Lotus Technology Inc. Surges Ahead in Q3 2024 with Record Deliveries and Revenue Growth
Lotus Technology Inc., a leading player in the electric vehicle (EV) market, has reported impressive quarterly results for the third quarter of 2024. The company's CEO, Mr. Feng, and CFO, Alexious Lee, presented the earnings conference call on November 21st, highlighting key achievements and forward-looking strategies.
In a remarkable showing, Lotus delivered over 2,700 units of vehicles in Q3, a 54% year-over-year increase and a 2% quarter-over-quarter growth. Total revenue for the first nine months reached $653 million, with third-quarter sales revenue hitting $255 million, up 36% from the same period last year.
One of the standout features of Lotus' quarterly performance was the significant contribution made by its ADAS technology-related income. This high-margin revenue stream surged to $11 million in the first nine months, representing a staggering 450% year-over-year growth. Notably, this revenue is not only derived from Lotus models but also from other reputable brands incorporating Lotus-developed ADAS into their vehicles globally.
While gross profit margin experienced a temporary dip due to proactive inventory management and macro uncertainties, the company's management remains optimistic about its recovery in the fourth quarter of 2024. The 55% gross margin achieved by service revenue in the first nine months, compared to 28% in the same period last year, showcases the company's ability to adapt and thrive amidst market fluctuations.
The EV segment, comprising luxury Eletre SUVs and Emeya GT sedans, accounted for more than 50% of total volume, underscoring growing demand for Lotus' electric offerings. The accelerated delivery of these models was driven by improved customer traction, new market entries, and rising product awareness.
Lotus' expansion into Europe and China has been particularly noteworthy, with both regions contributing a significant portion of the company's revenue and volume. Notably, Europe accounted for 35% of total volume in the first nine months, while China contributed 25%, demonstrating the company's commitment to establishing itself as a major player in these crucial markets.
The company's focus on electrification has also led to strategic partnerships that will enable Lotus drivers to access over 18,000 charging stations across China. This forward-thinking approach not only enhances the overall ownership experience but also presents growth opportunities for the company, particularly in the context of ESG-sensitive fleet purchases.
Lotus Technology Inc.'s Q3 2024 results are a testament to its innovative spirit and commitment to delivering exceptional products and services. As the company continues to navigate the ever-evolving EV landscape, one thing is clear: Lotus is poised for continued success and growth in the quarters ahead.
