Austin, Texas – December 4, 2024  As a proud creator of new luxury experiences, Lotus will make its Art Basel Miami Beach debut with its ‘Lotus Lounge’ pop-up experience, open to the public at The W Hotel, South Beach – located in the heart of this year’s activations.

From Friday, December 6th to Sunday, December 8th, Lotus will be giving attendees an exclusive first look at its all-new ultra-luxury variant of the electric hyper-SUV Eletre, Eletre Carbon. It's bespoke design, versatility and engaging capabilities is the latest model of the Lotus lineup.

Visitors will be able to get a close look at the latest innovations from Lotus including:

New leather interior from Bridge of Weir, the global industry leading luxury leather supplier.

Dynamic quilting interior design, which harmoniously blends of form and function. The flow lines create a dynamic, sculptural effect that complements the vehicle’s aerodynamic profile.

Striking new satin black paint finish.

As part of its activation, Lotus will also be hosting daily ride-and-drive events with its award-winning two-seater sportscar, Emira. The car builds on the legacy of past Lotus icons including Elise, Exige and Evora, and embodies the core values Lotus is renowned for. Drivers will be able to immerse themselves with its striking design, dynamic performance, best-in-class ride and handling, advanced aerodynamics and an unrivalled experienced - designed for the drivers.  

Visit the Lotus Lounge:
The W South Beach
2201 Collins Ave, Miami Beach, FL 33139, United States
9am – 6pm ET

• Over 7,600 vehicles delivered in the first nine months of 2024, a year-on-year increase of 136%
• Total revenue reached $653 million, more than doubled year-on-year
• Revenue of intelligent driving business from customers other than Lotus surged to $11 million with a year-on-year growth of 450%
•  Launched Hyper Hybrid EV technology that provides high-performance with a combined range of over 1,100 kilometers

New York – Nov 21, 2024 – Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2024.

Operating Highlights for the First Nine Months of 2024
In the first nine months of 2024, the Company achieved total deliveries1 of 7,617 units, representing a 136% year-on-year (YoY) increase. Global allocation was relatively diversified with each region contributing 18-35% of the total deliveries in the first nine months of 2024, powered by over 200 stores in prime locations worldwide. Europe market continued to expand with a year-on-year increase of 372% in deliveries in the first nine months of 2024. Rest of the World region achieved a year-on-year growth of 110% as the Company continued to make steady progress in its expansion into new markets.

In the third quarter of 2024, the deliveries of Emira commenced in South Africa and India, and of Eletre in Japan, South Korea and the Philippines. Eletre Carbon, a high-performance variant tailored for the North America market, was revealed and is expected to commence deliveries in the first half of 2025.  Deliveries of bespoke and collection versions of both Eletre (SUV) and Emeya (GT, Sedan) also commenced in the third quarter.

Lotus continues to drive technological innovation to meet market demand. Following the launch of the Theory 1 model which embodies the brand’s future design philosophy, the Company recently revealed Hyper Hybrid EV technology. Beyond upholding Lotus’ legacy of high-performance, the 900V Hyper Hybrid EV technology features industry leading Dual Hyper Charging technology and a combined range of over 1,100 kilometers to provide premium driving experience for the drivers.

Deliveries¹ by Model Type

Deliveries¹ by Region

Lotus Robotics, the Company’s intelligent driving arm, has recently entered into an agreement with a top European automaker to deliver intelligent driving solutions for its multiple models in plan. As a result, the total contract value2 for Lotus intelligent driving with customers other than Lotus reached approximately $130 million for Lotus intelligent driving solutions following earlier agreements with multiple auto conglomerates such as Farizon and a top Japanese tier-one supplier.

Recognized revenue of Lotus Robotics
(in millions of U.S. dollars, unaudited)

^{(A): Represent subsidiaries of the Company}

Financial Highlights for the First Nine Months of 2024 

• Total revenues for the first nine months of 2024 were $653 million, a 105% YoY increase.
• Sales of goods were $624 million, a 104% YoY increase.
• Service revenues were $29 million, a 129% YoY increase.
• Gross margin for the first nine months was 9%, versus 11% in the same period of 2023.
• Gross margin of sales of goods for the first nine months of 2024 was 7%, versus 10% for the same period of 2023, mainly due to destock.
• Gross margin of service revenues for the first nine months of 2024 was 55%, versus 28% for the same period of 2023, due to increase of high-margin technology-related income.
• Operating loss was $598 million for the first nine months of 2024, a 18% YoY increase.
• Net loss was $667 million for the first nine months of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $633 million for the first nine months of 2024, a 20% YoY increase.
• Adjusted EBITDA (non-GAAP) was a loss of $563 million for the first nine months of 2024, a 16% YoY increase.

Key Financial Results
The table below summarizes key preliminary financial results for the first nine months ended September 30, 2024.

(in millions of U.S. dollars, unaudited)

^{(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.}

Recent Developments

• Delivery Updates: The Company delivered a total of 8,631 vehicles in the first 10 months of 2024.
• New Technology Launched: The Company unveiled its "Hyper Hybrid EV technology" on Guangzhou Auto Show. The 900V Hyper Hybrid EV technology features an Hybrid Electric Drivetrain and dual Hyper Charging technology: Ultra-Fast Plug-In Charging and Ultra-Fast On-The-Drive Charging, both with industry leading charging speed. The Hyper Hybrid technology enables high performance, high efficiency and a flexible longer driving distance of over 1,100 kilometer. 
• Delivery of Urban NOA (Navigate on Autopilot) Service and OTA: The Company started open beta test for urban NOA in key cities in October, 2024, following the launch of highway OTA services. Certain OTA, including highway assistant driving function, has been launched in Europe.
• Reuters Sustainability Awards 2024 : In October, the Company was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry.

CEO and CFO comments
"We continued to deliver strong operational growth, with total deliveries of 7,617 units in the first nine months of 2024, up by 136% year-on-year, driven by the European market," said Mr. Qingfeng Feng, Chief Executive Officer. "We are excited to see significant progress in our intelligent driving business across the world with revenue of the business from customers other than Lotus surged to $11 million with a year-on-year growth of 450%, contributing about 2% of total revenue.  We also launched Hyper Hybrid EV technology, in line with evolving market demands. We remain committed in executing ‘Win26’ Plan to drive efficiency and competitiveness, delivering sustainable value for our shareholders and investors."

"We have made continual improvement and streamlined our operations to drive efficiency, and resource optimization and achieve operating expenses reduction for four consecutive quarters." said Mr. Alexious Lee, Chief Financial Officer. "While gross margin for the first nine months of 2024 was 9%, shrinking 2 percentage points compared to the same period of 2023 due to proactive management of our inventory in response to trade protectionism, inflation impact and macroeconomic uncertainties, high margin intelligent driving business have secured $130 million of total contract value to boost future growth. We are committed to advancing the ‘Win26’ Plan target to continuously improve profitability and create long-term value."

Operating and Financial Results for the Third Quarter of 2024 

• Total deliveries¹ for the third quarter of 2024 were 2,744 units, a 54% YoY increase.
• Total revenues for the third quarter of 2024 were $255 million, a 36% YoY increase.
• Gross margin for the third quarter of 2024 was 3%, versus 15% for the same period of 2023.
• Operating loss for the third quarter of 2024 was $160 million, narrowed by 2% compared with same period of 2023.
• Net loss for the third quarter was $206 million, a 19% YoY increase.
• Adjusted EBITDA (non-GAAP) was a loss of $182 million for the third quarter of 2024, a 18% YoY increase.

Deliveries¹ by Model Type

Key Financial Results
The table below summarizes key preliminary financial results for the third quarter in 2024.
(in millions of U.S. dollars, unaudited)

^{(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.}

Conference call
Lotus Tech management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, November 21 2024 (13:00 Central European Time / 20:00 China Standard Time on the same day).

There will be a live audio webcast and replay available following completion of the call on the Company’s investor relations website at https://ir.group-lotus.com/.

For participants who wish to join the call, please complete online registration prior to the scheduled call start time using the link provided below. Upon registration, participants will receive a confirmation email with conference call access information, including dial-in numbers and a unique PIN. Participant online registration link: https://register.vevent.com/register/BI46e1ce34cf354ab39173629030b38f03

Note 1:  Invoiced deliveries, including commissioned deliveries in US market.
Note 2: The amount includes payable depending on future sales volume and is therefore an estimate in nature and subject to changes.

NEW YORK, Oct. 25, 2024 - Lotus Technology Inc. (“Lotus Tech” or “the Company”) (Nasdaq: LOT), a leading global intelligent and luxury mobility provider, has been bestowed with the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category.

The Reuters Sustainability Awards, now in its 14th year, stand as the world's premier awards celebrating leadership in sustainable business. With over 700 global entrants this year, 30 winners were selected across 17 categories. Notably, Lotus Tech is the sole winner from the automotive industry.

The Business Transformation Award recognizes companies taking crucial steps to transform their business models in line with a clean, resilient, and just future. Lotus Tech's win is a testament to its comprehensive sustainability strategy, data-driven approach, and transparent disclosures that support systemic transformation.

Since its Vision80 Strategy announced in 2018, the Company has been steadfastly driving business transformation to intelligent and luxury mobility provider. It has launched three electric vehicles - the hypercar Evija, Eletre (SUV), and Emeya (GT, Sedan) - and distributes them globally.

