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Lotus Technology Inc. (symbol: LOT) is a leading innovator in the battery electric vehicle (BEV) market, specializing in the design, development, and sale of BEV lifestyle vehicles under the renowned Lotus brand. The company also distributes luxury sports cars and provides various sales and ancillary services to enhance customer experience.
Headquartered in China but with operations extending across the UK and the EU, Lotus Technology Inc. aims to deliver top-tier luxury lifestyle BEVs. The company's focus is on pioneering next-generation automobility technologies, emphasizing electrification and digitalization. They continually invest in world-class R&D to stay ahead in this competitive sector.
Recent achievements include significant operational and financial milestones in 2023. The company has diversified its portfolio with multiple model types, expanding its geographical footprint with stores in various regions. Financially, the unaudited consolidated and combined balance sheets and statements of comprehensive loss have been published to maintain transparency with stakeholders.
For those interested in the latest updates, Lotus Technology Inc. regularly publishes summaries of operational and financial results. These updates include key metrics like deliveries by model type and geographical store distribution.
Investors can find detailed reports and contact information on the company's investor relations website. The company is committed to providing comprehensive and timely information to its shareholders and the public.
Lotus Technology reported delivering 9,871 vehicles in the first eleven months of 2024. The company maintained strong performance in Europe, which accounted for nearly 40% of total deliveries, while China contributed approximately 25%. The company was recognized with the Green Apple Environment Award in November for its sustainable environmental practices. Lotus has established itself as a leading British luxury brand, competing with prestigious manufacturers like Bentley, Rolls Royce, Aston Martin, and McLaren.
Lotus Technology has selected AWS as its preferred cloud provider to advance its intelligent and luxury vehicle development. The partnership supports Lotus's Vision80 Strategy to become a global luxury technology brand by 2028. Using AWS's technologies including IoT, analytics, machine learning, and generative AI, Lotus will enhance its autonomous driving solutions, connected features, and vehicle personalization.
The company's ROBO Soul self-driving software and ROBO Galaxy platform run on AWS, enabling automated tasks like parking and highway driving. Lotus Connect, their connected-vehicle platform, provides remote vehicle control and monitoring with application latency under 2.2 seconds for its Digital Key feature. AWS also powers Lotus's 3D vehicle rendering system for customization and personalized car-buying experiences.
Lotus Technology (Nasdaq: LOT) has been awarded the prestigious Green Apple Environment Award for its outstanding environmental practices. The award, presented at Kensington Palace in London, recognizes the company's commitment to ecological preservation and sustainable development. Lotus Tech launched a pioneering natural capital assessment project, focusing on improving procurement, assembly, and manufacturing processes.
The company's supply chain initiatives, including increased use of recycled materials and green energy, were highlighted in the Shanghai Climate Week's ClimateTech In Focus report. Additionally, Lotus Tech was named a finalist for the Sustainability Award at the British Business Awards 2024, further validating its environmental commitment.
Lotus Technology reported strong growth in the first nine months of 2024, with vehicle deliveries reaching 7,617 units, up 136% year-over-year. Total revenue doubled to $653 million, while intelligent driving business revenue from external customers grew 450% to $11 million. The company expanded globally with significant growth in Europe (372% YoY) and launched new markets. However, gross margin declined to 9% from 11%, and operating loss increased 18% to $598 million. The company unveiled new Hyper Hybrid EV technology featuring a combined range of over 1,100 kilometers.
Lotus Technology (Nasdaq: LOT) announced that its subsidiary, Lotus Robotics, has secured contracts worth approximately US$130 million for its intelligent driving solutions. The company has partnered with leading auto conglomerates across Europe, Japan, and other markets, with over 40% of the total contract value coming from Europe and Rest of the World. Nearly 10 different vehicle models are expected to incorporate Lotus Robotics' driving solutions in the next 2-3 years. The contracts demonstrate global market recognition of Lotus's self-owned technologies and represent a significant driver for the company's long-term growth.
Lotus Technology announced its vehicle delivery results for the first ten months of 2024, delivering 8,631 vehicles. Europe and China were the major markets, contributing about 35% and 25% of total deliveries, respectively. In October, Lotus began an open beta test for its urban Navigate on Autopilot (NOA) in key cities, and launched certain OTA intelligent driving features in Europe. Lotus Robotics provides intelligent driving solutions globally, including to brands like Lynk&Co and Farizon Auto. The company was also awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category.
Lotus Technology (Nasdaq: LOT) has announced it will release its unaudited third quarter 2024 financial results on November 21, 2024, before the U.S. market opens. The luxury electric vehicle maker will host an earnings conference call at 7:00 AM U.S. Eastern Time on the same day. The call will be accessible via live audio webcast, with a replay available afterward on the company's investor relations website. Interested participants can join either through the webcast or by phone through provided registration links.
Lotus Technology (Nasdaq: LOT) has received the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category. The company emerged as the only automotive industry winner among 700 global entrants, with 30 winners across 17 categories. The award recognizes Lotus Tech's commitment to sustainable business transformation since its Vision80 Strategy in 2018.
The company has successfully launched three electric vehicles: the Evija hypercar, Eletre SUV, and Emeya GT sedan. This recognition highlights Lotus Tech's comprehensive sustainability strategy, data-driven approach, and transparent disclosures in transforming into an intelligent and luxury mobility provider.
Lotus Technology Inc. reported strong vehicle delivery results for the first nine months of 2024, with 7,543 vehicles delivered, marking a 134% year-on-year increase. The company's global allocation remained well-distributed, with Europe, China, North America, and other regions each contributing 20-35% of total deliveries.
In Q3 2024, Lotus expanded its market reach, delivering the Emeya (GT, Sedan) to Europe and the Eletre (SUV) to GCC, Japan, and Korea. The company also introduced the Eletre Carbon, a high-performance variant for North America, priced at $229,900, with deliveries expected to start in H1 2025.
Lotus commenced deliveries of bespoke and collection versions of both Eletre and Emeya in Q3. Additionally, the company unveiled its Theory 1 concept car in September, showcasing cutting-edge technology and eco-friendly features.
Lotus Technology Inc. (Nasdaq: LOT) has announced a major breakthrough in its intelligent driving services, setting new standards in luxury automotive technology. The company's user app data reveals impressive achievements:
- A single intelligent driving session reached 533 kilometers without intervention
- Highest recorded single-user monthly intelligent driving mileage: 3,427 kilometers
- Total cumulative intelligent driving mileage for a single user: 36,342 kilometers
Lotus Robotics, a subsidiary of Lotus Tech, provides end-to-end intelligent driving services for Lotus Eletre (SUV) and Emeya (GT, Sedan) models. The company is expanding its global presence and has already provided intelligent driving solutions to multiple automakers. Lotus Tech expects this advancement to unlock new, high-margin revenue streams, contributing to long-term profitability.
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