Lotus scales back EV plans, targets 2028 supercar launch

May 12 (Reuters) - Lotus said on Tuesday ​it plans to launch its first 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-owned ⁠company, which had 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."

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 CEO Qingfeng Feng told Reuters the company aims to increase annual sales to 30,000 vehicles by 2028, with most growth coming from China and from the rollout of plug-in hybrids in Europe.

Last year, Lotus sold around 6,500 cars ​globally, down 45% from the previous year.

Feng said the automaker will roll out a ‌long-range plug-in hybrid version of virtually all of its electric models.

Lotus said its debut supercar, "Type 135," will be built in Europe, with ‌further details due later this year. A supercar is a high-performance sports car.

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 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.