- Lotus Tech recorded revenue of $173 million and gross profit margin of 18%
- Delivered approximately 2,194 vehicles1, with global markets outside China contributing over 75% of total deliveries
- Revealed luxury customized editions of classic sportscar and BEV lifestyle models
Lotus Technology Inc., a leading global luxury electric vehicle maker, today announced its unaudited financial results for the first quarter ended March 31, 2024.
The Company achieved total revenue of $173 million in the quarter, a year-on-year growth of 811% and a gross profit margin of 18%, powered by an asset-light model and high-margin businesses including R&D services and accessories. The Company successfully launched its Chapman Bespoke service in the first quarter of 2024, providing premium customization to Lotus vehicles.
Lotus Tech delivered a total of 2,194 vehicles in the first quarter. The Company began deliveries of Emeya in China, its first electric hyper-grand tourer, and further expanded its product portfolio to four models. In the China market where the Company operates a direct-to-customer sales model, the deliveries in the first quarter had a year-on-year growth of over 100%. Customer deliveries of Emira, the brand’s ICE sports car manufactured in the UK, also commenced in the US at the beginning of this year.
Global markets outside China contributed over 75% of the company’s deliveries in the first quarter. With a global sales network of over 200 stores in prime locations around the world, the Company continues to leverage its global distribution footprint for international expansion. After China and Europe, the Company began taking orders for Eletre in more than 10 new markets across the Middle East, Asia and the Americas in the first quarter. Lotus Tech also expects to begin expanding Emeya sales to new markets in the third quarter of the year.
“Through our unwavering commitment to innovation and excellence, we are making steady progress on delivering Lotus Tech’s Vision80 plan,” said Lotus Tech CEO Qingfeng Feng. “Our global strategy continues to drive growth and success as we expand our presence and sales across key luxury markets worldwide. We are encouraged by the positive feedback received in these new markets and look forward to rolling out new models to new geographies throughout the year.”
Deliveries by model type
| 1Q 2024 | 1Q 2023 | % Change (YoY) | FY2023 | |
| Lifestyle vehicles | 1,047 | 236 | 344% | 4,361 |
| Sportscars | 1,147 | 28 | – | 2,609 |
| Total | 2,194 | 264 | 731% | 6,970 |
The below table summarizes key preliminary financial results for the three months ended March 31, 2024.
(in millions of U.S. dollars, unaudited)
| 1Q 2024 | 1Q 2023 | % Change (YoY) | FY2023 | |
| Revenue | 173 | 19 | 811% | 679 |
| Cost of Revenues | 143 | 19 | 653% | 577 |
| Gross profit | 30 | 0.2 | – | 102 |
| Gross margin | 18% | 1% | – | 15% |
| Operating loss | (233) | (162) | 44% | (736) |
| Net Loss | (258) | (160) | 61% | (750) |
| Adjusted EBITDA | (204) | (154) | 32% | (693) |
Recent Developments
- Global Premiere of Emeya Blossom Limited Edition: In April, the Company revealed the Chapman Bespoke limited collection Emeya Blossom, a luxuriously customized vehicle integrating Colin Chapman’s charm into its design concept. This collection features rare gradient painting and 42 natural sapphires on the instrument panel, which garnered significant attention from viewers at the Beijing Auto Show.
- Beijing International Automotive Exhibition: The Company showcased limited editions of Lotus vehicles including the Evija Fittipaldi, Eletre Type 79, Emira Tailor Made, Type 66 as well as Emeya Blossom, which received a high level of customer interest during the 10-day exhibition.
- Charging Solutions: Lotus Tech entered into a strategic partnership with NIO on battery charging, granting Lotus Tech vehicles with access to NIO’s network of over 2,000 charging stations across China.
- ESG: In May, the Company published its annual 2023 Environmental, Social, and Governance (ESG) report, which outlined its achievements in building a green value chain, leading clean mobility, and upholding business integrity through the efforts in information security and privacy protection as well as in community support.
