Daxue Wang
CFO at Lotus Technology Inc
Thank you. Hello. Distinguished shareholders, analysts, and members of the press, thank you very much for joining our Q4 and Full Year 2024 Earnings Release. My name is Daxue Wang, Chief Financial Officer of Lotus. I would like to take this opportunity to brief you on the financial results of the company. In 2024, the company delivered over 12,000 vehicles, reflecting a year-on-year increase of over 70%. For the fourth quarter, over 4,500 vehicles were delivered, representing a 20% year-on-year increase. We consider this as remarkable growth, considering the global trade uncertainties and economic slowdown. As for the revenue, although the fourth quarter result was narrowed by 12% year-on-year to $272 million, the company gained a 36% year-on-year increase to $924 million over the full year. Another achievement we want to highlight is we have achieved a reduction in operation expenses for five quarters in a row through rigid execution of efficiency enhancement plans. I would like to further break down our sales by category and by region. It turns out that the lifestyle vehicles increased by 57% year-on-year and accounted for 57% of the total deliveries as well. By region, Europe, the home of Lotus brand, continued to expand with a year-on-year increase of 180% and contributed nearly 40% of the total deliveries. China is the second-largest market for Lotus, contributing one quarter of the total deliveries. North America, mainly the United States, surged by 415% in 2024, making up 21% of the company's total deliveries. The rest of the world regions represented 15% of the total, with a nearly 90% year-on-year growth. For your attention, in the fourth quarter, we started to deliver Emeya in Malaysia, Thailand, Singapore, UAE, and the Philippines. For the key financial indicators, deliveries and revenues have been just reported. I will not repeat here. The cost of revenues increased to $895 million and $301 million for the full year and for the fourth quarter, respectively. As a result, the gross profit margin was lower to 3% for the full year and negative 11% for the fourth quarter. We reported an operating loss of $786 million for the year and $189 million for the fourth quarter. Net loss was accrued to $1.107 billion for the full year and $441 million for the fourth quarter. For your information, adjusted net loss under the non-GAAP measures were not much different. I'll stop here and hand over the speaker to Mr. Feng.
