What new markets did Company enter in 2024?
New York – Oct 17, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its preliminary vehicle delivery results for the first nine months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 7,543 vehicles in the first nine months of 2024, representing a year-on-year increase of 134%. Global allocation in terms of deliveries remained well-distributed, with Europe, China, North America, and the Rest of the World regions each contributing about 20-35% of the total deliveries. In the third quarter of 2024, the Emeya (GT, Sedan) was delivered to Europe, whilst the Eletre (SUV) reached markets including the GCC, Japan, and Korea. In September, Company. revealed the Eletre Carbon, a high-performance variant tailored for the North American market with a starting price of $229,900. The deliveries of the Eletre Carbon are expected to commence in the first half of 2025. Deliveries of bespoke and collection versions of both the Eletre (SUV) and the Emeya (GT, Sedan) also commenced in the third quarter. Company launched the Eletre in 2022 and commenced deliveries of the Eletre in China and Europe in 2023. Company launched the Emeya in September 2023 and began deliveries in China in March 2024, expecting to begin deliveries in Europe in the second half of 2024. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. In the first nine months of 2024, Company achieved total deliveries of 7,617 units, representing a 136% year-on-year (YoY) increase. Global allocation was relatively diversified, with each region contributing 18-35% of the total deliveries in the first nine months of 2024, powered by over 200 stores in prime locations worldwide. The European market continued to expand, with a year-on-year increase of 372% in deliveries during the first nine months of 2024. The Rest of the World region achieved a year-on-year growth of 110% as Company continued to make steady progress in its expansion into new markets. In the third quarter of 2024, the deliveries of the Emira commenced in South Africa and India, and of the Eletre in Japan, South Korea, and the Philippines. The Eletre Carbon, a high-performance variant tailored for the North American market, was revealed and is expected to commence deliveries in the first half of 2025. Deliveries of bespoke and collection versions of both the Eletre (SUV) and the Emeya (GT, Sedan) also commenced in the third quarter. Company continues to drive technological innovation to meet market demand. New York – November 12, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first ten months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 8,631 vehicles in the first ten months of 2024. Europe and China continued to be the major markets for Company, with each region contributing about 35% and 25% of the total deliveries, respectively. In October, Company. started an open beta test for its urban NOA (Navigate on Autopilot) in key cities. Certain over-the-air updates of intelligent driving, including highway assistant driving functions, were launched in Europe. As previously announced, Subsidiary A, Company's intelligent driving arm, provides intelligent driving solutions with global coverage to both Company-brand intelligent vehicles and other global leading auto conglomerates such as Counterparty A, Counterparty B, and a top Japanese Tier-one supplier. In October, Company. was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry. Note 1: Invoiced deliveries, including commissioned deliveries in the US market. Company has started deliveries of the Eletre to new markets, including the Gulf Cooperation Council region, New Zealand, India, and Egypt, following deliveries in Southeast Asia. Production orders for the Eletre have begun for new markets such as Australia, Japan, and Korea. Company also started deliveries of the Emeya in Europe and is taking reservations for the Emeya in the Gulf Cooperation Council region, Japan, Korea, and Southeast Asia. The company managed to maintain an average selling price of over US$100,000 in the first half of 2024, despite faster-than-sector growth and intensified competition. Company has assessed evolving market conditions and uncertainties posed by new tariff policies in the U.S. and EU, and the company has revised its delivery target for 2024 to 12,000 units. Company launched the “Win26” plan, aiming to achieve positive EBITDA and positive operating cash flow in 2026 by further optimizing its internal processes and structures, implementing overall cost control measures, and recalibrating its product plans to cater to globally diversified markets.
The growth of the global luxury car segment is expected to outpace that of the overall car market, growing at a CAGR of 10% from 2021 to 2031, according to Oliver Wyman. Additionally, driven by regulatory tailwinds and increasing sustainability awareness, the total global battery electric vehicle (BEV) market is expected to grow rapidly at a CAGR of 24% from 2021 to 2031. Within the global BEV market, the luxury BEV segment is expected to outgrow the mass market BEV segment, growing at a CAGR of 35% and reaching a total market size of 1.9 million units by 2025. Company is well positioned to capitalize on the growth momentum of the global luxury BEV segment by leveraging the following strategies. Invest in brand equity and fully transform the brand. Leveraging Company's racing heritage and proven leadership, the company intends to further elevate the brand by continuing to deliver a portfolio of fully electric and high-performance vehicles that satisfy customers’ expectations and broaden the customer base, particularly high net worth individuals and tech-savvy younger generations who value the brand’s DNA. Scale up and expand geographical presence. Company intends to deepen its penetration across all regions. Company has strategically entered into the sustainable luxury battery electric vehicle (BEV) market, and the company faces a variety of added challenges that a traditional automobile manufacturer would not encounter, including additional costs of developing and producing an electric powertrain that has comparable performance to a traditional gasoline engine in terms of range and power, inexperience with servicing electric vehicles, regulations associated with the transport of batteries, and the need to establish or provide access to sufficient charging locations and unproven high-volume customer demand for fully electric vehicles. Company expects the sustainable luxury BEV market segment to become even more competitive in the future as additional players enter this segment. The company competes with competitors all around the world. Company's vehicles also compete with internal combustion engine (ICE) vehicles as well as new energy vehicles. Company has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict Company's future revenues and appropriately budget for its expenses, and the company may have limited insight into trends that may emerge and affect its business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new models for the global market using the Wuhan manufacturing facility. Company has operations across the UK, the EU, and China. The company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class research and development in next-generation automobility technologies such as electrification, digitalization, and more. For more information about Company, please visit www.group-Company.com. Company believes it benefits from a number of competitive advantages:  
