Financial Performance (Q1 2025 vs Q1 2024) - Deliveries decreased by 42%, from 2,194 units in 1Q2024 to 1,274 units in 1Q2025 [13] - Revenues decreased by 46%, from $173 million in 1Q2024 to $92.823 million in 1Q2025 [13, 33] - Cost of revenues decreased by 43%, from $143 million in 1Q2024 to $81.674 million in 1Q2025 [13, 33] - Gross profit decreased by 63%, from $30 million in 1Q2024 to $11.149 million in 1Q2025 [13, 33] - Gross profit margin decreased by 6%, from 18% in 1Q2024 to 12% in 1Q2025 [13] - Operating loss decreased by 56%, from $(233) million in 1Q2024 to $(102.995) million in 1Q2025 [13, 33] - Net loss decreased by 29%, from $(258) million in 1Q2024 to $(182.825) million in 1Q2025 [13, 33] - Adjusted EBITDA decreased by 33%, from $(204) million in 1Q2024 to $(136.403) million in 1Q2025 [13, 35] Assets and Liabilities (Mar 31, 2025 vs Dec 31, 2024) - Total current assets decreased from $1,042.938 million to $1,013.737 million [28] - Total assets decreased from $2,285.663 million to $2,266.871 million [28] - Total current liabilities decreased from $2,467.397 million to $2,246.432 million [28] - Total liabilities increased from $3,145.889 million to $3,308.082 million [30] - Total shareholders' deficit increased from $(860.226) million to $(1,041.211) million [30]

Financial Data and Key Metrics Changes - In Q1 2025, the company delivered nearly 1,300 vehicles to distributors, down 42% year on year, while user vehicle deliveries exceeded 2,000 units, up by more than 10% year on year [6][7] - Quarterly revenues narrowed to $93 million, but gross margin improved to 12%, recovering from negative territory in Q4 of the previous year [8][10] - Cost of revenue decreased by 43% year on year to $82 million, resulting in a gross profit of $11 million [9] - The operating loss for Q1 was $103 million, a 56% year on year decrease, while the net loss was $183 million, representing a 29% reduction [10] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 56% of total Q1 deliveries, consistent with full year 2024 figures [8] - The company is revamping its Electro HyperSUV and EMEA Hyper GT Landmap with upgraded configurations, with deliveries expected to begin in Europe in Q3 [7] Market Data and Key Metrics Changes - By region, Europe, China, and North America each contributed approximately one-third of total deliveries, with the rest of the world accounting for 4% [8] - Current regional share of deliveries since 2024 is 22% in North America, 38% in Europe, 14% for the rest of the world, and 26% for China [19] Company Strategy and Development Direction - The company emphasizes brand establishment, particularly in the sports car segment, and has launched a national level GT1 racing series to enhance brand awareness [11][12] - The company is focusing on developing hyper hybrid EV technology, which has gained significant interest and is expected to debut at the end of this year [13][15] - The strategy includes localization plans in the U.S. to mitigate the impact of tariff hikes [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the PHEV market is growing rapidly in both China and the U.S., and the company is confident in the acceptance of its hyper hybrid technology [23][24] - The company aims to balance delivery distribution across markets, targeting 30% in the U.S., 30% in the EU, and 30% in China [18] Other Important Information - The company has successfully reduced operating expenses for six consecutive quarters through efficient enhancement plans [10] - The new hyper hybrid model is expected to feature a range of 300 kilometers on electric power and over 1,000 kilometers combined driving range [17] Q&A Session Summary - No formal Q&A session was held, but management addressed questions regarding hyper hybrid initiatives and global market strategies [22] - Insights shared included the unique advantages of Lotus's PHEV technology, which combines ICE and electric motor benefits for performance and energy efficiency [23][24]

