Lotus scales back EV plans, targets 2028 supercar launch

Lotus announced on Tuesday that it will launch its first-ever supercar by 2028, and will "scale back" its all-electric goals. The UK-based sports 'car?maker is pivoting to a hybrid-led strategy in response to the'slowing demand for EVs and shrinking government subsidy.

Geely, which was owned by the company, had originally aimed to have a completely electric lineup in place by 2028. Now, it aims to split its portfolio into 60% battery-electric and 40% hybrid vehicles as part of a long-term strategy dubbed "Focus 3030."

The change reflects a broader retreat in the auto industry as carmakers deal with a weaker than expected EV uptake, and the rollback state incentives.

Lotus has announced that its first supercar, the "Type 135," is being built in Europe. Further details will be released later this year.

The company reported that it had received more than 1,000 'pre-orders' for its 'plug-in-hybrid model, "Eletre X," which was launched in China, where the largest EV market is located. European deliveries are expected to start before the end of this year.

Lotus will consolidate Lotus UK into Lotus Technology and deepen its relationship with Geely in order to improve its competitiveness and develop new technologies.

Daniel Li, Geely's executive vice chairman and Lotus Technology chairman said: "We are committed?to giving Lotus the resources it needs to compete at a?highest-level"

The company announced that it would continue to make the Emira mid-engine sports car in the UK where 550 jobs were cut last year. However, a key plant remained open.

Lotus expects annual sales of 30,000 units as part of the strategy. China is its primary volume driver.

(source: Reuters)