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands. LTIIL is wholly owned by Geely International (Hong Kong) Limited ("Geely HK"). Geely HK is wholly owned by Hainan Geely Investment Holdings Co., Ltd, which is wholly owned by Zhejiang Geely Holding Group Co., Ltd. ("Geely Holding"). Geely Holding is 82.233% owned by Mr. Shufu Li, 8.0583% owned by Mr. Xingxing Li, and 9.7087% owned by Ningbo Yima Enterprise Management Partnership (Limited Partnership). The registered address of LTIIL is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. LGIL is wholly owned by Lotus Advance Technologies Sdn. Bhd, which is 51% owned by Geely HK and 49% owned by Etika Automotive Sdn Bhd ("Etika"). The registered address of LGIL is Potash Lane, Hethel, Norwich, Norfolk, NR14 8EZ, England. Geely Investment Holding Ltd. is wholly owned by Geely HK. The registered address of Geely Investment Holding Ltd. is Craigmuir Chambers, RoadTown, Tortola, VG 1110, British Virgin lslands. Mr. Eric Li (Li Shufu) controls ECARX Holdings Inc. and therefore may be deemed to beneficially own all of the 16,788,321 Ordinary Shares directly held by ECARX Holdings Inc. Note to Row (13) - The percentage of class of securities beneficially owned by the reporting person and the voting power represented thereby are based on a total of 647,082,422 issued and outstanding Ordinary Shares as of January 29, 2026 (excluding Ordinary Shares issued to Deutsche Bank Trust Company Americas, the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plan).

SCHEDULE 13D

CUSIP No. 54572F101

1

Name of reporting person

Lotus Advanced Technology Limited Partnership

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 186,648,945.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 186,648,945.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

186,648,945.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.8 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Note to Row (7) and (9) - Represents 186,648,945 Ordinary Shares held by LATLP. LATLP is a limited liability partnership incorporated under the laws of British Virgin Islands and its general partner is Yin Qing Holdings Limited. Yin Qing Holdings Limited is wholly owned by Mr. Qingfeng Feng, the CEO and director of the Company. On July 30, 2021, the partners of LATLP, namely Ming Jun Holdings Limited, Yin Qing Holdings Limited, Xing Rong Holdings Limited and Jing Can Holdings Limited signed an agreement, later joined by State Rainbow Investments Limited and Radiant Field Investments Limited, under which these partners agreed to act in concert with Ming Jun Holdings Limited. Ming Jun Holdings Limited is wholly owned by Mr. Shufu Li. Therefore, Mr. Shufu Li may be deemed to beneficially own all of the shares held of record by LATLP. The registered address of Lotus Advanced Technology Limited Partnership is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands. Note to Row (13) - The percentage of class of securities beneficially owned by the reporting person and the voting power represented thereby are based on a total of 647,082,422 issued and outstanding Ordinary Shares as of January 29, 2026 (excluding Ordinary Shares issued to Deutsche Bank Trust Company Americas, the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plan).

SCHEDULE 13D

CUSIP No. 54572F101

1

Name of reporting person

Lotus Technology International Investment Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 108,740,886.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 108,740,886.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

108,740,886.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.8 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row (7) and (9) - Represents 108,740,886 Ordinary Shares held by LTIIL. LTIIL is wholly owned by Geely HK, which is ultimately wholly owned by Geely Holding. Geely Holding is 82.233% owned by Mr. Shufu Li, 8.0583% owned by Mr. Xingxing Li, and 9.7087% owned by Ningbo Yima Enterprise Management Partnership (Limited Partnership). The registered address of LTIIL is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Note to Row (13) - The percentage of class of securities beneficially owned by the reporting person and the voting power represented thereby are based on a total of 647,082,422 issued and outstanding Ordinary Shares as of January 29, 2026 (excluding Ordinary Shares issued to Deutsche Bank Trust Company Americas, the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plan).

