Lotus Technology Announces Delivery Updates of First Ten Months of 2024

Rhea-AI Summary

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.

Positive

• Delivered 8,631 vehicles in the first ten months of 2024.
• Europe and China contributed 35% and 25% of total deliveries respectively.
• Started open beta test for urban NOA in key cities.
• Launched OTA intelligent driving features in Europe.
• Awarded Highly Commends honor at the Reuters Sustainability Awards 2024.

Negative

• Vehicle delivery numbers may differ from financial accounting reports.

Insights

Market Research Analyst

The delivery of 8,631 vehicles in the first ten months of 2024 shows Lotus's growing presence in the luxury EV market, with strong regional distribution between Europe (35%) and China (25%). However, without year-over-year comparisons or specific revenue figures, it's challenging to fully assess growth performance. The expansion of autonomous driving capabilities and partnerships with global auto manufacturers indicates positive technological advancement, though monetization details are absent. The regional sales mix suggests a well-balanced market approach, but the relatively modest delivery numbers compared to larger luxury EV makers highlight the company's niche market position.

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Lotus Technology Inc. (“Lotus” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first ten months of 2024.

Lotus continues to achieve top-rate growth among traditional luxury car brands, delivering 8,631 vehicles¹ in the first ten months of 2024. Europe and China continued to be the major markets for Lotus with each region contributing about 35% and 25% of the total deliveries, respectively.

In October, the Company started open beta test for its urban NOA (Navigate on Autopilot) in key cities. Certain OTA of intelligent driving, including high-way assistant driving functions, was launched in Europe. As previously announced, Lotus Robotics, the Company’s intelligent driving arm, provides intelligent driving solutions with global coverage to both Lotus-brand intelligent vehicles and other global leading auto conglomerates such as Lynk&Co, Farizon Auto, and a top Japanese Tier-one supplier.

In October, the Company was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry.

Note 1: Invoiced deliveries, including commissioned deliveries in the US market. The vehicle delivery numbers presented above are derived from reports submitted by our business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the Company.

About Lotus Technology Inc.
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.

Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including adjusted net loss and adjusted EBITDA in evaluating its operating results and for financial and operational decision-making purposes. Adjusted net loss represents net loss excluding share-based compensation expenses, and such adjustment has no impact on income tax. Lotus Tech defines adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property, equipment and software, and share-based compensation expenses. The Company believes that non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on non-GAAP financial measures, please see “Appendix C – Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted net loss/Adjusted EBITDA)” set forth at the end of this press release.

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 under the heading “Risk Factors” 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 inquiries
ir@group-lotus.com

FAQ

What were Lotus Technology's vehicle delivery results for the first ten months of 2024?

Lotus Technology delivered 8,631 vehicles in the first ten months of 2024.

Which markets contributed the most to Lotus Technology's vehicle deliveries in 2024?

Europe and China were the major markets, contributing about 35% and 25% of the total deliveries, respectively.

What new features did Lotus Technology launch in October 2024?

In October 2024, Lotus Technology started an open beta test for its urban Navigate on Autopilot (NOA) in key cities and launched certain OTA intelligent driving features in Europe.

What recognition did Lotus Technology receive at the Reuters Sustainability Awards 2024?

Lotus Technology was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category.