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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 Inc. (Nasdaq: LOT) has unveiled the Theory 1, a groundbreaking concept car that represents a significant leap in automotive design and technology. Key features include:
1. Soft Robotics Fabric Driver System: Adapts to driver movements for enhanced comfort and control.
2. Revolutionary Door System: Unique reverse opening and wrap-over design for improved accessibility and aesthetics.
3. Three-Seater Configuration: Central driving position for optimal balance and handling.
4. Sustainable Materials: Utilizes ten main A-surface materials focused on performance, durability, and recyclability.
The Theory 1 embodies Lotus' 76 years of expertise and their new Digital, Natural, Analogue (DNA) design approach, aiming to shape the future of Lotus vehicles with a focus on innovation and environmental responsibility.
Lotus Technology Inc. (Nasdaq: LOT) has announced that its intelligent driving arm, Lotus Robotics, has been selected to supply to a world-class Japanese tier-one supplier. This marks a significant step for Lotus Tech to enter the Japanese market with its advanced intelligent driving technology. The selection involves Robo Galaxy, a solution including tool software and data collection hardware developed by Lotus Robotics to enhance the efficiency of intelligent driving solutions development.
Lotus Robotics offers comprehensive intelligent driving solutions, including advanced platform software, cloud toolchains, and integrated hardware and software development. The company is also seeking to extend its technology to major telecommunications companies in Japan. This expansion aligns with Lotus Tech's recent delivery of its Eletre model, an intelligent hyper SUV, in Japan and Korea.
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.
Lotus Technology Inc. (Nasdaq: LOT) has been awarded the 2024 EUCCC Sustainable Business Award for Decarbonization Leadership in Shanghai. This recognition highlights Lotus Tech's commitment to sustainable business practices and decarbonization efforts.
Key points:
- Lotus Tech has launched three pure electric vehicles: Evija, Eletre, and Emeya
- The company aims for carbon neutrality across its entire value chain by 2038
- 100% renewable energy is used in some global office locations
- Lotus Global Smart Factory uses photovoltaics for green production
- In 2023, Lotus Tech introduced intelligent photovoltaic storage and charging robots
Lotus Tech's Chairman of the ESG Committee, Alexious Lee, emphasized the company's dedication to promoting sustainable business models and decarbonization as part of their strategy.
Lotus Technology Inc. (Nasdaq: LOT) has entered the GCC region with two award-winning models: the Eletre (SUV) and Emeya (GT, Sedan). The company has obtained local homologation certification for both models, with Eletre deliveries starting in Q3 and Emeya reservations now open. Lotus plans to open new showrooms and stores across major GCC cities, offering test drives and bespoke services. Both models are optionally equipped with advanced intelligent driving software provided by Lotus Robotics, a subsidiary of Lotus Tech. The Eletre, a 5.1m E-class SUV, boasts up to 905 horsepower and a top speed of 265km/hour, while the Emeya, a 5.1m E-class GT Sedan, offers similar performance specs. Both models have received prestigious awards, including Red Dot product design awards.
Lotus Technology reported strong financial results for Q2 and H1 2024, with total deliveries up 239% YoY to 4,873 units in H1. Revenue increased 206% to $398 million, while gross margin improved to 13%. The company achieved balanced global allocation, with the US market contributing 26% of deliveries after re-entry. Lotus launched bespoke services and grew technology-related income.
However, Lotus adjusted its 2024 delivery target to 12,000 units due to trade uncertainties and tariff hikes. The company initiated a 'Win26' plan aimed at achieving positive EBITDA by 2026. Operating loss increased 27% YoY to $438 million in H1 2024. Lotus raised $110 million through a convertible note placement in June.
Lotus Technology Inc. (Nasdaq: LOT) has announced that its intelligent driving arm, Lotus Robotics, is providing end-to-end intelligent driving solutions to Farizon Auto, a global leader in new energy commercial vehicles. This collaboration marks a significant expansion of Lotus Tech's business through technology. Lotus Robotics offers a comprehensive suite of advanced intelligent driving solutions, including ADAS, highway NOA, urban NOA, and intelligent driving toolchains.
The partnership aims to enhance driving safety and efficiency for Farizon's clean energy commercial vehicles. Lotus Robotics, established in 2018, has become a global premier provider of intelligent driving solutions. This collaboration is expected to diversify Lotus Tech's business portfolio with high-margin revenue streams, accelerating its growth in the intelligent luxury mobility sector.
Lotus Technology Inc. (Nasdaq: LOT), a global intelligent luxury mobility provider, announced that its subsidiary Lotus Robotics has provided intelligent driving solutions for Lynk&Co's first all-electric sedan, the Z10. This collaboration marks a significant milestone in commercializing Lotus Tech's advanced technology capabilities. The Z10 features Lotus Robotics' intelligent driving solutions, including highway and urban NOA.
Lotus Robotics, established as part of Lotus Tech's Vision80 strategy in 2018, has become a premier provider of comprehensive intelligent driving solutions. The company offers advanced software, cloud toolchains, integrated hardware and software development, and intelligent driving operation solutions. Lotus Tech aims to deliver luxury intelligent vehicles and cutting-edge technologies across global markets through its network of over 200 stores worldwide.
Lotus Technology Inc. (Nasdaq: LOT), a leading global luxury electric vehicle maker, has announced it will release its unaudited first half 2024 financial results on August 28, 2024, before the U.S. market opens. The company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on the same day (14:00 Central European Time / 20:00 China Standard Time).
Investors and analysts can access the live audio webcast and replay on Lotus Tech's investor relations website. For those wishing to join the call by phone, a registration link has been provided. This announcement signals Lotus Tech's commitment to transparency and investor communication, offering stakeholders insights into the company's financial performance for the first half of 2024.
Lotus Technology (Nasdaq: LOT) has been nominated as a finalist in two categories for the Reuters Sustainability Awards 2024: Business Transformation and Net Zero: Operations Transformation. This recognition highlights the company's commitment to sustainability and its Vision80 Strategy for business transformation and electrification.
Since 2018, Lotus has launched three electric vehicles: the Evija hypercar, Eletre hyper-SUV, and Emeya hyper-GT. The company aims for carbon neutrality across its entire value chain by 2038. Lotus Tech has implemented sustainable practices, including using 100% renewable energy in selected offices and installing solar power in its Global Smart Factory, which is certified as a Green Factory.
Chairman of ESG Committee, Alexious Lee, emphasized Lotus Tech's role as a pioneer in sustainable luxury mobility and its commitment to driving social change through innovation and sustainable operations.
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