Lotus Technology, a division of sports car company Group Lotus, which is majority-owned by Chinese carmaker Zhejiang Geely Holdings, will launch three new models over the next four years, transforming itself to an all-electric brand by 2027. The company, which is in the process of a Nasdaq listing via a merger with a special-purpose acquisition company (SPAC) , launched its first high-performance electric SUV, the Eletre, in the fourth quarter. More than 5,000 people globally have ordered the car, according to sources familiar with the introduction. Pricing starts at 828,000 yuan (US$120,000) in mainland China, where the first deliveries are expected this month. Planning is under way for delivery in the US and the rest of the world, leveraging the Lotus brand’s global network. As the EV market accelerates in mainland China and elsewhere, the company is planning to launch three more battery-powered EVs in the next four years, including a sedan next year, a sport SUV by 2026 and a sports car by 2027, according to a source with knowledge of the company’s plans. All the EVs will be manufactured in its plant in Wuhan, the capital of central Hubei province, which has an annual production capacity of 150,000 units, the sources said. In contrast to Chinese EV makers with products targeting the mass market or middle range, Lotus is eyeing the premium luxury-car segment. Sales of luxury cars in China dropped 20 per cent in 2022 as lockdowns and other Covid-19 measures weighed on consumption, according to Hurun Research. However, sales of EVs grew 114 per cent to 6.4 million , according to the China Passenger Car Association (CPCA). That figure is expected to grow 30 per cent to 8.4 million vehicles in 2023. Huawei’s autos partner Seres aims to sell one million EVs by 2026: report The overall Chinese luxury market was worth US$230 billion in 2021, a bit smaller than the GDP of New Zealand, Hurun said. This includes not only premium cars, defined as cars priced above 500,000 yuan, but also traditional luxury goods like fashion, jewellery, handbags and watches. Lotus Technology has agreed to merge with the SPAC L Catterton Asia Acquisition Corp, which went public in 2021 and raised US$250 million. The transaction values the combined entity at about US$5.4 billion. SPACs refer to shell companies that raise funds in an initial public offering with the aim of buying a private company. For the company being acquired, the merger is an alternative way to go public over a traditional listing. Xpeng launches new EVs in Europe as China guns for Japan’s car exports crown L Catterton is a private-equity group backed by both luxury group LVMH and the family holding company of Bernard Arnault, LVMH’s founder and currently the richest man in the world . The Lotus brand was founded in the UK in 1948. Its transformation to making EVs exclusively will be complete ahead of the brand’s 80th anniversary in 2028.