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]

Core Insights - Lotus Technology Inc. reported a significant operational growth with total vehicle deliveries reaching 7,617 units in the first nine months of 2024, marking a 136% year-on-year increase [2][13] - The company's total revenue for the same period was $653 million, more than doubling from the previous year, with a 105% year-on-year increase [8][9] - The intelligent driving business revenue from customers other than Lotus surged to $11 million, reflecting a remarkable 450% year-on-year growth [6][13] Delivery Performance - In the first nine months of 2024, Lotus delivered 7,617 vehicles, with Europe showing a 372% increase in deliveries [2][3] - The deliveries by model type included 3,983 Lifestyle SUVs and Sedans (up 126% YoY) and 3,634 Sportscars (up 149% YoY) [5] - The company achieved a diversified global allocation, with each region contributing 18-35% to total deliveries [2] Financial Highlights - Total revenues for the first nine months of 2024 reached $653 million, with sales of goods at $624 million and service revenues at $29 million [8][9] - The gross margin for the first nine months was 9%, down from 11% in the same period of 2023, primarily due to inventory management [8][9] - The operating loss for the first nine months was $598 million, a 18% increase year-on-year, while the net loss was $667 million [8][9] Technological Advancements - Lotus launched its Hyper Hybrid EV technology, featuring a combined range of over 1,100 kilometers and industry-leading Dual Hyper Charging technology [4][11] - The company continues to innovate in intelligent driving solutions, securing a total contract value of approximately $130 million with various automakers [6][13] Recent Developments - The company commenced deliveries of the Emira in South Africa and India, and the Eletre in Japan, South Korea, and the Philippines [3] - Lotus started an open beta test for urban NOA (Navigate on Autopilot) services in key cities, following the launch of highway OTA services [12]

Core Viewpoint - Lotus Technology Inc. will report its unaudited third quarter 2024 financial results on November 21, 2024, before market opening in the United States [1] Group 1: Financial Reporting - The earnings conference call is scheduled for 7:00 AM U.S. Eastern Time on November 21, 2024 [2] - A live audio webcast and replay will be available on the Company's investor relations website following the call [2] Group 2: Company Overview - Lotus Technology Inc. operates in the UK, EU, and China, focusing on luxury lifestyle battery electric vehicles [3] - The Company emphasizes world-class R&D in next-generation automobility technologies, including electrification and digitalization [3]

Core Insights - Lotus Technology Inc. has received the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category, marking it as the only winner from the automotive industry among over 700 global entrants [1][2] - The award recognizes companies that are making significant strides in transforming their business models towards sustainability, highlighting Lotus Tech's comprehensive sustainability strategy and transparent disclosures [1] Business Transformation - Since the announcement of its Vision80 Strategy in 2018, Lotus Tech has focused on becoming a leading intelligent and luxury mobility provider, launching three electric vehicles: the Evija hypercar, Eletre SUV, and Emeya GT Sedan, which are distributed globally [2] - The Chairman of the ESG Committee at Lotus Tech expressed pride in the recognition and emphasized the company's commitment to driving positive change for future generations and the planet [2] Company Overview - Lotus Technology Inc. operates in the UK, EU, and China, specializing in luxury lifestyle battery electric vehicles and focusing on R&D in next-generation automobility technologies, including electrification and digitalization [2]

NEW YORK, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ("Lotus" or the "Company"), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first nine months of 2024. Lotus continues to achieve top-rate growth among traditional luxury car brands, delivering 7,543 vehicles1 in the first nine months of 2024, representing a year-on-year increase of 134%. Global allocation in terms of deliveries remained well-distributed, with Europe, China, Nort ...