Lotus Technology reports unaudited fourth quarter and full year 2024 financial results

New York – 22 April 2025 Lotus Technology Inc. (“Lotus Tech” or the “Company”) (Nasdaq: LOT), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the fourth quarter and the year ended Dec 31, 2024.

Operating Highlights for the Full Year of 2024

In the full year of 2024, the Company achieved total deliveries1 of 12,134 units, representing a 74% year-on-year (YoY) increase, powered by over 200 stores worldwide. The Company maintained a growth trajectory amid global trade uncertainties and economic slowdown.

The European market contributed nearly 40% of total deliveries. With Eletre rollout and Emeya commencing deliveries in mid-2024, the European market achieved a YoY growth rate of 179%, positioning Europe as the Company's largest global market in 2024.

China, as the second largest market for Lotus, contributed 25% to total deliveries despite intensifying market competition and economic downturn.

Deliveries in North America contributed 21% of the Lotus’ global deliveries as Emira, the sportscar model produced in Hethel UK, commenced customer deliveries in the U.S. in 2024.

The rest of the world region represented 15% of total deliveries with nearly 90% YoY growth. In the fourth quarter of 2024, the Company started to deliver Emeya in Malaysia, Thailand, Singapore, UAE and Philippines.

• Financial Highlights for the Full Year of 2024
• Total revenues: $924 million, reflecting a 36% YoY increase.
• Sales of goods: $891 million, up 35% YoY.
• Service revenues: $33 million, a 77% YoY increase.
• Gross margin: 3%, as compared with 15% in 2023.
• Gross margin of sales of goods: 3%, versus 14% in 2023.
• Gross margin of service revenues: 17%, versus 36% in 2023.
• Operating loss: $786 million, a 7% YoY increase.
• Net loss: $1,107 million, a 48% YoY increase.
• Adjusted net loss (non-GAAP): $1,075 million, a 43% YoY increase.
• Adjusted EBITDA (non-GAAP): loss of $961 million, a 39% YoY increase.

(A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.

Put Option: To Integrate global business under Lotus Brand

On April 14, 2025, the Company received the exercise notice from Geely International (Hong Kong) Limited (“Geely”), requiring the Company to purchase 51% of the equity interests in Lotus Advance Technologies Sdn Bhd (“Lotus UK”) held by Geely, pursuant to the Put Option Agreement dated January 31, 2023, between the parties.

Lotus UK oversees the manufacturing operations for Lotus’ sportscars and hyper cars. It also manages Lotus Engineering, which provides comprehensive consultancy services to many of the OEMs and Tier 1 suppliers worldwide.

Pursuant to the exercise of put option from Geely, the Company expects to acquire 51% of the equity interest in Lotus UK through a non-cash transaction based on a pre-agreed valuation methodology2. Upon completion, the Company will gain control over Lotus UK and consolidate its financial results. The strategic transaction will enable the Company to integrate all global business under the Lotus brand.

The acquisition is expected to be completed in 2025, subject to potential regulatory approvals.
 

• Recent Developments
• Delivery Update:The Company delivered a total of 1,282 vehicles in the first 3 months of 2025
• Return of Lotus Brand in China: In January 2025, Lotus successfully reclaimed the proprietary rights to the LOTUS roundel, LOTUS word mark and the Chinese character of LOTUS ("莲花") in China, achieving global trademark consistency.
• Model Facelift:In February, Lotus revamped the lineup for its Eletre hyper-SUV and Emeya hyper-GT with upgraded configuration and competitive pricing.
• Urban NOA (Navigate on Autopilot) Service and OTA Delivery: The Company launched mapless urban NOA in 16 cities across China in February, 2025. The system enables variable lane driving, seamless transitions between highways and city roads, U-turns at intersections, intelligent lane selection, and smart obstacle avoidance, among other functions.
• Strategic partnership: Lotus Robotics, the Company’s intelligent driving arm, established a strategic partnership with CaoCao Mobility to launch an innovative intelligent mobility platform for robotaxis.
• ESG: Lotus Technology's Natural Capital Assessment Project was included in the World Economic Forum Report.

CEO and CFO comments

“We continued to deliver meaningful operational growth amid global trade uncertainties, with total deliveries of 12,134 units in 2024, up 74% year-on-year, outperforming broad luxury market,” said Mr. Qingfeng Feng, Chief Executive Officer. “We have proactively adapted our strategies by expanding our product pricing range and introducing new configurations to meet diversified market needs and broaden our customer base, targeting to keep global delivery growth ahead of broad luxury market. At the same time, we are actively exploring potential strategic responses to trade uncertainties to keep expanding in key global markets, such as North America, where we have long been committed. Through ONE LOTUS strategy, we are fully integrating all businesses under the Lotus brand, which will strengthen brand equity and enhance operational flexibility and internal synergies. We are confident in creating substantial long-term value for our customers and shareholders.”

Dr. Daxue Wang, Chief Financial Officer, said: “We have made continual improvements, streamlined operations to drive efficiency, optimized resource allocation, and reduced operating expenses for five consecutive quarters. Though the Company’s gross margin was lower to 3% in 2024 due to tariff impact and proactive destock in response to the global trade uncertainties, we have initiated strategic cost optimization to improve profitability. As we progress with the acquisition of Lotus UK, we are committed to driving cost streamlining and operational enhancements across all markets to continuously deliver long-term value.”
 

• Operating and Financial Results for the Fourth Quarter of 2024
• Total deliveries¹: 4,506 units, a 20% YoY increase.
• Total revenues: $272 million, down 25% YoY.
• Gross margin: -11%, as compared with 19% in Q4 2023.
• Operating loss: $189 million, narrowed by 17% YoY.
• Net loss: $441 million, a 97% YoY increase.
• Adjusted EBITDA (non-GAAP): loss of $398 million, a 92% YoY increase.

(A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.