Lotus Technology Inc., 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
| Q4 2023 | Q3 2023 | % Change (QoQ) | Full Year 2023 | |
| Lifestyle vehicles | 2,599 | 891 | 191% | 4,361 |
| Sportscars | 1,150 | 891 | 29% | 2,609 |
| Total | 3,749 | 1,782 | 110% | 6,970 |
Stores by geography
| As of December 31, 2023 | As of December 31, 2022 | |
| North America | 47 | 41 |
| Europe | 70 | 54 |
| China | 65 | 41 |
| Rest of World | 33 | 33 |
| Total | 215 | 169 |
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)
| 4Q 2023 | 3Q 2023 | % Change (QoQ) | Full Year 2023 | |
| Revenue | 361 | 188 | 92% | 679 |
| Cost of sales | 293 | 160 | 83% | 577 |
| Gross profit | 68 | 28 | 142% | 102 |
| Gross margin (%) | 19% | 15% | — | 15% |
| Operating loss | (228) | (163) | — | (736) |
| Net loss | (224) | (174) | — | (750) |
| Adjusted EBITDA | (206) | (154) | — | (693) |
Recent Developments
· Emeya deliveries: The Company launched Emeya, its first electric hyper-grand tourer, in September 2023. The Company began deliveries of Emeya in China in March 2024, and expects to begin deliveries in Europe in the third quarter of 2024.
· Ultra-luxury model Evija deliveries: Lotus Tech started deliveries of Evija, the first British all-electric hypercar, in 2024.
· Lotus Chapman Bespoke launch: In March 2024, the Company proudly launched its bespoke services providing different levels of premium customization to Lotus vehicles, from unique one-off Lotus cars to limited-edition artist collections and individualized trims with exclusive personal touches.
· Lotus Day 2024: This year’s annual Lotus Day event was hosted during March 29-31, 2024, celebrating the brand’s heritage and bringing our community closer together on racetrack with China’s debut drive of Evija, Lotus’s ultra-luxury all-electric hyper car, as well as on-track test drives of Eletre, Emeya and Emira.
· Super Charging Stations: As part of its commitment to deliver a premium charging service to Lotus drivers, the Company has established 65 super charging stations equipped with its cutting-edge 480kw fast charging solution in premium locations in China. These are part of a charging network across Europe and China of about 300,000 public charging stations available to Lotus owners. The Company expects to continue expanding its charging network as its BEVs launch across the world.