● Early mover in the luxury battery electric vehicle (BEV) market.  
● Iconic brand with a racing heritage.  
● Proprietary next-generation technology built on world-class research and development (R&D) capabilities.  
● Asset-light business model supported by the Counterparty A ecosystem.  
● Focus on sustainability targeting a fully electric product portfolio.  
● Luxury retail experience and omnichannel sales model.  
● Global, experienced, and visionary leadership. Company is in the process of transforming from a British sports car company to a global pioneer of high-performance lifestyle electric vehicles and has set high quality and safety standards for and makes continuous improvements on its vehicles and technologies, including sensory hardware and ADAS software. Company also plans to monetize its R&D capabilities by licensing its intellectual properties to other luxury auto brands and providing ADAS software subscriptions to its customers. Continue to launch new models and upgrade existing models. The successful launches of new models are critical for Company to continue capturing market share in the luxury BEV market and strengthening its leadership position. Company plans to launch a well-balanced portfolio of new models with exceptional performance in the coming years to broaden its customer base, in particular high net worth individuals and the tech-savvy younger generations, and expand its product breadth. Company plans to launch two additional fully-electric vehicles over the next two years, including a D-segment SUV in 2025 and a BEV lifestyle sports car in 2026. Company also intends to upgrade its models to equip its vehicles with innovative technology and design. Focus on sustainability and lead in electrification. Company plans to launch a well-balanced portfolio of new models with exceptional performance in the coming years to broaden its customer base, in particular high net worth individuals and the tech-savvy younger generations, and expand its product breadth. Company plans to introduce two new models in the near future. Company also intends to upgrade its models to equip its vehicles with innovative technology and design. Focus on sustainability and lead in electrification. As a leader in the electrification transformation of the luxury car segment, Company has launched its E-segment battery electric vehicle (BEV) model years ahead of its competitors and plans to continue launching its other BEV models. As part of its sustainability commitment, Company aims to achieve carbon neutrality by 2038. Company expects to continue focusing on sustainability leadership through waste reduction and the ongoing adoption of renewable energy and recyclable materials. In addition, Company launched the “Win26” plan, aiming to achieve positive EBITDA in 2026 by further optimizing its internal processes and structures, implementing overall cost measures, and recalibrating its product plans to cater to globally diversified markets. To help engage the next generation of Company colleagues, Company leverages its unique global appeal and stimulates the ambitions of the next generation, especially in the creative science, technology, engineering, art, and mathematics subjects. Company helps carry out educational outreach programs and works with communities outside the core business to provide support and stability within those environments. Company also adopts and aligns its strategy to external frameworks including the UN Global Compact, including commitments to transparent, responsible, and ethical business management. Company released its first annual ESG Report on October 25, 2023, which documented its ESG strategy and highlighted its 2022 ESG achievements as part of Company’s advancement into a fully electric, intelligent, and sustainable luxury mobility provider under the brand’s Vision80 strategy. The strategy focuses on six key fields: Nature Positive, Climate Neutrality, Sustainable Supply Chain, Inclusion and Equality, Community Commitment, and Transparent Governance. Company joined the United Nations Global Compact (UNGC) in May 2023 and has set targets aligned with the United Nations Sustainable Development Goals (SDGs) for each field, embedding actionable frameworks into its operations to achieve the global goals. By building upon Company's iconic sports car reputation, along with the ambition to invest in a lifestyle business, the company has established a strong commercial organizational competence. Company's marketing activities include branding, global marketing campaigns, public relations, digital marketing, creative product marketing, communications, social media, and other marketing programs. The company aims to create demand and expand its customer base globally. Company plans to build a network of around 300 retail stores globally by the end of 2025. Company believes that one of the most effective forms of marketing is to continually improve customers’ experience. The omni-channel sales model is customer-oriented, where customers can both access the online platform to customize their vehicles, make payments, and order aftersales services, and visit in person to consult the sales team and reserve test-driving sessions. Company's marketing department is responsible for building the brand and corporate image, promoting products, facilitating a best-in-class customer experience, and providing information regarding the company's products, strategies, and technology through the omni-channel sales model. Company intends to continuously develop and enhance proprietary cutting-edge technologies, including its 800-volt EPA architecture and hardware, algorithm, and software systems to enhance the competitiveness of its vehicles, supported by continuous R&D investment. All of Company's proprietary technologies are built with the principle of “For the Drivers,” while inheriting its unique design language and philosophy. Company is in the process of transforming from a British sports car company to a global pioneer of high-performance lifestyle electric vehicles and has set high quality and safety standards for and makes continuous improvements on its vehicles and technologies, including its sensory hardware and ADAS software. Company also plans to monetize its R&D capabilities by licensing its intellectual properties to other luxury auto brands and providing ADAS software subscriptions to its customers. Continue to launch new models and upgrade existing models. The successful launches of new models are critical for Company to continue capturing market share in the luxury battery electric vehicle (BEV) market and strengthening its leadership position. [Table Level]
- Table Title: Contract Liabilities as of June 30, 2024 and December 31, 2023
- Table Summary: The table provides a breakdown of contract liabilities, separating them into current and non-current categories. It shows the amounts as of June 30, 2024, and December 31, 2023, for third parties and related parties. 
- Context: The information is part of Company.'s unaudited condensed consolidated financial statements, focusing on revenues and liabilities. Revenues are disaggregated by product, service line, and geographic area, with contract liabilities stemming from up-front payments recognized within specific periods.
- Special Notes: The item marked with an asterisk is included in accrued expenses and other current liabilities in the balance sheets.

