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]