What is the long-term strategic goal of Company?
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. 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. 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. 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. 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. 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.
Company aims to deliver high-quality products and services to its customers in line with its core values and commitments. Company believes that quality assurance is key to ensuring the delivery of high-quality products and services, minimizing waste, and maximizing efficiency. Quality management has been strongly emphasized across all business functions, including product development, manufacturing, supplier quality management, procurement, charging solutions, customer experience, servicing, and logistics. The quality management groups are responsible for the overall quality strategy, quality systems and processes, quality culture, and general quality management implementation. During product development, several phases of testing have been implemented to verify design and production quality. Company's quality standards are guided by industry standards, including ISO9001, R155 CSMS, R156 SUMS, Aspice L2, ISO26262, and ISO/SAE 21434. Company's first volume-manufactured vehicle, the Eletre, is produced at a new plant operated by Counterparty A, adhering to quality standards. All production lines, including stamping, welding, painting, and general assembly, are developed in accordance with industry standards and feature a higher degree of automation. Company applies more than 4,000 standards across all phases of product development and supplier quality management. 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 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. What is Company's future guidance? Company's annual delivery target is 12,000 units, with year-over-year growth exceeding 70%. Through the Win26 program, Company aims to achieve positive cash flow and profitability by 2026. 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 Holding ecosystem.  
● Focus on sustainability targeting a fully electric product portfolio.  
● Luxury retail experience and omnichannel sales model.  
● Global, experienced, and visionary leadership. With that level of complexity and interconnectivity in mind, Company is building cybersecurity through the TARA process into its vehicle development process itself, with the intent of enabling the business to remain resilient to any potential attacks during vehicle development. The objective of Company's privacy policies is to facilitate beneficial uses of data to improve its products and services while preserving customers’ privacy expectations and complying with applicable law. Global privacy laws and practices will guide the operational design, controls, procedures, and policies for Company's program. Company's strategy accounts for increased risk as the business scales by addressing appropriate security and access controls for customer and employee information. A core tenet of Company's privacy measures is to implement privacy-by-design principles in both software and hardware development throughout the organization. Company's privacy measures will continue to evolve and adapt, utilizing best practices and tailored risk management frameworks, to allow for close collaboration across the organization, particularly between the information technology and legal functions, which is critical for effective privacy measures. Company also works to increase cybersecurity and privacy awareness throughout the organization through education and training. Company brings customers a luxury retailing experience through a digital-first, omni-channel sales model to establish and develop direct relationships with customers, covering the entire spectrum of customer experience, both physically and virtually. Company operates premium stores in high-footfall locations, providing personalized and exclusive services to create a luxurious purchasing experience for customers. The global sales digital platform provides a full suite of luxury retailing experiences, including a virtual showroom of the Company brand and products, an inquiry, order, purchasing and customization platform, and a reservation system for test driving, product delivery, and aftersales services, among others. Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company is advancing its sustainability and electrification efforts through the Vision 80 strategy, focusing on intelligent performance. This strategy includes the introduction of the Electric Company Driving Experience, which aims to enhance driving pleasure and further sustainability goals. Key developments in their technology roadmap include the 800V Hyper EV Technology, which provides an instant power pure electric drivetrain and hyper charging technology with ultra-fast plug-in charging. The 900V Hyper Hybrid EV Technology by Company integrates an instant power hybrid electric drivetrain alongside dual hyper charging technology, offering ultra-fast plug-in and on-the-drive charging. This technology boasts a combined driving range exceeding 1,100 kilometers, and its charging capabilities rival industry-leading standards such as battery swaps. The on-the-drive charging offers a consumption rate five times that of typical driving, ensuring consistent electric performance even under extreme conditions. 