- Lotus has placed 100% of the blame on U.S. sales reductions due to EV tariffs.
- In 2025, Lotus had planned to build 76,000 vehicles, but has reduced that number to 30,000.
- Just under 4,900 vehicles were sold by the brand in the first half of 2024.
Lotus expects to end 2024 having built 12,000 vehicles, a significant 78% drop from its original plan of building 55,500 vehicles this year. The firm is laying the blame firmly on new tariffs imposed on EVs built in China.
While recently speaking during the brand’s second-quarter earnings call, Group Lotus chief executive Qingfeng Feng said the firm will have to reposition its products in the U.S. due to the 100% Chinese EV tariff increase. In addition to cutting its forecast for 2024, Lotus has slashed expectations for 2025 and now only expects to sell 30,000 vehicles next year, down from its original target of 76,000.
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“The reduction in the US market is 100% related to tariff hikes, while in the EU market, about 30% is due to tariffs,” he revealed. “The US tariffs have dramatically affected our sales forecast, and we are planning to reposition our products in the US market. The Eletre launch in the US will contribute more to 2025 performance.”
The firm sold 4,873 vehicles in the first half of the year, of which roughly half were the all-electric Eletre and Emeya while the other half were for the combustion-powered Emira. Total brand sales rose 239% compared to the first half of 2023, thanks to the introduction of its first two EVs.
Europe was the car manufacturer’s most important market in the first-half, accounting for 1,459 sales, placing it slightly ahead of North America with 1,278 sales, and China with 1,208 sales.
“Through our unwavering pursuit to performance and excellence, we made steady progress with continuing operation growth in the first half of 2024,” Feng added. “In the first half of 2024, the deliveries soared to nearly 4,900 vehicles, up 239% year-on-year. We achieved even more balanced distribution of deliveries in all key markets globally.”
“The US market recorded extraordinary growth after Lotus’ re-entry into the market, contributing to 26% of total deliveries. We launched ‘Win26’ plan to increase resilience, strengthen our brand, and strive for sustainable growth. Going forward, we will keep executing our plans, boosting our efficiencies and competitiveness, and remain committed to our customers, investors, and stakeholders.”
