Lotus shifts from all-EV strategy, targets hybrids and Canada growth under Geely (0175.HK)

Lotus, owned by China’s Geely (0175.HK), is abandoning its all-electric strategy for a mixed lineup of plug-in hybrids, gasoline models and EVs under a “Focus 2030” reset, CFO Daxue Wang said May 14, 2026. The plan reflects softer demand for high-priced EVs and targets 30,000 annual vehicle sales as the threshold for sustained profitability. Geely shipped 18 China-built Lotus Eletre electric SUVs to Canada on May 07, 2026, making Lotus the first automaker to export Chinese-made EVs to Canada under a new trade arrangement allowing up to 49,000 such vehicles annually at a 6.1% rate. Wang said Lotus expects sales growth in Canada using its dealer network and 2024 North American certification. Lotus plans a 60-40 sales split favoring plug-in hybrids over pure EVs. Its X-Hybrid system offers 952 horsepower, 217 miles of EV-only range and more than 745 miles combined range. European deliveries are scheduled for the fourth quarter of 2026. A hybrid V8 Type 135 supercar with more than 1,000 horsepower is planned for 2028.