Financial Data and Key Metrics Changes - The company delivered nearly 1,300 vehicles to distributors, down 42% year on year [7] - User vehicle deliveries exceeded 2,000 units, up by more than 10% year on year [8] - Quarterly revenues narrowed to $93 million, with a gross margin recovery to 12% [9] - Cost of revenue decreased by 43% year on year to $82 million, resulting in a gross profit of $11 million [10] - Operating loss for Q1 was $103 million, a 56% year on year decrease, while net loss was $183 million, representing a 29% reduction [10] Business Line Data and Key Metrics Changes - Lifestyle vehicles accounted for 56% of total Q1 deliveries, consistent with full year 2024 figures [9] - The company is revamping its Electro HyperSUV and EMEA Hyper GT Landmap with upgraded configurations, with deliveries expected to start in Q2 [8] Market Data and Key Metrics Changes - Deliveries were approximately one-third from Europe, China, and North America, with the rest of the world accounting for 4% [9] - Current regional share of deliveries since 2024: 22% in North America, 38% in Europe, 14% for the rest of the world, and 26% for China [22] Company Strategy and Development Direction - The company emphasizes brand establishment, particularly in the sports car segment, and launched a national level GT1 racing series [13][14] - The focus is on performance and sustainable practices, with the introduction of hyper hybrid EV technology [15] - The company plans to leverage its PHEV and BEV products in the U.S. market while discussing localization plans to mitigate tariff impacts [21][23] Management Comments on Operating Environment and Future Outlook - Management noted the growing interest in PHEV technology, which combines ICE and electric motor advantages [26] - The company believes that its hyper hybrid technology can meet performance and energy-saving demands, particularly in markets with low BEV penetration [18][28] - Future plans include prioritizing hyper hybrid technology for both lifestyle and sports vehicles [29] Other Important Information - The company has successfully reduced operating expenses for six consecutive quarters [11] - The new performance-oriented hyper hybrid model is expected to debut at the end of this year, with deliveries starting in Q1 next year [20] Q&A Session Summary Question: What is the progress of the hyper hybrid initiatives and global market strategies? - Management highlighted the rapid growth of the PHEV market in China and the U.S., emphasizing the unique performance capabilities of their PHEV products [26] - The company is investigating the feasibility of a hyper hybrid sports car to cater to both ICE and electric vehicle enthusiasts [28]

Core Insights - Lotus Technology Inc. reported a significant decline in deliveries and financial performance for Q1 2025, with total deliveries of 1,274 units, a 42% decrease year-on-year [2][5][10] - The company is undergoing a transition period with the introduction of upgraded models, including the Eletre hyper-SUV and Emeya hyper-GT, expected to boost future deliveries [3][4] Operational Highlights - Total deliveries in Q1 2025 were 1,274 units, down from 2,194 units in Q1 2024, with a notable decline in both lifestyle SUVs and sportscars [5][6] - Deliveries by region showed a balanced distribution, with Europe, China, and North America each contributing 32% of total deliveries [6] Financial Highlights - Revenues for Q1 2025 were $93 million, a 46% decrease from $173 million in Q1 2024 [8][10] - Gross profit fell to $11 million, down 63% year-on-year, resulting in a gross margin of 12%, compared to 18% in the same period of 2024 [10][11] - The operating loss narrowed by 56% year-on-year to $103 million, while the net loss was $183 million, a 29% reduction from the previous year [10][11] Recent Developments - Lotus introduced new models such as the 2026 Emira V6 SE and Emira Turbo, targeting international markets [4] - The company launched a national-level GT single-make racing series in China, enhancing its brand presence [17] - Lotus is set to unveil its first PHEV model this year, utilizing its new Hyper Hybrid EV technology [17] Management Commentary - The CEO expressed optimism about the recovery in margin profiles and international market contributions, emphasizing the need for strategic pathways and localization opportunities [13] - The CFO highlighted improvements in cost structure and operational discipline, with six consecutive quarters of reduced operating expenses [13]

Core Viewpoint - Lotus Technology Inc. is set to report its unaudited financial results for the first quarter of 2025 on June 25, 2025, before the market opens in the United States [1]. Financial Reporting - The earnings conference call will take place at 8:00 AM U.S. Eastern Time on June 25, 2025, with a live audio webcast available [2]. - Participants can register for the live webcast and will receive confirmation emails with access information upon registration [2][3]. Company Overview - Lotus Technology Inc. operates in the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles and next-generation automobility technologies such as electrification and digitalization [3].

