On April 9th, it was reported that Lotus Technology, a subsidiary of Geely, recently released its unaudited financial statements for the fourth quarter and full year of 2023.
According to the data, in 2023, Lotus Technology achieved a revenue of $679 million with a gross profit margin of 15%.
Specifically, revenue in the fourth quarter of 2023 reached $361 million, representing a 92% year-on-year increase.
Throughout 2023, Lotus Technology delivered a total of 6,970 vehicles, setting an annual delivery record in the brand's 76-year history, with pure electric models accounting for 63% of the total deliveries.
In the fourth quarter of 2023, the delivery volume of Lotus Technology saw a significant increase of nearly 110% compared to the previous quarter, reaching 3,749 vehicles, mainly due to the expanded production and sales scale of the ELETRE model in the latter half of the year.
Officials attributed this performance to Lotus Technology's adoption of a light-asset business model, while the company also made strides in producing and selling pure electric vehicles.
To understand Lotus's current achievements, one cannot overlook its parent company, Geely Auto.
In 2017, Geely Auto Group acquired a majority stake in Lotus Cars, becoming the company's major shareholder.
Geely's involvement injected fresh capital and resources into Lotus, driving its advancements in technology, market presence, and product development.
This collaboration also provided crucial support for Geely's presence in the high-end automotive market while facilitating further global expansion for the Lotus brand.