SCHEDULE 13D

CUSIP No. 54572F101

1

Name of reporting person

Lotus Group International Limited

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 47,995,443.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 47,995,443.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

47,995,443.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Row (7) and (9) - Represents 47,995,443 Ordinary Shares held by LGIL. LGIL is wholly owned by Lotus Advance Technologies Sdn. Bhd, which is 51% owned by Geely HK and 49% owned by Etika. Geely HK is ultimately wholly owned by Geely Holding. Geely Holding is 82.233% owned by Mr. Shufu Li, 8.0583% owned by Mr. Xingxing Li, and 9.7087% owned by Ningbo Yima Enterprise Management Partnership (Limited Partnership). The registered address of LGIL is Potash Lane, Hethel, Norwich, Norfolk, NR14 8EZ, England. Note to Row (13) - The percentage of class of securities beneficially owned by the reporting person and the voting power represented thereby are based on a total of 647,082,422 issued and outstanding Ordinary Shares as of January 29, 2026 (excluding Ordinary Shares issued to Deutsche Bank Trust Company Americas, the depositary of our ADS program, for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our stock incentive plan).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, par value US$0.00001 per share
(b)	Name of Issuer: Lotus Technology Inc.
(c)	Address of Issuer's Principal Executive Offices: No. 800 Century Avenue, Pudong District, Shanghai, CHINA , 200120.
Item 1 Comment: Explanatory Note This CUSIP number applies to the American Depositary Shares, evidenced by American Depositary Receipts, each representing one ordinary share of the Issuer.
Item 2.	Identity and Background
(a)	Eric Li (Li Shufu) Lotus Advanced Technology Limited Partnership Lotus Technology International Investment Limited Lotus Group International Limited
(b)	For Eric Li (Li Shufu): 1760 Jiangling Road, Binjiang District Hangzhou, Zhejiang Province China For Lotus Advanced Technology Limited Partnership: Sertus Chambers, P.O. Box 905, Quastisky Building Road Town, Tortola British Virgin Islands For Lotus Technology International Investment Limited: Craigmuir Chambers Road Town, Tortola, VG 1110 British Virgin Islands For Lotus Group International Limited: Potash Lane, Hethel, Norwich, Norfolk, NR14 8EZ, England Current information concerning the identity and background of each of the directors and executive officers of Lotus Advanced Technology Limited Partnership, Lotus Technology International Investment Limited and Lotus Group International Limited (collectively, the "Covered Persons"), as well as applicable additional information called for by Items 3 through 6, is set forth on Annex A, attached hereto and incorporated herein by reference.
(c)	Lotus Advanced Technology Limited Partnership is an investment holding platform. Lotus Technology International Investment Limited is an investment holding platform. Lotus Group International Limited is a holding company.
(d)	During the last five years, none of the Reporting Persons and, to the best of their knowledge, none of the Covered Persons has been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons and, to the best of their knowledge, none of the Covered Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Eric Li (Li Shufu) -- People's Republic of China Lotus Advanced Technology Limited Partnership - British Virgin Islands Lotus Technology International Investment Limited - British Virgin Islands Lotus Group International Limited - United Kingdom
Item 3.	Source and Amount of Funds or Other Consideration
	The Issuer entered into a share subscription agreement with ECARX Holdings Inc. on December 23, 2025. Pursuant to the subscription agreement, ECARX Holdings Inc. agreed to subscribe for and purchase from the Issuer, through a private placement, a total of 16,788,321 newly issued Ordinary Shares at a price of US$1.37 per share, for a total purchase price of US$23 million (the "PIPE transaction"). The PIPE transaction closed on January 19, 2026, and immediately after such closing, ECARX Holdings Inc. directly holds 16,788,321 Ordinary Shares, amounting to 2.6% of the total issued and outstanding shares of the Issuer. Mr. Eric Li (Li Shufu) previously reported his beneficial ownership of the securities of the Issuer on a Schedule 13G pursuant to Rule 13d-1(d) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Mr. Eric Li (Li Shufu) is now filing this statement on Schedule 13D because, as of January 29, 2026, the reporting person had acquired additional beneficial ownership during the preceding 12 months of more than 2% of the issued and outstanding shares of the Issuer as a result of the PIPE transaction. Each of Lotus Advanced Technology Limited Partnership, Lotus Technology International Investment Limited and Lotus Group International Limited also previously reported its beneficial ownership of the securities of the Issuer on a Schedule 13G pursuant to Rule 13d-1(d) under the Exchange Act and is now filing this statement on Schedule 13D.
Item 4.	Purpose of Transaction
	The information set forth in Item 3 is hereby incorporated by reference in its entirety. Except as set forth herein, the Reporting Persons do not have any present plans or proposals which relate to or would result in any of the transactions of this Item 4.
Item 5.	Interest in Securities of the Issuer
(a)	See responses to Rows (11) and (13) of the cover pages of this Schedule 13D.
(b)	See responses to Rows (7) through (10) of the cover pages of this Schedule 13D.
(c)	Other than as described in this Schedule 13D, none of the Reporting Persons and, to the best of their knowledge, none of the Covered Persons, has effected any transactions in the Ordinary Shares of the Issuer during the past 60 days.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Item 3 is hereby incorporated by reference in its entirety. The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule 13D and any amendments thereto. A copy of such agreement is filed as Exhibit 1 to this Schedule 13D. Other than as described in this Schedule 13D, no contracts, arrangements, understandings or relationships exist with respect to the securities of the Issuer among or between the Reporting Persons or any other person or entity.
Item 7.	Material to be Filed as Exhibits.
	Annex A 1 - Joint Filing Agreement dated February 13, 2026 by and among the Reporting Persons 2 - Subscription Agreement dated December 23, 2025 by and between the Issuer and ECARX Holdings Inc. (incorporated by reference to Exhibit 99.2 to the Issuer's Form 6-K filed with the Securities and Exchange Commission on December 29, 2025)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Eric Li (Li Shufu)