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. Through the plant's automated system, the manufacturing process parameters and parts information are monitored for process control and traceability. Guided by the same principle of the Company brand and in collaboration with Subsidiary B, the new Environmental, Social and Governance (ESG) Charter formalizes the activities that Company has been carrying out. As Company transforms rapidly to become a global pioneer of electric performance vehicles, the company recognizes its responsibility to do so in ways that lead the industry in minimizing its impact on the environment, benefiting society and the planet as a whole. ● Focus on electric vehicles. The Eletre, the latest model in Company's new generation of vehicles, marks the company's transition to a broader line-up of electric vehicles. Company's research and development efforts are focusing on the development of key electric vehicle technologies while benefiting from the technological support from the Counterparty A Holding ecosystem. Company intends to continually develop cutting-edge technologies, including the 800-volt EPA architecture and hardware, algorithms, and software systems to enhance the competitiveness of its vehicles. Company also plans to monetize its R&D capabilities by licensing its intellectual properties and software via subscriptions to other luxury automotive brands. Guided by Company's R&D leaders, the global research and development team has extensive experience in the automotive and technology industries. As of December 31, 2023, Company's R&D team consisted of 1,802 professionals with extensive knowledge in automotive engineering, software, and artificial intelligence, as well as diversified working experiences from leading vehicle manufacturers globally. Such composition ensures solid technology development capabilities, especially in intelligence and digitalization. The diversified cultural and professional background promotes the exchange of ideas from different perspectives and ensures the generation of innovations. Company has a dedicated global team to support its R&D activities with a sizable scale and comprehensive functionalities, covering all major technological perspectives. Company's approach to innovation demonstrates an interconnected global collaboration among highly experienced and dedicated teams in the U.K., Germany, and China, each with different technological focuses. Centered around Company's global headquarters in Wuhan, China, which focuses on cloud computing and online data processing, the company operates a software center in Shanghai focusing on global system integration and network security, and a research institute in Ningbo focusing on electric architecture, charging and power systems, and intelligent driving. Company has established two R&D centers on engineering and product design, including the Company Creative Centre (Subsidiary A) located in the heart of the British car industry in Coventry, U.K., with a focus on automotive design and design strategy, product and brand communication, and sustainable material science, and the Company Innovative Centre (Subsidiary B) located in Frankfurt, Germany, with a focus on behavioral science, innovative vehicle technologies, dynamic attribute development, user interface, and regional tuning and application. Company believes that its R&D capability is one of its key competitive strengths. Drawn from Company brand sports car design heritage, deep automotive expertise, and next-generation technologies, Company's proprietary 800-volt EPA is a high-performance platform for luxury electric vehicles, which was developed over five years of R&D efforts. The platform features supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. Such superior design enables Company to quickly roll out new models and ramp up production with competitive performance attributes and achieve economies of scale. Aside from the EPA, Company has developed a leading ADAS with fully embedded L4-ready hardware capabilities enabled by the world’s first deployable LiDAR system and proprietary software system. Company's wholly-owned R&D facilities across Europe and China demonstrate a seamless collaboration among highly experienced and dedicated Company teams to support its world-class R&D capabilities. Company manufactures all battery electric vehicle (BEV) lifestyle models through a contract manufacturing partnership with Counterparty A, utilizing Counterparty A’s newly constructed, state-of-the-art manufacturing facilities dedicated to electric vehicles in Wuhan, China. [Table Level]
- Table Title: Revenues and Sales Breakdown
- Table Summary: The table presents a breakdown of total revenues for Company for the years ending December 31, 2023, and 2022, with a focus on "Sales of goods" and "Service revenues." It details revenue from various categories, highlighting significant year-over-year changes.
- Context: The financial overview indicates substantial revenue growth driven by increased sales volumes in battery electric vehicle (BEV) lifestyle models and Company-brand products. The context surrounding the table emphasizes examining these metrics alongside GAAP measures for a comprehensive understanding of performance.
- Special Notes: All monetary values are in thousands of US dollars, except for percentage changes.

[Row Level]
Row 1: Sales of goods revenue for 2023 amounted to $660,158,000, marking an increase of $658,972,000 or 55,562.6% from $1,186,000 in 2022.

Row 2: Revenue from BEV lifestyle models was $465,265,000 in 2023, with no comparable revenue in 2022, indicating a significant marketing launch impact of $465,265,000.

Row 3: Sports cars generated $184,111,000 in revenue in 2023, which is an increase of $183,283,000 from $828,000 in 2022, showing a 22,135.6% growth.

Row 4: The ‘Others’ category contributed $10,782,000 to the 2023 revenue, compared to $358,000 in 2022, representing an increase of $10,424,000 or 2,911.7%.

Row 5: Service revenues for 2023 reached $18,850,000, up from $8,371,000 in 2022, with a year-over-year increase of $10,479,000 or 125.2%.