[Row Level]
Row 1: As of June 30, 2024, current liabilities for contract liabilities with third parties are $50,054, compared to $44,184 as of December 31, 2023.

Row 2: As of June 30, 2024, current liabilities for contract liabilities with related parties are $11,036, whereas the amount was only $1 as of December 31, 2023.

Row 3: As of June 30, 2024, non-current liabilities for contract liabilities with third parties amount to $7,024, while the amount was $6,245 as of December 31, 2023.

Row 4: The total contract liabilities, both current and non-current, are $68,114 as of June 30, 2024, compared to $50,430 as of December 31, 2023. [Table Level]
- Table Title: Revenue by Service Line and Customer Type
- Table Summary: The table presents revenue data for Company for the years ending December 31, 2023, 2022, and 2021. It categorizes revenue based on sales of goods and services to third parties and related parties, further breaking down sales into battery electric vehicle (BEV) lifestyle models, sports cars, and other categories.
- Special Notes: All amounts are in thousands of US dollars.

[Row Level]
Row 1: In 2023, sales of BEV lifestyle models to third parties generated $464,172, with no revenue reported for 2022 or 2021.

Row 2: For 2023, sports cars sold to third parties brought in $183,160, while $828 was reported for 2022 and $369 for 2021.

Row 3: Sales categorized as "Others" to third parties amounted to $9,394 in 2023, $335 in 2022, and no revenue in 2021.

Row 4: Total sales of goods to third parties were $656,726 in 2023, $1,163 in 2022, and $369 in 2021.

Row 5: In 2023, sales of BEV lifestyle models to related parties amounted to $1,093, with no revenue recorded for the previous years.

Row 6: Sports cars sold to related parties earned $951 in 2023, with no revenue for previous years.

Row 7: Revenue from sales classified as "Others" to related parties was $1,388 in 2023, and $23 in 2022, with no revenue in 2021.

Row 8: Total sales of goods to related parties were $3,432 in 2023, and $23 in 2022, with no revenue in 2021.

Row 9: The subtotal for sales of goods combining third and related parties was $660,158 in 2023, $1,186 in 2022, and $369 in 2021.

Row 10: Revenue from services to related parties was $12,573 in 2023, $8,344 in 2022, and $3,280 in 2021.

Row 11: For 2023, services to third parties generated $6,277, with $27 in 2022 and $38 in 2021.

Row 12: The subtotal for services combining related and third parties was $18,850 in 2023, $8,371 in 2022, and $3,318 in 2021.

