Currently reading: Lotus posts £594m loss for 2023 ahead of EV sales growth
Lotus delivered just 7000 cars last year but says it is making "steady progress" towards 150,000 units in 2028

Lotus delivered fewer than 7000 cars and posted a net loss of $750 million (£594m) in 2023 but says it remains on track to achieve its ambitious transformation objectives over the coming years.

In its first earnings report since going public in February, the company said it is making "steady progress" towards the aims of its Vision80 business strategy – under which it plans to crack 150,000 annual sales a year by 2028.

Last year, Lotus sold 6970 cars (for revenues of $679m), which is a record for the brand but still less than 5% of the volumes it plans to be achieving in just four years' time. 

The company said deliveries increased by 110% in the final quarter of 2023 following the launch of the Lotus Eletre SUV, which accounted for 63% of its total yearly volumes, suggesting potentially much higher volumes are possible in 2024.

Register for free to access this article
  • Instant access to all Autocar Business news
  • Regular email newsletters
See all benefits here