Brunswick Group handles Lotus Technology, luxury electric vehicle maker that operates under the British Lotus brand, as it merges with a SPAC formed by L Catterton investment firm in a deal valued at $5.4B.

Zhejiang Geely Holding Group, which is China’s seventh biggest car company, is majority owner of Lotus Technology, which is based in Wuhan. Geely also owns the Swedish Volvo and Polestar car brands.

Lotus plans to launch the Eletre, its first fully electric hyper SUV, in China by the end of the first quarter. It will be introduced in the UK and European Union later in the year. There are plans to introduce the Eletre in US and rest of the world at a future date.

"The global EV market is expanding rapidly, with the luxury segment growing at a faster pace than the broader industry. China, the EU, the UK, and the U.S. are expected to fuel the majority of this growth over the next decade as government policies in these regions provide further tailwinds for EV sales," said Chinta Bhagat, Co-CEO of L Catterton Asia Acquisition Corp.

The Lotus brand was founded in the UK in 1948.

The automaker, which has a rich history in British racing, is committed to becoming an advanced, fully electric, intelligent and sustainable luxury mobility provider ahead of the brand's 80th anniversary in 2028.