- Lotus Technology (LOT, Financial) delivered over 12,000 vehicles in 2024, marking a 74% year-over-year increase.
- Total revenue surged to $924 million, reflecting a 36% year-over-year growth.
- Europe became Lotus's largest market with a 39% share of deliveries, showcasing a 179% year-over-year growth.
- Gross margin dropped sharply from 15% in 2023 to 3% in 2024, with a net loss escalating by 48% year-over-year to $1.1 billion.
Lotus Technology Inc. (LOT), a leading global player in luxury mobility, reported a significant year-over-year increase in both vehicle deliveries and revenues for the fiscal year 2024. The company delivered a total of 12,134 vehicles, marking a robust 74% increase compared to the previous year. This surge was supported by an extensive network of over 200 stores globally.
Revenue for the year reached $924 million, up 36% from 2023. Despite these achievements, the company's financial metrics reflected some challenges. The gross margin dropped to 3% from 15% a year earlier, while the net loss widened to $1,107 million, a substantial 48% increase year-over-year.
Europe emerged as the primary market for Lotus, accounting for 39% of total deliveries, with a remarkable 179% growth year-over-year. In North America, the share of deliveries increased to 21% from the previous 7% in 2023. However, China saw a reduction in its contribution, dropping from 55% to 25% amid stiff market competition and economic downturns.
In a strategic move, Lotus Technology announced plans to acquire a 51% equity stake in Lotus UK from Geely through a non-cash transaction. This acquisition aims to centralize all global businesses under the Lotus brand, with completion expected in 2025, subject to regulatory approvals.
Overall, while Lotus Technology demonstrated significant growth in operational outputs, the decrease in profitability metrics highlights underlying structural challenges in the business, raising concerns about the sustainability of the current growth trajectory.
