Lotus Technology (LOT) Registration Filing summary

Company overview and business model

• Designs and develops luxury lifestyle vehicles under the iconic British brand, leveraging over 70 years of racing heritage and engineering expertise.

• Focuses on high-performance electric vehicles (BEVs), with an asset-light model supported by Geely Holding for manufacturing, supply chain, and R&D.

• Operates a digital-first, omni-channel sales model, combining premium physical stores and a global digital platform for direct customer engagement.

• Global distribution network covers over 200 stores as of December 31, 2024, with plans for further expansion.

• Recent restructuring eliminated the VIE structure, consolidating operations under mainland China subsidiaries.

Financial performance and metrics

• Delivered 12,065 vehicles in 2024, a year-on-year increase of over 70%, with China accounting for 25% of global deliveries.

• For the nine months ended September 30, 2024: total revenues of $652.8 million, gross profit of $59.1 million, and net loss attributable to ordinary shareholders of $665.1 million.

• As of September 30, 2024: total assets of $2.59 billion, total liabilities of $2.96 billion, and shareholders' deficit of $371 million.

• Audit report notes substantial doubt about ability to continue as a going concern due to accumulated deficit and negative cash flows.

Use of proceeds and capital allocation

• Net proceeds from securities offerings will be used as set forth in applicable prospectus supplements.

• No cash dividends paid to date; future earnings expected to be retained for business development and growth.