Row 13: Total revenues, combining all categories, were $679,008 in 2023, $9,557 in 2022, and $3,687 in 2021. Geographic information The following summarizes Company's revenues by geographic areas (based on the locations of customers): [Table Level]  
- Table Title: Sales Figures by Vehicle Type  
- Table Summary: The table provides sales figures for different vehicle types from January to September for the years 2024 and 2023, along with the year-over-year percentage change. It categorizes the sales into "Lifestyle SUV and Sedan" and "Sportscars," then displays a total for both categories.  
- Context: The table reflects the growth in vehicle sales for Company in the first nine months of 2024, highlighting a significant increase compared to the same period in 2023. This is part of Company's broader strategy to expand and innovate in the car market, including advancements in electric vehicle technology and strategic partnerships.  
- Special Notes: The percentage change is labeled as the year-over-year change (YoY).  

[Row Level]  
- Row 1: Sales of "Lifestyle SUV and Sedan" for January to September 2024 were 3,983 units, compared to 1,762 units in the same period of 2023, reflecting a 126% increase year-over-year.  
- Row 2: "Sportscars" sales for January to September 2024 amounted to 3,634 units, an increase from 1,459 units in 2023, showing a 149% year-over-year growth.  
- Row 3: The total sales for both categories from January to September 2024 reached 7,617 units, up from 3,221 units in 2023, which is a 136% year-over-year increase. In December 2022, Company hosted the Eletre Hyper Track test drive event at the Shanghai International Circuit where the Company Eletre R+ (an enhanced version of the Eletre R in China) made its first media test drive on a Formula One track. In September 2023, Company debuted the Emeya, its first electric hyper-GT, in New York. The company continues to build a consumer community and enhance brand awareness globally. On March 29, 2023 and 2024, Company hosted Company Day events on the racetrack to engage customers with the inspiration of driving passion and racing culture in conjunction with the delivery ceremony of the Eletre and Emeya. Furthermore, central functional leadership is in place to help achieve synergies and collaboration at the Company level. Company and Subsidiary B are leading the way to build up lifestyle and sportscar businesses respectively under the Company brand, ensuring both flexibility and operational uniformity. Customer satisfaction-related performance trackers are incorporated into the performance management system as one of the innovative initiatives taken by Company to enhance marketing efficiencies. [Table Level]
- Table Title: Regional Performance Overview for January to September 2024 and 2023
- Table Summary: This table provides a comparative analysis of performance across different regions for the periods of January to September in 2024 and 2023. It presents the number of units sold and revenue figures alongside the percentage contribution from each region for both years.
- Context: The table is part of a broader report detailing Company's market expansion and financial highlights for 2024, including new deliveries and technological advancements.
- Special Notes: The percentages indicate the share of each region in the total outcome for the respective years.

[Row Level]
Row 1: In Europe, January to September 2024 saw 2,683 units sold or revenue, making up 35% of the regional distribution, compared to 568 units in the same period of 2023, which constituted 18% of the regional share.

Row 2: China recorded 1,880 units sold or revenue in January to September 2024, equating to 25% of the regional total, whereas, in 2023, there were 1,993 units sold, accounting for 62%.

Row 3: North America reported 1,665 units sold or revenue for January to September 2024, contributing 22% to the region, with no corresponding data shown for 2023.

Row 4: The rest of the world achieved 1,389 units sold or revenue in January to September 2024, representing 18% of the region, while in 2023, there were 660 units sold, making up 20%.

Row 5: Total figures for January to September 2024 equaled 7,617 units sold or revenue across all regions, with the entire distribution being 100%, compared to 3,221 units sold in the same timeframe for 2023, also reflecting 100% distribution. Company has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict future revenues and appropriately budget for expenses, and Company may have limited insight into trends that may emerge and affect the business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new BEV lifestyle models for the global market using the Wuhan manufacturing facility. The company expects the Wuhan manufacturing facility will continue production and, with additional investment in necessary tooling and fixture upgrades, its planned Sedan and SUV. To date, Company has limited automobile manufacturing experience, and therefore cannot assure stakeholders that it will be able to achieve its targeted production volume of commercially viable vehicles on a timely basis, or at all. Company's continued development, manufacturing, and delivery of high-quality automobiles to achieve the targeted production volume are and will be subject to risks, including with respect to: ● delays in Company's EV technology development; ● lack of necessary funding; ● delays or disruptions in Company's supply chain; ● quality control deficiencies; ● inability to adapt to changing market conditions and manage growth effectively; ● noncompliance with environmental, workplace safety, and regulatory requirements; and  
● cost overruns. Historically, automakers are expected to periodically introduce new and improved models to stay abreast of the market. To remain competitive, Company may be required to introduce new vehicle models and perform facelifts on existing vehicle models earlier or more frequently than originally planned, which would require the company to invest to a larger extent in research and development. As of June 30, 2024, Company had 207 stores in its global distribution network, and it plans to continue expanding its retail network. In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. The growth of the global luxury car segment is expected to outpace that of the overall car market. Within the global battery electric vehicle (BEV) market, the luxury BEV segment is expected to outgrow the mass market BEV segment. Company is well positioned to capitalize on the growth momentum of the global luxury BEV segment by leveraging the following strategies. What is the reason for the company's sales forecast adjustment?Based on Company's prudent assessment of the global macro market environment and the uncertainty of tariffs, Company has adjusted the delivery forecast for 2024 to 12,000 units. [Table Level]
- Table Title: Geographic Revenues for Company.
- Table Summary: The table presents the revenues of Company by geographic areas for the years ended December 31, 2023, 2022, and 2021. It shows the monetary contribution from various regions, highlighting significant sales in the Chinese mainland and the United Kingdom. The total revenues for each year are also provided.
- Context: The revenues shown are part of Company's financial performance. The table focuses on the geographic distribution of sales, correlating with the financial statement notes that discuss factors affecting financial operations and performance.
- Special Notes: All values are in thousands of US dollars, as indicated in the financial statement notes. The table's footnotes outline the items included in financial calculations and conditions affecting convertible notes and shares.