“We're truly proud to receive this honor from the Reuters Sustainability Awards,” said Mr. Alexious Lee, Chairman of the ESG Committee at Lotus Tech. “We have made incredible progress since embarking on our business transformation journey in 2018. With this recognition, we are more determined to drive positive change for the next generation and our planet.” 

To learn more about Lotus Tech’s ESG strategy and achievements, download the ESG report here: https://ir.group-lotus.com/environmental-social-governance

• A fleet of ultra-luxurious Lotus Eletre, the company’s all-electric Hyper-SUV, will join Uber for a limited time in London – available to passengers who select Uber Green.
• Almost 30% of Uber’s miles in London are now fully electric. 
• The Uber rider who saves the most emissions by the end of November by taking fully electric trips will win free Uber Green trips for a decade.

24 OCTOBER 2024 – LONDON, UK  From October until the end of November, Uber riders in London will have the chance to experience high-end luxury and sustainability in one ride, as a fleet of ultra-luxurious Lotus Eletre Hyper-SUVs joins the Uber Green fleet for a limited time. Riders can book these cutting-edge electric vehicles via the Uber app’s Uber Green option and experience the future of zero-emission transport.

With nearly 30% of Uber’s miles in London now fully electric, the initiative supports the city’s journey toward a cleaner, greener future. To encourage more riders to go electric, Uber has launched a special competition: the rider who saves the most emissions by the end of November by taking Uber Green trips will win free Uber Green rides for a decade.

Riders will have until 30 November to rack up their electric miles. All Uber riders can track the emissions they’ve saved by taking Uber Green using the in-app Emissions Savings tool, which launched earlier this year.

Andrew Brem, General Manager for Uber UK, said: “We’re thrilled to team up with Lotus to combine cutting-edge luxury with sustainable travel. Uber drivers are already leading the way, going electric far quicker than regular motorists – making London Uber’s global capital for electrification. Now we’re excited to allow our riders to experience one of the world’s most exciting electric cars.” 

Conor Horne, Commercial Director of UK and Ireland at Lotus said: “We are incredibly excited to partner with Uber to have a fleet of our all-electric Lotus Eletre available in London via the app for passengers to experience and enjoy. We hope this initiative will not only enhance the riding experience for Uber customers but also contribute to a greener city, something we at Lotus are very passionate about.”

Uber Green, which first launched in central London in 2021, allows riders to book a zero-emissions ride for the same price as an UberX, since its launch Uber has saved 55,000 tonnes of carbon emissions in London. Drivers taking Uber Green trips also earn 10% more on those trips compared to an UberX. Uber drivers are making the switch five times quicker than regular motorists.

The Eletre, Lotus' first all-electric Hyper-SUV, redefines the passenger experience by combining luxurious comfort with cutting-edge technology. Passengers can enjoy a spacious interior designed for relaxation, featuring premium materials and a world-class infotainment system.

Through the combination of exceptional aerodynamics, outstanding comfort, and true Lotus performance, the Eletre is the perfect option for those seeking an exceptional drive with a new luxury experience. 

The cars will be licensed and managed via Otto Cars, London’s largest private hire provider. Gurinder Dhillon, Otto Cars CEO, said: “We are delighted to power-up this concept for Uber and Lotus. Let’s prove that a sustainable ride can be a thrilling experience, without the smoke."

New York – Oct 17, 2024   Lotus Technology Inc. (“Lotus” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first nine months of 2024.

Lotus continues to achieve top-rate growth among traditional luxury car brands, delivering 7,543 vehicles1 in the first nine months of 2024, representing a year-on-year increase of 134%. Global allocation in terms of deliveries remained well-distributed,  with Europe, China, North America and the Rest of the World regions each contributing about 20-35% of the total deliveries. In the third quarter of 2024, Emeya (GT, Sedan) was delivered to Europe, whilst Eletre (SUV) reached markets including the GCC, Japan and Korea.

In September, Lotus revealed Eletre Carbon, a high-performance variant tailored for the North America market with a starting price of $229,900. The deliveries of Eletre Carbon is expected to commence in the first half of 2025.  Deliveries of bespoke and collection versions of both Eletre (SUV) and Emeya (GT, Sedan) also commenced in the third quarter.

In September, Lotus unveiled its visionary Theory 1 concept car, a groundbreaking model that redefines the future of driving with its cutting edge technology, bold design, and eco-friendly features.

Note 1: Invoiced deliveries, including commissioned deliveries in US market. The vehicle delivery numbers presented above are derived from reports submitted by our business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems to be announced by the Company.

About Lotus Technology Inc.
Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including adjusted net loss and adjusted EBITDA in evaluating its operating results and for financial and operational decision-making purposes.  Adjusted net loss represents net loss excluding share-based compensation expenses, and such adjustment has no impact on income tax. Lotus Tech defines adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property, equipment and software, and share-based compensation expenses. The Company believes that non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on non-GAAP financial measures, please see "Appendix C – Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted net loss/Adjusted EBITDA)" set forth at the end of this press release.

Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lotus Tech undertakes no obligation to update any forward-looking statement, except as required under applicable law.

London, UK – September 17, 2024    Lotus has unveiled Theory 1, its first concept car that embodies the future of intelligent performance vehicles.  

As part of this, Lotus is launching The Lotus Theory, the company’s new design manifesto that will form the foundation for all future Lotus cars, encapsulated through three core principles - Digital, Natural and Analogue (DNA): 

• Digital, which represents the immersive, intelligent, and intuitive experience. 

• Natural, brings to life emotional, connected, human-centric design. 

• Analogue, which is the brand’s continuous advancement of performance engineering.   

By seamlessly blending together these core design principles with the latest design innovations from Lotus, as well as cutting-edge technologies, Lotus is able to simplify and enhance how a car should feel and perform. Theory 1 harmoniously fits around the driver and is able to adapt based on their needs – delivering the ultimate driver experience.   

Ben Payne, Vice President of Design, Lotus Group said:  
“With Theory 1, we’ve built on everything Lotus has achieved so far in its 76-year history, to push the boundaries for what it means to drive a performance vehicle. We want to demonstrate that you don’t need to compromise – with both digital and analogue capabilities working harmoniously in the future car. In doing this, we are able to bring drivers the best possible immersive driving experience with raw emotion, functionality and connectivity, at the core.” 

Theory 1 reaffirms the company’s Vision80 commitment – a transformation into a global performance technology brand. The innovations announced today are expected to be implemented into future Lotus cars in the coming years.  

 The ultimate immersive and intuitive driver system with LOTUSWEAR™ 
Lotus has developed its own proprietary driver system called LOTUSWEAR™, which is an immersive system that aims to deliver a personalised experience to every occupant in the car, designed to evoke a sense of raw emotion and pure excitement – and further connect them to the road.   

 This features an adaptive soft and lightweight robotic textile material, seamlessly enabling the car to communicate with the driver and passengers and offer a more intuitive and comfortable in-car experience. It aims to do this through inflatable pods on the seating and steering wheel that will react in real time to offer more support, grip, and subtle prompts via personalised haptic feedback. For instance:   

• Pulses on the left and right sides of the wheel will indicate when the driver should make a turn 

• There are five drive modes: Range, Tour, Sport, Individual and Track, delivering comfort and enhancing the driver experience & dynamic ability, as well as constantly adapting to the driver’s surrounding environment. This aims to optimise efficiency, performance, and comfort in any environment.    

 This component has been created in collaboration with MotorSkins, a startup that specialises in textile-based wearable robotics for every-day use. Theory 1 demonstrates the first time it is being used in the automotive industry.   

 In addition, LOTUSWEAR™ features 3D printed lattice structure headrests made in partnership with global 3D printing technology company Carbon, to offer all occupants in the car maximum comfort, whilst reducing the weight, improving material efficiency, and optimising aerodynamics.   

 To ensure every occupant can enjoy a truly immersive and unique audio experience, part of the headrest is a binaural audio system, which has been designed in collaboration with KEF. It offers individual bespoke soundscapes for each of the occupants, that are further enhanced by the subwoofer speaker located behind the driver seat. Occupants in the car can:  

• Enhance ‘speed’ sounds to deliver a sense of thrill, exhilaration, and fun.   

• Benefit from noise cancelling abilities to improve concentration and enhance the listening experience.   

• Level-up entertainment by providing an impeccable and immersive sound to further elevate the audio experience.   

It uses binaural audio technology to do this, which enables channel separation of the sound arriving at each ear – delivering a full-bodied audio experience that feels as if the occupant is sitting in the middle of a recording studio.  

 Part of the proprietary driving system is the LOTUSWEAR™ Technology Line - a functional technology band running inside and outside of the car, acting as a communication device. It includes:  

• Integrated OLED technology to display multiple functions of the vehicle status to the driver and occupants, as well as other road users and pedestrians e.g. detecting the presence of an object or person close to the vehicle.   

• Lotus’ 360-degree autonomous driving sensor suite. The fully embedded L4 hardware capability consists of four deployable LiDARs, six HD cameras, and a combination of long- and short-range millimeter radars, plus ultrasonic radars, delivering 360° (5x) perception coverage. This ensures driver confidence by scanning for obstacles at a radius of up to 200m around the car, in every direction, even in low light or inclement weather. 

The LOTUSWEAR™ technology line is built on the high-performance NVIDIA DRIVE compute platform – enabling redundant and diverse real-time sensor processing at trillions of operations per second for greater safety and enhancing the vehicle’s capabilities through advanced digitalization and adaptive parameters for optimum driving dynamics.  

