Lotus is reversing its electric vehicle strategy with the launch of its first plug-in hybrid, built on parent Geely’s technology. Chief executive Qingfeng Feng told the Financial Times the brand now targets 60 per cent hybrids in its long-term mix, down from a prior goal of 90 per cent fully electric vehicles by 2028. Feng called plug-in hybrids a long-term trend.

The first plug-in hybrid, the Eletre X, will be produced in China and launch in Europe in June. It will not be sold in the US due to steep tariffs on Chinese-built vehicles. China’s Q1 EV and plug-in hybrid sales fell 21 per cent year on year after subsidy cuts, spurring growth concerns. Luxury peers pivot: Rolls-Royce extends petrol output beyond 2030, Lamborghini dropped its 2030 full EV plan.

Geely, which also owns Volvo, Polestar and Zeekr, poured £3bn into Lotus after taking control in 2017, reviving the lossmaking sports car maker with Formula 1 heritage. Last year, Lotus reversed plans to end UK manufacturing at Hethel, which builds the petrol-powered Emira. Feng says test drives will reassure fans worried the brand has lost its identity as the group cuts Hethel’s production costs.