Lotus Financial state - interesting read

Not surprising... It's indeed a transitional period as the old models are being discontinued while the Emiras aren't really delivered to consumers in any meaningful quantities yet.

BTW, the license fee is smart tax move to fully utilize the UK losses. Imagine that profit being kept in China (and taxable) while the UK losses go to waste. Nothing surprising there at all, but as long as they have a healthy inflow of Emira orders, and people stop comparing the Emira with Golf Rs, all is good shape so far for the legendary brand.