Lotus Technology shared its financial effects for the fourth quarter and full year 2023, conveying steady profit expansion along with the expansion of its business and further progress towards becoming a one hundred percent electric brand. Better yet, Lotus is hoping for a much more powerful expansion in 2024.
Lotus Technology is a Geely-owned sports car manufacturer that recently went public through the merger of SPACs under the ticker symbol $LOT. In recent years, Lotus has committed to going all-electric by 2028 as part of its Vision80 strategy. The automaker has a new $1. 2 billion factory in China to increase annual EV production from 5,000 units per year to 150,000 over the same period.
This process began in earnest in 2023, when Lotus introduced the Etre, its first battery-powered lifestyle electric vehicle. Since then, the 100 percent electric Evija and Emeya have followed, which are just beginning to succeed among the first customers. .
Combined with the early successes of the Being, Lotus has positive expansion estimates for 2024 as it delves deeper into the all-electric segment. Let’s take a look at last year’s numbers.
According to a detailed report by Lotus Technology released today, the company recorded a collection of $679 million in 2023, supported by increased sales of its new lifestyle battery electric vehicles. Expanding production of light electric vehicles in China, Lotus also posted a gross profit margin of 15% for last year.
Vehicle deliveries in 2023 were 6,970, an annual record in its 76-year history, but still far from its annual target of 150,000 units set in less than five years. What’s interesting, however, is that all-electric models accounted for 63% of Lotus’ overall deliveries.
In the fourth quarter of 2023 alone, vehicle deliveries totaled 3,749, representing a quarter-on-quarter increase of 110%. This good luck and expansion in the second part of 2023 comes largely from the aforementioned large-scale production and increasing sales of the Etre EV. In 2024, with two more all-electric models in its portfolio, Lotus is expanding to achieve an even more significant expansion. According to the statement:
2024 will be a pivotal year for Lotus Tech to implement its Vision80 strategy, as the company further accelerates global deliveries of its leading product portfolio into new markets. In March 2024, the company began deliveries of Emeya, its first electric hyperelectric plant. Gran Turismo. Emeya deliveries are underway lately in China and are expected to start in Europe in the third quarter of 2024. The company’s Eletre hyper-SUV is also expected to enter more markets, including the U. S. and Canada. In 2024, the company expects to triple its total shipments to 26,000 games and further increase its healthy gross margin to 17-19%.
You can watch the full webcast of Lotus’ 2023 earnings call here. https://ir. group-lotus. com/.