Latest news with #DaxueWang
Yahoo
27-05-2025
- Automotive
- Yahoo
Lotus Technology Releases 2024 ESG Report, Showcasing Commitment to Sustainability and Innovation
NEW YORK, May 26, 2025 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ('Lotus Tech' or the 'Company') (Nasdaq: LOT), a leading global intelligent and luxury mobility provider, today released its 2024 Environmental, Social, and Governance (ESG) Report, highlighting the Company's progress in advancing sustainable practices, innovative green products, and global leadership in clean mobility. The report has been audited by TÜV NORD, an independent third-party inspection, testing and assurance agency. 'Lotus Tech's 2024 ESG report reflects our unwavering commitment to driving sustainable change and creating a better future for all,' said Dr. Daxue Wang, Chairman of the ESG Committee at Lotus Tech. 'Through cutting-edge innovation, responsible manufacturing, and active participation in global sustainability efforts, we are dedicated to delivering eco-friendly solutions and fostering a more sustainable world.' Key Highlights from the 2024 ESG Report: Innovative Green Products: Lotus Tech unveiled its first concept car, Theory 1, centered on advanced technology, material minimization, and sustainable development. In contrast to mainstream industry models that utilize on average 100 A-surface materials, Theory 1 sets a "Challenge of 10" goal, employing only ten main A-surface materials, with performance, lightweight and sustainable properties. Green Manufacturing Excellence: Lotus Global Smart Factory has been awarded the prestigious 'Leading-Zero Carbon Factory' certification, recognizing its efforts to achieve carbon neutrality and sustainable production practices. Global Sustainability Engagement: Lotus Tech actively participated in the global sustainability initiatives and reporting. In 2024, Lotus Tech has contributed showcases for the World Economic Forum (WEF)'s Nature Positive Transitions Report series, demonstrating its commitment to driving global climate action. The Company received accolades in 2024, including the Reuters Sustainability Award and the EU Chamber of Commerce Sustainable Business Award, acknowledging its achievements in sustainability and responsible business practices. To read Lotus Tech's 2024 ESG Report, please visit About Lotus Technology Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit Contact InformationMedia inquires ir@
Arabian Post
12-05-2025
- Automotive
- Arabian Post
Lotus Technology Battles Mounting Losses Amid US Tariff Pressures
Lotus Technology Inc., the luxury electric vehicle arm of the iconic British marque, reported a 70% surge in global vehicle deliveries in 2024, reaching 12,065 units. However, this growth has been overshadowed by a net loss of $667 million for the first nine months of the year, driven by escalating operational costs and the impact of US tariffs on imported vehicles. Despite the impressive delivery figures, the company's financial health remains precarious. Revenues more than doubled to $653 million compared to the same period in 2023, yet gross margins declined to 9% from 11%, highlighting the challenges of maintaining profitability in a volatile market. Operating losses increased by 18% year-on-year, underscoring the strain on the company's bottom line. The US market, a significant destination for Lotus vehicles, has become increasingly challenging due to the reintroduction of 25% tariffs on imported cars. These tariffs, part of broader protectionist measures, have disrupted global supply chains and increased costs for manufacturers. Lotus, which exports a substantial portion of its vehicles to the US, has been directly affected, leading to strategic cost-cutting measures, including the elimination of 270 jobs. Chief Financial Officer Daxue Wang attributed the financial downturn to global trade uncertainties and rising tariffs. The company is undergoing strategic cost optimizations and operational adjustments, especially as it integrates its UK sports car division with its Chinese electric car unit. Geely Holdings, Lotus's majority shareholder, has reinforced its control by activating a buyback clause from Lotus Technology Inc. to acquire a full stake in its advanced technologies unit. In response to these challenges, Lotus has intensified its focus on the Chinese market, which accounted for approximately 25% of global deliveries in 2024. The company successfully reclaimed its trademark rights in China, ensuring brand consistency and strengthening its position in the world's largest automotive market. Additionally, Lotus has been expanding its product portfolio, introducing models like the Emeya and Eletre, and unveiling its 'Hyper Hybrid EV technology' at the Guangzhou Auto Show.
