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]

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]

In the full year of 2024, the Company achieved total deliveries of 12,134 units, representing a 74% year-on-year (YoY) increase, powered by over 200 stores worldwide. The Company maintained a growth trajectory amid global trade uncertainties and economic slowdown. The European market contributed nearly 40% of total deliveries. With Eletre rollout and Emeya commencing deliveries in mid-2024, the European market achieved a YoY growth rate of 179%, positioning Europe as the Company's largest global market in 2 ...

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].