Lotus Tech Posts Q2 and H1 2025 Results, Key Milestones
Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, announced unaudited financial results for the second quarter and the half year ended 30 June 2025.
In H1 2025, Lotus Tech delivered 2,813 vehicles, reflecting a transitional period marked by the impact of tariffs, gradual destocking, and the phased introduction of upgraded model deliveries. Customers in China accounted for the majority of deliveries in H1. As customer deliveries of upgraded models began in Q2, the upgraded Eletre hyper SUV became a dominant player in China’s premium luxury BEV SUV segment during the quarter. Tariffs disrupted sports car deliveries to North America in the second quarter, but deliveries resumed in July.
On 30 June 2025, Etika Automotive Sdn Bhd (“Etika”) exercised its put option, which requires Lotus Tech to purchase Etika’s 49% equity interest in Lotus Advance Technologies Sdn (“Lotus UK”). Geely exercised a similar put option in April 2025, and the Company now expects to acquire 100% of Lotus UK by 2025, subject to potential regulatory approvals. Upon completion, Lotus Tech will gain control of Lotus UK and consolidate its financial results. This strategic transaction will integrate all businesses and operations under the Lotus brand, with the acquisition conducted through non-cash transactions based on pre-agreed prices.
In H1 2025, total revenue was $218 million, representing a 45% year-over-year decrease. Gross margin stood at 8.2%, compared with 12.8% in H1 2024. Operating loss reached $263 million, narrowing 40% YoY. Net loss totalled $313 million, narrowing 32% YoY. Adjusted EBITDA (non-GAAP) showed a loss of $240 million, narrowing 37% YoY.
On 19 August 2025, the Company entered into a securities purchase agreement with ATW Partners to issue and sell convertible notes in an aggregate principal amount of up to $300 million. Lotus Tech issued notes with an original principal amount of $10 million on 19 August 2025, and may issue up to an additional $290 million upon satisfaction of certain conditions. On 28 July 2025, the Company entered into a Master Credit Facility Framework Agreement with Zhejiang Geely Holding Group Company Limited (“Geely”), under which Geely agrees to provide, including through its affiliates, a non-revolving credit facility of up to RMB1,600,000,000 to the Company and its affiliates.
In July, Lotus announced its official return to Goodwood Festival by unveiling the “Emira Cup” race car. Lotus also exhibited the concept car “Theory” and presented a full lineup to visitors, including the hypercar Evija, Emeya hyper GT, Eletre hyper SUV, Emira, and a selection of legacy race cars.
Lotus Robotics, a wholly owned subsidiary, entered into a Memorandum of Understanding with a strategic partner to pursue collaboration in AI and intelligent driving technologies, including exploration of a Robotaxi project in Saudi Arabia.
Mr. Qingfeng Feng, Chief Executive Officer, commented: "Amidst volatile market conditions, our ability to deliver standout performance in China's fiercely competitive landscape underscores the resilience of our strategy. We are grateful to our investors for their confidence in our vision – the recent capital injections have not only fortified our cash positions. Still, they will also accelerate our transformation into a next-generation leader in the mobility sector. We are confident that we will further strengthen our operations and deliver sustainable value for our shareholders over the long term."
Dr. Daxue Wang, Chief Financial Officer, commented: "With deliveries of the upgraded models ramping up in China during the second quarter, we achieved a QoQ revenue growth of 35%, a testament to our product competitiveness. Notably, our gross margin has rebounded meaningfully from the trough as compared with the full year of 2024, supported by disciplined cost controls. We remain committed to enhancing operational efficiency to continue to deliver value for our customers, partners, and shareholders.”