The LOTUSWEAR™ Technology Line is a homage to the purely functional joining “band” on the Lotus Esprit. It is also an evolution of the line of technology that Eletre and Emeya have within their interior architectures. By grouping the technology all in a singular line throughout the vehicle, Lotus aims to keep the design as minimal and harmonious as possible – a progressive expression of its technology DNA.   

A new benchmark for user experience 
Theory 1 seamlessly integrates projections, screens, and haptics, with Lotus’ new design manifesto to create a borderless user experience and provide the driver with information quickly and easily through: 

• Analogue interactive components and notifications via the adaptive inflatable soft textile material by MotorSkins.  

• A digital system that uses intelligent environmental light, LED and laser-light components, and reflections on the windscreen to communicate information with the driver, such as obstacle detection, braking, turns and more.  

• Two laser lights on the dashboard wings to indicate left and right turns, working in harmony with the haptic inflation materials on the seats. 

• Additional RGB LEDs on the suspension modules, which are visible from the interior, and have green or red signals, depending on the need for braking or acceleration.  

• Clear, functional, 2D graphics to display the main data on the steering wheel, ERMDs, and heads-up display. This has been designed with simplicity at the core, using the minimum amounts of fonts and graphic elements.  

• Immersive 3D graphics, where a grid of points evolve into lines that change length, colour and direction according to vehicle speed, braking, turning, and drive modes - a homage to the Arte Programmata movement from the 60s. 

These key features enable the driver to enhance their use of peripheral vision, meaning they do not need to take their eyes off the road. In doing this, Lotus designed a fluid and intuitive experience for the drivers, so they can focus more on driving, minimizing distractions and further enhancing safety.  

A holistic design approach, with minimal materiality and true innovation 
With current cars made of an average of 100 A-surface materials, as a concrete action to a more sustainable future and circular economy, Lotus started from scratch to build a car with as few materials as possible.  

As a result, the ‘Challenge of 10’ was created, and it is Lotus’ intention and ambition to push the automotive industry forward, demonstrating the company’s north star for future material innovation.  

Theory 1 has been designed with only ten main A-surface materials with performance, durability, lightweight, recycled, and recyclable properties. This includes the use of cellulose based glass fibre, recycled chopped carbon fibre, titanium, recycled glazing, recycled polyester, recycled rubber, elastomeric Polyurethane, transparent polycarbonate, thermoplastic polyurethane, and recycled aluminum.  

The Challenge of 10 demonstrates Lotus’ commitment to pure minimalism, which is a nod back to Lotus’ simplicity of construction and lightweight principles of the company’s heritage vehicles.  

This philosophy is also demonstrated in the LOTUSWEAR™ driver system with the soft robotic fabrics in collaboration with MotorSkins, as well as 3D printed lattice structure headrests in partnership with Carbon.  

In addition, Lotus has tapped into global electronics manufacturer Kyocera SLD Laser, Inc., a Kyocera group company, to deliver industry-leading laser lights in both the interior and exterior, in order to deliver a safe, powerful, and advanced lighting system, whilst drastically reducing component size and weight. This includes ‘Next Generation’ laser wire DRL functions, which are less than a millimeter in diameter, and main and dipped-beam functions which are delivered through lenses of 7x35mm.  

With these principles as the foundation of Lotus design DNA, the company’s intent is to enhance the performance of its cars in line with racing principles, which Lotus was renowned for. Its aim is also to make performance cars more accessible by simplifying the design and technology, making it as easy as possible for anyone to use.  

Enhancing dynamic performance, handling, and speed
Theory 1 extends Lotus’ expertise in engineering to bring drivers an electric car that performs exceptionally and unlocks driver confidence by making the experience as fun and engaging as possible. 

This includes advanced active and passive aerodynamic techniques including cooling, active rear spoiler, and passive rear underbody. All of this, along with the low centre of gravity, enhances stability and increases the lightness of the vehicle. 

Theory 1 seamlessly integrates advanced aero and cooling systems, which are designed to work in harmony and increase efficiency. This includes: 

• The nose cone on the vehicle has diffuser and drag-reducing air deflectors, with an air curtain that minimises the car’s wake. This has been inspired by Lotus’ racing heritage.  

• A contoured underfloor which directs air through low drag NACA ducts into the cooling system, and outlets creating a blown air foil reducing separation, as well as enabling more powerful force.   

• Side pods in the vehicle which have been meticulously designed to isolate turbulent wake from the attached airflow, guiding it towards the rear. 

In addition, inspired by the revolutionary Lotus 49 Formula 1 car, Theory 1 has been designed to use its motor and battery assembly as a stressed member to take the forces directly from the suspension – reducing complexity and weight, with no need for a subframe.

The rear wing has also been mounted directly to the motor and suspension assembly to ensure the downforce acts directly on the suspension mounts, all the way through to the tyres - reducing losses and frontal lift. The rear suspension system also features a pull rod design, which delivers a more compact package and lower centre of gravity. 

The ultimate advanced dynamic architecture, delivering a state-of-the-art and seamless experience 

Lotus has developed a proprietary sports car door system that enables all occupants with easy ‘step-in’ access to the car with its reverse opening and wrap-over design. With this, Lotus has been able to achieve the smallest footprint it can with the doors opened, allowing for practical use of doors even in narrow spaces. For instance, if a car is parked in a tight car park with a 2.4-meter space, the driver will still be able to get in and out of the vehicle with ease. This has previously been a challenge with similar high-performance sports cars.  

Furthermore, Theory 1 is a three-seater sports car which has a central driving position, with a passenger on each side, nestled behind the driver. Inspired by motorsports, the driver’s seat in the middle of the car provides the driver with the best possible visibility of the road ahead, as well as easy access to all controls. 

The inside of the vehicle structure has also been shaped around the human body, with the seating integrated into the structure. Lotus has designed the car, to respond to the occupant’s body. For instance, the steering wheel and pedals all move towards the driver.  

The car also features steer-by-wire, which enables precision and control at every turn and the ability to adjust steering ratios, speed and feel. This is designed to deliver precision and the smoothest ride, further enhancing driver confidence, and connecting them to the road. 

The pinnacle driving experience, powered by the Lotus DNA
Theory 1 features bespoke Pirelli tyres belonging to the P Zero family, Pirelli’s Ultra High-Performance (UHP) range. These have been developed specifically to enhance the vehicle’s performance, with particular attention to limit the environmental impact, and include Elect - Pirelli’s most advanced set of technologies developed to emphasize the characteristics of electric cars.  

Pirelli Elect tyres have a structure and materials that support the weight and the high torque typical of vehicles with electric powertrains, providing longer durability, less tyre wear, and optimising battery range. These tyres are present today in the company’s electric vehicles including its hyper-SUV, Eletre; hyper-GT, Emeya; and hypercar Evija. 

The car also details the latest advanced performance braking systems from AP Racing, who Lotus has had a long-standing relationship with. It goes all the way back to the 1967 Lotus 49 and AP Racing today provides the brake systems in Lotus’ current product lineup including Evija, Eletre and Emeya. Theory 1 features a super lightweight, high performance carbon ceramic braking system, with near-net Monoblock aluminum forged body with asymmetric design – reducing material where not needed.

• To find out more please visit Lotus Theory 1

Target technical specifications 

ENDS

Note to Editors 
Theory 1 is not for sale. This is a concept car, which is a canvas for our design R&D programmes, and our intent for the technology and innovation we are exploring implementing in the future across all our product lineup including lifestyle EVs and sportscars.   

Austin, Texas – September 12, 2024   Lotus has announced the launch of a new ultra-luxury variant of its electric hyper-SUV Eletre, Eletre Carbon in North America.    

Building on the exhilarating and engaging capabilities of Lotus’ existing hyper-SUV, Eletre Carbon is the highest-performing and dynamic model of the Eletre, setting a new benchmark globally for luxury electric vehicles (EVs).  

The latest model from Lotus blends progressive performance with technical artistry throughout its interior and exterior design. It showcases the brand’s highest-quality craftsmanship with carbon fiber, a luxury and versatile advanced material used throughout to further enhance the look and feel of the performance car. 

Eletre Carbon features three new leather interior colorways including black, light grey and dark brown from Bridge of Weir, the global industry leading luxury leather supplier. This offers Lotus customers the highest quality luxury, and low carbon leathers to create a next level interior that raises the bar on design and comfort and luxury.  

In addition, the new interior leather includes a dynamic quilting design, which harmoniously blends of form and function. The flow lines create a dynamic, sculptural effect that complements the vehicle’s aerodynamic profile. This has been inspired by the principles of porosity, and the pattern enhances both aesthetic appeal and luxury-performance.  

Additional options for Eletre Carbon include the powerful 10 piston carbon ceramic brakes, and a striking new satin black paint finish. 

The car has been designed specifically for the US and Canadian market to meet local consumer demand and offer the ultimate performance SUV. Eletre Carbon pricing starts at $229,900. It is available for consumers to customize and place an order today, with customers in North America expecting to receive their vehicles from Q1 2025.  

Eletre will also be available for customers in North America to commission their own unique Lotus, with a wide range of customization options, as part of Lotus Chapman Bespoke, which is coming soon to the region. This division of the brand specializes in creating highly personalized, custom-made luxury vehicles. It offers customers the opportunity to commission their own unique Lotus, with a wide range of customization options including custom badges and trims, to complete one-off personalization of an entire vehicle.   

