Lei Jianping on April 8
Lotus Technology Limited ("Lotus Technology", ticker symbol: "LOT"), a premium luxury electric vehicle manufacturer, today announced its full-year 2023 financial results. According to the financial report, thanks to the growth in sales of electric life cars and sports cars, Lotus Technology achieved an operating income of $679 million in 2023.
With the expansion of asset-light production, Lotus Technology's gross profit margin reached 15% in the first year of delivery of electric living vehicles. Lotus Technology has grown to 215 stores worldwide, with additional flagship stores in Paris, London and Seoul.
Q4 revenue of $361 million, up 92% sequentially
According to the financial report, Lotus Technology's revenue in 2023 will be $679 million, and the gross profit margin will reach 15%. Among them, Lotus Technology's revenue in the fourth quarter of 2023 reached $361 million, an increase of 92% from the previous quarter. In the first year of delivery of electric life models, this outstanding performance is inseparable from the increase in the production and sales scale of Lotus Technology's electric vehicles, driven by the asset-light model.
Lotus Technology delivered a total of 6,970 vehicles in 2023, setting an annual delivery record in the 76-year history of the Lotus brand, with electric models accounting for 63% of total deliveries.
In the fourth quarter of 2023, Lotus Technology deliveries increased by nearly 110% quarter-on-quarter. The increase in deliveries was mainly due to the expansion of production and sales of the company's first all-electric life vehicle, the Eletre, in the second half of the year.
In 2023, Lotus Technology continues to expand its global presence. As of December 31, 2023, the company has expanded to 215 stores worldwide, an increase of 46 stores from last year, laying the foundation for the global promotion of its products. In the past year, the company has opened new stores in prime locations such as the Golden Triangle of Paris, Mayfair of London, and Gangnam of Seoul.
Total deliveries expected to be 26,000 units this year, gross margin to increase to 17% to 19%
2024 is a pivotal year for Lotus Technologies to implement its Vision80 strategy. Lotus Technology will accelerate the delivery of its leading product portfolio in new markets.
Lotus Technology launched its first all-electric supercar sedan, the Emeya Blossom, in September 2023. The company delivered Emeya in China in March 2024 and plans to commence deliveries in Europe in the third quarter of 2024.
In 2024, Lotus Tech will begin deliveries of the Evija, the UK's first all-electric supercar.
In March 2024, Lotus Technology launched Lotus Chapman Bespoke, offering different levels of haute couture for Lotus products, including one-of-a-kind one-off products, limited editions created by artists, pioneering brands, top racers, and personalised and exclusive décor.
As part of its commitment to providing quality charging services to Lotus owners, Lotus Technology is also building 65 supercharging stations in prime locations in China, equipped with advanced 480kW overcharging solutions. In addition, around 300,000 public charging stations across Europe and China provide Lotus owners with convenient charging services. With the global rollout of electric models, the company expects to continue to expand its charging network.
In addition, Lotus Technology's all-electric supercar SUV Eletre will gradually enter more markets, including the United States. In 2024, the company expects total deliveries to approximately triple to 26,000 units and further improve gross margin to 17%-19%.
"We are pleased with the initial progress and results we have achieved in 2023, with the increase in deliveries reflecting the strength of our brand and increased capacity. "We look forward to further accelerating our growth in the year ahead and continuing to focus on creating long-term value for our customers, partners and investors, as well as continuing to advance our Vision80 strategy and continue to strengthen our luxury brand equity and leading technology advantages." ”
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