Lotus races into new energy era with delivery of electric SUVs

British sports car brand Lotus delivered its first batch of electric Eletre SUVs in Shanghai on Wednesday, marking its transformation into an electric and intelligent luxury mobility provider.

A total of 75 customers received their Eletres at the Lotus Day event held to celebrate 75th anniversary of the brand.

Besides China, the electric SUV will be delivered in the United Kingdom later this year, followed by European markets and the United States in 2024, leveraging the brand's global network.

Since Geely acquired a majority stake in Lotus in 2017, the brand has been using its research and development facilities in the UK, Germany, Wuhan in Central China's Hubei province, as well as Shanghai and Ningbo in Zhejiang province, to develop luxury electric vehicles.

The Eletre is being produced at its Wuhan plant, which finished construction in July, with a production capacity of 150,000 vehicles annually.

The delivery of the Eletre marks an important step in Lotus's Vision 80, a 10-year revival plan launched in 2018 to revitalize the brand and transform it toward electrification and intelligence, Lotus CEO Feng Qingfeng said at the event.

Over the past five years, Lotus has undergone a transformation, shifting its focus from traditional fuel-powered cars to electric and intelligent vehicles. This has resulted in the launch of three new models: the all-electric Evija sports car, the all-electric Eletre SUV and the brand's last fuel-powered sports car, the Emira.

Lotus plans to introduce three new all-electric models by 2026 and become a brand that exclusively sells electric vehicles by 2028.

Mao Jingbo, the new president of Lotus China who used to be an executive in Lincoln and Mercedes-Benz, said that 2023 will mark the first year of Lotus brand marketing with three main objectives: achieving brand revival, creating championship products and constructing iconic user experiences.

Lotus has set up experience centers in Beijing, Shanghai and Wuhan, and sales outlets in 23 cities across China.

The brand plans to go public on the Nasdaq through a business combination with L Catterton Asia Acquisition Corp. This will boost its plan to tap into the accelerated electrification drive in the global automotive industry, Lotus stated at the event.