Lotus Technology Announces Delivery Updates of First Nine Months of 2024
October 17 2024 - 6:00PM
Lotus Technology Inc. (“Lotus” or the “Company”), a leading global
intelligent and luxury mobility provider, today announced its
vehicle delivery results for the first nine months of 2024.
Lotus continues to achieve top-rate growth among traditional
luxury car brands, delivering 7,543 vehicles1 in the first nine
months of 2024, representing a year-on-year increase of 134%.
Global allocation in terms of deliveries remained well-distributed,
with Europe, China, North America and the Rest of the World regions
each contributing about 20-35% of the total deliveries. In the
third quarter of 2024, Emeya (GT, Sedan) was delivered to Europe,
whilst Eletre (SUV) reached markets including the GCC, Japan and
Korea.
In September, Lotus revealed Eletre Carbon, a high-performance
variant tailored for the North America market with a starting price
of $229,900. The deliveries of Eletre Carbon is expected to
commence in the first half of 2025. Deliveries of bespoke and
collection versions of both Eletre (SUV) and Emeya (GT, Sedan) also
commenced in the third quarter.
In September, Lotus unveiled its visionary Theory 1 concept car,
a groundbreaking model that redefines the future of driving with
its cutting edge technology, bold design, and eco-friendly
features.
Note 1: Invoiced deliveries, including commissioned deliveries
in US market. The vehicle delivery numbers presented above are
derived from reports submitted by our business units. These numbers
may differ slightly from the vehicle delivery numbers recorded in
the financial accounting and reporting systems to be announced by
the Company.
About Lotus Technology
Inc.Lotus Technology Inc. has operations across the UK,
the EU and China. The Company is dedicated to delivering luxury
lifestyle battery electric vehicles, with a focus on world-class
R&D in next-generation automobility technologies such as
electrification, digitalisation and more. For more information
about Lotus Technology Inc., please visit www.group-lotus.com.
Non-GAAP Financial Measures The
Company uses non-GAAP financial measures, including adjusted net
loss and adjusted EBITDA in evaluating its operating results and
for financial and operational decision-making purposes. Adjusted
net loss represents net loss excluding share-based compensation
expenses, and such adjustment has no impact on income tax. Lotus
Tech defines adjusted EBITDA as net loss excluding interest income,
interest expense, income tax expenses, depreciation of property,
equipment and software, and share-based compensation expenses. The
Company believes that non-GAAP financial measures help identify
underlying trends in its business and enhance the overall
understanding of the Company’s past performance and future
prospects. The Company also believes that non-GAAP financial
measures allow for greater visibility with respect to key metrics
used by the Company’s management in its financial and operational
decision-making.
Non-GAAP financial measures are not presented in
accordance with U.S. GAAP and may be different from non-GAAP
methods of accounting and reporting used by other companies.
Non-GAAP financial measures have limitations as analytical tools
and when assessing the Company’s operating performance, investors
should not consider them in isolation, or as a substitute for
financial information prepared in accordance with U.S. GAAP. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure. The Company mitigates these limitations by reconciling
non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when
evaluating the Company’s performance. For more information on
non-GAAP financial measures, please see "Appendix C – Unaudited
Reconciliation of GAAP and Non-GAAP Results (Adjusted net
loss/Adjusted EBITDA)" set forth at the end of this press
release.
Forward-Looking StatementsThis
press release contains statements that may constitute
“forward-looking” statements pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may”, “should”,
“expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”,
“predict”, “potential”, “forecast”, “plan”, “seek”, “future”,
“propose” or “continue”, or the negatives of these terms or
variations of them or similar terminology although not all
forward-looking statements contain such terminology.
Forward-looking statements involve inherent risks and
uncertainties, including those identified under the heading “Risk
Factors” in the Company’s filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of this press release, and Lotus Tech undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
Contact InformationFor investor
inquiriesDemi Zhangir@group-lotus.com
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