What is the user profile of Company?
Over the past 75 years, the user profile of Company is car fan who loves car culture and focuses on driving pleasure. In the strategic path of Company' implementation of Vision 80, the target customer group has further increased with the expanded and upgraded product line. Now the younger generation who value driving pleasure, new-era women, mavericks, technology geeks, and luxury consumers who pay attention to social responsibility are all our customers and potential customers. 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, 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 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.
There is no assurance that Company's vehicles will maintain and strengthen a reputation comparable to that of Company’ sports vehicle segment. If Company fails to do so, it may lose the opportunity to build a critical mass of customers. Promoting and positioning the brand will likely depend significantly on Company's ability to provide high-quality vehicles and services and engage with customers as intended, and the company has limited experience in these areas. In addition, Company expects that its ability to develop, maintain, and strengthen the brand will depend heavily on the success of its branding efforts. Company markets the brand through media, word-of-mouth, events, and advertising. Such efforts may not achieve the desired results. If Company does not maintain and strengthen a strong brand, its business, financial condition, results of operations, and prospects will be materially and adversely affected. The trademark licenses granted to Company to use the “Company” brand are on a royalty-free and worldwide basis and are for use of the trademarks (i) exclusively (subject to any existing licenses already granted) for lifestyle vehicles and parts and components in relation thereto that Company designs, develops, manufactures, assembles, distributes, and sells; These policies include the Clean Network project initiated by the U.S. Department of State in August 2020 and new authorities granted to the Department of Commerce to prohibit or restrict the use of information and communications technology and services. While a substantial majority of Company's business is conducted in China, policies like these may deter U.S. users from accessing and/or using Company's apps, products, and services, which could adversely impact the user experience and reputation of Company. Likewise, Company is monitoring policies in the U.S. that are aimed at restricting U.S. persons from investing in or supplying certain Chinese companies. The U.S. and various foreign governments have imposed controls, license requirements, and restrictions on the import or export of technologies and products (or voiced the intention to do so). For instance, in October 2022, the U.S. Commerce Department’s Bureau of Industry and Security issued rules aimed at restricting China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. In addition, the U.S. government may potentially impose a ban prohibiting U.S. persons from making investments in or engaging in transactions with certain Chinese companies. Recently, Company disclosed the output of its intelligent driving solutions to multiple automakers. As the intelligent driving business continues to develop, Company expects this business to contribute significantly to high profit revenue and drive rapid growth in its overall performance. [Table Level]
- Table Title: Breakdown of Revenues by Type
- Table Summary: The table provides a detailed breakdown of revenues by type for the years ended December 31, 2023, 2022, and 2021. It includes data on sales of goods and services revenues, expressed in thousands of US dollars and percentages of total revenues.
- Context: The table is part of a report discussing Company's diverse revenue streams, including sales of vehicles, parts, tools, and services such as automotive design and development.
- Special Notes: The numbers are presented in thousands, except for percentages.

[Row Level]
Row 1: For the year ended December 31, 2023, revenues from sales of goods amounted to US$660,158, representing 97.2% of the total revenue of US$679,008.

Row 2: For the year ended December 31, 2023, services revenues totaled US$18,850, which constituted 2.8% of the total revenue.

Row 3: For the year ended December 31, 2022, revenues from sales of goods were US$1,186, accounting for 12.4% of the year's total revenue of US$9,557.

Row 4: For the year ended December 31, 2022, services revenues were US$8,371, making up 87.6% of the total revenue.

Row 5: For the year ended December 31, 2021, sales of goods generated US$369, which was 10.0% of the total revenue of US$3,687.

