While several automakers are experiencing a slowdown in consumer take-up of battery-electric vehicle products, iconic performance brand Lotus announces record sales driven by its first all-electric hyper-SUV.
The Lotus Eletre is being credited for the company’s unaudited financial performance for fourth-quarter 2023 which records the company delivering 6,970 vehicles over the whole year, an annual record in the 76-year history of the Lotus brand, with BEV models representing 63% of total deliveries.
Its lifestyle-targeting Eletre is said to be the primary reason the company also records vehicle deliveries in the fourth quarter increasing nearly 110% quarter-over-quarter to 3,749.
The success of the brand’s first year making BEV products achieved an annual revenue of $679 million and a gross profit margin of 15% in 2023. Revenue in fourth-quarter 2023 was $361 million, representing a 92% quarter-on-quarter increase. Lotus puts this performance down to its asset-light business model while it ramps up production and sales of BEV products.
Deliveries of Emeya, Lotus’s first electric hyper-grand tourer, are underway in China and expected to begin in Europe in the third quarter. Its Eletre is also set to enter more markets, including the U.S., over the course of 2024. The company expects to increase its total deliveries threefold to 26,000 and further grow its gross margin to 17%-19%.
Lotus Tech CEO Qingfeng Feng says: “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.”
