Lotus Technology Inc. Reports Significant Growth Amidst Challenges

Lotus Technology Inc. ( (LOT) ) has released its Q3 earnings. Here is a breakdown of the information Lotus Technology Inc. presented to its investors.

Lotus Technology Inc. is a global leader in intelligent and luxury mobility, primarily focusing on the development and delivery of high-performance electric vehicles and cutting-edge mobility technologies. In its latest financial report for the first nine months of 2024, Lotus Technology Inc. showcased significant growth with vehicle deliveries reaching over 7,600 units, marking a 136% increase compared to the previous year. The company’s total revenue soared to $653 million, more than doubling from the same period last year. Notably, its intelligent driving business also experienced remarkable growth, achieving a 450% increase in revenue from non-Lotus customers. Key financial metrics highlighted include a $598 million operating loss and a net loss of $667 million for the first nine months, reflecting increased investments in technology and market expansion. The company launched its innovative Hyper Hybrid EV technology, which promises a driving range of over 1,100 kilometers, and continued to expand its presence in new international markets. Despite the financial challenges, Lotus Technology remains committed to its ‘Win26’ plan, focusing on operational efficiency and long-term value creation.