路特斯科技三季度财报：销量、毛利率小幅回升

Core Viewpoint - Lotus Technology reported improvements in sales and profit margins in its Q3 2025 financial results, despite still facing operating losses [1][3]. Sales Performance - The company delivered a total of 1,800 vehicles in Q3, representing a 35% year-over-year decline but a 28% increase quarter-over-quarter [3]. - In China, the delivery volume reached 735 units in Q3, marking a 7.1% year-over-year increase, while Lotus brand sales grew by 11% from January to September [3]. Profitability - The gross margin for Q3 improved to 8%, up 3 percentage points from Q2 and 5 percentage points from the same period last year [3]. - Despite these improvements, the company reported an operating loss of $9.5 million (approximately 67 million RMB) in Q3, a 41% year-over-year increase, with a net loss of $6.5 million (approximately 46 million RMB), up 68% year-over-year [3]. Brand Development - Lotus attributes its performance recovery to the deepening global brand influence, highlighted by successful participation in various racing events [3]. - The brand showcased its transition from traditional sports cars to electric and intelligent vehicles at the Munich Auto Show (IAA 2025) with the debut of the Theory 1 concept car [4]. Market Strategy - The company is optimizing retail efficiency and preparing to enter new markets, including Brazil [5]. - It expects to maintain a high single-digit gross margin for the current year and improve further in the next year [5]. - A new plug-in hybrid model is set to launch in the Chinese market in Q1 next year, aimed at meeting diverse customer needs and enhancing market share for electric vehicles [5].