ELETRE CARBON OVERVIEW
The car also brings together Lotus’ design DNA and expertise in advanced active aerodynamics, with the latest technologies – offering a car that is both fun to drive, versatile and practical for everyday use.   

Key features include: 

• Ultra-luxury design enhancement. 

The Eletre Carbon boasts an extended carbon fiber design in the interior and exterior bringing a robust and lightweight structure to the first of a new breed of performance SUVs from Lotus. This will also come in the new Stardust black color with a satin finish, exclusive to Eletre Carbon. 

• Enhanced speed and performance with advanced active aerodynamics.  

Features up to six driving modes, including Tour, Range, Sport, Off-Road, Individual, and Track, in addition to standard rear wheel steering, active roll control, and rear- bias torque split. Eletre Carbon also comes with the option of 10-piston 420mm carbon ceramic brakes, providing drivers with Lotus’ signature dynamic handling capabilities and offering a car that is powerful and pragmatic for day-to-day use.  

• A new luxurious travel experience.  

Orders of the new model will feature new Bridge of Weir leather interior options in three new colorways, in addition to a charcoal Alcantara and carbon steering wheel and carbon fiber deco panels, providing drivers with an enhanced luxury feeling.  

• Sportscar levels of performance in the comfort of an SUV. 

Eletre is one of the most powerful SUVs in the world. The Eletre Carbon model boasts rapid acceleration (0-62 mph) in just 2.95 seconds and can reach 265km/h with maximum power of 675km/905hp.¹ 

• Charging peace-of-mind for any adventure. 

Eletre uses hyper-fast charging, which can reach a range of up to 280 miles with a 350kW-DC fast charger in 18 minutes.² 

• A new benchmark for world-class refinement. 

Eletre Carbon offers the ultimate enjoyment with five massage modes³  ambient lighting functions that communicate intuitively with the driver, door soft close function, a spacious boot of up to 1,532 liters, and advanced intelligent panoramic glass roof, which drivers can switch between opaque and clear. 

• Next-generation innovation, designed to be intuitive and enhance the driver's experience. 

Lotus has incorporated the latest state-of-the-art technology hardware with Eletre Carbon to provide the best possible performance, as well as confidence and safety. This includes two NVIDIA DRIVE Orin chips, 34 sensors and 12 cameras. Lotus is committed to continually improving its vehicles with over-the-air updates, which also include new features and services. 

• An immersive state-of-the-art infotainment experience. 

With seven configurable screens including a 15.1-inch OLED touchscreen display, Eletre offers a world class infotainment system that is seamless and lag-free, powered by Lotus’ award-winning HyperOS.  Lotus is also the first automotive brand to incorporate KEF's unique Uni-Q speaker design and Uni-Core subwoofer enclosure in its in-car audio systems, providing an immersive, full bodied audio experience, as if sitting in the middle of a recording studio. Every occupant can enjoy the same detailed, natural sound no matter where they are sat.  

PRICING AVAILABILITY
Eletre Carbon will be available in eight colors including Stellar Black, Kaimu Grey, Solar Yellow, Akoya White, Galloway Green, Blossom Grey, Cinnabar Red, and Stardust (satin).  

Lotus Technology Inc. (“Lotus Tech” or the “Company”) (Nasdaq: LOT), a leading global intelligent luxury mobility provider, today announced that it has recently obtained local homologation certification for the Eletre (SUV) model and the Emeya (GT, Sedan) model in the GCC region, paving the way for deliveries of Eletre (SUV) which started in the second quarter. The milestone marks an important step as the Company continues to expand its presence in a region renowned for its passion for heritage luxury brands of automobile, racing DNA, and advanced technologies.

While deliveries of Eletre (SUV) model are already under way, reservations of Emeya (GT, Sedan) models have also begun. New Lotus showrooms and stores in prime locations across major cities will be available for customers to test-drive and experience the exceptional control and driving dynamics of Lotus vehicles, which embody optional advanced intelligent driving software. Bespoke service will also be available for personalization and customization, catering to reservations for limited-edition models. 

Both Eletre (SUV) and Emeya (GT Sedan) are optionally equipped with state-of-art hardware that support end-to-end intelligent driving services which could be updated through OTA. The intelligent driving services were provided by Lotus Robotics, a subsidiary of Lotus Tech. Lotus Robotics has provided multiple global leading OEMs with comprehensive intelligent driving solutions, including advanced intelligent driving platform software, cloud toolchains, integrated hardware and software development, and intelligent driving operation solutions.

“The GCC region has always been a key market for Lotus, given the brand’s long-standing racing heritage,” said Qingfeng Feng, CEO at Lotus Tech. “This represents a significant step in our global expansion and resonates with our plan to bring award-winning models, with best-in-class driving experience and optionally equipped state-of-art technologies, to drivers who share the same passion as the brand.”

The Eletre model is a 5.1m E-class SUV with up to 905 horsepower and speed up to 265km/hour on different regional options. Eletre has won “SUV of the year” by GQ, “Lifestyle car of the year” by Quattroruote awards, and Red Dot product design award, in 2023 and 2024. The Emeya model is a 5.1m E-class GT, Sedan with up to 905 horsepower and speed up to 256km/hour on different regional options and won the Red Dot product design award in 2024.

• Robust start in 2024, marking the strongest first half-year performance in the brand’s history.
• Balanced global allocation, with strong US deliveries1 contribution after the brand’s re-entry into the market.
• Launched bespoke services and continued growing technology-related income, which are expected to be potential contributors of profit margin in the future.
• Adjusted the annual delivery target due to near-term disruptions from trade uncertainties and tariff hikes.
• Initiated the“Win26” Plan aiming to achieve positive operating cashflow and EBITDA in 2026.

New York – August 28, 2024 – Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the second quarter and half year ended June 30, 2024.

Operating Highlights for the First Half of 2024
In the first half of 2024, the Company achieved total deliveries1 of 4,873 units, representing a 239% year-on-year (YoY) increase. The Company also achieved a balanced global allocation with each region contributing 20-30% of the total deliveries in the first half of 2024, powered by over 200 stores in prime locations worldwide. The US market recorded exceptional growth and contributed 26% of the total deliveries after Lotus’ re-entry into the market. The achievements reflect the Company’s steady transition from a traditional sportscar maker to an intelligent luxury mobility provider.

Deliveries¹ by Model Type

Deliveries¹ by Region

In the first half of 2024, technology-related revenue began to scale as the Company started to provide intelligent driving solutions and R&D services to multiple leading automotive brands. As the fleet of models equipped with state-of-the-art hardware continues to expand, paid software subscriptions is a potential growth driver in the future.

The Chapman Bespoke service which provides customer personalization, design customizations, limited collection editions, and one-off models, was also launched to cater to growing demand. Deliveries of bespoke models are expected to further boost the brand’s luxury positioning and contribute to the Company’s long-term premium gross margin.

After assessment of the evolving market conditions, and uncertainties posed by new tariff policies in US and EU, the Company has revised its delivery target for 2024 to 12,000 units. The Company launched the “Win26” plan, aiming to achieve positive EBITDA in 2026 by further optimizing its internal processes and structures, implementing overall cost measures, and recalibrating its product plans to cater to globally diversified markets.

Financial Highlights for the First Half of 2024

• Total revenues for the first half of 2024 were $398 million, a 206% YoY increase.
• Sales of goods were $383 million, a 207% YoY increase.
• Service revenues were $15 million, a 194% YoY increase.
• Gross margin for the first half was 13%, versus 5% for the first half of 2023, driven by the growth in margin from both sales of goods and service revenues.
• Gross margin of sales of goods for the first half of 2024 was 11%, versus 4% for the same period of 2023.
• Gross margin of service revenues for the first half of 2024 was 58%, versus 16% for the same period of 2023.
• Operating loss was $438 million for the first half of 2024, a 27% YoY increase.
• Net loss was $460 million for the first half of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $424 million for the first half of 2024, a 20% YoY increase.
• Adjusted EBITDA (non-GAAP) was a loss of $382 million for the first half of 2024, a 15% YoY increase.

Key Financial Results

The table below summarizes key preliminary financial results for the half year ended June 30, 2024.

(in millions of U.S. dollars, unaudited)

^{(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.}

Recent Developments

• Delivery Updates:
  • Following Southeast Asia deliveries, Eletre (SUV) model started deliveries to new markets such as GCC, New Zealand, India, and Egypt.
  • Production orders for Eletre (SUV) model began for new markets such as Australia, Japan and Korea.
  • Emeya (GT, Sedan) model started deliveries in Europe.
  • Reservations of Emeya (GT, Sedan) model began in the GCC, Japan, Korea and Southeast Asia.
• Lotus Robotics provides solutions to multiple OEMs: Lotus Robotics, a subsidiary for intelligent automobility technologies development, licenses several leading automakers to provide them with its intelligent driving technology and solutions, including Lynk&Co and Farizon Auto.
• Strategic capital raised: As previously announced, in June 2024, the Company entered into a convertible note purchase agreement with an aggregate principal amount of approximately $110 million through a private placement from its existing strategic shareholder. 
• Dual Red Dot Awards: In June 2024, two Red Dot Awards in Product Design were given to the ground-breaking hyper electric vehicles: the Eletre (SUV), and the Emeya (GT, Sedan).
• Reuters Sustainability Awards 2024 Nomination: In July 2024, Lotus Tech was nominated as the finalist in the Reuters Sustainability Awards 2024 in the business transformation and Net Zero: operations transformation. Reuters Sustainability Awards are the world’s leading awards recognizing leadership in sustainable business.

