Canada's Tariff Cut Just Made This High-Tech Chinese EV 50% Cheaper

"Lotus Technology, the British sports car maker majority-owned by China's Geely group, is welcoming Canada's decision to reset its tariff policy that's set to result in a dramatic price reduction for its high-performance electric SUV. The automaker said in a press release Saturday that the price of its Wuhan-made Eletre SUV will drop by roughly 50% as a direct result of Canada's reduced tariffs, which slashes import duties on Chinese-made EVs from a punitive 100% to just 6.1%."

"The policy shift was announced last week by Prime Minister Mark Carney, who said Canada would allow up to 49,000 Chinese EV imports annually in exchange for reduced tariffs on certain Canadian exports to China such as canola. In the context of Canada's overall auto market, that number remains relatively small at only about 2.5% of the 1.9 million new vehicles sold in the country last year."

"The automaker launched the Eletre in Canada two years ago with a starting price of $126,800 Canadian. Today, however, the Lotus website and online configurator only list the ultra high-end Eletre Carbon, which carries a sticker price of $313,500 Canadian ($229,900 U.S.). It gets a 905-horsepower dual-motor setup, rockets from 0 to 60 miles per hour in under three seconds and offers an estimated range of about 280 mile"

Canada reduced import duties on Chinese-made EVs from 100% to 6.1%, creating a new tariff policy that allows up to 49,000 Chinese EV imports annually in exchange for reduced tariffs on certain Canadian exports. The quota equals about 2.5% of last year’s 1.9 million new vehicles and will rise to roughly 70,000 within five years, with more than half required to be models priced at $35,000 Canadian or less. Lotus Technology said the Wuhan-made Eletre’s price will fall by roughly 50%, projecting immediate demand and exponential wholesale delivery growth. Lotus lists the Eletre Carbon at $313,500 Canadian, with 905 horsepower, 0–60 under three seconds, and an estimated range of about 280 mile

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