Lotus Eletre via Lotus media siteLotus Eletre via Lotus media site


Lotus racks up £593m loss for 2023 despite selling record number of cars

  • Lotus releases first accounts since floating on the Nasdaq
  • Net loss last year was £593m on revenue of £537m
  • It made just under 7,000 cars – an annual record for the company

Time 10:17 am, April 9, 2024

Lotus lost hundreds of millions of pounds last year – but hailed its ‘promising results’ as it looks to increase sales of EVs.

In its newly issued accounts for the year to December 31, the Hethel-based sports car and EV maker, which is 51% owned by Geely and listed on the Nasdaq, said revenue totalled $679m (circa £537m).

Operating loss came to $736m (£582m) but its net loss was $750m (£593m), with an adjusted Ebitda of $693m (£548m).

Lotus, which floated on the New York stock exchange in February as Lotus Technology, shifted 6,970 cars worldwide – 4,361 ‘lifestyle vehicles’ and 2,609 sports cars, making it an annual record in its 76-year history.

Battery-electric (BEV) models constituted 63% of all the deliveries.

Vehicle deliveries in the fourth quarter rose by 110% versus the previous quarter from 1,782 to 3,749, with the increase largely driven by the Eletre, pictured, Lotus’s first lifestyle BEV.

The accounts also show that its total liabilities as of the end of 2023 stood at $2,411,850 (£1,905,332) versus $1,456,558 (£1,150,663) in 2022.

Lotus continued to expand globally, opening a further 46 stores and taking the total to 215 as of the end of 2023, with flagship stores in prime locations, including Mayfair.

This year, Lotus is expecting to increase its total global deliveries almost fourfold to 26,000.

It began deliveries of Emeya, its first electric hyper-grand tourer, last month and they are now under way in China and expected to begin in Europe in the third quarter of 2024.

Lotus Technology CEO Qingfeng Feng 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.

‘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.’

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John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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