CEO and CFO comments
"Through our unwavering pursuit to performance and excellence, we made steady progress with continuing operation growth in the first half of 2024," said Mr. Qingfeng Feng, Chief Executive Officer. "In the first half of 2024, the deliveries soared to nearly 4,900 vehicles, up 239% year-on-year. We achieved even more balanced distribution of deliveries in all key markets globally. The US market recorded extraordinary growth after Lotus’ re-entry into the market, contributing to 26% of total deliveries. We launched “Win26” plan to increase resilience, strengthen our brand, and strive for sustainable growth. Going forward, we will keep executing our plans, boosting our efficiencies and competitiveness, and remain committed to our customers, investors, and stakeholders.”

"We continued delivery of strong topline growth in the first half of 2024, with total revenues and gross profit up by 206% and 731% year-over-year respectively,” said Mr. Alexious Lee, Chief Financial Officer. "Gross margin for the first half of 2024 increased by 8 percentage points year-over-year but shrank 2 percentage points compared to year end of 2023 as a result of increased cost of Emira (sportscar) model due to inflation and seasonal variation in product sales mix. Our average selling price (ASP) remained above $100,000 in the first half of 2024 despite intensified competition. The execution of our “Win26” plan will enable the Company to achieve positive EBITDA and operating cash flow in 2026, to boost our financial performance, strengthen our balance sheet, and deliver our commitments to shareholders.”

Operating and Financial Results for the Second Quarter of 2024

• Total deliveries¹ for the second quarter of 2024 were 2,679 units, a 128% YoY increase.
• Total revenues for the second quarter of 2024 were $225 million, a 103% YoY increase.
• Gross margin for the second quarter of 2024 was 9%, versus 5% for the same period of 2023..
• Net loss for the second quarter was $202 million, a 4% YoY increase. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $201 million for the second quarter of 2024.
• Adjusted EBITDA (non-GAAP) was a loss of $177 million for the second quarter of 2024, a 1% YoY decrease.

Deliveries¹ by Model Type

Key Financial Results

The table below summarizes key preliminary financial results for the second quarter in 2024.

(in millions of U.S. dollars, unaudited)

^{(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.}

• Goodwood crowds can see Emeya, the much-anticipated hyper-GT, at the Festival of Speed before UK customer deliveries begin next month.
• Emeya is one of the fastest GTs in the world with acceleration of 0- 62 mph in under 2.8 seconds.
• Evija X, a one-off track version of the all-electric Evija, will also be seen for the first time in the UK, after it recently achieved the third fastest-ever lap time at the iconic Nürburgring Nordschleife.

9 July 2024 - London, UK  Lotus is set to make two UK dynamic debuts at this year's Goodwood Festival of Speed, with its highly anticipated hyper-GT, Emeya and the revolutionary Evija X. At the forefront of luxury, performance and cutting-edge technology, these two models mark a new era for Lotus and highlight its ongoing pursuit of excellence and innovation in electrification.

Attendees at the event will see Evija X and Emeya take on the iconic Hill Climb throughout the duration of the festival. In addition, Evija, the world's most powerful production car boasting 2,011bhp, will also be taking part in the supercar runs.

This year, the Lotus stand takes a new location next to the First Glance Paddock. The stand itself features an area dedicated to Lotus owners, centered around 'The Drivers' social space. This will display the Evija, Eletre, Emeya, and Emira – in addition to Lotus’ world championship-winning Type 72 F1 race car and the Type 136 Lotus e-Bike.

Simon Lane, Executive Director at Lotus Advanced Performance said: “We are thrilled to debut the Lotus Emeya and Evija X at Goodwood Festival of Speed. These models represent the pinnacle of our engineering and design capabilities, embodying the spirit of innovation and performance that Lotus is known for. We are excited to showcase our vision for the future of luxury and hypercars both on the Hill and on our stand”

Throughout the weekend, the Lotus stand will be a hub of activity, featuring daily Q&As hosted by renowned journalist, presenter and automotive aficionado, Natasha Bird. Bird will be quizzing prominent women from the automotive industry on their experience and leading important discussions about how we bring the joy of performance cars into a more inclusive era.

Natasha Bird said: “I am so excited to host and chat to these trailblazing women who are redefining the automotive and motorsport landscape. Their passion, innovation, skill and leadership are not only breaking barriers, but also driving the industry forward. It’s an honour to celebrate their achievements and share their stories at this year’s Goodwood Festival of Speed."

• Emeya is the first electric grand tourer (GT) from Lotus, designed for the drivers. It brings together the company’s rich history, with sports car levels of performance and latest technologies, to set a new benchmark for what it means to drive an electric car.
• It is one of the fastest electric GTs in the world, with acceleration of 0-62mph (0-100km/h) in under 2.8 seconds.¹
• The car is capable of charging from 10 to 80 percent in 14 minutes, using a 400-kW (600A capable) DC fast charger, making it one of the fastest charging electric vehicles available today.²
• Powerful, efficient and refined all-electric powertrain delivers the perfect balance of performance, responsiveness and range - with a maximum WLTP range of 610 km (379 miles).³
• Emeya went into production in 2024, with customer deliveries in China beginning in March, and mainland Europe to begin from July 2024.

London, UK - 2nd July 2024  Emeya is the first electric hyper-GT from Lotus and joins the company’s lineup of next-generation hyper electric vehicles (EVs) - part of its vision to become an all-electric global luxury brand by 2028.

The car brings together Lotus’ design and engineering DNA, with the latest cutting-edge technologies to set a new benchmark for what it means to drive an electric car. Emeya seamlessly blends the excellent dynamic performance that Lotus is renowned for, with world-class refinement, comfort, usability and connectivity – bringing drivers the ultimate grand tourer package.

Ben Payne, Vice President of Design, Lotus Group said: “this is a Lotus like you have never seen before. We’ve built on everything Lotus has achieved so far to create a luxury performance car for the drivers, designed to inspire confidence, exhilarate with raw emotion and pure joy – connecting them to the road.”

The GT powered by the Lotus DNA
“Our engineering and design heritage are crucial to informing and shaping the present – and our future. By combining new technology with an aesthetic that draws from the past, Emeya takes us into the future,” continues Ben Payne, VP of Design.

Retaining the core Lotus sportscar DNA of design, power and precision, safety, dynamic handling, emotion and logic, with the latest engineering capabilities and an increased choice of new features, Emeya is even more powerful, making it an unrivalled GT. This includes:

• Advanced and active aerodynamic features such as the pioneering active front grille, rear diffuser and rear spoiler. All this, combined with a low centre of gravity, enhances stability when driving and sets a standard in the GT segment for ride and handling excellence.
• Bold muscular wheel arches are a Lotus signature that date back to road and race machines of the 1950s and 1960s, a pure design feature that emphasise Emeya’s performance heritage.

EMEYA OVERVIEW

Designed for efficiency
Emeya boasts a range of advanced active aerodynamic features to enhance speed and performance, all of which have been inspired by the world-renowned aerodynamics that elevated Lotus to success on motor circuits around the world. Key attributes include:

• A power of up to 905 bhp, enabling Emeya to accelerate from 0-100 km/h (0-62 mph) in under 2.8 seconds and 0-200 km/h (0 – 124 mph) in 9 seconds, making it one of the quickest cars in the world.¹
• Active aerodynamic features, so that drivers can tailor the driving experience to their environment.  The duality of the combined system can deliver a drag coefficient of 0.21Cd, or downforce of over 150kg.
• Advanced new high-performance, twin-layer, battery designed with cooling attributes, to deliver even greater repeatability and sustainability of performance - even under extreme driving conditions such as on a track. This also provides greater driving range between charges.
• Up to five driving modes including Range, Tour, Sport, Individual and Track. Drivers can control the ride height, air suspension stiffness, acceleration response, seat configuration (with adjustable side bolsters), and more to optimise efficiency, performance, and comfort in any environment. 
• An electronically controlled air suspension system with advanced onboard sensors respond to changes in road conditions and automatically adjusts the vehicle set-up. This ensures the smoothest ride and optimum driving experience for customers.   
• Lightweight carbon ceramic brakes reduce un-sprung weight and braking distance – which contribute to dynamic handling – as well as doubling the lifespan of the components.

“Emeya is the sportscar for everyday use. Our world-class engineering brings drivers dynamic handling and a comfortable ride, with plenty of space, making it a truly exciting electric vehicle to drive” said Gavan Kershaw, Director of Attributes and Product Integrity at Lotus.

The perfect companion for every journey
Emeya provides drivers with sportscar levels of performance but with the usability for everyday use. This includes:

• A spacious boot of up to 509 litres, offering everyday usability and making it the ultimate touring companion.
• The Emeya frunk also has a capacity of 31 litres, meaning customers have additional space for their belongings or for their charging equipment.
• Ambient lighting functions that communicate intuitively with the driver. For instance, when getting an incoming phone call, elements of the dashboard will pulse to notify the driver of this, and when charging, the ambient lighting on the floating dashboard will change to green.
• Five massage modes at three different intensity levels, ensuring all occupants have a relaxing ride, no matter where they are sat. 4  
• Power-assisted doors make entering the vehicle seamless for customers. Sensors can also detect obstacles ensuring a door will not open if the vehicle is at risk of damage. In addition, a kick sensor on the tailgate enables customers to easily open the boot, even when their hands are full.
• Advanced intelligent panoramic glass roof, which drivers can switch between opaque and clear. This allows customers to enjoy a feeling of space whatever the time of day. They also have the option to turn individual sections of the roof opaque, enabling them to block out direct sunlight while keeping the rest of the roof transparent.

