Lotus Technology posts annual revenue of $679 million in 2023

Beijing (Gasgoo)- High-end luxury electric vehicle manufacturer Lotus Technology Inc. ("Lotus Technology" or "the Company") released its unaudited financial report for the fourth quarter and full year ended December 31, 2023. 

Eletre; photo credit: Lotus

The company has steadily implemented its Vision80 strategy, aiming to become a premium provider of pure electric intelligent mobility services by 2028, the 80th anniversary of the Lotus brand's establishment.

In 2023, the company achieved a revenue of $679 million, with a gross profit margin of 15%. Specifically, the revenue for the fourth quarter of 2023 reached $361 million, representing a 92% increase compared to the previous quarter. This remarkable performance was driven by the company’s asset-light business model, facilitating the significant expansion of Lotus Technology's electric vehicle production and sales scale.

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 vehicles accounting for 63% of the total deliveries. In the fourth quarter of 2023, the company's delivery volume increased by nearly 110% quarter on quarter, reaching 3,749 vehicles. This growth in delivery volume was primarily attributed to the expanded production and sales of the company's first pure electric lifestyle vehicle, the Eletre, in the second half of 2023.

In 2023, Lotus Technology continued to expand its global business, with its global store count reaching 215 as of December 31, 2023, an increase of 46 compared to the previous year. Over the past year, the company has opened new stores in key strategic cities worldwide, including prime locations in Paris's Golden Triangle, London's Mayfair district, and Seoul's Gangnam district.

Emeya; photo credit: Lotus

2024 is a crucial year for Lotus Technology's implementation of the Vision80 strategy. The company will accelerate deliveries of its leading product portfolio in new markets. In March 2024, the company began deliveries of its first pure electric supercar, the Emeya, which is currently being delivered in China and is expected to be delivered in Europe in the third quarter of 2024. Additionally, the Eletre model will gradually enter more markets, including the United States. 

In 2024, the company expects total auto deliveries to increase approximately threefold to 26,000 vehicles, with a further increase in gross profit margin to 17%-19%.