The Irish Sun
23-04-2025
- Automotive
- The Irish Sun
Huge British car firm warns of ‘more cost cuts' days after axing hundreds of jobs over ‘volatile market'
A HUGE British car firm has warned it is being forced to make more cuts, after scrapping hundreds of jobs. Lotus has blamed the "volatility" caused by Donald Trump's trade tariffs for the cuts. Advertisement 3 Lotus has warned it is being forced to make more cuts, after cutting hundreds of jobs Credit: Getty 3 The luxury sports car brand has blamed Donald Trump's tariffs for the cuts Credit: Getty 3 Lotus Technology, which has operated separately since Geely's involvement in 2017, will absorb the remaining parts of the company Credit: Getty The luxury The motorcar firm recorded 12,134 sales in the 2024 financial year, a 74% increase on the 6970 sales made the previous year. However, Lotus made just £21.7m in gross profit, a significant decrease on the £76.3 million it made the previous year. Chief financial officer Daxue Wang blamed the decrease in profits on the impact of worldwide tariffs and "global trade uncertainties." Advertisement Read more motors stories He added that Lotus, which will '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,' Mr Wang said. The beginning of these cost-cutting measures was announced last month, when the manufacturer announced that it would be cutting 270 jobs. The brand promised it was "committed to the UK" despite the cuts, but this has done little to ease fears. Advertisement Most read in Motors Exclusive Latest A spokesperson said: "The proposed restructuring is vital to enhance our competitiveness in today's market. "Lotus Cars has announced a proposed business restructure to ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars. Nissan Rogue Discontinued: America's Top-Selling SUV Faces Tariff Pressure "The company plans to increase synergies across the wider Lotus brand and with its largest shareholder and technology partner, Geely Holding Group. "It will look at greater resource sharing and collaboration in technology, engineering, and operations." Advertisement Days after the job cuts were announced, Lotus' current owner Geely International, triggered a 2023 agreement to force Lotus Technology Inc to buy back 51 per cent of Lotus Advanced Technologie s. Currently Geely owns 51 per cent of Lotus, with the other 49 percent owned by Malaysian group Etika Automotive. Qingfeng Feng, Senior Vice President of Geely Holding Group and CEO of Group Lotus, said: "This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand. Advertisement "It will strengthen brand equity and enhance our operational flexibility and internal synergies. "We are confident that the transaction will create substantial long-term value for our shareholders." Donald Trump's introduction of 25 percent tariffs on car imports to the US has heaped huge pressure on car brands. The UK sends one sixth of all of the cars it builds each year to the US. Advertisement These include luxe models from car brands such as Aston Martin, Rolls Royce and Land Rover. Sales to the US amount to about 100,000 a year, with a worth of around £8 billion. Trump has claimed that the import tax for cars, which came into play on April 2, would lead to "tremendous growth" for the industry. However, experts say it will likely lead to a temporary shutdown of significant production in the US and strain relations with other countries Advertisement
Scottish Sun
23-04-2025
- Automotive
- Scottish Sun
Huge British car firm warns of ‘more cost cuts' days after axing hundreds of jobs over ‘volatile market'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A HUGE British car firm has warned it is being forced to make more cuts, after scrapping hundreds of jobs. Lotus has blamed the "volatility" caused by Donald Trump's trade tariffs for the cuts. Sign up for Scottish Sun newsletter Sign up 3 Lotus has warned it is being forced to make more cuts, after cutting hundreds of jobs Credit: Getty 3 The luxury sports car brand has blamed Donald Trump's tariffs for the cuts Credit: Getty 3 Lotus Technology, which has operated separately since Geely's involvement in 2017, will absorb the remaining parts of the company Credit: Getty The luxury sports car company announced the cuts despite the fact it has almost doubled sales over the last year. The motorcar firm recorded 12,134 sales in the 2024 financial year, a 74% increase on the 6970 sales made the previous year. However, Lotus made just £21.7m in gross profit, a significant decrease on the £76.3 million it made the previous year. Chief financial officer Daxue Wang blamed the decrease in profits on the impact of worldwide tariffs and "global trade uncertainties." He added that Lotus, which will become one company when the sports car division merges with the Chinese electric car division, will be forced to undergo "strategic cost optimisation 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,' Mr Wang said. The beginning of these cost-cutting measures was announced last month, when the manufacturer announced that it would be cutting 270 jobs. The brand promised it was "committed to the UK" despite