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In 2023, Lotus Tech opened new flagship stores in Paris, London, Seoul, and other strategically important cities. With an increase of 46 stores year-on-year to a total of 215 locations as of 31 December 2023, the brand will continue its global roll-out.
Lotus London, in Mayfair, is the brand’s first digitally driven flagship showroom in Europe. Digital driven brand centres give customers access to all models and customisations.
Lotus expects to open another ‘Experience Centre’ in Munich in September. The expansion of the company’s global footprint will allow it to reach 150,000 sales in 2028.
Speaking to Motor Trader in February, Niels de Gruijter, executive director Lotus Cars Europe B.V. shared his high expectations for sales this year.
Today, Lotus Tech announced financial results for Q4 and the year ended 31 December 2023.
In its first year of BEV delivery, Lotus achieved a revenue of $679m (£537m) and a gross profit margin of 15%. Revenue in Q4 was $361m (£286m), a 92% quarter-on-quarter increase.
Delivering 6,970 vehicles, the company set an annual record in its 76-year history, with BEV models representing 63% of deliveries. Vehicle deliveries in Q4 increased nearly 110% quarter-over-quarter to 3,749.
Lotus posted a net loss of $750m (£594m) but continues to focus on growth for 2024. The Company expects to increase total deliveries to 26,000 and gross margin to 17-19%.
This will be supported by deliveries of Emeya, Lotus’ first electric hyper-grand tourer, which are underway in China and will start in Europe in Q3. Furthermore, the Eletre hyper-SUV will enter markets including the US.
Qingfeng Feng, Lotus Tech CEO, said: “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.”