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]
Lotus Technology Reports Unaudited Third Quarter and First Nine Months 2024 Financial Results