[Row Level]
Row 1: In 2023, the revenues from the Chinese mainland were US$419,448, a significant increase from US$8,816 in 2022, and US$3,109 in 2021.

Row 2: The United Kingdom contributed US$83,827 in 2023, up from US$437 in 2022, and US$439 in 2021.

Row 3: Revenue from Japan was US$26,390 in 2023, with no significant revenue reported in prior years.

Row 4: In 2023, Australia generated US$20,335 in revenues, marking this as a new revenue stream.

Row 5: Belgium's revenue in 2023 was US$20,701, with no recorded revenues in earlier years.

Row 6: France contributed US$16,341 in 2023, with no revenues noted in previous years.

Row 7: Italy had revenues of US$14,650 in 2023, with no previous data available.

Row 8: Germany reported US$15,904 in 2023, marking its first entry as a revenue source.

Row 9: The Netherlands had revenues of US$13,729 in 2023, also a new entry.

Row 10: Revenues classified as 'Others' totaled US$47,683 in 2023, increased from US$304 in 2022, and US$139 in 2021.

Row 11: Total revenues for Company were US$679,008 in 2023, sharply rising from US$9,557 in 2022, and US$3,687 in 2021. In September, Company unveiled its visionary Theory 1 concept car, a groundbreaking model that redefines the future of driving with its cutting-edge technology, bold design, and eco-friendly features. Note 1: Invoiced deliveries, including commissioned deliveries in the US market. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems to be announced by the company. For more detailed information, see “Risk Factors   —   Risks Relating to Doing Business in China   —   Company may be adversely affected by the complexity, uncertainties, and changes in regulations of mainland China on automotive as well as internet-related businesses and companies,” and “— The approval of and/or filing with CSRC or other PRC government authorities may be required in connection with Company's offshore offerings under PRC law, and, if required, Company cannot predict whether or for how long it will be able to obtain such approval or complete such filing.” During the six months ended June 30, 2024, Company achieved total deliveries of 4,873 units, representing a 239% year-on-year increase. Company also achieved a balanced global allocation, with each region contributing 20-30% of the total deliveries in the first half of 2024. As a leader in the electrification transformation of the luxury car segment, Company has launched its E-segment BEV model years ahead of competitors and plans to continue launching additional BEV models. Company also aims to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. As part of its sustainability commitment, Company aims to achieve carbon neutrality by 2038, with the Company Global Smart Factory, which is owned and operated by Counterparty A. Company expects to continue focusing on sustainability leadership through waste reduction and the ongoing adoption of renewable energy and recyclable materials. On September 16, 2024, Company entered into the Purchase Agreement with Counterparty A, pursuant to which Counterparty A has committed to purchase up to US$350 million of American Depositary Shares (ADSs), or the Total VWAP Purchase Commitment, at Company's direction from time to time after the date of this prospectus, subject to the satisfaction of certain conditions set forth in the Purchase Agreement. Also on September 16, 2024, Company entered into a registration rights agreement, or the Registration Rights Agreement, with Counterparty A pursuant to which Company has filed with the SEC the registration statement that includes this prospectus. Company is well positioned to capitalize on the growth momentum of the global luxury battery electric vehicle (BEV) segment by leveraging the following strategies: ● Invest in brand equity and fully transform Company's brand. ● Scale up and expand Company's geographical presence. ● Develop next-generation electric vehicle technologies while monetizing Company's R&D prowess. ● Continue to launch new vehicle models and upgrade existing models. ● Company will focus on sustainability and lead in electrification. This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets of Company as of June 30, 2024, and December 31, 2023. Among the balance of contract liabilities of US$50,430 as of December 31, 2023, US$16,915 was recognized as revenue during the six months ended June 30, 2024. The contract liabilities relate to up-front payments from Company's customers for the purchase of vehicles or services in advance of the transfer of control of the products and services under the contract. Amounts that are expected to be recognized as revenue within one year are included as current contract liabilities, with the remaining balance recognized as other non-current liabilities. The Group expects that US$255,159 of the transaction price allocated to unsatisfied performance obligations as of June 30, 2024, will be recognized as revenue within one year. The remaining US$7,045 will be recognized over the remaining contract periods of 1 to 10 years. 30. SUBSEQUENT EVENTS (i) Merger Transaction On February 22, 2024, the Merger Transaction was completed as disclosed in note 1(b). (ii) Private Investment in Public Equity (PIPE) Investments On February 15, 2024, Company entered into a new Private Investment in Public Equity (PIPE) investment agreement with an investor, as disclosed in note 13. (iii) New grants of share options From January 1, 2024, to March 31, 2024, Company granted an aggregated number of 5,972,760 share options to employees pursuant to the 2022 Share Incentive Plan, at a weighted average exercise price of US$2.89 per share option. (iv) Loans to a related party On March 11, 2024, Subsidiary A and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing that Subsidiary A will provide unsecured loans with a total principal amount of GBP 275,000 (equivalent to US$354,000) with a term of 5 years and an annual interest rate of 6.95%. The Company brand is closely associated with “customer engagement” and “community building,” and in order to provide customers with a luxurious experience, Company has adopted a direct-to-consumer global sales and distribution strategy that focuses on establishing and developing direct relationships with customers, especially in selected regions including China, Europe, and the U.S., which represent some of the key areas driving fast growth in the global battery electric vehicle markets. By offering a luxurious purchasing experience and superior customer service, Company expects to further deepen its penetration in the global market and aims to establish a total of over 300 stores globally by 2025. Develop next-generation electric vehicle technologies while monetizing Company’s R&D prowess. Company intends to continuously develop and enhance proprietary cutting-edge technologies, including the 800-volt EPA architecture and hardware, algorithm, and software systems to enhance the competitiveness of its vehicles, supported by continuous R&D investment. All of Company's proprietary technologies are built with the principle of “For the Drivers,” while inheriting its unique design language and philosophy. What is the product plan for the future? Based on the increasing personalized needs of ultra-luxury market customers, Company has launched multiple special customization and limited edition models in addition to the aforementioned base models. Company will also launch high-performance special editions based on global diversified market demand. (i) Merger Transaction  
On February 22, 2024, the Merger Transaction was completed as disclosed in note 1(b).  

