LOTUS TECHNOLOGY INC

Latest Results (12.06.2024):

Revenue Growth

In the first quarter of 2024, LOTUS TECHNOLOGY INC reported a significant increase in revenue, reaching $173 million, which represents an 811% increase compared to $19 million in the first quarter of 2023. This substantial growth highlights the company's expanding market presence and successful sales strategies.

Net Loss

Despite the impressive revenue growth, LOTUS TECHNOLOGY INC experienced a net loss of $258 million in the first quarter of 2024, which is a 61% increase from a net loss of $160 million in the same quarter the previous year. This indicates ongoing challenges in achieving profitability amidst expansion efforts.

Global Expansion

LOTUS TECHNOLOGY INC continues to focus on global expansion, with international markets outside China accounting for over 75% of total deliveries in the first quarter of 2024. The company's strategic presence in over 200 stores worldwide supports its growth in luxury electric vehicle sectors.

Product Deliveries

The first quarter of 2024 saw LOTUS TECHNOLOGY INC delivering a total of 2,194 vehicles, marking a 731% increase year-over-year from 264 vehicles in the first quarter of 2023. This growth was driven by strong sales in both lifestyle vehicles and sports cars, emphasizing the brand's strengthening market position.

Future Outlook

Looking ahead, LOTUS TECHNOLOGY INC's CEO Qingfeng Feng expressed optimism about the company's direction and ongoing projects under the Vision80 plan. The plan focuses on innovation and excellence, aiming to expand further into new markets and introduce new models throughout the year, enhancing the company's global footprint in the luxury electric vehicle industry.