Lotus Technology has shared its Q4 and full 2023 financial results, relaying steady revenue growth alongside business expansions and further progress in becoming a 100% electric brand. Better still, Lotus expects much more growth in 2024.
Lotus Technology is a Geely-owned sports car manufacturer that recently went public via SPAC merger under the ticker symbol $LOT. In recent years, Lotus has vowed to go all-electric by 2028 as part of its Vision80 strategy. To do so, the automaker is utilizing a new $1.2 billion factory in China to bolster annual EV sales outputs from 5,000 units per year to 150,000 in that same time frame.
That process truly began in 2023, when Lotus launched the Eletre, its very first lifestyle battery electric vehicle. It has since been followed by the all-electric Evija and Emeya, which are just starting to reach initial customers.
Combined with the Eletre’s early success, Lotus has optimistic growth estimates for 2024 as it delves further into the all-electric segment. Let’s take a look at last year’s numbers.
Lotus electric vehicles contribute 15% gross profit margins
Per a detailed release from Lotus Technology today, it recorded revenue of $679 million in 2023, which was bolstered by growing sales of its new lifestyle battery electric vehicles. By scaling asset-light EV production in China, Lotus is reporting a gross profit margin of 15% for last year as well.
2023 vehicle deliveries were 6,970, an annual record in its 76-year history, but still quite a ways from its 150,000 annual unit goal set for less than five years from now. What is enocuraghin however, is that fully-electric models represented 63% of those total Lotus deliveries.
In Q4 2023 alone, vehicle deliveries were 3,749, representing a quarter-over-quarter increase of 110%. Must of that success and growth in the second half of 2023 came from scaled production and expanded sales of the previously mentioned Eletre EV. In 2024, with two additional all-electric models in its portfolio, Lotus expands to see even more significant growth. Per the release:
2024 will be a pivotal year for Lotus Tech’s execution of its Vision80 Strategy, as the Company further ramps up global deliveries of its leading product portfolio in new markets. In March 2024, the Company began deliveries of Emeya, its first electric hyper-grand tourer. Emeya deliveries are now underway in China, and expected to begin in Europe in the third quarter of 2024. The Company’s Eletre hyper-SUV is also set to enter more markets including the U.S. over the course of 2024. In 2024, the Company expects to increase its total deliveries about threefold to 26,000, and further grow its healthy gross margin to 17-19%.
You can check out the full webcast of Lotus’ 2023 financial results call here.
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