Core Points - Lotus Technology has signed a securities purchase agreement with ATW Partners to issue convertible notes worth up to $300 million (approximately 2.15 billion RMB) [1][6] - The company also signed a credit framework agreement with Geely, allowing for a non-revolving credit line of up to 1.6 billion RMB [6] - Following these announcements, Lotus's stock price increased for three consecutive days, closing at $2.2 per share (approximately 15.7 RMB) on August 22 [6] Financial Performance - In Q1, Lotus delivered a total of 1,274 vehicles globally, with revenue of $93 million (approximately 660 million RMB), a 46% decline year-over-year [6] - The gross profit for the quarter was $11 million (approximately 78.82 million RMB), with a gross margin of 12% [6] - The overall operating loss was $103 million (approximately 740 million RMB), which narrowed by 56% compared to the same period last year [6] Market Strategy - Lotus has rebranded in the Chinese market as "Lotus" and is expanding its product matrix [6][7] - The company plans to launch its first plug-in hybrid model based on the 900V Hyper Hybrid EV technology by the end of 2024 [7] - Lotus aims to maintain a differentiated strategy amidst fierce market competition, optimizing product configurations and expanding its product offerings [7] - The company reported that sales in Europe, China, and North America each accounted for 32% of total sales, with the European market experiencing a 179% year-over-year growth [7]