EV to account for 30% of China market in 2022, says Lotus CEO

Electric vehicles will grab a larger share of China’s auto market in 2022, forecasts Group Lotus Chief Executive Officer Feng Qingfeng. In an interview, Feng said that EVs will be the brightest spot in China's automobile market and likely to account for 30 per cent of new auto sales or higher.

Feng also said that the intelligence level of electric vehicles will see great advancement next year. They will eventually understand consumers better and will be able to make more decisions independently. Lotus also indicated that it is tapping the potential for high-performance sports cars in the Chinese market, where the number of sportscar brands is limited but has a huge potential.

Feng also said that Lotus has completed the construction of its new plant in Wuhan. Mass production at this facility is slated to start at the end of 2022. Lotus is aiming to tap into the Chinese drivers’ appetite for ultra-high-performance sports cars.

The auto company expects that half of its total sales may come from China in the next five years. It expects the annual global deliveries are expected to reach about 120,000 to 150,000 units a year, as Feng indicated earlier.

China is considered the largest market for electric and other new energy vehicles in the world. The new energy vehicles including plug-in hybrids and electric cars accounted for slightly under 13 per cent of China's auto market between January and November this year.

China not only has a huge demand for new energy vehicles but has significant demand for luxury and high-end vehicles.