Import tariffs imposed by the European Union, the United States and Canada on China-made EVs have added pressure on companies manufacturing their vehicles in China, adding to costs.
"After assessment of the evolving market conditions, and uncertainties posed by new tariff policies in U.S. and EU, the company has revised its delivery target for 2024 to 12,000 units," the company said.
The company is headquartered in the Chinese city of Wuhan and produces cars through a partnership with parent firm Geely .
Lotus Tech, which focuses on all-electric lifestyle vehicles, is part of British sports car maker Lotus Group, which is owned by Chinese automaker Geely and Malaysia's Etika Automotive.
The company was valued at about USD 7 billion in a deal with a special purpose acquisition company when it went public in February, but its value has since fallen to about USD 3.8 billion.
After China and Europe, the company began taking orders for the Eletre SUV in markets across the Middle East, Asia and the Americas.
Deliveries for the three months ended June 30 stood at 2,679 units, compared with 2,194 vehicles in the first quarter.
Revenue for the second quarter was USD 225 million, compared with USD 111 million a year earlier.
Lotus Tech said its net loss widened to USD 202 million in the April-June period from USD 193 million a year earlier.
Its plans to expand and entry into new regions have led to higher selling and marketing expenses, which rose 73% to USD 204.3 million in the quarter.
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