Lotus Technology reports revenue growth and narrowing losses

Lotus Technology reported a 23% increase in revenue to $268 million for the first half of the year, driven by a 39% rise in vehicle deliveries compared to the previous year. The luxury automaker delivered 3,904 vehicles during this period, benefiting from momentum in the Chinese market.

Despite a 3% decline in average selling price—attributed by CFO Daxue Wang to a higher volume of the lower-priced Eletre X plug-in hybrid model—gross margin improved to 10%. The company also reported narrowing losses, with operating losses decreasing 63% year-over-year to $95 million. This improvement was supported by cost-control measures, supply-chain synergies, and a 46% reduction in reported operating expenses.

Lotus is currently focusing on a multi-powertrain strategy and deeper integration with the Geely ecosystem to pursue long-term profitability.