Lotus Technology (NASDAQ:LOT) reported total deliveries for the second quarter of 2024 were up 128% year-over-year to 2,679 units. Sportscar deliveries increased 149% to 1,337 units, while lifestyle SUV and sedan deliveries were up 111% to 1,342 units.

Total revenue jumped 103% to $225 million for the quarter that ended on June 30. Gross margin for the quarter was 9% versus 5% for the same period a year ago. The automaker reported a net loss of $202 million for the quarter. Excluding share-based compensation expenses, the adjusted net loss (non-GAAP) was $201 million. Adjusted EBITDA (non-GAAP) was a loss of $177 million.

Lotus Technology’s (LOT) average selling price remained above $100,000 in the first half of 2024, despite intensified competition.

CEO update: “We achieved even more balanced distribution of deliveries in all key markets globally. The U.S. market recorded extraordinary growth after Lotus’ re-entry into the market, contributing to 26% of total deliveries. We launched ‘Win26’ plan to increase resilience, strengthen our brand, and strive for sustainable growth. Going forward, we will keep executing our plans, boosting our efficiencies and competitiveness, and remain committed to our customers, investors, and stakeholders.”

Shares of Lotus Technology (LOT) were up 2.49% in premarket trading on Wednesday to $5.77 vs. the post-SPAC trading range of $4.50 to $17.99.