Lotus Tech marks significant revenue growth and record-breaking vehicle deliveries in line with its Vision80 strategy.
Lotus Tech, a prominent player in the global luxury electric vehicle market, has reported its financial results for the fourth quarter and full year ending December 31, 2023. The sales figures highlight the Lotus brand’s ongoing progress in accomplishing its Vision80 strategy, aimed at transforming into an all-electric, intelligent, and luxury mobility provider by Lotus’s 80th anniversary in 2028. In its inaugural year of Battery Electric Vehicle (BEV) delivery, Lotus Tech recorded a remarkable revenue of $679 million with a gross profit margin of 15%. Notably, fourth-quarter revenue surged to $361 million, marking a substantial 92% quarter-on-quarter increase, fueled by the business model and accelerated BEV production and sales.
Achieving a milestone in its 76-year history, Lotus Tech delivered a record-breaking 6,970 vehicles in 2023, with BEV models making up 63% of total deliveries. The momentum continued into the fourth quarter, detecting a nearly 110% quarter-over-quarter increase in vehicle deliveries to 3,749, driven primarily by the successful rollout of Eletre. Additionally, Lotus Tech expanded its global footprint with the addition of 46 stores, bringing its total to 215 locations worldwide by the end of 2023. Looking ahead to 2024, the Company expects considerable growth as it ramps up global deliveries, introduces new products like Emeya, its electric hyper-grand tourer, and expands its market presence, particularly in the U.S. With promising results in 2023 and a strategic vision, Lotus Tech is ready for continued success. View all Lotus models currently for sale on duPont REGISTRY by clicking the link below.
Source: Lotus Tech