(ii) Private Investment in Public Equity (PIPE) Investments  
On February 15, 2024, Company entered into a new Private Investment in Public Equity (PIPE) investment agreement with an investor, as disclosed in note 13.  

(iii) New grants of share options  
From January 1, 2024, to March 31, 2024, Company granted an aggregated number of 5,972,760 share options to employees pursuant to the 2022 Share Incentive Plan, at a weighted average exercise price of US$2.89 per share option.  

(iv) Loans to a related party  
On March 11, 2024, Subsidiary A and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing that Subsidiary A will provide unsecured loans with a total principal amount of GBP 275,000 (equivalent to US$354,000) with a term of 5 years and an annual interest rate of 6.95%. During the six months ended June 30, 2024 and 2023, Company entered into the following significant related party transactions: Over 7,600 vehicles were delivered in the first nine months of 2024, a year-on-year increase of 136%. Total revenue reached $653 million, more than doubling year-on-year. Revenue from the intelligent driving business generated from customers other than Company surged to $11 million, with a year-on-year growth of 450%. Company launched Hyper Hybrid EV technology that provides high performance with a combined range of over 1,100 kilometers. New York – Nov 21, 2024 – Company. (“Company Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2024. Company develops battery electric vehicles (BEVs) and technologies through cutting-edge design, research and development, and sustainable choices. Company has a dedicated global team in the U.K., Germany, and China to conduct its research and development activities, such as developing electric powertrain architecture (EPA), intelligent driving systems, aerodynamics, and cloud services, among others, supported by a strong portfolio of intellectual properties. The company's major research and development efforts are centered on architecture and chassis platforms, intelligent driving, e-mobility platforms, cabin and connectivity, and engineering design. As of December 31, 2023, Company had 1,802 research and development employees, which accounted for 56.7% of its total number of employees. Company believes that continued investments in technologies are critical to establishing market share, attracting new customers, and becoming a profitable global BEV developer. Company achieved a 136% year-on-year increase in deliveries, maintaining its position as a top-performing luxury car brand among global competitors. The company delivered over 7,600 vehicles in the first nine months of 2024, making it the top seller among British luxury car brands. Four models were in delivery, each with an average Manufacturer’s Suggested Retail Price (MSRP) over $100,000. The current portfolio includes one SUV, one sedan, and two sportscars. Company maintained the MSRP above $100,000 throughout the first nine months of 2024, despite faster-than-sector growth and intensified competition. The intelligent driving business achieved a contract value of $130 million. Subsidiary A, the intelligent driving division, provided solutions to multiple global auto conglomerates, contributing significantly to this growth. Company's global expansion included entering over 10 new markets across the Gulf Cooperation Council (GCC) countries, Asia, and Oceania. The company introduced the Eletre Carbon, a high-performance variant tailored for the North American market, and also penetrated the fleet market for environmentally sustainable corporate clients in Europe. Company launched the Eletre and Emeya in 2022 and 2023, respectively, and their deliveries commenced in 2023 and 2024, respectively. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. To the extent the suppliers experience any delays in providing or developing necessary components, Company could experience delays in delivering on its timelines. [Table Level]
- Table Title: Vehicle Deliveries by Model Type and Region for 1H 2024
- Table Summary: The table presents vehicle deliveries for Company during the first half of 2024, broken down by model types and regions. It includes comparative data from 2023 and highlights percentage changes year-on-year.
- Context: Prior context discusses the regulatory challenges Company might face in China, which could impact its operations and securities offerings. It also mentions recent achievements in delivery growth.
- Special Notes: (1) “Deliveries” represent invoiced deliveries, including commissioned deliveries in the U.S. market.

