Shanghai Securities News China Securities Network (Reporter Yu Liyan) Lotus recently released its performance report for the first half of 2024, showing that the company's total revenue in the first half of the year reached 398 million US dollars, a year-on-year increase of 206%; The sales revenue of goods was 383 million US dollars, a year-on-year increase of 207%; The gross profit was 21 million US dollars, a year-on-year increase of 246%.
In the first half of 2024, as the company began collaborating with multiple leading automotive brands to provide intelligent driving solutions and technology research and development services, technology related revenue began to expand. In the first half of the year, Lotus Technology's service revenue was $15 million, a year-on-year increase of 194%. Lotus' city NOA will begin public testing in the third quarter.
In the first half of 2024, Lotus delivered a total of 4873 units, a year-on-year increase of 239%; Among them, daily use vehicles and sports cars increased by 174% and 337% respectively year-on-year. In the first half of the year, Lotus achieved a balanced distribution of delivery volume in its four key global markets, with significant growth in delivery volume after the brand re entered the United States. Data shows that in the first half of 2024, a total of 1278 vehicles were delivered to the US market, accounting for 26% of the total delivery volume. In the first half of the year, Europe, China, and other regions contributed 30%, 25%, and 19% of the delivery volume, respectively.
At the same time, Lotus' globalization process is further accelerating. At present, the Eletre (SUV) model has started delivery in new markets such as the Middle East, New Zealand, India, and Egypt after being delivered in Southeast Asia, and has also opened production orders in new markets such as Australia, Japan, and South Korea. At the same time as the Emeya (GT sedan) model began delivery in Europe, it has also started pre orders in markets such as the Middle East, Japan, South Korea, and Southeast Asia.
Based on the company's careful assessment of the global market environment and tariff policy uncertainty, the delivery target for 2024 has been adjusted to 12000 units. Lotus Technology CEO Feng Qingfeng introduced that the company has launched the "Win26" plan to further optimize internal processes and structures, implement overall cost control, and readjust product plans to cater to the global diversified market, in order to improve resilience, strengthen the brand, and achieve sustainable growth. In the future, the company will steadfastly execute its plans, improve efficiency and competitiveness, and continue to create value for customers and investors. Lotus Technology's Chief Financial Officer, Kunlong Li, stated that the company will firmly implement the "Win26" plan to achieve EBITDA and operating cash flow normalization by 2026, improve financial performance, optimize the balance sheet, and fulfill the company's commitment to shareholders.