Vincent Yeung's questions to Lotus Technology Inc (LOT) leadership • Q3 2024
Question
Vincent Yeung of SC Asia questioned management's confidence in achieving the 12,000-unit annual sales target for 2024, given the required delivery pace for November and December. He also asked for Q1 2025 delivery guidance and regional allocation, and inquired about luxury EV demand in China, the reasons for Lotus's sales decline there, and strategies to boost performance.
Answer
CEO Feng Qingfeng expressed confidence in meeting the 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 slowdown in the overall luxury EV segment but stated Lotus's strategy is to aggressively gain market share, targeting 50-60% of the segment priced above $80,000, up from 40% in October.