[Row Level]
**Model Type:**
- Row 1: Lifestyle SUV and Sedan deliveries reached 2,389 units in 1H 2024, up from 871 units in 1H 2023, marking a 174% year-on-year increase.
- Row 2: Sportscars saw 2,484 units delivered in 1H 2024 compared to 568 units in 1H 2023, showing a 337% increase.
- Row 3: Total deliveries for these categories amounted to 4,873 units in 1H 2024, with a total of 1,439 units in 1H 2023, representing a 239% overall growth.

**Region:**
- Row 4: In Europe, there were 1,459 units delivered in 1H 2024, compared to 89 units in 1H 2023, which is a 30% share of total 2024 deliveries.
- Row 5: Deliveries in China were 1,208 units in 1H 2024, up from 965 units in 1H 2023, holding a 25% share in 2024.
- Row 6: North America had 1,278 units delivered in 1H 2024, accounting for 26% of 2024 deliveries, with no data from 1H 2023 for comparison.
- Row 7: The Rest of the World saw 928 units delivered in 1H 2024, an increase from 385 units in 1H 2023, making up 19% in 2024.
- Row 8: The total for all regions reached 4,873 units in 1H 2024, up from 1,439 units in 1H 2023, with each region contributing between 19% to 30% of the deliveries. In the first ten months of 2024, Company delivered a total of 8,631 vehicles, making significant inroads in the luxury electric vehicle market in China. In October, Company cars accounted for about 40% of the total luxury electric vehicles (LEV) sold in the Chinese market. The company initiated a beta test for Urban Navigation of Autopilot (NOA) services in key cities in October 2024. This followed the successful launch of highway over-the-air (OTA) services, and included a highway assistant driving function which has already been introduced in Europe. Upcoming events include opening orders for the Emeya GT Sedan in markets such as the Gulf Cooperation Council (GCC), India, Oceania, Japan, South Korea, and Southeast Asia. Company Day 2025 is scheduled for March 2025, and Company Capital Market Day will occur on December 4, 2024. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the company. Company and Subsidiary B have entered into the Distribution Agreement pursuant to which a subsidiary of Company will be appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including Eletre, Emeya, and future BEV models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. As of December 31, 2023, Company had 215 stores in its global distribution network, and plans to expand its retail network to over 300 stores by 2025. Invest in brand equity and fully transform the brand. Leveraging Company's brand racing heritage and proven leadership, Company intends to further elevate the brand by continuing to deliver a portfolio of intelligent and high-performance vehicles that satisfy customers’ expectations and broaden the customer base, in particular high net worth individuals and tech-savvy younger generations who value the brand’s DNA. Scale up and expand geographical presence. Company intends to deepen its penetration across all regions. The Company brand is closely associated with “customer engagement” and “community building,” and in order to provide customers with a luxurious experience, Company has adopted a direct-to-consumer sales and distribution strategy that focuses on establishing and developing direct relationships with customers, especially in selected regions including China, Europe, and the U.S., which represent some of the key areas driving fast growth in the global BEV markets. By offering a luxurious purchasing experience and superior customer service, Company expects to further deepen its penetration in the global market. Develop next-generation electric vehicle technologies while monetizing Company's R&D prowess. How was Company's performance in the first half of the year? Total revenue for the first half of 2024 was $398 million, representing a year-on-year increase of 206%. Company's Average Selling Price (ASP) remained above $100,000, achieving growth far exceeding the industry and luxury car segment. Company's gross margin for the first half of this year was 13%, compared to 5% in the same period of 2023.

