Lotus breaks delivery record thanks to electric cars

The Geely brand Lotus delivered a total of 6,970 vehicles in 2023. That represents an annual record in the brand's 76-year history, with pure BEVs accounting for 63 per cent of vehicle deliveries.

Image: Lotus

In the first year of deliveries of purely electric cars, sales were thus higher than they had ever been when the company only offered cars with combustion engines. That is also because of the brand’s new concept, as Lotus had restricted itself to a limited target group with its purist sports cars. Sporty luxury SUVs and saloons with electric drive are not a mass market either, but it was still a significantly larger customer group last year.

In 2023, the Eletre SUV was the Geely brand’s only electric model, and the carmaker delivered 4,361 units. The first units of the Emeya saloon will be included in 2024 statistics. However, the Eletre significantly boosted deliveries, as more than half of the almost 7,000 Lotus were delivered in the fourth quarter. “The increase in deliveries was driven primarily by Eletre, the Company’s first lifestyle BEV, which ramped up production and sales in the second half of the year,” Lotus writes in its press release.

In its first year of delivering pure BEVs, the company achieved sales of 679 million dollars and a gross profit margin of 15 per cent. The net loss for 2023 amounted to 750 million dollars. Of the 679 million dollars in sales, 361 million were added to the balance sheet in the fourth quarter alone – in line with the numerous Eletre deliveries.

Lotus states that 2024 will be “a pivotal year for Lotus Tech’s execution of its Vision80 Strategy.” The company wants to triple sales to 26,000 vehicles. To that end, the Eletre will launch in additional markets and the Emeya, which is already being handed over to customers in China, is due to hit the roads in Europe in the third quarter.

“We are pleased with the early progress and promising results achieved in 2023, with increasing deliveries reflecting the strength of our brand and ramping production,” says Lotus Tech CEO Qingfeng Feng. “We look forward to further accelerating our growth in the year ahead, and remain dedicated to creating long-term value for our customers and investors as we continue to execute our Vision80 strategy, building on our luxury brand equity and advanced technology advantages.”



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