Row 6: For the year ended December 31, 2021, services revenues reached US$3,318, comprising 90.0% of the total revenue. Company has implemented cybersecurity monitoring capabilities that collect and analyze telemetries from a wide range of sources and take proactive actions to ensure the security risk visualization of its systems and products. Company's cloud security policies seek to enable secure cloud architecture deployments and extend security capabilities. Utilizing signed certificates, encryption keys, message authentication codes, and cryptographic algorithms, Company adopts authentication and encryption to secure its products, software, vehicles and their components, and OTA updates. Additionally, Company utilizes pre-condition checks, sequence and dependency execution, and failure recovery when performing updates during the OTA process. Company's vehicle development involves a significant degree of automation and technology. With that level of complexity and interconnectivity in mind, Company is building cybersecurity by 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. In addition, regardless of their veracity, reports of unauthorized access to the vehicles, their systems, or data, as well as other factors that may result in the perception that the vehicles, their systems, or data are capable of being “hacked,” could negatively affect Company's brand and harm its business, financial condition, results of operations, and prospects. Company retains certain information about its customers, which may subject the company to complex and evolving laws and regulations regarding cybersecurity, privacy, data protection, and information security in various jurisdictions in which it operates. Company uses its vehicles’ electronic systems to log, with necessary permission, certain information about each vehicle’s use in order to aid Company in vehicle diagnostics, repair, and maintenance, as well as to help optimize the driving and riding experiences. Company's customers may object to the use of this data, which may harm the company’s business. Company has adopted strict information security policies and deployed advanced security measures to comply with these requirements and to prevent data loss and other security breaches, including, among others, advanced encryption technologies. Company's cloud security policies seek to enable secure cloud architecture deployments and extend security capabilities. Utilizing signed certificates, encryption keys, message authentication codes, and cryptographic algorithms, Company has deployed authentication and encryption as part of its efforts to secure its products, software, vehicles and their components, and over-the-air updates. Additionally, Company utilizes pre-condition checks, sequence and dependency execution, failure detection, and rollback and recovery when performing updates during the over-the-air process. Company faces competition from both traditional luxury automotive developers and an increasing number of newer companies focused on electric and other alternative fuel vehicles. Company believes the primary competitive factors on which Company competes with its peers include, but are not limited to: 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 [website]. 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. 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. [Table Level]
- Table Title: Geographic Distribution of Revenues
- Table Summary: The table presents the revenues generated by Company across different geographic regions for the years ended December 31, 2023, 2022, and 2021. It highlights the significant growth in revenues from various regions, particularly the Chinese mainland, with a detailed breakdown for each location over the years.
- Special Notes: All revenue amounts are in thousands of US dollars.

[Row Level]
Row 1: "For the year ended December 31, 2023, the revenue from the Chinese mainland was $419,448, whereas in 2022 it was $8,816, and in 2021, $3,109."

Row 2: "In the UK, the revenue recorded for 2023 was $83,827, compared to $437 in 2022 and $439 in 2021."

Row 3: "Japan contributed $26,390 to the revenues in 2023, with no recorded revenue in 2022 or 2021."

Row 4: "Australian revenue for 2023 was $20,335, with no revenue in the previous two years."

Row 5: "Belgium generated $20,701 in revenue for 2023, with no revenue in 2022 and 2021."

Row 6: "Revenues from France reached $16,341 in 2023, with no prior revenue in 2021 and 2022."

Row 7: "In Italy, the revenue was $14,650 for 2023, with no records for 2022 and 2021."

Row 8: "Germany contributed $15,904 to the 2023 revenue, with no amounts recorded for 2022 and 2021."

Row 9: "Revenue from the Netherlands amounted to $13,729 in 2023, with no revenue for the other two years."

Row 10: "Other regions generated $47,683 in revenue for 2023, compared to $304 in 2022 and $139 in 2021."

Row 11: "The total revenues for Company reached $679,008 in 2023, significantly rising from $9,557 in 2022 and $3,687 in 2021." ● brand recognition, prestige, and heritage; ● design, styling, and luxury; ● technological innovation; ● driver experience; ● product quality and performance; ● product reliability and safety; ● battery range, efficiency, and charging speeds; ● customer service and customer experience, including access to charging options and availability and terms of aftersales services; ● product pricing; ● management team experience in bringing electric vehicles and other disruptive technologies to market; ● manufacturing efficiency; ● environmental impact and perception; ● the degree and sophistication of related vehicle software. Company believes that the company is favorably positioned to compete on the basis of these factors. However, many of its current and potential competitors have substantially greater financial, technical, manufacturing, marketing, and other resources than Company. These competitors may be able to deploy greater resources to the design, development, manufacturing, distribution, promotion, sales, marketing, and support of their products. Additionally, many of these competitors also have greater name recognition, longer operating histories, larger sales forces, broader customer and industry relationships, and other tangible and intangible resources that exceed those of Company. and (ii) 5,486,784 ADSs issuable upon the exercise of warrants (the “Sponsor Warrants”, together with the Public Warrants, the “Warrants”) to purchase Ordinary Shares in the form of ADSs which were issued to Subsidiary A (the “Sponsor”) on the Closing Date in exchange for the private placement warrants purchased by the Sponsor in a private placement concurrent with the initial public offering of Subsidiary A; and   
(2) the resale from time to time by the selling securityholders named in the Registration Statement or their pledgees, donees, transferees, assignees or other successors in interest (that receive any of the securities as a gift, distribution, or other non-sale related transfer) of up to (i) 680,957,495 ADSs and (ii) 5,486,784 Warrants. Company is furnishing this opinion as Exhibits 5.1 and 23.3 to the Registration Statement. 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. [Table Level]
- Table Title: Net Loss Per Share Calculation
- Table Summary: This table provides a detailed breakdown of the calculation for basic and diluted net loss per ordinary share for the years ending December 31, 2021, 2022, and 2023. It includes data on the net loss attributable to ordinary shareholders, the accretion of redeemable convertible preferred shares, and the weighted average number of ordinary shares. The table details both the numerator and denominator used in the calculation.
- Context: The table is part of a discussion on the net loss per share calculation for Company, where net operating losses in different jurisdictions are also discussed. It informs the reader about the adjustments made in shares due to Recapitalization.
- Special Notes: All amounts are in thousands, except for share and per-share data. The weighted average number of ordinary shares has been retrospectively adjusted to reflect the Recapitalization.