The pinnacle refined grand tourer experience
Emeya blends progressive performance with technical artistry throughout its interior and exterior design. It has been developed with the Lotus philosophy of lightness through form and materiality, in order to provide drivers with the ultimate progressive luxury experience. This includes:

• Consciously designed with advanced sustainable materials that are also sustainably sourced, to reduce its carbon footprint. This includes a new luxury thread, Wyron Truecycle, made from repurposed fibres from the fashion industry. Lotus is the first automaker in the industry to use this application.
• Knurled metal on all interior touchpoints to offer a deluxe tactility, further enhancing the sense of refinement.
• Crafted carbon fibre exterior elements, which make a nod to the brand’s racing heritage, gently reminding occupants that Emeya is a performance car, ‘for the drivers.’
• A unique daytime running light (DRL) design, which enhances the road presence of the car. The headlamps stay almost hidden in the aperture beneath the DRLs, delivering a sleek front-end look.

Further information on Emeya’s design origin can be found here.

Providing confidence to go anywhere
Emeya makes it easier than ever to own an electric vehicle by giving drivers with the confidence to complete long-distance journeys, going wherever they need, with its fast-charging capabilities including:

• Charge from 10 to 80% in 14 minutes, using a 400-kW (600A capable) DC fast charger², making it one of the fastest charging electric vehicles (EVs) available today.
• Emeya is able to reach a peak charging power of 402kW, resulting in an average charging power of 331kW, between 10% and 80% battery state of charge².
• Combined with a WLTC energy consumption of 18.7kWh/100km, Emeya is able to gain up to 310km of range in 10 minutes.
• Powerful, efficient and refined all-electric powertrain delivers the perfect balance of performance, responsiveness and range - with a maximum WLTP range of 610 km (379 miles).³

To achieve the fast-charging capabilities in its next generation hyper electric vehicles, Lotus uses a cell-to-pack battery structure, which means that 20 percent more cells can be packaged in the same space, compared to a standard module architecture. Emeya also uses a new cooling system architecture that is designed to improve the thermal performance and efficiency of the battery, which also contributes to an exceptionally high level of repeatable performance,

In addition, Lotus is providing consumers with the confidence to access easy, fast, and efficient charging by creating a seamless charging experience with the Lotus Cars app and Lotus’ Charging Card:

• With Lotus’ Charging Card, drivers can access the charging network with a single tap, and can find all the information they need easily via the Lotus Cars app. The app allows drivers to keep track of their charging history, manage costs and monitor vehicle battery status remotely.
• In addition, Lotus HyperOS, the award-winning in-car infotainment system in the Eletre and Emeya, uses intelligent EV routing to help drivers locate nearby public chargers. This feature reduces range anxiety and can significantly cut travel times. The system can also suggest alternative routes based on the driver’s real-time battery consumption – all delivering an optimised Lotus EV driving experience. 

Designed for your safety
Lotus has incorporated the latest technology hardware, with its own proprietary software to provide consumers with confidence and safety, every time they drive. This includes:

• Two NVIDIA DRIVE Orin systems-on-a-chip (SoCs), which are used to process data from 34 state-of-the-art-surround sensors up to 30 times a second, offering 360-degree perception with no blind spots.
• Four deployable LiDARs, 18 radars, seven 8 mp cameras and five 2 mp cameras, that combine to ensure driver confidence by scanning for obstacles at a radius of up to 200m around the car, in every direction, even in low light or inclement weather. They even reconstruct a virtual environment around the vehicle to define the best trajectory.

Lotus is committed to continually improving its vehicles with over-the-air updates, which also include new features and services. This also means that as regulation in each market advances, Lotus will be able to activate some of the hardware through over-the-air updates.

“With Emeya, you can really have it all. We are committed to continually enhancing the technology to offer drivers with new services, features and updates, so they can always have one of the most competitive cars in the market,” said Fabio Prato, Managing Director, Lotus Technology Innovation Centre.

An immersive state-of-the-art infotainment experience
To provide the best possible in-car experience for every occupant, Emeya offers:

• A state-of-the-art 15.1-inch HD OLED Lotus HyperOS award winning infotainment system, which features an interactive 3D display of Emeya to access its numerous functions. This is powered by Unreal Engine gaming technology, and with it, the car responds rapidly in real-time to any changes the driver makes and adjust accordingly. For instance, touching the screen to open the doors will immediately open the doors on the car.
• An expansive 55-inch head-up display for the driver, meaning they can clearly see important vehicle data without taking their eyes of the road.
• Entertainment is centred around the critically acclaimed in-car audio system from world-renowned Lotus partner KEF. It’s award-winning Uni-Q™ speaker design and Uni-Core™ space-saving subwoofer enclosure, with Dolby Atmos enabled 3D surround sound system, combine to create a truly immersive soundscape.

Pricing and availability
Emeya is available in six colours including Boreal Grey, Fireglow Orange, Solar Yellow, Akoya White, Stellar Black and Kaimu Grey.

Emeya is competitively priced in the luxury GT segment, and will be available in three variants: 

• Emeya, the entry point for the range, starting at £89,500 (€106,400). 
• Emeya S, a well-equipped Hyper-GT model, beginning from £101,950 (€126,950). 
• Emeya R, the flagship, which starts at £129,950 (€150,990). 

Emeya has entered production with customer deliveries in China, starting in March 2024. Emeya will begin delivering to mainland European Customers from July 2024, with global markets to follow.

For more information on Emeya, please visit www.lotuscars.com/emeya/

ENDS

¹ Emeya R, other models will vary
² In optimal conditions. Charging time may vary depending on a number of factors including charging station power output, battery health and temperature, and more.  This data was validated by P3, who published their 2023 P3 Charging Index Report – Asia on 27th May 2024, which included a comparison of fast-charging capabilities of various battery electric vehicles including Emeya. The results can be found on page 9-10, and the full report itself can be downloaded here: https://www.p3-group.com/en/p3-updates/p3-charging-index-asia/
³  Vehicle range may vary depending on factors including vehicle specification, prevailing weather conditions, and driving style.
⁴  This feature is not available in the bench seat of the five-seater configuration of the car.

Emeya technical specifications

London, UK – June 25, 2024  Lotus has won two Red Dot Awards in Product Design for its next-generation hyper electric vehicles – Eletre, its hyper-SUV, as well as Emeya, its hyper-GT.  

The annual Red Dot Awards: Product Design is globally recognised as one of the biggest creative competitions in the world. The award celebrates outstanding design quality based on four core principles including aesthetically pleasing, functional, smart and innovative.  

Both cars were highly praised by a jury of 39 leading design experts for bringing Lotus’ rich 76-year heritage in British sportscars design and engineering to new vehicle segments. Eletre and Emeya are a new breed of hyper lifestyle electric vehicles, blending together Lotus renowned dynamic performance with world-class refinement, technology and comfort. By doing this, Lotus is able to offer drivers electric cars that are fun to drive, versatile and practical for everyday use.

“Eletre and Emeya embody the core Lotus DNA design values of raw emotion, performance and sophistication, whilst progressing the brand into the future as new forms of lifestyle electric vehicles,” said Ben Payne, Vice President of Design, Lotus Group. “We are at a transformational stage in the company’s history. As we scale, it's a huge honor and testament to the creative spirit of the team to be globally recognised for best product design by Red Dot.”  

Eletre first launched in 2022 and has won multiple awards including GQ Magazine’s SUV of the Year 2023, as well as iF Design Award 2024 for its HyperOS infotainment system, which is also available in Emeya.

London, UK – June 10, 2024  Lotus has announced its first electric hyper-GT, Emeya, has achieved a record-breaking charging time using the public charging network. The car is capable of charging from 10 to 80 percent in 14 minutes, using a 400-kW (600A capable) DC fast charger¹, making it one of the fastest charging electric vehicles (EVs) available today.  

This was validated by leading global consulting firm P3, who recently published their independent 2023 P3 Charging Index for Asia². Emeya came out number one as the fastest charging EV that was tested against market leading global electric vehicles including Mercedes EQS, BMW i7, Tesla Model Y, Genesis G80, Xpeng G9, Kia EVP, Hyundai Ioniq 6, Nio ET5 and BYD Atto 3.  

Lotus’ ambition is to make it easier than ever to own an EV by providing drivers with the confidence to complete long-distance journeys and go wherever they need to. The report also found that Emeya can reach a peak charging power of 402kW, resulting in an average charging power of 331kW, between 10% and 80% battery state of charge – this was higher compared to the peak charge of the other electric vehicles tested. In addition, combined with a WLTC energy consumption of 18.7kWh/100km, Emeya can gain up to 310km of range in 10 minutes¹.    

To achieve the fast-charging capabilities in its next generation hyper electric vehicles, Lotus uses a cell-to-back battery structure, which means that 20 percent more cells can be packaged in the same space, compared to a standard module architecture. Emeya also uses a new cooling system architecture that is designed to improve the thermal performance and efficiency of the battery.   

