Lotus Technology Co., Ltd. (hereinafter referred to as “Lotus Technology”) released unaudited financial announcements for the fourth quarter and full year as of December 31, 2023.
Lotus ELETRE
The financial report shows that Lotus Technology achieved operating income of US$679 million in 2023, with a gross profit margin of 15%. Among them, revenue in the fourth quarter of 2023 reached US$361 million, a year-on-year increase of 92%. Officials stated that this performance was due to the asset-light business model adopted by Lotus Technology, and the company also increased the production and sales of pure electric vehicles.
In 2023, Lotus Technology delivered a total of 6,970 vehicles, setting an annual delivery record in the 76-year history of the Lotus brand, of which pure electric models accounted for 63% of the total delivery volume. In the fourth quarter of 2023, Lotus Technology’s delivery volume increased by nearly 110% quarter-on-quarter to 3,749 vehicles. The growth in delivery volume was mainly due to the expansion of ELETRE production and sales in the second half of the year.
As of December 31, 2023, Lotus Technology’s global stores have expanded to 215, an increase of 46 stores compared with 2022. In 2023, Lotus Technology will deploy in major strategically important cities around the world, opening new stores in prime locations such as the Golden Triangle in Paris, Mayfair in London, and Gangnam in Seoul.
“Lotus EMEYA (panoramic view of the car) blooming flowers”
2024 will be a critical year for Lotus Technology to implement the “Vision 80 Strategy” and will accelerate the delivery of more product portfolios in new markets. In March 2024, Lotus Technology began delivering the first pure electric supercar EMEYA Fanhua. The car has been delivered in China. As Lotus’s first pure electric large coupe, it is equipped with dual motors, with the front motor having the highest power. It is 225 kW, the maximum power of the rear motor is 225/450 kW, and the CLTC cruising range can reach 600km. Its body contains many active aerodynamic components, focusing on driving control. A total of 4 versions including special editions have been launched, priced from 668,000 to 1.18 million RMB. Lotus Technology expects to achieve delivery in Europe in the third quarter of 2024.
In addition, Lotus Technology’s pure electric supercar SUV ELETRE model will gradually enter more markets including the United States. In 2024, Lotus Technology expects total deliveries to approximately triple to 26,000 vehicles, and further increase gross profit margin to 17%-19%.
