Lotus Technology Inc.

If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Ms. Demi Zhang, head of IR. Please go ahead.

Thank you, Dorothea. Good morning, good afternoon, and a good evening, everyone. Thank you for joining Lotus Tech's first quarter and the full year 2024 in this call. This is Demi Zhang, the head of IR at Lotus Tech. I'm very honored to introduce company management with us today, CEO Tim Feng Feng and the CFO Da Xue Wang. On today's call, we'll start with prepared remarks from CFO and the CEO first, and then kick off the Q&A session. Before we continue, please be reminded that today's discussion will contain forward-looking statements pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and forward-looking statements involving inherent risks and uncertainties. As such, the company's actual results may be material and different from the view expressed today. The further information regarding risks and uncertainties is included in relevant followings of LOTUS TAC with the U.S. Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements except as required under applicable law. Please also note that our earnings press release and this conference call will include disclosure of non-audited GAAP financial information, as well as un-audited non-GAAP financial measures. Please refer to our press release, which contains a reconciliation of un-audited and non-GAAP measures to comparable GAAP measures, which you can find at ir.group.com. With that, I'd like to turn the call over to our CFO, Mr. Wang, please.

Thank you. Hello distinguished shareholders, analysts, and members of the prize. Thank you very much for joining our Q4 and full year 2024 learnings release. My name is Da-Xue Wang, the Chief Financial Officer of Lotus. I would like to take this opportunity to brief you the financial results of the company. In 2024, the company delivered over 12,000 vehicles, reflecting a year-on-year increase of over 70%. For the fourth quarter, Over 4,500 vehicles were delivered, representing a 20% year-on-year increase. We consider this as a remarkable growth, considering the global trade uncertainties and economic slowdown. As for the revenue, although the fourth quarter results were narrowed by 12% year-on-year to $272 million, the company gained an increase of 36% year-on-year increase to $924 million over the full year. Another achievement we want to highlight is we have achieved a reduction in operation expenses for five quarters in a row. The region execution of efficiency enhancement plans. Now, I would like to further break down our sales by category and by region. It turns out that the lifestyle vehicles increased by 57% year-on-year and accounted for 57% of the total deliveries as well. A region, Europe, the home of Lotus brand, continued to expand with an annual increase of some 180% and contributed nearly 40% of the total deliveries. China, as the second largest market for Lotus, contributed one quarter of the total deliveries. North America, mainly the United States, surged by 15% in 2024, making up 21% of the company's total deliveries. And the rest of the world's regions represented 15% of the total, with nearly 90% of year-on-year growth. For your attention, in the fourth quarter, we started to deliver EMEA in Malaysia, Thailand, Singapore, UAE, and Philippines. For the key financial indicators, deliveries and revenues have been just reported. I will not repeat here. The cost of revenues increased to 895 million US dollars and 301 million US dollars for the full year and for the fourth quarter respectively. As a result, the gross profit margin was lowered to 3% for the full year and negative 11% for the fourth quarter. We reported an operating loss of 736 million US dollars for the year and 189 million dollars for the fourth quarter. That loss was accrued to $107 million for the full year and $441 million for the fourth quarter. For your information, I just made a lot of adjustments under the non-GAAP measures. We're not much different. Then, I'll first stop here and hand over the speaker to Mr. Feng.