Lotus Technology Inc. (Nasdaq: LOT), a leading global luxury electric vehicle maker, announced impressive financial results for the first quarter 2024. Due to its asset-light business model and high-margin ventures like R&D services and accessories, the company generated total revenue of $173 million, a startling 811% increase year over year. Lotus Tech recorded a gross profit margin of 18%.
Key Financial Highlights
1. Revenue Surge: Lotus Technology reported an impressive US $173 million revenue for Q1 2024. This marks a substantial increase of 157% compared to the same period last year, driven primarily by robust demand for their premium electric vehicles.
2. Gross Profit Growth: The company achieved a gross profit of US $30 million, a remarkable improvement from the gross profit of US $ 0.2 Million in Q1 2023. This improvement reflects an enhanced product mix and efficient cost management.
3. Operating Loss Reduction: The operating loss of US $233 Million significantly increased from US $166 Million in Q1 2023. This reduction underscores the company’s efforts to streamline operations and optimize expenditure.
4. Net Loss Improvement: The net loss for Q1 2024 stood at US $258 million, up from US $160 million in the same quarter last year.
5. Vehicle Deliveries: Lotus Technology delivered 2,194 units in Q1 2024, a 731% increase compared to 264 units in Q1 2023.
Emeya Delivers
Lotus Tech began delivering its new Emeya electric hyper-grand tourer in China, expanding its product portfolio to four models. Customer deliveries of the Emira ICE sports car also started in the US.
After China and Europe, Lotus Tech started taking orders for its Eletre model in over ten new markets across the Middle East, Asia, and the Americas during Q1. The company plans to expand Emeya sales to new markets in Q3 2024, leveraging its global distribution network of over 200 stores worldwide.
Lotus Tech CEO Qingfeng Feng stated, “Through our unwavering commitment to innovation and excellence, we are making steady progress on delivering Lotus Tech’s Vision80 plan.” He highlighted the company’s global strategy, which is driving growth and success as it expands its worldwide presence and sales.
Other key developments in Q1 included the launch of the Chapman Bespoke service for premium vehicle customization, the unveiling of limited-edition models like the Emeya Blossom and Evija Fittipaldi at auto shows, and a strategic charging partnership with NIO in China. Overall, Lotus Technology’s Q1 2024 results demonstrate its strong momentum and global expansion in the luxury electric vehicle market.
