Geely plans to launch three luxury EVs for Lotus brand in next four years - Pin...

Geely plans to launch three luxury EVs for Lotus brand in next four years

Geely plans to launch three luxury EVs for Lotus brand in next four years

20 hours ago

In an effort to establish Lotus as a leading global premium luxury, high performance, all-electric brand, Zhejiang Geely Holdings Group announced that Lotus Technology, a division of its majority owned sportscar manufacturer Group Lotus, planned to introduce three new high-performance electric vehicle (EV) models over the next four years.

The company, which is in the process of a Nasdaq listing once it completed its merger with special acquisition company Catterton Asia Acquisition Corporation, launched its first high-performance electric SUV, the Eletre, in the fourth quarter.

Deliveries for Eletre in China would start later this month, priced from CNY828,000 (US$119,000). Sales in the UK and the rest of the world would follow later this year.

Later this month, Eletre deliveries will begin in China, with prices starting at CNY828,000 ($119,000). Sales in the UK and the rest of the world would follow later this year.

According to local media, the company would next release a four-door battery-powered coupe to compete with Porsche's Taycan later this year or early next year, a sports SUV in 2026, and a sportscar in 2027.

The compan’s plant in Wuhan, the capital of central Hubei province, will manufacture all the EVs. The factory has a 150,000 unit annual production capacity.

Lotus aims to compete in the high-end luxury car market, as opposed to Chinese EV manufacturers whose products are aimed at the mass market or middle market.

The SPAC L Catterton Asia Acquisition Company, which went public in 2021 and raised US$250 million, and Lotus Technologies have agreed to merge.

Private equity firm L Catterton is backed by Bernard Arnault's family holding business as well as luxury conglomerate LVMH.

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