[Row Level]
Row 1: In 2023, the net loss attributable to ordinary shareholders was \$(742,001); in 2022, it was \$(723,921), and in 2021, it was \$(110,531).

Row 2: The accretion of redeemable convertible preferred shares was \$(15,121) in 2023, \$(910) in 2022, and not applicable in 2021.

Row 3: The numerator for the basic and diluted net loss per ordinary share calculation was \$(757,122) for 2023, \$(724,831) for 2022, and \$(110,531) for 2021.

Row 4: The weighted average number of ordinary shares, both basic and diluted, was 474,621,603 in 2023, 475,805,054 in 2022, and 334,127,181 in 2021.

Row 5: The denominator for both basic and diluted net loss per ordinary share calculation was set at 474,621,603 for 2023, 475,805,054 for 2022, and 334,127,181 for 2021.

Row 6: The net loss per ordinary share attributable to ordinary shareholders, both basic and diluted, was \$(1.60) in 2023, \$(1.52) in 2022, and \$(0.33) in 2021. The board of directors will determine whether, to what extent, at what times and places, and under what conditions or regulations the accounts and books of Company will be open to inspection by shareholders. No shareholder will otherwise have any right to inspect any account, book, or document of Company except as required by law or authorized by the board of directors or the shareholders by special resolution. Company may from time to time by ordinary resolution: ● increase the share capital by such sum, to be divided into shares of such classes and amount, as the resolution will prescribe; ● consolidate and divide all or any share capital into shares of a larger amount than existing shares; ● sub-divide the existing shares or any of them into shares of a smaller amount; provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share will be the same as it was in the case of the share from which the reduced share is derived; 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. These competitors also compete with Company in recruiting and retaining qualified research and development, sales, marketing, and management personnel, as well as in acquiring technologies complementary to, or necessary for, its products. Additional mergers and acquisitions in the electric vehicle and luxury automotive markets may result in even more resources being concentrated in these competitors. Company believes that its brand and history, its focus on design and experience, its advanced technologies, its relationship with Counterparty A and therefore the benefits it can obtain during the vehicle development phase, and its future-proof approach give it a competitive edge and allow it to formulate a highly differentiated go-to-market strategy. Company also has a scalable asset-light business model that it believes generates significant competitive advantages, allowing it to incur less upfront capital expenditure and focus on research and development and technologies. 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. [Table Level]
- Table Title: Revenue Breakdown for the Years Ended December 31, 2022 and 2021
- Table Summary: The table provides a detailed breakdown of revenues for the years ended December 31, 2022 and 2021. The table includes sales of goods and service revenues, along with the changes in revenue amounts and percentages between the two years.
- Context: Company experienced an increase in total revenues due to sales from the distribution of Company-brand sports cars, auto parts, and automotive services.
- Special Notes: All financial figures are presented in thousands of US dollars, except for percentages.

[Row Level]
Row 1: Sales of goods in 2022 amounted to US$1,186 thousand, a significant increase of US$817 thousand or 221.4% from US$369 thousand in 2021.

Row 2: Revenues from vehicles in 2022 were US$828 thousand, which rose by US$459 thousand or 124.4% compared to US$369 thousand in 2021.

Row 3: Other sales revenues recorded in 2022 were US$358 thousand, a new entry compared to no revenue in this category in 2021.

