Vincent Yeung's questions to Lotus Technology (LOT) leadership • Q3 2024
Question
Vincent Yeung of SC Asia questioned management's confidence in achieving the 12,000-unit annual sales target, the drivers for deliveries in the final two months of the year, and guidance for Q1 2025. He also asked for views on luxury EV demand in China and the strategy to boost sales there.
Answer
CEO Feng Qingfeng expressed confidence in hitting the challenging 12,000-unit target, citing strong progress in China and the U.K., accelerating deliveries in the EU, and new market entries in Japan and South Korea. Regarding China, he acknowledged a drop in the overall luxury EV segment penetration but highlighted that Lotus is gaining market share, reaching 40% in October. The strategy is to dominate this niche by increasing market share to over 50%, which will drive sales volume regardless of broader segment trends.