Zhejiang Geely Holdings Group said Lotus Technology, a division of its majority owned sportscar manufacturer Group Lotus, planned to launch three new high-performance electric vehicle (EV) models over the next four years with the aim of establishing Lotus as a global premium luxury, high performance, all electric brand.

Geely planned to list Lotus Technology on the US Nasdaq tech stock market once it completed its merger with special acquisition company (SPAC) Catterton Asia Acquisition Corporation, which was expected to value Lotus at GBP5.4bn.

Lotus launched its first EV, the Eletre SUV, in the fourth quarter of 2022 and was said to have received 5,000 orders worldwide for the model. Deliveries 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.

The company would follow this up with a four door battery-powered coupe to rival Porsche’s Taycan later this year or early next year, a sports SUV in 2026 and a sportscar in 2027, according to local reports.

By 2027 the company would have an all electric model line built at a Geely-owned 150,000 units a year plant in Wuhan.