Lotus Technology has drastically lowered its sales targets after being hit by additional tariffs in key markets for its China-built electric cars.
The Geely-owned luxury brand now expects to sell 12,000 cars globally this year, 78% down on its previous target of 55,500. For next year, the revised target is 30,000, down from 76,000.
The decision by the US to impose 100% import tariffs on Chinese-built EVs has “dramatically affected our forecast”, Group Lotus CEO Qingfeng Feng said on the company’s second-quarter earnings call of 28 August.
EU tariff increases will also hit sales, Feng added.
