Core Points - Lotus Technology Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission [1] - The annual report is available on the Company's investor relations website and shareholders can request a hard copy of the audited consolidated financial statements free of charge [2] - Lotus Technology Inc. operates in the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles and next-generation automobility technologies [3]

(Address of Principal Executive Offices) Daxue Wang, Chief Financial Officer Email: ir@group-lotus.com No. 800 Century Avenue Pudong District, Shanghai, People's Republic of China (Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12 (b) of the Act: | Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | | --- | --- | --- | | American depositary shares (each representing one ordinar ...

Lotus Technology (LOT) Q4 2024 Earnings Call April 22, 2025 08:00 AM ET Company Participants Demi Zhang - Head of Investor Relations, Board Secretary Office, ESG Committee & Disclosure Committee MemberDaxue Wang - CFOQingfeng Feng - CEO & DirectorLaura Li - Equity Research Associate Conference Call Participants None - Analyst Operator Thank you for standing by, and welcome to the Lotus Technology Inc. Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. I would now like to hand the conf ...

Financial Data and Key Metrics Changes - In 2024, the company delivered over 12,000 vehicles, reflecting a year-on-year increase of over 70% [7] - For Q4, over 4,500 vehicles were delivered, representing a 20% year-on-year increase [8] - Revenue for Q4 narrowed by 12% year-on-year to $272 million, while full-year revenue increased by 36% year-on-year to $924 million [9] - The cost of revenues increased to $895 million for the full year and $301 million for Q4, resulting in a gross profit margin of 3% for the full year and negative 11% for Q4 [13] Business Line Data and Key Metrics Changes - Lifestyle vehicles increased by 57% year-on-year, accounting for 57% of total deliveries [10] - The intelligent driving business saw significant accounting adjustments due to a change in booking policy, impacting revenue recognition [104] Market Data and Key Metrics Changes - Europe, the home of the Lotus brand, saw an annual increase of approximately 180%, contributing nearly 40% of total deliveries [11] - China contributed one-quarter of total deliveries, while North America surged by 15%, making up 21% of total deliveries [11] Company Strategy and Development Direction - The company aims for internationalization, having entered over 10 new countries in the GCC region, Asia, and Oceania [23] - A focus on sustainable materials and redefining luxury was highlighted with the launch of the concept car Zero One [24][25] - The company plans to enhance its product lineup with new models and upgrades, including a new electric car and a hyper-hybrid model [58][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of global trade uncertainties and economic slowdown but emphasized remarkable growth in vehicle deliveries [9] - The company expects improved gross margins in 2025 due to better product cost structures and the launch of new models [92][107] - The U.S. market remains a priority, with plans to address tariff impacts and explore manufacturing solutions [145][147] Other Important Information - The company has received a put option notice from Geely to acquire 51% of Lotus UK, which is expected to be a non-cash transaction [46][50] - The management team has undergone changes, with a new CFO and sales manager for the Chinese market, both bringing extensive experience in luxury car sales [118][120] Q&A Session Summary Question: Plans for a lightweight Amira with enhanced features - Management acknowledged the suggestion and noted that the U.S. market is crucial for Amira, with nearly 50% of sales coming from there [67][68] Question: Contribution of ADAS revenue and guidance - The intelligent driving business is expected to align with industry benchmarks, with a margin of about 30% [110] Question: Factors behind the decline in gross profit in Q4 - The decline was attributed to stock clearing and accounting adjustments in the intelligent driving business [103][104] Question: Cash burn rate and financing expectations - The company is addressing cash gaps through operations and financing, with ongoing discussions with investors [115] Question: U.S. market strategy amid geopolitical tensions - Management emphasized the importance of the U.S. market and plans to explore solutions for lifestyle vehicle exports [145][146]

Core Viewpoint - Lotus Technology Inc. announced the exercise of a put option by Geely International, requiring the company to purchase 51% of Lotus Advance Technologies Sdn Bhd, enhancing its control over Lotus UK and consolidating its financial results [1][3]. Group 1: Acquisition Details - Geely exercised its put option on April 14, 2025, mandating Lotus Technology to acquire 51% of Lotus UK [1]. - The acquisition will be executed through a non-cash transaction based on a pre-agreed pricing method, expected to be completed by 2025, pending regulatory approvals [3]. - The acquisition aligns with the strategic goal of integrating all businesses under the Lotus brand, which is anticipated to strengthen brand equity and operational synergies [5]. Group 2: Financial Implications - The company will issue new shares valued at $10 per share as part of the acquisition consideration [5]. - Lotus UK is valued at 1.15 times its revenue plus cash minus debt, based on the audited financial report of 2024 [5]. Group 3: Operational Context - Lotus UK oversees the manufacturing of Lotus sportscars and hyper cars, as well as providing consultancy services to OEMs and Tier 1 suppliers globally [2]. - The put option agreements with Geely and Etika were contingent upon Lotus UK and its subsidiaries selling over 5,000 vehicles in 2024, a condition that has been satisfied as of December 31, 2024 [4].

