Kuaidi Technology reported on June 26 that Lotus Group CEO Feng Qingfeng recently made it clear on social platforms that Lotus will not participate in the price war as a million-level luxury pure electric vehicle brand.
, he believes that although price wars are currently common in the Chinese automobile market, this does not mean that all brands must cut prices and compete.
Feng Qingfeng emphasized that Lotus is full of confidence in its intelligent manufacturing, quality control, product performance and brand charm.
, In 2023, Lotus achieved operating income of US$679 million and a gross profit margin of 15%.
Although the net loss for the whole year was approximately US$750 million, electric vehicles accounted for 63% of the delivery volume.
In October last year, Lotus expected that its delivery volume would increase to 26,000 units in 2024 and further increase to 73,000 units in 2025.
However, shortly after listing, Lotus adjusted its sales forecast.
Feng Qingfeng proposed in April that Lotus is expected to achieve positive profits and cash flow in 2026, with a gross profit margin of more than 20%, and sales of 50,000 to 60,000 vehicles.
In a market environment where many brands are cutting prices one after another, Lotus ‘strategy of not reducing prices is particularly prominent.
Feng Qingfeng believes that even if there are problems of homogenization of configuration and appearance in the mid-to-low-end pure electric and entry-level luxury car markets, the million-class pure electric car market still has its uniqueness.
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