Lotus has revealed its unaudited financial results for the fourth quarter and full year 2023, showcasing amazing revenue growth and strategic advancements in its journey towards becoming a leading electric vehicle (EV) provider.

In its inaugural year of battery electric vehicle (BEV) deliveries, Lotus reported a robust revenue of $679 million for 2023. This revenue surge was fueled by the strong sales performance of its lifestyle BEVs and sports cars, demonstrating the growing demand for sustainable luxury vehicles in the global market.

One of the highlights of Lotus’ financial performance in 2023 was the achievement of a gross profit margin of 15%, underlining the effectiveness of its asset-light production model and the successful scaling of EV manufacturing operations. The company’s strategic focus on EVs yielded remarkable results, with EV models accounting for 63% of total vehicle deliveries in 2023.

Throughout the year, Lotus witnessed an ongoing expansion of its global footprint, with 215 stores worldwide by the end of 2023. The opening of flagship locations in prestigious cities such as Paris, London, and Seoul further solidified Lotus Tech’s position as a premier luxury EV brand with a strong global presence.

Looking ahead, Lotus plans to triple its total deliveries to 26,000 units and further enhance its gross profit margin to 17-19%. The company’s product roadmap includes the introduction of the Emeya electric hyper-grand tourer, which commenced deliveries in China in March 2024 and is slated for release in European markets later in the year. Moreover, the Lotus Eletre previously made its debut in Monterey, California, and scheduled for its first units to be delivered for 2024, signaling the company’s expansion into key global markets and continued growth of the company’s financials.

As Lotus continues to innovate and expand its EV offerings, investors and industry stakeholders eagerly wait for the company’s continued success in the evolving EV market.

Want to learn more about EV? Thinking of buying an EV? Head over to EV.com and discover more.

EV.com is the world’s 1st Electric Vehicle (EV) marketplace that aims to promote zero-emission mobility by providing a platform for consumers to learn about, compare, and purchase EVs.