Summary by Moomoo AI
Lotus Technology delivered 7,617 vehicles in the first nine months of 2024, up 136% year-over-year. Total revenue reached $653 million, more than doubling YoY. The company's intelligent driving business from non-Lotus customers surged 450% YoY to $11 million.Europe continued strong growth with deliveries up 372% YoY. Lotus expanded into new markets including South Africa, India, Japan, South Korea and the Philippines. The company unveiled its Hyper Hybrid EV technology with over 1,100 km range.Gross margin declined to 9% from 11% last year due to inventory management amid economic headwinds. Operating loss increased 18% YoY to $598 million. Lotus remains focused on its 'Win26' efficiency plan to drive profitability. The company secured $130 million in total contract value for its high-margin intelligent driving solutions to boost future growth.