the cuts, but this has done little to ease fears. A spokesperson said: "The proposed restructuring is vital to enhance our competitiveness in today's market. "Lotus Cars has announced a proposed business restructure to ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars. Nissan Rogue Discontinued: America's Top-Selling SUV Faces Tariff Pressure "The company plans to increase synergies across the wider Lotus brand and with its largest shareholder and technology partner, Geely Holding Group. "It will look at greater resource sharing and collaboration in technology, engineering, and operations." Days after the job cuts were announced, Lotus' current owner Geely International, triggered a 2023 agreement to force Lotus Technology Inc to buy back 51 per cent of Lotus Advanced Technologies. Currently Geely owns 51 per cent of Lotus, with the other 49 percent owned by Malaysian group Etika Automotive. Qingfeng Feng, Senior Vice President of Geely Holding Group and CEO of Group Lotus, said: "This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand. "It will strengthen brand equity and enhance our operational flexibility and internal synergies. "We are confident that the transaction will create substantial long-term value for our shareholders." Donald Trump's introduction of 25 percent tariffs on car imports to the US has heaped huge pressure on car brands. The UK sends one sixth of all of the cars it builds each year to the US. These include luxe models from car brands such as Aston Martin, Rolls Royce and Land Rover. Sales to the US amount to about 100,000 a year, with a worth of around £8 billion. Trump has claimed that the import tax for cars, which came into play on April 2, would lead to "tremendous growth" for the industry. However, experts say it will likely lead to a temporary shutdown of significant production in the US and strain relations with other countries
The Sun
23-04-2025
- Automotive
- The Sun
Huge British car firm warns of ‘more cost cuts' days after axing hundreds of jobs over ‘volatile market'
A HUGE British car firm has warned it is being forced to make more cuts, after scrapping hundreds of jobs. Lotus has blamed the "volatility" caused by Donald Trump 's trade tariffs for the cuts. 3 3 3 The luxury sports car company announced the cuts despite the fact it has almost doubled sales over the last year. The motorcar firm recorded 12,134 sales in the 2024 financial year, a 74% increase on the 6970 sales made the previous year. However, Lotus made just £21.7m in gross profit, a significant decrease on the £76.3 million it made the previous year. Chief financial officer Daxue Wang blamed the decrease in profits on the impact of worldwide tariffs and "global trade uncertainties." He added that Lotus, which will become one company when the sports car division merges with the Chinese electric car division, will be forced to undergo "strategic cost optimisation 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,' Mr Wang said. The beginning of these cost-cutting measures was announced last month, when the manufacturer announced that it would be cutting 270 jobs. The brand promised it was "committed to the UK" despite the cuts, but this has done little to ease fears. A spokesperson said: "The proposed restructuring is vital to enhance our competitiveness in today's market. "Lotus Cars has announced a proposed business restructure to ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars. Nissan Rogue Discontinued: America's Top-Selling SUV Faces Tariff Pressure "The company plans to increase synergies across the wider Lotus brand and with its largest shareholder and technology partner, Geely Holding Group. "It will look at greater resource sharing and collaboration in technology, engineering, and operations." Days after the job cuts were announced, Lotus' current owner Geely International, triggered a 2023 agreement to force Lotus Technology Inc to buy back 51 per cent of Lotus Advanced Technologies. Currently Geely owns 51 per cent of Lotus, with the other 49 percent owned by Malaysian group Etika Automotive. Qingfeng Feng, Senior Vice President of Geely Holding Group and CEO of Group Lotus, said: "This acquisition marks a critical milestone in our strategic journey to fully integrate all businesses under the Lotus brand. "It will strengthen brand equity and enhance our operational flexibility and internal synergies. "We are confident that the transaction will create substantial long-term value for our shareholders." Donald Trump 's introduction of 25 percent tariffs on car imports to the US has heaped huge pressure on car brands. The UK sends one sixth of all of the cars it builds each year to the US. These include luxe models from car brands such as Aston Martin, Rolls Royce and Land Rover. Sales to the US amount to about 100,000 a year, with a worth of around £8 billion. Trump has claimed that the import tax for cars, which came into play on April 2, would lead to "tremendous growth" for the industry. However, experts say it will likely lead to a temporary shutdown of significant production in the US and strain relations with other countries
