Lotus Technology Inc (NAS:LOT)

Q3 2024 Lotus Technology Inc Earnings Call Transcript

Nov 21, 2024 / 12:00 PM GMT

Release Date Price: $4.31 (-3.15%)

Transcript

Key Points

Positve

Lotus Technology Inc (LOT) delivered over 7,600 vehicles in the first nine months of 2024, with a significant year-over-year increase in deliveries.
The company reported a 36% year-over-year increase in third-quarter sales revenue, reaching $255 million.
Lotus Technology Inc (LOT) has introduced a new high-margin revenue stream from its ADAS technology, contributing $11 million in the first nine months with a 450% year-over-year growth.
The company has secured a $130 million contract for its intelligent driving business, expected to contribute to future revenue and gross profit margin expansion.
Lotus Technology Inc (LOT) is expanding its market presence with new models and technologies, including the launch of a 900-volt hyper hybrid EV technology, positioning itself as a leader in luxury electric vehicles.

Negative

The gross profit margin for the first nine months was only 9%, a decline from 11% in the same period last year.
Third-quarter gross profit margin dropped to 3%, primarily due to inventory management challenges and macroeconomic uncertainties.
The company reported a net loss of $667 million for the first nine months, including share-based compensation expenses.
Lotus Technology Inc (LOT) faces challenges in achieving its annual sales target of 12,000 units, especially with the holiday season affecting major markets like Europe.
Sales in the Chinese market have declined compared to the previous year, indicating challenges in maintaining growth in this key region.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LOT.OQ - Lotus Technology Inc
Q3 2024 Lotus Technology Inc Earnings Call
Nov 21, 2024 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day. And thank you for standing by. Welcome to Lotus Technology Inc third quarter, 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to hand you over to the head of Investor Relations, MS Demi Chang. Please go ahead.

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Unidentified_2 [2]

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