Lotus announces 2024 delivery numbers

Lotus delivered 12,065 vehicles in 2024, representing a year-on-year increase of over 70% and boasting the top growth rate among leading luxury brands. China contributed approximately 25% of the total global deliveries in 2024.

In 2025, the Company aims to increase global deliveries by 20% with a 25-28% contribution from China. Lotus also successfully reclaimed the proprietary rights of the LOTUS roundel, LOTUS word mark and the Chinese character of Lotus ("莲花") in China, achieving consistency in terms of its trademark across the world.


Well done to Lotus for hitting their revised target of 12,000 deliveries in a very tough market. On the other hand:

1. They did a lot of discounting to achieve those deliveries, especially in the UK.
2. The IPO forecast for 2024 deliveries was 47,000 vehicles, so 12,000 isn't really something to be celebrated.
3. The new 2025 target of around 14,500 vehicles is a massive reduction from their original IPO forecast. It's only about 20% of the 73,000 vehicles they told investors they intended to deliver in 2025.
4. The modest 2025 target makes it clear that TYP 134 will not be coming out until 2026.

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[Jinba ittai]

Not surprising when their forecasts relied heavy on Chinese built electric vehicles which have been slapped with 100% tariffs in several markets. I’m not in PR but sometimes I think you’re better to own it and be honest about the situation. No body is buying the spin that these are good sales numbers.

 

[Nick in Sydney]

Not surprising when their forecasts relied heavy on Chinese built electric vehicles which have been slapped with 100% tariffs in several markets. I’m not in PR but sometimes I think you’re better to own it and be honest about the situation. No body is buying the spin that these are good sales numbers.

The bigger problem is that the Eletre and Emeya just aren't desirable vehicles. Even at the pre-tariff price point, they haven't been selling.

 

[Jinba ittai]

The bigger problem is that the Eletre and Emeya just aren't desirable vehicles. Even at the pre-tariff price point, they haven't been selling.

That’s true. The Emira value proposition seems to be - pay a premium for one of a kind driving dynamics and stunning good looks. The Eletre and Emeya proposition is what? Pay a premium luxury? There’s a lot of players in that space and I’m not sure the Lotus product is different enough. Now there’s talk of pivoting to hybrid power trains but that’s not going to fix the issue.

 

[brainf18]

Geely and Lotus bet in the expanding EV market to make its sales projection. Of course they were spectacularly wrong. The timing of Lotus' EV products could not have been worse along with tariffs and political headwinds. The only bright spot is the Emira has sold well and demand seems to be solid but who knows how long that will last.

 

[Jinba ittai]

Maybe an unpopular opinion on here, but I’m anti-boring car not anti-electric. Wait, was that a double negative? I have a deposit down for a Type 135 and think it will be a nice alternative to the Emira. I’m excited to compare and contrast them. I just hope Lotus’ poor financial performance doesn’t cause them to dramatically change or scrap the Type 135 all together.

 

[freefall_junkie]

All this makes me wonder if at some stage Geely might just pull the plug on Lotus entirely . There are plenty of examples of major manufacturers giving up on brands which aren't working for them. Think of Toyota with Scion, GM with Pontiac and Hummer, Mazda with Xedos, and VAG is soon going to be retiring Seat. I really hope Lotus can turn it around somehow because these sales figures are not going to impress anyone at Geely HQ.