Lotus Technology Inc. (LOT) reported a consecutive jump in quarterly revenue according to its unaudited fourth-quarter financials.
Lotus Technology’s Luxury EVs Boost Quarterly Revenue
The Chinese electric vehicle (EV) maker recorded Q4 earnings of $361m for a 92% quarter-on-quarter spike.
It contributed this financial performance to its “asset-light business model” that boosted battery electric vehicle (BEV) production and sales. This revenue performance follows on the heels of the Lotus Tech IPO on 23 February 2024, less than two months ago.
Despite a global slump in EV demand and sales on the back of high interest rates, Lotus Tech maintained a positive bottom line. At its debut, the company was valued at roughly $7bn and went public through blank check vessel L Catterton Asia Acquisition Corp.
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According to the Lotus Tech press release, it sold 6,970 vehicles in 2023, an all-time record sales record for the Lotus brand. The company’s quarter-on-quarter sales surged by 110%. Lotus Tech expects this number to increase threefold to approximately 26,000 in 2024.
In March 2024, the firm started delivering its Emeya hyper-grand tourer in China. It said Emeya’s rollout to Europe should begin during the third quarter of 2024. Additionally, Lotus Tech plans to prepare its Eletre hyper-SUV for broader markets, which include the US.
Lotus Tech reported a 4% rise in its quarterly gross margin and expects a 17% to 19% gross margin in 2024. The company’s shares closed Monday, 8 April 2024, trading at 1.39% in the green. Its current market cap hovers around $4.7bn.
