Share
Lotus lost many millions of pounds last year but praised its “promising results” as it looks to boost EV sales.
In its new accounts for the year ended Dec. 31, the Hethel-based sports car and electric vehicle maker, which is 51% owned through Geely and indexed to the Nasdaq, said its profit was £679 million (about £537 million).
Operating loss of $736 million (£582 million), but net loss is $750 million (£593 million), with adjusted EBITDA of $693 million (£548 million).
Lotus, which went public on the New York Stock Exchange in February as Lotus Technology, has sold 6,970 international vehicles — 4,361 “lifestyle vehicles” and 2,609 sportsArrays, making it an annual record in its 76-year history.
Battery-powered (BEV) models accounted for 63% of all deliveries.
Vehicle deliveries in the fourth quarter were up 110% compared to last quarter, from 1,782 to 3,749, and the increase was largely made through the Eletre, pictured, Lotus’ first BEV lifestyle.
The accounts also show that its total liabilities at the end of 2023 amounted to $2,411,850 (£1,905,332) to $1,456,558 (£1,150,663) in 2022.
Lotus continued to expand globally, opening 46 more outlets and bringing the total to 215 by the end of 2023, with flagship outlets in prime locations, adding Mayfair.
This year, Lotus plans to quadruple its total deliveries to 26,000 units.
Last month, deliveries of Emeya, its first electric hyper-grand tourer, began. They are lately underway in China and are expected to start in Europe in the third quarter of 2024.
Qingfeng Feng, CEO of Lotus Technology, said: “We are with the initial progress and promising effects achieved in 2023, with expanding deliveries reflecting the strength of our logo and increased production.
“We look forward to further accelerating our expansion over the next year and remain committed to long-term creation for our consumers and investors as we continue to execute on our Vision80 strategy, leveraging the fairness of our luxury logo and complex generation advantages. “
John has been with Car Dealer since 2013 after spending 25 years at the newspaper as a journalist and then Deputy Deputy Editor/Deputy Editor-in-Chief of Regional and National Titles. John is an Assistant Editor of Car Dealer’s Editorial Department and social media manager.
The latest. . .
Verify. . .
Account Links. . .
Car Dealers Magazine