April 8 (Reuters) - Lotus Technology ( LOT ) reported a

sequential surge in quarterly revenue on Monday, less than two

months after going public, due to strong demand for its luxury

electric cars.

The revenue jump is despite demand for electric cars growing

at a slower-than-expected pace as high interest rates discourage

buyers from making big-ticket purchases.

The company was valued at about $7 billion in a deal with

special purpose acquisition company, L Catterton Asia

Acquisition Corp, when it went public in February.

Lotus Tech ( LOT ) is part of British sports car maker Lotus Group,

which is owned by Chinese automaker Geely and Malaysia's Etika

Automotive.

The company is headquartered in the Chinese city of Wuhan

and produces cars through a partnership with Geely.

Its revenue jumped to $361 million in the fourth quarter

from $188 million in the July-September period.

Deliveries for the quarter ended Dec. 31, 2023 jumped to

3,749 units, up 110% from the prior three-month period. For

2024, Lotus Tech ( LOT ) expects deliveries to grow about threefold to

26,000 units.

Lotus Tech ( LOT ) began deliveries of the Emeya electric grand

touring car last month in China and expects to start handing

over the vehicle in Europe in the third quarter. Its Eletre

electric SUV is also set to be launched in the U.S. this year.

The company's net loss widened to $224 million in the

December quarter from a loss of $174 million in the third

quarter.

In the fourth quarter, its gross margin rose to 19% from 15%

a quarter earlier. The company expects gross margin of 17%-19%

in 2024.

Lotus Tech's ( LOT ) cash balance fell to $418.9 million at the end

of 2023 from $736.6 million a year earlier.

(Reporting by Akash Sriram in Bengaluru; Editing by Mrigank

Dhaniwala)