Lotus Eletre SUV Starts Delivery in North Asia
Rhea-AI Summary
Lotus Technology Inc. (Nasdaq: LOT) has begun delivering its Eletre intelligent hyper SUV in Korea and Japan, marking a significant expansion in key luxury markets. The company has upgraded its sales network, including a new Brand Center in Seoul's Gangnam district with a one-stop service center. Lotus has also opened reservations for its Emeya GT sedan in these markets.
Both Eletre and Emeya feature advanced hardware supporting intelligent driving services provided by Lotus Robotics, a subsidiary that has supplied solutions to other global automakers. In the first half of 2024, Lotus achieved a balanced global allocation, with each region contributing 20-30% of total deliveries, supported by over 200 stores worldwide. The company also started deliveries in the GCC region in Q3 2024.
Positive
- Expansion into key luxury markets of Korea and Japan
- Upgraded sales network with new Brand Center in Seoul
- Introduction of Emeya GT sedan reservations in Korea and Japan
- Advanced intelligent driving services provided by Lotus Robotics subsidiary
- Balanced global allocation with 20-30% contribution from each region
- Over 200 stores in prime locations worldwide
- Expansion into GCC region in Q3 2024
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, LOT declined 3.28%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ("Lotus Tech" or the "Company") (Nasdaq: LOT), a leading global intelligent luxury mobility provider, proudly announces the commencement of deliveries of its Eletre model, the intelligent hyper SUV, in Korea and Japan. This milestone marks a significant step forward as Lotus continues to expand its footprint in key geographies, following the brand's successful re-entry into these regions last year.
Korea and Japan are established markets for luxury consumption and are also recognized for their welcoming embrace of advanced technologies. As a brand with 76 years of racing heritage, Lotus enjoys a strong and loyal following in these markets and sees a well-established community of drivers who appreciate the brand's leading performance and craftsmanship. To enhance customer experience, Lotus has upgraded its sales network, offering customers the opportunity to test-drive and fully immerse themselves in the exceptional driving dynamics and luxury customer service. For instance, the Lotus Brand Center in Seoul, situated in the prestigious Gangnam district — home to many modern luxury stores — features an official one-stop Lotus service center, ensuring that Lotus owners receive high level of care and convenience.
As the Eletre model makes its way to customers, Lotus is also pleased to announce that reservations for the Emeya (GT, Sedan) model have begun in Korea and Japan. Both Eletre and Emeya are available with state-of-the-art hardware that supports end-to-end intelligent driving services provided by Lotus Robotics, a subsidiary of Lotus Tech. As previously announced, Lotus Robotics has provided intelligent driving solutions to multiple global automakers including Lynk&Co and Farizon Auto.
"The delivery of our Eletre hyper SUV in Korea and Japan marks a pivotal moment for the Company as we continue to strengthen our presence in these key geographies," said Qingfeng Feng, CEO of Lotus Tech. "These markets have a deep appreciation for both cutting-edge technology and unparalleled luxury, and we are proud to offer them a driving experience that embodies the very essence of Lotus. With the introduction of our intelligent driving services, we are not only delivering vehicles but also a future-oriented vision of mobility that aligns with the evolving needs of our discerning customers."
In the first half of 2024, the Company achieved a balanced global allocation with each region contributing 20
Note 1: Invoiced deliveries, including commissioned deliveries in US market
About Lotus Technology
Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lotus Tech undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact Information
For investor and media inquiries
Demi Zhang
ir@group-lotus.com
FAQ
When did Lotus Technology (LOT) start delivering the Eletre SUV in Korea and Japan?
What new model has Lotus opened reservations for in Korea and Japan?
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