China's luxury new energy vehicles (NEVs) market remains a blue-ocean market to be tapped as continuous consumption upgrading boosts consumers' preference for more high-end driving experiences, according to a veteran luxury
"Although the luxury NEV market has a comparatively small size, its growth rate is quite encouraging," said Feng Qingfeng, CEO of Lotus Technology Inc. (Lotus Tech).
China is the world's largest NEV market in terms of sales and production. Some 830,000 luxury battery electric vehicles (BEV) were sold in China in 2023, up 60 percent year on year, data from the China Passenger Car Association showed.
China is Lotus Tech's largest market across the globe. Feng said the company will concentrate on promoting sales in the country's first-tier and second-tier cities.
By 2025, China might account for about 40 percent of the company's global market, according to him.
The veteran luxury vehicle maker rolled out its first all-electric product in 2019. Lotus Tech has launched two models of BEVs since 2022 and two more such products are planned for launch over the next two years.
The company, which debuted on the Nasdaq on Friday, is on track to become the first traditional luxury automotive brand to achieve a 100-percent electric product portfolio by 2027, according to Feng.
