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May 14 — The British luxury car brand owned by a major Chinese automotive group is shifting away from its all-electric plans and refocusing on hybrid models and gasoline sports cars amid a challenging market environment, according to its CEO.
In the coming weeks, the company will introduce the Emira 420, a new sports car powered by an internal combustion engine. Additionally, a hybrid hypercar, the Type 135, is scheduled for release in 2028. The company, based in Wuhan, emphasized that it will only move entirely to electric vehicles once market conditions are favorable, the CEO stated in a letter to employees yesterday.
Just two days prior, the brand announced its 2030 strategic plan, highlighting a flexible approach that includes internal combustion engine vehicles, plug-in hybrids, and fully electric models. The plan aims for an approximate distribution of 60 percent hybrids and 40 percent battery electric vehicles across its electrified lineup as it transitions to full electrification.
The company’s stock, traded on NASDAQ under the symbol LOT, closed yesterday at $1.43, down 3.4 percent in New York trading.
Founded in 1948, this marque was once among the world’s top three sports car manufacturers alongside Porsche and Ferrari. After facing financial difficulties, it was first acquired by General Motors in 1986, followed by Proton in 1996, before being taken over by the Chinese automotive conglomerate in 2017.
Following the takeover by the Hangzhou-based group, the brand announced a decade-long revival plan focusing on a complete transition to electric vehicles and smarter, software-oriented models by 2028. Since then, it has launched several battery electric models, including the Evija, Eletre, and Emeya.
However, the electric sports car market has not met expectations. The company’s global sales fell by 46 percent last year to 6,520 units, while revenue decreased by 44 percent to $519 million, according to its recent annual earnings report. Despite this, improved product mix and cost management contributed to a 58 percent reduction in net losses, which totaled $464 million.
The CEO announced that the company will shift its focus from solely driving sales growth to prioritizing higher profit margins. To achieve profitability next year, it plans to further reduce costs by consolidating its sports car research, development, and manufacturing activities in the UK with its electrification and smart technology operations based in China.
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