Qingfeng Feng, CEO at Lotus Group said: “With our industry leading charging technology available today, Emeya pushes the boundaries for how an EV performs, providing drivers with the confidence to travel anywhere. We’re bringing an unrivalled driving experience in the ultimate grand tourer package, so drivers want to go electric.” 

Lotus is committed to delivering a fully integrated charging ecosystem, in order to make EV ownership as seamless as possible. To provide consumers have the confidence to access easy, fast, and efficient charging, it is collaborating across the industry, as well as developing its own range of solutions including its own app, charging card, and ultra-fast DC fast charger of up to 450 kW. 

Partnering with Bosch and Mobilize to provide consumers the confidence that wherever they are, they will be access an easy-to-use and reliable charger 
Through the Bosch charging network, Lotus owners have access to more than 600,000 public chargers across 30 European countries including UK, Germany and France. Lotus is committed to expanding its charging network across Europe by adding additional network operators over time. 

In addition, Lotus has teaming up with Mobilize Power Solutions to unlock the home as a primary charging location by offering an all-inclusive package which includes the supply and installation of a charging point, with personalised support from ordering to commissioning. 

Creating a seamless charging experience with the Lotus Cars app and Lotus’ Charging Card 
With Lotus’ Charging Card, drivers can access the charging network with a single tap, and can find all the information they need easily via the Lotus Cars app. The app allows drivers to keep track of their charging history, manage costs and monitor vehicle battery status remotely. 

In addition, Lotus HyperOS, the award-winning in-car infotainment system in the Eletre and Emeya³, uses intelligent EV routing to help drivers locate nearby public chargers. This feature reduces range anxiety and can significantly cut travel times. The system can also suggest alternative routes based on the driver’s real-time battery consumption – all delivering an optimised Lotus EV driving experience. 

Increasing confidence in the charging infrastructure with its own charging solutions for EVs 
Lotus has designed a suite of commercial charging solutions including an ultra-fast 450 kW DC charger, power cabinet and a modular unit for charging up to four vehicles at once. It uses leading liquid-cooled technologies to improve the efficiency and reliability of charging, in order to make it to make it easier and quicker for EV drivers to charge their vehicles. 

Lotus is future proofing its technology and has designed its charging solutions to be ready for cars that have a state-of-the-art 800-volt charging system, such as Lotus’ own Emeya, as well as its electric hyper-SUV, Eletre. This technology is where the industry is accelerating towards in order to unlock hyper power charging speeds and greater charging efficiency.  

Emeya is Lotus’ first electric hyper-GT and joins a flagship model in Lotus’ line-up of luxury lifestyle electric vehicles, part of the company’s vision to become an all-electric global performance brand by 2028. It brings together Lotus’ rich design and engineering heritage, with the latest cutting-edge technologies and sportscar levels of performance to set a new benchmark for how a luxury electric vehicle should look and handle– making it truly for the drivers.  

Emeya started customer deliveries in March 2024 in China and will be arriving to UK and European customers in Q3 2024. Further information on market availability will be released nearer the time. 

ENDS 

Notes to Editors 

¹ In optimal conditions. Charging time may vary depending on a number of factors including charging station power output, battery health and temperature, and more.   

² Results from P3, who published their 2023 P3 Charging Index Report – Asia on 27th May 2024, which included a comparison of fast-charging capabilities of various battery electric vehicles including Emeya. The results can be found on page 9-10, and the full report itself can be downloaded here: https://www.p3-group.com/en/p3-updates/p3-charging-index-asia/. 

³ Lotus HyperOS has won multiple awards including iF Design award 2023.  

• 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

New York - May 29, 2024   Lotus Technology Inc. ("Lotus Tech" or the "Company") (Nasdaq: LOT), 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."

 Deliveries¹ by model type

The below table summarizes key preliminary financial results for the three months ended March 31, 2024.
(in millions of U.S. dollars, unaudited)

^{*Non-GAAP measure. See Appendix C for details and a reconciliation of adjusted metrics to the nearest GAAP measure.}

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.

• Lotus Type 66 made its highly anticipated European debut this weekend during Villa d'Este at the 2024 Concorso d'Eleganza in Italy, marking a historic chapter for the British brand
• The Type 66 was driven in the official Concorso d'Eleganza parade by Clive Chapman, son of Lotus founders Colin and Hazel Chapman
• Lotus also showcased the iconic Type 72 and the Evija hypercar at FuoriConcorso, spread across two of Lake Como’s waterfront villas ‘Del Grumello’ and ‘Sucota’

London, UK - 27 May 2024   Lotus took center stage in Como, Italy over the weekend as it participated in two world-renowned events: Concorso d'Eleganza Villa d’Este and FuoriConcorso.

Villa d'Este: A Historic Debut
The Type 66 was presented at Villa d'Este for the 2024 Concorso d'Eleganza. This was the first time Lotus was invited to participate in the official parade in its 76-year history, marking a historic moment for the British brand.

This iconic model, designed over 50 years ago, has finally been brought to light thanks to the extraordinary collaboration between Clive Chapman, Managing Director of Classic Team Lotus and son of founders Colin and Hazel Chapman, and the Lotus Design Team.

With a focus on the Can-Am series, Colin Chapman tasked Team Lotus designer Geoff Ferris with launching the Type 66 project to explore how the brand's design principles could be applied to this exciting category. However, Chapman's primary focus in Formula 1 prevented this innovative project from progressing beyond technical drawings. To celebrate the brand's illustrious tradition and sporting heritage, Lotus decided to finally bring this project to life last year, 53 years after the initial sketches. Only 10 examples of this ‘rediscovered and reimagined’ Lotus will be built. It is a number selected to commemorate the total number of races the Type 66 would have competed in during the 1970 season.

Clive Chapman, Managing Director of Classic Team Lotus, who drove the Type 66 during the parade commented “It was a real honour to be invited to drive Type 66 at the 2024 Concorso d'Eleganza. To be able to showcase ‘Colin’s Can-Am car’ during the event, and be recognised amongst the most iconic vehicles in the world, was a very special moment for the Chapman family and for Lotus. Type 66 is proof that Lotus innovation in performance engineering continues to inspire our present and future line up.”

FuoriConcorso: Tradition and Innovation with the Type 72 and Evija
Lotus also participated at FuoriConcorso during the weekend. The 2024 theme for the event was "British Racing Green," which provided the brand with a unique opportunity to showcase its illustrious past and exciting future. Two of the most iconic Lotus products, the Type 72 and the all-electric hypercar Evija, were on display.

With 20 Grand Prix victories to its name, the Type 72 was one of the most outstanding Formula 1 single-seaters of the 1970s and arguably the most significant and successful racing car design ever made. In 1972, it won both the Drivers' and Constructors' Championships with Emerson Fittipaldi, including a legendary victory at Monza. The iconic vehicle was on display not far from the Evija , the most powerful production car in the world.

Simon Lane, Executive Director of Lotus Advanced Performance, said "It has been an unmissable weekend of automotive excellence at Como. We are so pleased that various Lotus models have been celebrated and enjoyed by those in attendance. Both events were a unique opportunity for us to share our history and continued dedication to performance engineering.”

The Type 66 had been launched in Lotus’ 75th anniversary year and is testament to the brand's desire to reimagine the best elements of its heritage, updating them in the most exhilarating way possible.

With his eyes on the high-profile and commercially lucrative Can-Am Series, Lotus founder Colin Chapman tasked Team Lotus draughtsman Geoff Ferris to launch the Type 66 project to evaluate how Lotus design principles could be applied to this exciting category. Chapman’s primary focus on Formula 1 meant the innovative project never went beyond technical drawings and scale models. In a fitting tribute to the brand’s illustrious racing pedigree and heritage, Lotus has proudly fulfilled the original vision 53 years after the designer first put pen to paper.

Witrh 20 Grand Prix victories to its name, the Type 72 was one of the most outstanding Formula 1 single-seaters of the 1970s and arguably the most significant and successful racing car design ever made. It was also one of the most innovative, with centrally positioned radiators allowing Colin Chapman to create a more advanced aerodynamic profile than anything that had been done before. Weighing exactly 530 kg – the minimum allowed – it was one of the lightest F1 cars ever. In 1970, Rindt won the Drivers' Championship and Team Lotus the Constructors' Championship in the Type 72. Although the distinctive front design was unique and pioneering, it was the Type 72's racing liveries that made history. The red, white, and gold of sponsor Gold Leaf, present at its debut, were replaced in the 1971 season with one of the most iconic color combinations ever in motorsport: the black and gold of John Player Special. Renamed Type 72D, in 1972, it won both the Drivers' and Constructors' Championships with Emerson Fittipaldi, including a legendary victory at Monza. The 25-year-old Brazilian driver set a record for precocity beaten only by Fernando Alonso in 2005.

Like all Lotus cars throughout the brand’s storied 76-year history, the Evija, the brand's first 100% electric hypercar has been precision-engineered to deliver an outstanding driving experience both on the road and track. It is the most dynamically accomplished model ever built by the company, setting new standards for Lotus driving performance. Above all else, it is ‘For The Drivers’. In addition to its unmistakable design, the Evija stands out for its top-tier performance: with 2,039 PS and 1,704 Nm of torque, it can go from 0 to 100 km/h in under 3 seconds, from 0 to 300 km/h in under 10 seconds, and reach a top speed of 360 km/h.

