On Tuesday, Lotus Technology (LOT.US) defied the broader market trend, posting a gain of over 14% to trade at $1.33 at the time of reporting. The catalyst for the move is the company's accelerated expansion into the Canadian electric vehicle market. Following Canada's substantial reduction of import tariffs on Chinese EVs from 100% to 6.1%, Geely, Lotus's parent company, has become one of the first Chinese automakers to establish a physical vehicle presence in Canada. This has fueled market expectations that Chinese new energy vehicle brands may have found a new entry point into the North American market.

Reports indicate that Lotus, the luxury EV brand under Geely, has shipped 18 units of its high-end all-electric Eletre SUV to Canada. Concurrently, the Eletre model has officially received certification under Canada's Motor Vehicle Safety Standards. The company already opened six authorized dealerships in Canada this past March and plans to add another six by the end of the year.

Notably, this shipment represents the first batch of Lotus vehicles dispatched since the signing of a trade agreement in January of this year. With the significant tariff reduction in Canada, the local retail price of the Eletre has dropped by approximately 50%, substantially enhancing its market competitiveness.