Core Viewpoint - Lotus Technology Inc. has announced significant changes to its management team, including the appointment of a new Chief Financial Officer and an independent director, aimed at enhancing its leadership and strategic direction in the luxury mobility sector [1][2][3]. Management Changes - Mr. Daxue Wang has been appointed as the Chief Financial Officer effective April 8, 2025, following the resignation of Mr. Alexious Lee for personal reasons [2]. - Mr. Wang has extensive experience in finance, having previously served as CFO of Radar Auto and held executive roles at various financial institutions including Morgan Stanley and Citi Group [2]. - Ms. Catherine Cai has been appointed as an independent director and will serve on multiple committees, bringing over three decades of investment banking experience, including senior positions at UBS and Citigroup [3]. Leadership Comments - Mr. Qingfeng Feng, CEO of Lotus, expressed enthusiasm for Mr. Wang's appointment, highlighting his financial and operational expertise [4]. - Mr. Donghui Li, Chairman of the Board, welcomed Ms. Cai, noting her investment banking expertise will add significant value to the company [4]. Company Overview - Lotus Technology Inc. operates in the UK, EU, and China, focusing on luxury battery electric vehicles and advanced R&D in next-generation automotive technologies [5].

Core Points - Lotus Technology Inc. will report its unaudited fourth quarter and full year 2024 financial results on April 22, 2025, before market opening in the United States [1] - The management will host an earnings conference call at 8:00 AM U.S. Eastern Time on the same day, with a live audio webcast available [2] - Lotus Technology Inc. operates across the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles and next-generation automobility technologies [3]

Core Insights - Lotus Technology Inc. has formed a strategic partnership with CaoCao Mobility to enhance intelligent mobility solutions in the ride-hailing industry [1][2] - The collaboration aims to leverage Lotus Robotics' intelligent driving technology and CaoCao Mobility's operational expertise to accelerate the deployment of robotaxi services across China [2][3] Company Developments - Lotus Robotics has launched an intelligent mobility platform for robotaxis in partnership with CaoCao Mobility, marking a significant advancement in the intelligent mobility sector [1][2] - The partnership will utilize CaoCao Mobility's extensive network of 35,000 enterprises across 57 cities to establish a competitive edge in the market [2] - Pilot operations for robotaxis equipped with Lotus Robotics' technology have commenced in Suzhou and Hangzhou, indicating the start of commercial deployment [3] Technological Innovations - Lotus Robotics is set to introduce advanced features such as mapless Urban Navigate on Autopilot and high-precision navigation capabilities, with a global rollout planned for Q4 2025 [4] - The company has been providing end-to-end intelligent driving solutions to various global OEMs, which is expected to diversify its revenue streams and enhance growth [5] Industry Context - The partnership with CaoCao Mobility is part of a broader trend in the intelligent mobility sector, where companies are increasingly integrating advanced technologies to improve ride-hailing services [2][3] - Lotus Technology Inc. operates in multiple regions including the UK, EU, and China, focusing on luxury battery electric vehicles and next-generation automobility technologies [6]

Company Performance - Lotus Technology Inc delivered 12,065 vehicles in 2024, marking a year-on-year increase of over 70%, the highest growth rate among leading luxury brands [1] - China accounted for approximately 25% of the company's total global deliveries in 2024 [1] Future Plans - The company aims to increase global deliveries by 20% in 2025, with China expected to contribute 25-28% of total deliveries [2] - Lotus successfully reclaimed proprietary rights to the LOTUS roundel, LOTUS word mark, and the Chinese character "莲花" in China, achieving global trademark consistency [2] Operational Details - The reported vehicle delivery numbers include invoiced deliveries and commissioned deliveries in the US market, derived from business unit reports [3] - The delivery numbers may slightly differ from those recorded in the company's financial accounting and reporting systems [3] Company Overview - Lotus Technology Inc operates across the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles [4] - The company emphasizes world-class R&D in next-generation automobility technologies, including electrification and digitalization [4]

Core Insights - Lotus Technology Inc. delivered a total of 9,871 vehicles in the first eleven months of 2024, showcasing strong sales performance [2] - The European market accounted for nearly 40% of total deliveries, while China contributed about 25%, indicating significant growth in these regions [2] - The company received the Green Apple Environment Award in November for its commitment to sustainable environmental practices [2] Company Overview - Lotus Technology Inc. operates across the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles and next-generation automobility technologies [4] - The company emphasizes research and development in areas such as electrification and digitalization [4]