The Lotus Eletre, a high-performance electric SUV, is poised for a dramatic price reduction in Canada following a recent trade agreement with China. The change could make the vehicle far more accessible to a wider range of buyers, but with caveats.
Current Pricing and Barriers
Currently, the Lotus Eletre in Canada starts at a steep CA$313,500 (approximately US$226,000), inflated by a 100% tariff. This places it in the same price bracket as luxury competitors like the Bentley Bentayga and even exceeds the cost of some Lamborghini Urus models. The high cost effectively limits its appeal to ultra-wealthy consumers.
Tariff Relief and Expected Price Drop
Under the new trade policy, the first 49,000 Chinese-made EVs imported into Canada annually will be subject to a reduced tariff of 6.1%. Lotus claims this will lead to a roughly 50% price decrease for the Eletre. This would bring the starting price down to around CA$156,000 (US$112,500), undercutting rivals like the Lamborghini Urus and positioning it more competitively against the Porsche Cayenne GTS.
However, the agreement stipulates that half of those 49,000 vehicles must be priced below CA$35,000 (US$25,000), a threshold the Eletre currently fails to meet. Despite this, the overall impact on the Eletre’s pricing is expected to be substantial.
Market Implications and Lotus’s Strategy
Lotus Group CEO Feng Qingfeng hailed the tariff optimization as creating “a more open and fair market environment.” The company, which operates six dealerships in Canada, will likely accelerate sales of the Eletre following the price adjustment.
The Eletre boasts a dual-motor setup producing 905 horsepower, enabling a 0-100 km/h (62 mph) sprint in 2.95 seconds and a top speed of 265 km/h (164 mph). Its WLTP-rated range is approximately 280 miles.
Hybrid Option on the Horizon
Lotus is also preparing a hybrid version of the Eletre, dubbed the “Eletre For-Me,” to cater to buyers hesitant about fully electric vehicles. This variant will combine an electric powertrain with a turbocharged four-cylinder engine, yielding a reported combined output of 952 horsepower – slightly more than the current all-electric top spec model. This represents a shift from Lotus’s earlier commitment to an all-EV future.
The tariff reduction signals a willingness to compromise on brand exclusivity in pursuit of wider market penetration. For Lotus, this could mean increased sales volume, but it also risks diminishing the Eletre’s luxury appeal if the price becomes too accessible.
