Lotus Technology Inc. American Depositary Shares - LOT STOCK NEWS

Lotus Technology has announced a convertible bond agreement worth approximately $110 million from a strategic shareholder. This private placement demonstrates ongoing confidence in Lotus Tech's growth and strategic vision. The funds will enhance the company's cash position, supporting further expansion. The deal is expected to close soon, pending standard conditions. The detailed terms are available in Form 6-K filed with the SEC. CEO Qingfeng Feng expressed gratitude for the shareholder's support and emphasized the company's commitment to sustainable growth.

Lotus Technology (Nasdaq: LOT), a leading luxury electric vehicle manufacturer, has been awarded the Global Zero Carbon City Pioneer Award at the 2024 Shanghai International Carbon Neutrality Expo. This recognition, the first for an automaker, acknowledges Lotus Tech's innovation and commitment to sustainability. The award, supported by the UN and launched by Tongji University and other partners, highlights the company's exemplary performance in green transportation, carbon neutrality, and clean energy. Lotus Tech aims to achieve full carbon neutrality by 2038 and has implemented comprehensive decarbonization strategies, including the use of 100% renewable energy in some offices and photovoltaic energy at its smart factory.

Lotus Technology (Nasdaq: LOT), a top global luxury electric vehicle maker, has published its 2023 ESG report, focusing on its 'Driving Change' vision. Key accomplishments include adding the Emeya electric hyper-GT with a 91.4% recyclability rate, obtaining ISO 14064-1 certification for carbon accounting, and receiving numerous green awards for its offices and factories. The company also emphasized its commitment to corporate governance and transparency, with recognition from ISSB and adherence to global ESG standards. TÜV NORD audited the report.

Lotus Technology reported unaudited financial results for Q1 2024, achieving $173 million in revenue, an 811% YoY growth, with a gross profit margin of 18%. The company delivered 2,194 vehicles globally, with over 75% of deliveries outside China. Key launches included the Chapman Bespoke service and the start of Emeya deliveries in China. Lotus Tech expanded its product portfolio to four models and operates a global sales network of over 200 stores. However, the company reported a net loss of $258 million, a 61% increase YoY. Operational losses also rose by 44%.

Lotus Technology (Nasdaq: LOT), a prominent global luxury electric vehicle manufacturer, will announce its unaudited first quarter 2024 financial results on May 29, 2024, before the U.S. market opens. An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on the same day. The webcast can be accessed at the provided link, and an audio replay will be available on the company's investor relations website.

Lotus Technology Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. Shareholders can access the report on the company's investor relations website. Hard copies are available upon request. Contact the IR department for more information.

Lotus Tech, a luxury electric vehicle maker, released a video showcasing its ESG vision of sustainable mobility. With a goal of achieving carbon neutrality by 2038 and a 100% electric product range by 2028, the company highlights sustainable vehicle design, eco-friendly materials, and more. Lotus aims to become a global all-electric luxury brand by 2028, launching electric hypercars and cutting-edge charging solutions. Committed to sustainability, Lotus has aligned with the UN Global Compact and ISSB, focusing on renewable energy and eco-friendly practices at its smart factory.

Lotus Tech reports $679 million revenue in 2023 from sales of lifestyle BEVs and sports cars. Gross profit margin hits 15% in first year of BEV deliveries. Company expands to 215 stores globally with new flagship locations in major cities.

Lotus Technology Inc. (Nasdaq: LOT) will release its unaudited Q4 and full-year 2023 financial results on April 8, 2024. An earnings conference call will follow at 8:00 AM U.S. Eastern Time. Participants can register online for the call.