Row 6: The Total Revenues for 2023 were $679,008,000, which is an increase of $669,451,000 or 7,004.8% from $9,557,000 in 2022. For parts requiring special designs, Company reviews design proposals and chooses largely based on design-related factors. However, in certain cases, Company has limited choices given its scale, such as battery cell packages, so in such circumstances, Company typically partners with suppliers that it believes to be well-positioned to meet its needs. In addition, when part suppliers are selected, Company has established certain environmental guidelines in accordance with its ESG strategies and goals. The global automotive market is highly competitive and has historically been associated with significant barriers to entry, including large capital requirements and investment costs for developing, designing, manufacturing, and distributing vehicles, long lead times to bring vehicles to market from the concept and design stage, the need for specialized design and development expertise, regulatory requirements, establishing a brand name and image, and the need to establish sales and service locations. 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. 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. Carbon-neutral sustainable development. Company plans to achieve its goal of becoming a carbon-neutral company through sustainability in the design of products. Manufacturing sustainability is of high importance to Company. Minimizing environmental impacts is one of the most important targets of the manufacturing plant from the very beginning. Company has worked with Counterparty A to carry out a series of energy-saving and emission reduction measures at Counterparty A’s manufacturing plant, including adopting the design of a dry box spray room, the establishment of photovoltaic power generation, waste gas incineration, rainwater collection, water reuse, waste heat utilization, and other green facilities. The photovoltaic power generation system at Company Global Smart Factory generated more than 9,800 MWh in 2023. Company also targets to achieve carbon neutrality across the entire value chain by 2038. Scope 1 and 2 refer to emissions that are owned or controlled by Company, whereas Scope 3 emissions are those that occur from sources not owned or controlled by Company but as a consequence of its activities. There can be no assurance that Company would be able to successfully retain alternative suppliers or supplies on a timely basis, on acceptable terms, or at all. Changes in business conditions, force majeure, governmental changes, and other factors beyond Company's control or which it does not presently anticipate could also affect its suppliers’ ability to deliver components on a timely basis. Any of the foregoing could materially and adversely affect Company's results of operations, financial condition, and prospects. The supplier agreements for Company's current or future vehicles may have provisions where such agreements can be terminated in various circumstances, including potentially without cause. If the suppliers and strategic partners become unable to provide, or experience delays in, providing components or technology, or if the supplier agreements Company has in place are terminated, it may be difficult to find replacement components and technology. Changes in business conditions, pandemics, governmental changes, and other factors beyond Company's control or that it does not presently anticipate could affect its ability to receive components or technology from its suppliers. Other than as shown above, Company did not have any other significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2023. Company and Subsidiary B have entered into a Distribution Agreement pursuant to which a subsidiary of Company is 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 lifestyle 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 June 30, 2024, Company had 207 stores in its global distribution network, and 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. These related party agreements include the Technology License Agreement, the Manufacture Cooperation Agreement, and the Supply of Framework Agreement, among other areas. These agreements are described in more detail in this prospectus under “Certain Relationships and Related Person Transactions   —   Related Party Transactions.” These partnerships permit Company to benefit from Counterparty A’s decades of experience investing in established automakers while focusing its efforts on core areas of differentiation, such as design, research and development, performance, and rapid adoption of the latest technologies and sustainability solutions. Company intends to continue to rely on its partnership with Counterparty A as part of its strategy. Collaboration with Counterparty A for research and development, procurement, manufacturing, and engineering is subject to risks with respect to operations that are outside of Company's control. Company currently relies on and expects to continue to rely on its strategic partner, Counterparty A, in terms of research and development, procurement, manufacturing, and engineering with regard to its vehicles. 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 Holding ecosystem.  
● Focus on sustainability targeting an intelligent and high-performance product portfolio.  
● Luxury retail experience and an omni-channel sales model.  
