Lotus Tech CEO optimistic about growth prospects in China’s luxury NEV market

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Feng Qingfeng, CEO of Lotus Technology Inc.

24th February 2024 – (Beijing) China’s luxury new energy vehicles (NEVs) market presents a lucrative opportunity as consumers increasingly gravitate towards upscale driving experiences, driven by continuous consumption upgrades. According to Feng Qingfeng, CEO of Lotus Technology Inc. (Lotus Tech), although the luxury NEV market currently occupies a smaller share, its remarkable growth rate is highly encouraging.

China has solidified its position as the world’s largest market for NEVs in terms of sales and production. Recent data from the China Passenger Car Association reveals that approximately 830,000 luxury battery electric vehicles (BEVs) were sold in China in 2023, marking an impressive 60 per cent year-on-year increase.

Lotus Tech, a prominent player in the luxury automobile industry, considers China its largest market globally. Feng Qingfeng emphasized the company’s strategic focus on promoting sales in the country’s major first-tier and second-tier cities. Projections indicate that China could potentially account for around 40 per cent of Lotus Tech’s global market share by 2025.

Having introduced its first all-electric product in 2019, Lotus Tech has since launched two BEV models in 2022, with plans to unveil two more within the next two years. The company, which recently made its debut on the Nasdaq, aims to become the first traditional luxury automotive brand to achieve a fully electric product portfolio by 2027, as per Feng Qingfeng’s vision.