Lotus enjoyed a significantly better 2024 for sales than 2023, with the number of Emiras reaching customers doubling – and with the new Turbo SE on the way – plus thousands more EVs delivered in addition. The overall number was 12,134 cars for Lotus Group in 2024, up from 6,970 in 2023 – or a 74 per cent improvement. For the Emira – or the ‘Sportscars’ category officially, if maybe there are a couple of Evijas to count – the number was 5,272, more than double the previous year’s 2,609. The Eletre and Emeya accounted for 6,862 units, rising from 4,361.
Which all sounds like good news. Every region bar China enjoyed growth, with North America more than quintupling (just 501 Lotuses were sold there in ‘23) and Europe growing by more than 100 per cent. Total revenues grew by 36 per cent, to $924m. However, the news was less rosy for margin, losses and profit, reflecting the company’s current state, with yet job cuts seemingly inevitable. Alongside $29m of profit (against $102m in 2023), Lotus recorded an operating loss of $786m (up $50m) and a net loss of more than a billion dollars – $1,107,000,000 specifically – which puts 2023’s $750m in the shade somewhat. A climb in the cost of revenues from 2023 to 2024 of $577m to $895m can’t have helped.
Dr. Daxue Wang, Lotus Technology CFO, said: “We have made continual improvements, streamlined operations to drive efficiency, optimized resource allocation, and reduced operating expenses for five consecutive quarters. Though the Company’s gross margin was lower to three per cent in 2024 due to tariff impact and proactive destock in response to the global trade uncertainties, we have initiated strategic cost optimization to improve profitability. As we progress with the acquisition of Lotus UK, we are committed to driving cost streamlining and operational enhancements across all markets to continuously deliver long-term value.” It’s a tough time for everyone in automotive right now, compounding Lotus’s plight; let’s hope the new raft of measures – and the latest updates for the cars – have the desired effect.
Aiming to capitalise on the sales momentum is a new global brand campaign: ‘Are You a Driver or What?’. In a world of the great Jaguar hoo-hah, the latest video is pretty uncontroversial, a fusion of classic motorsport footage with modern product trying oh-so-hard to tie them together. And when presented with an Emira GT4, all wings and slicks and carbon fibre, it makes some sense. But then the proud claim of how Colin Chapman believed race cars needed ‘a lot less’ does than jar somewhat with 2.5-tonne EVs, so the mixed messaging remains exactly that. Probably the aim is to repeat what Porsche has achieved, its period in the doldrums long forgotten with money-making five-door models incorporated alongside the traditional offering. A lot easier said than done, of course, though the continued backing of Geely – for now, at least – remains encouraging. Lotus has been through its fair share of crises, after all. In some respects, the sales news is a step in the right direction; now the rest of the operation must follow suit.