● Global, experienced, and visionary leadership. Company is well positioned to capitalize on the growth momentum of the global luxury battery electric vehicle (BEV) segment by leveraging the following strategies: Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company and Subsidiary B have entered into the Distribution Agreement pursuant to which a subsidiary of Company is appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as the 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. Company operates in an industry that is subject to extensive sustainability and environmental-related regulations, which have become more stringent over time and are expected to become more extensive in the future. The laws and regulations to which Company is or may become subject govern, among other things: water use; air emissions; use of recycled materials; energy sources; the storage, handling, treatment, transportation, and disposal of hazardous materials; the protection of the environment, natural resources, and endangered species; responsible mineral sourcing; due diligence transparency; environmental reporting; and the remediation of environmental contamination. Compliance with such laws and regulations at an international, regional, national, state, provincial, and local level is and will be an important aspect of Company's ability to continue operations. Many countries have announced a requirement for the sale of zero-emission vehicles only within proscribed timeframes, some as early as 2035, and Company, as an electric vehicle developer, aims to comply with these requirements across its entire upcoming product portfolio as it expands. All vehicle manufacturers are required to comply with the applicable emission regulations in each jurisdiction in which they operate. Company has worked with Counterparty A to carry out a series of energy-saving and emission reduction measures at Counterparty A’s manufacturing plant, including adopting the design of a dry box spray room, the establishment of photovoltaic power generation, waste gas incineration, rainwater collection, water reuse, waste heat utilization, and other green facilities. The photovoltaic power generation system at Counterparty A’s manufacturing plant has a capacity of over 16 million kWh. Company also targets to achieve carbon neutrality (Scope 1, 2, and 3) by 2038. Scope 1 and 2 refer to emissions that are owned or controlled by Company, whereas Scope 3 emissions are those that occur from sources not owned or controlled by Company but as a consequence of its activities. The driving change commitment includes significant reduction in carbon emissions throughout the business, substantial elimination of waste, driving efficient and sustainable use of resources in both operations and supply chains, and protecting and preserving natural environments. Counterparty A’s manufacturing plant adopted a water reuse system that replenishes the water volume of Company Lake by recycling roof rainwater. The lake water will be treated and used for greening, flushing, and landscaping. ● Inspiring the next generation. As a result, future capital requirements may be uncertain, and actual capital requirements may be significantly different from what is currently anticipated. Company may need to seek equity or debt financing to finance a portion of its capital expenditures. Such financing might not be available in a timely manner or on acceptable terms, or at all. If Company cannot obtain sufficient capital on acceptable terms, its business, financial condition, and prospects may be materially and adversely affected. Company's ability to obtain the necessary financing to carry out its business plan is subject to a number of factors, including general market conditions and investor acceptance of its business plan. These factors may make the timing, amount, terms, and conditions of such financing unattractive or unavailable to Company. If Company is unable to raise sufficient funds, it may need to significantly reduce its spending, delay or cancel its planned investment or expansion activities, or substantially change its corporate structure. The driving change commitment includes significant reduction in carbon emissions throughout the business, substantial elimination of waste, driving efficient and sustainable use of resources in both operations and supply chains, and protecting and preserving natural environments. Counterparty A’s manufacturing plant adopted a water reuse system that replenishes the water volume of Company Lake by recycling roof rainwater. The lake water will be treated and used for greening, flushing, and landscaping. ● Inspiring the next generation. 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 an 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. In June 2024, Company was recognized by the Global Zero Carbon City Pioneer Awards at the 2024 Shanghai International Carbon Neutrality Expo for its innovation and exceptional commitment to sustainability and responsible business practices. Additionally, Company was nominated as a finalist in the business and operations transformation categories at the Reuters Sustainability Awards 2024, demonstrating global recognition of its holistic approach to sustainability. [Table Level]
- Table Title: Financial Performance Summary
- Table Summary: This table presents the net loss, adjusted net loss, and adjusted EBITDA figures for the years ended December 31, 2021 to 2023. It includes detailed breakdowns of interest expenses, interest income, income tax expenses, share-based compensation expenses, and depreciation.
- Context: The table reflects financial performance measures that should be analyzed in conjunction with GAAP measures and other financial information to gain a full understanding of Company's fiscal health. It indicates a substantial year-over-year increase in total revenues due to various sales activities.
- Special Notes: Values are reported in US dollars and thousands (from 2022 onwards where specified).

[Row Level]
- Row 1: Net loss for the year 2023 was $(750,255), compared to $(724,563) for 2022, and $(110,531) for 2021.
- Row 2: Share-based compensation expenses were not applicable in 2023, amounted to $10,625 in 2022, and were not applicable in 2021.
- Row 3: Adjusted net loss for 2023 was $(750,255), while it was $(713,938) for 2022, and $(110,531) for 2021.