In the first half of 2024, Company achieved total product deliveries of 4,873 units, a 239% year-on-year increase, making it the fastest-growing brand among traditional luxury car brands. Global deliveries were balanced, with the four major markets (Europe, China, North America, and Rest of World) each contributing 20-30% of deliveries.

In the first half of 2024, as Company began collaborating with several leading automotive brands by providing intelligent driving solutions and technology development services, technology-related revenue started to expand. With the continued increase in cumulative deliveries of lifestyle vehicles equipped with advanced hardware, the potential for generating paid software subscription revenue continues to grow.

Company launched the Person A Bespoke Service, offering personalized options, designer customization, limited editions, and exclusive customization to meet the growing demands of its customers. The delivery of customized models is expected to further enhance the brand's luxury positioning and benefit Company's long-term profit margins. Company believes it benefits from a number of competitive advantages: Early mover in the luxury BEV market. Company is well positioned to capitalize on the rapid growth of the global luxury BEV market and address unmet demand by offering a portfolio of BEV models. Company operates at the “sweet-spot” within the luxury BEV segment by providing vehicles with a target price range between US$80,000 to US$149,000, which represents the largest volume contributor to the luxury BEV segment. Additionally, the global luxury BEV market is underserved due to limited availability of models. As an early mover in the luxury BEV market, Company has launched its E-segment BEV model years ahead of competitors and expects to continue launching its BEV models, anticipating significant early mover advantages in terms of electrification progress compared to other brands. Iconic brand with racing heritage. The core principles and Company's DNA at the heart of the company come from more than 70 years of sports car design and engineering. The concepts of aerodynamics and lightweight sports car design are highly distinguished and have been an essential part of the Company brand’s ethos. Company may also face local protectionism in some of its target markets that could hinder the company's ability to execute its business strategies and put it at a competitive disadvantage relative to domestic automotive manufacturers. For example, in October 2023, the European Commission formally initiated an ex-officio anti-subsidy investigation on imports of battery electric vehicles (BEVs) for passengers originating in China. In July 2024, the European Commission imposed provisional countervailing duties on imports of BEVs from China. In May 2024, President Joe Biden directed the Office of the U.S. Trade Representative to add or increase tariffs on a range of goods originating from China, including electric vehicles (EVs), and U.S. tariffs on imports of EVs from China have quadrupled to 100%. As a result, Company may be required to increase the price of its products in Europe and the United States, which may decrease the company's sales, and its operations and planned future expansion in these regions may be materially and adversely affected. If Company is unable to manage the complexity of global operations successfully, or fails to comply with any of the regulations in other jurisdictions, the company's financial performance and operating results could suffer. [Table Level]
- Table Title: Geographic Revenue Distribution
- Table Summary: The table presents the revenues of Company from various geographic locations for the six-month periods ending June 30, 2024, and 2023. It highlights the revenue distribution across different countries and regions, showing significant increases in certain areas over the previous year.
- Context: The table is part of Company's unaudited condensed consolidated financial statements and provides a breakdown of revenues by geographic area, detailing how customer locations contribute to sales figures.
- Special Notes: All figures are represented in thousands of US dollars (US$). There are disclaimers regarding the calculation of loss per share which is related to put options.

[Row Level]
Row 1: For the six months ended June 30, 2024, the revenue from the Chinese mainland was US$138,210, a significant increase from US$93,013 in 2023.

Row 2: The United Kingdom contributed US$69,728 in 2024, showing a marked increase compared to US$7,396 in 2023.

Row 3: Thailand generated US$24,594 in revenue for 2024, up from US$248 in 2023, reflecting substantial growth.

Row 4: In 2024, Malaysia's revenue was US$23,652, a rise from US$1,040 reported in 2023.

Row 5: Revenue from Belgium was US$21,155 in 2024, with no corresponding figure reported for 2023.

Row 6: Italy contributed US$17,522 in 2024, while there was no reported revenue for 2023.

Row 7: Japanese revenue reached US$16,943 in 2024, slightly up from US$16,217 in 2023.

Row 8: Revenue from Germany was US$14,951 in 2024, with no prior year data available.

Row 9: The Netherlands showed US$11,145 in revenue for 2024, not reported in 2023.

Row 10: France generated US$10,553 in 2024, without a reported figure for 2023.

Row 11: Other regions collectively contributed US$49,662 in revenue in 2024, compared to US$12,121 in 2023.

Row 12: The total revenue for the six months ending June 30, 2024, was US$398,115, a substantial increase from US$130,035 in 2023.