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<
| Jan-Sep, 2024 | Jan-Sep, 2023 | %Change (YoY) | |
| Lifestyle SUV and Sedan | 3,983 | 1,762 | 126% |
| Sportscars | 3,634 | 1,459 | 149% |
| Total | 7,617 | 3,221 | 136% |
Deliveries1 by Region
| Jan-Sep, 2024 | % by region | Jan-Sep, 2023 | % by region | |
| Europe | 2,683 | 35% | 568 | 18% |
| China | 1,880 | 25% | 1,993 | 62% |
| North America | 1,665 | 22% | – | – |
| Rest of the World | 1,389 | 18% | 660 | 20% |
| Total | 7,617 | 100% | 3,221 | 100% |
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)
| Jan-Sep, 2024 | Jan-Sep, 2023 | %Change (YoY) | |
| Revenue | 19 | 6 | 217% |
| from Lotus(A) | 8 | 4 | 100% |
| from Other Customers | 11 | 2 | 450% |
(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)
| Jan-Sep, 2024 | Jan-Sep, 2023 | % Change (YoY) | |
| Revenues | 653 | 318 | 105% |
| Cost of revenues | 594 | 284 | 109% |
| Gross profit | 59 | 34 | 75% |
| Gross margin (%) | 9% | 11% | |
| Operating loss | (598) | (508) | 18% |
| Net loss | (667) | (527) | 27% |
| Adjusted net loss(A) | (633) | (527) | 20% |
| Adjusted EBITDA(A) | (563) | (486) | 16% |
(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
| 3Q 2024 | 3Q 2023 | % Change (YoY) | |
| Lifestyle SUV and Sedan | 1,594 | 891 | 79% |
| Sportscars | 1,150 | 891 | 30% |
| Total | 2,744 | 1,782 | 54% |
Key financial results
The table below summarizes key preliminary financial results for the third quarter in 2024.
(in millions of U.S. dollars, unaudited)
| 3Q 2024 | 3Q 2023 | %Change (YoY) | |
| Revenues | 255 | 188 | 36% |
| Cost of Revenues | 247 | 160 | 54% |
| Gross profit | 8 | 28 | (70%) |
| Gross margin (%) | 3% | 15% | |
| Operating loss | (160) | (163) | (2%) |
| Net loss | (206) | (174) | 19% |
| Adjusted net loss(A) | (209) | (174) | 20% |
| Adjusted EBITDA(A) | (182) | (154) | 18% |
(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.
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.
SOURCE: Lotus
