(Yicai) Nov. 25 -- Lotus Technology, the luxury electric carmaker owned by China's Geely Holding, plans to launch its first hybrid brand, Emira, shifting from only making pure electric autos due to the lower-than-expected penetration rate of its ultra-deluxe models, according to its chief executive.

The penetration rate of new energy vehicles has missed expectations in the ultra-deluxe field of models priced at over USD80,000 each, Feng Qingfeng told Yicai recently. Lotus Tech expected a rate of 20 percent, but it's around 10 percent, he added.

In Chinese retail channels, NEVs had a penetration ratio of 53 percent last month, surpassing fuel cars for the third straight month, according to data from the China Passenger Car Association. 

Consumers of ultra-deluxe cars are relatively unique as they have a particularly strong preference for fuel autos, Feng said. They have vast experience with high-performance fuel cars but weak feelings about the performance of NEVs, he pointed out. 

In addition, these customers have not fully experienced the conveniences brought by the smart technologies of NEVs, Feng noted.

China has the most charging piles and the highest coverage rate worldwide, but there are still many inaccessible areas, Feng said. The imbalance is even more notable in the global market, he said, adding that this makes hybrid power a direction for electrification.

Shanghai-based Lotus Tech is developing its hybrid technologies and will apply them to multiple models, according to the company.

Lotus Tech's deliveries surged 136 percent to 7,617 vehicles in the nine months ended Sept. 30 from a year earlier, according to its third-quarter financial report. However, the figure only made up 63 percent of its annual goal of 12,000 units.

Chinese NEV startups, including Xpeng Motors, Leapmotor, and Changan Automobile's Avatr Technology, have also stopped producing only pure electric models, shifting to the extended range and hybrid paths. Shanghai-based Nio reportedly plans to debut its first hybrid auto in 2026, but it will only sell it overseas. 

Editors: Shi Yi, Martin Kadiev