Lotus Tech’s Q2 2024 results reveal a notable increase in vehicle deliveries alongside ongoing financial challenges. The company reported a 128% year-on-year rise in deliveries, reaching 2,679 units for the quarter, which contributed to a 239% growth over the first half of the year. This performance highlights Lotus’ steady shift from a traditional sportscar manufacturer to a key player in the luxury auto sector. The U.S. market played a significant role, accounting for 26% of total deliveries, reflecting the company’s recent return to the region.
Financially, Lotus Tech reported $225 million in total revenue for Q2 2024, marking a 103% increase compared to the previous year. However, the quarter also saw a net loss of $202 million, with gross margins slightly improving to 9% from 5% in the same period last year. The first half of the year showed an operating loss of $438 million, stressing the need for ongoing adjustments and cost management as the company navigates a complex market environment.
Looking forward, Lotus Tech has adjusted its delivery target for 2024 to 12,000 units due to evolving market conditions and new tariff policies. The company’s “Win26” plan aims to achieve positive EBITDA by 2026 through refining internal processes and product strategies. As Lotus Tech continues to expand into new markets and introduce bespoke services, it remains focused on balancing growth with financial stability. View all Lotus sports cars and SUVs for sale on duPont REGISTRY by clicking the link below.
Source: Lotus