• British Cycling unveils the new Olympic track bike for Team GB for the Paris 2024 Olympics.
• Meticulously designed and engineered to deliver outstanding track performance.
• Hope-Lotus bike features Lotus front forks and handlebars and HBT Paris Frame, developed by Hope Technology
• Inspired by fighter jets, the fork’s serrated edge creates smoother airflow around the rider 

London, UK – 29 April 2024  British Cycling unveiled the new British Olympic track bike today, continuing its collaboration with Lotus Engineering, Renishaw and Hope Technology.

The Hope-Lotus has been meticulously designed and optimised to push the boundaries of sporting performance for the 2024 Olympic Games in Paris. The bike follows the success of the Tokyo track bike, which contributed to the track team winning seven Olympic medals and topping the event medal table.

Lotus Engineering has used its strengths in optimised aerodynamics, advanced materials, lightweight and engineering innovation to help guide the bike's cockpit development. The team created the bike's unique front fork design and handlebars, working with Hope Technology to integrate these components into the overall package.

Inspired by fighter jet design, the fork has a new serrated edge that allows smoother airflow around the rider. The customisable handlebars help riders achieve a more efficient aero position for longer races, whilst an enhanced integration with the fork reduces drag.

The composite fork is crafted from the same high-grade carbon fibre and single-cure manufacturing process as the Lotus Evija Hypercar to guarantee lightness.

Richard Hill, Chief Aerodynamicist at Lotus, was responsible for the design of the Lotus 108 Olympic track bike and the 110 Tour De France bike in the nineties and has continued to play a pivotal role in both the Tokyo Olympic track bike and now, the 2024 Hope-Lotus Olympic track bike.  

Richard Hill, Chief Aerodynamicist at Lotus said:
“Lotus is proud to continue working with British Cycling, Hope Technology and Renishaw in offering unrivalled engineering expertise to produce the most efficient and beautiful bike to support our national team. We’re extremley excited to have played a part once again to continue pushing innovation in the pursuit of performance delivering efficiencies to give British track riders the best possible opportunity for success. We wish the team all the very best for Paris.”

Mark Stringer, Commercial Director, Lotus Engineering said:
“Lotus’ longstanding collaboration with British Cycling has been pivotal in advancing the frontiers of sporting performance and engineering with the 2024 Hope-Lotus Olympic track bike. This on-going partnership has enriched our depth of knowledge, further enhancing and embracing the innovation that proved successful in Tokyo. We’ve been able to continue pushing engineering boundaries in the pursuit of performance to deliver efficiencies and to give British track riders the best possible opportunity for success. The Hope-Lotus bike is the perfect demonstration of our ability to transfer the skills and knowledge we’ve gained through over 75 years of automotive development to bring a new perspective to other industries. We wish British Cycling the best of luck in the upcoming Olympics.”

Every component of the bike has been designed to work as one with the rider, bringing the machine and athlete together perfectly. Lotus has collaborated with all partners at every stage of development, testing and manufacture to condense the project into a three-year Olympic cycle.

For more information on Lotus and British Cycling, please visit www.britishcycling.org.uk

Plymouth, MI, USA – April 16, 2024  Lotus today has announced the pricing of its electric hyper-SUV Eletre in North America. Customers are invited to customize their vehicle and place an order starting today and can expect to receive their cars beginning in Q4 this year.  

Eletre is the first in a new breed of performance SUVs from Lotus. It blends Lotus’ design DNA and expertise in advanced active aerodynamics, with the latest technologies – offering a car that is both fun to drive, versatile and practical for everyday use.  

ELETRE OVERVIEW  
The perfect companion for every adventure. 
Eletre provides drivers with the confidence to go anywhere with its hyper-fast charging. It can reach a range of up to 250 miles in just 20 minutes and a maximum range of 354 miles with a 350kW-DC fast charger. *

Sportscar levels of performance in the comfort of an SUV.  
It is one of the most powerful SUVs in the world, with rapid acceleration (0-100km/h) in under three seconds. The Eletre R variant features 905hp and 727lb ft (985Nm) of torque, which covers the benchmark (0-100kmh) sprint in just 2.95 seconds and can reach 165mph (265km/h). ** 

Advanced active aerodynamics for the ultimate performance.
Eletre features up to six driving modes including Tour, Range, Sport, Off-Road, Individual, and Track. All cars are fitted with powerful 414mm steel brakes clamped by 6-piston calipers as a standard, and on the Eletre R model, an even larger 10-piston 420mm carbon ceramic option is available. These provide drivers with Lotus’ signature dynamic handling capabilities, as well as a car that is ultrapowerful and pragmatic for day-to-day.  

Room for everything.
It includes an expansive and practical cabin that has plenty of head and leg room in both the front and rear seats, as well as foldable seats including the middle seat at the back of the car, which can be lowered down to become an armrest with two deployable cupholders. It also has enough storage for all driver’s needs with a rear boot capacity of up to 54.1 cu (1,532 litres). *** 

New-luxury travel experience.
Eletre has been designed with a range of sustainable materials including Econyl, Alcantara, and Re-Fiber, which are key touchpoints in the Eletre and offer a modern and sleek interior that makes every entrance and journey feel luxurious.  

Next-generation innovation, designed to be intuitive and enhance the driver experience. 
It features the latest cutting-edge technologies including two NVIDIA DRIVE Orin chips, as well as 34 sensors - 12 camera, 18 radar and 4 lidar. With over-the-air updates, Lotus is ensuring drivers get the best possible driving experience by continually improving the vehicle over its lifetime.  

An immersive state-of-the-art infotainment experience.
With seven configurable screens including a 15.1-inch OLED touchscreen display, Eletre offers a world class infotainment system that is seamless and lag-free, powered by Lotus’ award-winning HyperOS.  

Lotus is the first automotive brand to incorporate KEF's unique Uni-Q speaker design and Uni-Core subwoofer enclosure in its in-car audio systems, providing an immersive, full bodied audio experience, as if sitting in the middle of a recording studio. Every occupant can enjoy the same detailed, natural sound no matter where they are sat.  

PRICING AND AVAILABILITY
Eletre is available in seven colors including Kaimu Grey, Stellar Black, Akoya White, Solar Yellow, Blossom Grey, Red, and Galloway Green. It will be offered in two variants in North America including Eletre and Eletre R. 

For more information on Eletre, please visit www.lotuscars.com/eletre

Note to Editors 

*Vehicle range may vary depending on a number of factors including, but not limited to, the starting charge of the battery, options fitted, variations in weather, driving styles and vehicle load. 

** Target figure when equipped with Eletre R specification based on simulations. High performance features are not a substitute for driving safely with due care and attention. The driver should take extra care and drive responsibly. 

***Up to 54.1 cu (1,532 liters) of rear boot capacity for five-seater Eletre version and when rear seats are folded. 

Eletre US technical specifications 

New York – April 8, 2024  Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global luxury electric vehicle maker, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2023. The results reflect steady progress in the Company’s execution of its Vision80 strategy to become an all-electric, intelligent and luxury mobility provider before Lotus’s 80th anniversary in 2028.

In its first year of BEV delivery, the Company achieved a revenue of $679 million and a gross profit margin of 15% in 2023. Revenue in the fourth quarter of 2023 was $361 million, representing a 92% quarter-on-quarter increase. This strong performance was enabled by Lotus Tech’s asset-light business model, as the Company ramped up production and sales of BEV models.

The Company delivered 6,970 vehicles in 2023, an annual record in the 76-year history of the Lotus brand, with BEV models representing 63% of total deliveries. Vehicle deliveries in the fourth quarter of 2023 increased nearly 110% quarter-over-quarter to 3,749. The increase in deliveries was driven primarily by Eletre, the Company’s first lifestyle BEV, which ramped up production and sales in the second half of the year.

The Company also continued to expand its global presence, laying the foundation for continuing global roll-out of the brand’s vehicles with an increase of 46 stores year-on-year to a total of 215 locations as of December 31, 2023. Over the past year, Lotus Tech notably opened new flagship stores in prime locations, including in the Golden Triangle area of Paris, Mayfair in London, Gangnam-gu in Seoul, and other strategically important global cities. 

2024 will be a pivotal year for Lotus Tech’s execution of its Vision80 Strategy, as the Company further ramps up global deliveries of its leading product portfolio in new markets. In March 2024, the Company began deliveries of Emeya, its first electric hyper-grand tourer. Emeya deliveries are now underway in China and expected to begin in Europe in the third quarter of 2024. The Company’s Eletre hyper-SUV is also set to enter more markets including the U.S. over the course of 2024. In 2024, the Company expects to increase its total deliveries about threefold to 26,000, and further grow its healthy gross margin to 17-19%.

"We are pleased with the early progress and promising results achieved in 2023, with increasing deliveries reflecting the strength of our brand and ramping production,” said Lotus Tech CEO Qingfeng Feng. “We look forward to further accelerating our growth in the year ahead and remain dedicated to creating long-term value for our customers and investors as we continue to execute our Vision80 strategy, building on our luxury brand equity and advanced technology advantages.”

Summaries of Operational and Financial Results

The below tables summarize key operational results of the Company in 2023.

Deliveries by model type

Stores by geography

The below table summarizes key preliminary financial results for the fourth quarter and full year ended December 31, 2023.
(in millions of U.S. dollars, unaudited)

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