Lotus Technology Inc. ( (LOT) ) has released its Q4 earnings. Here is a breakdown of the information Lotus Technology Inc. presented to its investors.
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Lotus Technology Inc., a prominent player in the luxury and intelligent mobility sector, focuses on delivering high-end electric vehicles and advanced automobility technologies. The company recently released its unaudited financial results for the fourth quarter and full year of 2024, showcasing significant growth in vehicle deliveries and revenue despite facing global economic challenges.
In 2024, Lotus Technology delivered over 12,000 vehicles, marking a 74% increase from the previous year, with total revenue reaching $924 million, a 36% year-on-year growth. The European market emerged as the largest contributor, accounting for nearly 40% of deliveries, driven by the successful rollout of new models like Eletre and Emeya. Despite a competitive market, China and North America also showed strong performance, contributing 25% and 21% of total deliveries, respectively.
Financially, the company reported a gross margin of 3%, a decline from the previous year’s 15%, primarily due to tariff impacts and strategic destocking. Operating loss increased by 7% to $786 million, while net loss rose by 48% to $1,107 million. However, the company has been successful in reducing operating expenses for five consecutive quarters through efficiency initiatives.
Looking ahead, Lotus Technology plans to consolidate its global business under the Lotus brand by acquiring a majority interest in Lotus UK, which is expected to enhance operational flexibility and brand equity. The company is committed to strategic cost optimization and operational enhancements to improve profitability and deliver long-term value to its stakeholders.