Aug 28 (Reuters) - EV firm Lotus Technology

slashed its deliveries forecast for the year by more than 50% on

Wednesday, citing uncertainty posed by new tariffs in the United

States and the European Union.

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 $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 $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 $225 million, compared

with $111 million a year earlier.

Lotus Tech said its net loss widened to $202 million in the

April-June period from $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 $204.3

million in the quarter.