- Row 4: Restates net loss figures for 2023 as $(750,255), 2022 as $(724,563), and 2021 as $(110,531) for additional context.
- Row 5: Interest expenses were $10,200 in 2023, $8,542 in 2022, and $3,615 in 2021.
- Row 6: Interest income in 2023 was $(9,204), in 2022 was $(12,188), and in 2021 was $(6,219).
- Row 7: Income tax expense for 2023 was $1,113, compared to $292 for 2022, and $1,853 for 2021.
- Row 8: Share-based compensation expenses are reiterated as not applicable for 2023 and 2021, but were $10,625 in 2022.
- Row 9: Depreciation was $54,957 in 2023, $12,790 in 2022, and $2,056 in 2021.
- Row 10: Adjusted EBITDA was $(693,189) for 2023, $(704,502) for 2022, and $(109,226) for 2021. ● Invest in brand equity and fully transform the Company 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 models and upgrade existing models. The Company BEV business, founded in 2018, was carried out by Subsidiary A and the Company BEV business unit of Counterparty A Automobile Research & Development Co., Ltd., or Counterparty A R&D, incorporated in the People’s Republic of China, Subsidiary B incorporated in the U.K., and Subsidiary C, or Subsidiary D, incorporated in Germany. For the periods ended prior to the Restructuring, the Company BEV business was also carried out through the former Variable Interest Entity (VIE) and its subsidiaries based in mainland China. However, the company restructured beginning in 2023 such that it no longer has any VIE structure. Leveraging Counterparty A Holding’s readily available production capacity, Company believes it can execute its business plan with higher scalability and flexibility while limiting its upfront capital commitments compared to most other original equipment manufacturers (OEMs). Additionally, by leveraging Counterparty A Holding’s global supply chain network, strong bargaining power in procurement, and stable relationships established with reputable suppliers such as NVIDIA, Qualcomm, and CATL, Company can secure high-quality components at more competitive prices, which it believes would allow for better management of any supply chain disruption risk more effectively compared to other OEMs. Company brings customers a luxury retailing experience through a digital-first, omni-channel sales model to establish and develop direct relationships with customers, covering the entire spectrum of customer experience, both physically and virtually. Company operates premium stores in high-footfall locations, providing personalized and exclusive services to create a luxurious purchasing experience for its customers. The global sales digital platform provides a full suite of luxury retailing experiences, including a virtual showroom of the Company brand and products, an inquiry, order, purchasing and customization platform, and a reservation system for test driving, product delivery, and aftersales services, among others. These related party agreements include the Technology License Agreement, the Manufacture Cooperation Agreement, and the Supply of Framework Agreement, among other areas. These agreements are described in more detail in this prospectus under “Certain Relationships and Related Person Transactions   —   Related Party Transactions.” These partnerships permit Company to benefit from Counterparty A’s decades of experience investing in established auto manufacturers while focusing its efforts on core areas of differentiation, such as design, research and development, performance, and rapid adoption of the latest technologies and sustainability solutions. Company intends to continue to rely on its partnership with Counterparty A as part of its strategy. Collaboration with Counterparty A for research and development, procurement, manufacturing, and engineering is subject to risks with respect to operations that are outside of Company's control. Company currently relies on and expects to continue to rely on its strategic partner, Counterparty A, in terms of research and development, procurement, manufacturing, and engineering with regard to its vehicles. Guided by the same principle of the Company brand and in collaboration with Subsidiary B, the new Environmental, Social and Governance (ESG) Charter formalizes the activities that Company has been carrying out. As Company transforms rapidly to become a global pioneer of electric performance vehicles, the company recognizes its responsibility to do so in ways that lead the industry in minimizing its impact on the environment, benefiting society and the planet as a whole. ● All electric. The first of Company's core Environmental, Social and Governance (ESG) commitments is that, throughout the Company product line, all future new mainstream vehicles from Company and from Subsidiary B will be fully electric. The Eletre, the latest of Company's new generation of vehicles, marks the company's transition to a full line-up of electric vehicles. ● Carbon-neutral sustainable development. Company plans to achieve its goal of becoming a carbon-neutral company through sustainability in the design of products. Manufacturing sustainability is of high importance to Company. Minimizing environmental impacts is one of the most important targets of the manufacturing plant from the very beginning.