Core Viewpoint - Lotus Technology Inc. has released its 2024 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to sustainable practices and leadership in clean mobility [1][2]. Group 1: ESG Report Highlights - The 2024 ESG Report has been audited by TÜV NORD, ensuring credibility in its findings [1]. - Lotus Tech received notable awards in 2024, including the Reuters Sustainability Award and the EU Chamber of Commerce Sustainable Business Award, recognizing its achievements in sustainability [2]. Group 2: Innovative Green Products - Lotus Tech introduced its first concept car, Theory 1, which focuses on advanced technology and sustainable development, utilizing only ten main A-surface materials compared to the industry average of 100 [4]. Group 3: Green Manufacturing Excellence - The Lotus Global Smart Factory has achieved the "Leading-Zero Carbon Factory" certification, highlighting its commitment to carbon neutrality and sustainable production practices [4]. Group 4: Global Sustainability Engagement - In 2024, Lotus Tech contributed to the World Economic Forum's Nature Positive Transitions Report series, demonstrating its active participation in global sustainability initiatives [4].

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 ...

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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 the fourth quarter, over 4,500 vehicles were delivered, representing a 20% year-on-year increase [7] - Revenue for the fourth quarter narrowed by 12% year-on-year to $272 million, while full-year revenue increased by 36% year-on-year to $924 million [7] - The cost of revenues increased to $395 million for the full year and $300 million for the fourth quarter, resulting in a gross profit margin of 3% for the full year and 11% for the fourth quarter [11] - The company reported an operating loss of $736 million for the year and $189 million for the fourth quarter, with a net loss of $117 million for the full year and $441 million for the fourth quarter [11] Business Line Data and Key Metrics Changes - Lifestyle vehicles increased by 57% year-on-year, accounting for 57% of total deliveries [8] - The company has four models under delivery, including one SUV, one sedan, and two sports cars [13] - The intelligent driving business achieved a revenue of $22 million from external customers, indicating growth compared to the previous year [39] Market Data and Key Metrics Changes - Europe saw a year-on-year increase of approximately 180%, contributing nearly 40% of total deliveries [9] - North America, primarily the United States, experienced a 415% increase in deliveries, making up 21% of total deliveries [10] - The rest of the world represented 15% of total deliveries with nearly 90% year-on-year growth [10] Company Strategy and Development Direction - The company aims to enhance its international footprint, having entered more than 10 countries in the GCC region, Asia, and Oceania [13] - A focus on cost reduction and efficiency improvement has been maintained, with operating expenses reduced for five consecutive quarters [14] - The launch of the Theory One concept car emphasizes sustainable materials and design principles, setting a direction for future models [14] - The company plans to launch a PHEV model by the end of 2025 and aims to deliver a total of six models under its Vision 80 strategy [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global trade uncertainties and economic slowdown but highlighted the company's growth in vehicle deliveries [7] - The CEO noted that the company is exploring solutions for the U.S. market, particularly in light of high tariffs affecting lifestyle vehicles produced in China [48][79] - The management expressed confidence in improving gross margins in 2025 due to the launch of new models and better product cost structures [44][56] Other Important Information - The company has reclaimed proprietary rights to its iconic logo in China, ensuring consistency in branding [15] - A strategic partnership with Taosao Mobility was established to launch an intelligent mobility platform for robotaxi services [17] - The company is investigating a new V8 powertrain system to enhance vehicle performance [30] Q&A Session Summary Question: Plans for Emera model enhancements - The CEO acknowledged the suggestion for a lighter, higher horsepower Emera model and mentioned that the U.S. market is a priority for such developments [28][30] Question: ADAS revenue contribution and guidance - The CFO indicated improvements in ADAS revenue and mentioned ongoing efforts to secure new design wins [35][39] Question: Margin trajectory and tariff impacts - The CFO expressed optimism for improved margins in 2025, citing the end of stock clearing requirements and better product cost structures [44][48] Question: Factors behind gross profit decline in Q4 - The CFO attributed the decline to stock issues and tariff impacts, along with accounting policy changes affecting service revenue [52][54] Question: Cash burn rate and financing expectations - The CFO confirmed ongoing efforts to address cash gaps through operations and financing, with no specific financing announcements expected in the near term [62] Question: Management capabilities and recent changes - The CEO highlighted the experience of the new management team, emphasizing their backgrounds in luxury brand management [66][68] Question: Impact of the put option on financials - The CFO clarified that the execution of the put option would be a non-cash deal, not directly affecting cash flow [75] Question: U.S. market strategy and sales targets - The CEO confirmed that the U.S. market remains a priority, with expectations for increased sales despite tariff challenges [79]