Signature:	/s/ Eric Li (Li Shufu)
Name/Title:	Eric Li (Li Shufu)
Date:	02/13/2026

Lotus Advanced Technology Limited Partnership

Signature:	/s/ Qingfeng Feng
Name/Title:	Qingfeng Feng
Date:	02/13/2026

Lotus Technology International Investment Limited

Signature:	/s/ Donghui Li
Name/Title:	Donghui Li
Date:	02/13/2026

Lotus Group International Limited

Signature:	/s/ Qingfeng Feng
Name/Title:	Qingfeng Feng
Date:	02/13/2026

FAQ

How much of Lotus Technology Inc. (LOT) does Eric Li now beneficially own?

Eric Li (Li Shufu) beneficially owns 362,142,292 Lotus Technology ordinary shares, representing 56.0% of the outstanding class. This majority position is calculated against 647,082,422 issued and outstanding ordinary shares as of January 29, 2026, confirming his controlling stake.

What was the size and price of the Lotus Technology PIPE with ECARX Holdings Inc.?

ECARX Holdings Inc. agreed to buy 16,788,321 newly issued Lotus Technology ordinary shares at US$1.37 per share, for a total purchase price of US$23 million. The private placement, described as a PIPE transaction, closed on January 19, 2026.

How large is ECARX Holdings Inc.’s stake in Lotus Technology (LOT) after the PIPE?

Immediately after the PIPE closing, ECARX Holdings Inc. directly held 16,788,321 Lotus Technology ordinary shares, equal to 2.6% of the company’s total issued and outstanding shares. This new stake contributed to the increase in Eric Li’s overall beneficial ownership.

Why did Eric Li switch from filing Schedule 13G to Schedule 13D for Lotus Technology?

Eric Li previously reported his Lotus Technology holdings on Schedule 13G, but his beneficial ownership increased by more than 2% within 12 months due to the PIPE transaction. As of January 29, 2026, this triggered the requirement to report on Schedule 13D instead.

How many Lotus Technology (LOT) shares are outstanding according to the Schedule 13D?

The Schedule 13D states there were 647,082,422 issued and outstanding Lotus Technology ordinary shares as of January 29, 2026. This figure excludes shares issued to the ADS depositary for future awards under the company’s stock incentive plan.

What are the main entities through which Eric Li holds Lotus Technology shares?

Eric Li’s beneficial ownership is mainly through Lotus Advanced Technology Limited Partnership, Lotus Technology International Investment Limited, and Lotus Group International Limited. These entities respectively hold 186,648,945, 108,740,886, and 47,995,443 ordinary shares, each with sole voting and dispositive power.