Lotus Technology(US:LOT) Globenewswireยท2025-08-29 10:00Core Insights - Lotus Technology Inc. reported its unaudited financial results for the second quarter and first half of 2025, highlighting significant challenges in deliveries and revenue due to market conditions and tariff impacts [1][6][10]. Operating Highlights - Total deliveries for the first half of 2025 were 2,813 units, a 43% decrease compared to 4,904 units in the first half of 2024 [2][3]. - The China market was the primary contributor to deliveries, with the upgraded Eletre hyper SUV becoming a leading model in the premium luxury BEV SUV segment [3][4]. - Deliveries of sportscars to North America were disrupted in the second quarter due to tariff issues but resumed in July [3]. Financial Highlights - Total revenue for the first half of 2025 was $218 million, a 45% decrease from $398 million in the same period of 2024 [6][7]. - The operating loss narrowed by approximately 40% year-on-year to $263 million, while the net loss was $313 million, a 32% reduction from the previous year [6][7][10]. - Gross margin for the first half was 8.2%, down from 12.8% in the first half of 2024 [7][8]. Recent Developments - The company is expected to acquire 100% of Lotus Advance Technologies Sdn by 2025, following the exercise of put options by Etika Automotive and Geely [4][10]. - Lotus Robotics entered into a Memorandum of Understanding for collaboration on intelligent driving technologies, including a Robotaxi project in Saudi Arabia [12][10]. - The company secured a funding commitment of approximately $500 million from institutional investors and strategic partners [6][10]. CEO and CFO Comments - The CEO emphasized the company's resilience in a competitive market and the importance of recent capital injections for future growth [10]. - The CFO noted a quarter-over-quarter revenue growth of 35% due to increased deliveries of upgraded models in China, alongside improved gross margins supported by cost controls [10].