Lotus said on Tuesday it plans to launch its first-ever supercar in 2028 and will scale back its all-electric ambitions, as the UK-based sports car maker pivots to a hybrid-led strategy amid slowing EV demand and shrinking government subsidies.
The Geely [RIC:RIC:GEELY.UL]-owned company, which had previously targeted a fully electric lineup by 2028, now aims for a portfolio split of 60% hybrid and 40% battery electric vehicles under a long-term plan it calls "Focus 2030," News.az reports, citing Reuters.
The shift reflects a broader retreat across the auto industry as carmakers reckon with weaker-than-expected EV uptake and the rollback of state incentives.
Lotus said its debut supercar, "Type 135," will be built in Europe, with further details due later this year.
The company also reported more than 1,000 preorders for "Eletre X," its plug-in hybrid model launched in China, the world's biggest EV market, with European deliveries set to begin before year-end.
To cut costs and sharpen its competitive edge, Lotus plans to consolidate Lotus UK and Lotus Technology (5EPy.F), opens new tab into a single entity and deepen its ties with Geely to develop new technologies and strengthen its supply chain.
"We are committed to giving Lotus the resources it deserves to compete at the highest level," said Daniel Li, executive vice chairman of Geely and chairman at Lotus Technology.
The company said it would continue making the Emira, its mid-engine sports car, in the UK, where it cut up to 550 roles last year but kept a key factory open.
Lotus forecast annual sales of 30,000 units under the strategy, with China as its main volume driver.
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