Row 4: Service revenues grew to US$8,371 thousand in 2022, up by US$5,053 thousand or 152.3% from US$3,318 thousand in 2021.

Row 5: Total revenues for 2022 reached US$9,557 thousand, an increase of US$5,870 thousand or 159.2% from the previous year’s total of US$3,687 thousand. [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. [Table Level]  
- Table Title: Revenue Breakdown for Different Periods  
- Table Summary: The table provides a detailed breakdown of revenue sources for Company across different financial periods, including both sales of goods and service revenues. It shows the amount in US dollars and the percentage contributions for both the six months ended June 30 and the years ended December 31 from 2021 to 2024.  
- Context: The context discusses Company's operations as a global distributor for Company Cars and their sources of revenue, which include sales of automotive products and services. Their cost structure and revenue generation strategies are further elaborated upon, highlighting the importance of product distribution and service delivery.  
- Special Notes: The financial figures represented in the table are in thousands, except for percentages.  

[Row Level]  
Row 1: For the six months ended June 30, 2024, sales of goods amounted to $382,893, contributing 96.2% to total revenues. In contrast, in the same period for 2023, sales of goods were $124,854, making up 96.0% of the total revenues.  

Row 2: Service revenues for the six months ending June 30, 2024, were $15,222, accounting for 3.8% of total revenues. This compares to $5,181 in 2023, which represented 4.0% of total revenues.  

Row 3: The total revenues for the six months ended June 30, 2024, were $398,115, which was 100% of revenue composition, compared to $130,035 or 100% for the same period in 2023.  

Row 4: For the year ended December 31, 2023, sales of goods reached $660,158, which was 97.2% of the total revenues, while for 2022, these were $1,186, contributing 12.4%.  

Row 5: Service revenues for the year ended December 31, 2023, stood at $18,850, representing 2.8% of total revenue, and $8,371 in 2022, making up 87.6%.  

Row 6: The total revenues for the year ended December 31, 2023, were $679,008, making up 100% of revenues, whereas in 2022, the total was $9,557, also 100%.  

Row 7: In 2021, sales of goods were $369, equivalent to 10.0% of the total, while service revenues were $3,318, contributing 90.0%.  

Row 8: Total revenues for 2021 stood at $3,687, making up 100% of the total revenues. Under the Several Provisions on Regulating the Market Order of Internet Information Services issued by the Ministry of Industry and Information Technology on December 29, 2011, and effective on March 15, 2012, the Decision on Strengthening the Protection of Online Information issued by the Standing Committee of the National People’s Congress and implemented on December 28, 2012, the Order for the Protection of Telecommunications and Internet User Personal Information issued by the Ministry of Industry and Information Technology and implemented on July 16, 2013, and the PRC Cybersecurity Law issued by the Standing Committee of the National People’s Congress on November 7, 2016, and implemented on June 1, 2017, any collection and use of a user’s personal information must be legal, rational, and necessary. Users should be clearly notified of the purposes, methods, and scopes of collecting and using information, channels for inquiring and correcting information, and the consequences of refusing to provide information. An internet information service provider shall be prohibited from divulging, tampering with, or destroying any personal information, or selling or providing such information to other parties. 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. [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. To the extent state data privacy laws apply to Company and its products or services, Company aims to ensure compliance with the requirements of those laws. Additionally, many of these competitors also have greater name recognition, longer operating histories, larger sales forces, broader customer and industry relationships, and other tangible and intangible resources that exceed those of Company. These competitors also compete with Company in recruiting and retaining qualified research and development, sales, marketing, and management personnel, as well as in acquiring technologies complementary to, or necessary for, the company's products. Additional mergers and acquisitions in the electric vehicle and luxury automotive markets may result in even more resources being concentrated in Company's competitors. Company believes that its brand and history, focus on design and experience, advanced technologies, relationship with Counterparty A, and the benefits obtained during the vehicle development phase, along with its future-proof approach, provide a competitive edge and enable the formulation of a highly differentiated go-to-market strategy. Company also has a scalable asset-light business model that is believed to generate significant competitive advantages, allowing the company to incur less upfront capital expenditure and focus on research and development and technologies. If neither Company nor Counterparty A Holding enters into longer-term supplier agreements with guaranteed pricing for parts or components, Company may be exposed to fluctuations in prices of components, materials, and equipment. For more details, see “—Risks Relating to Our Business and Industry — We are dependent on our suppliers, many of whom are our single source suppliers for the components they supply” and “—Risks Relating to Our Business and Industry — We could experience cost increases or disruptions in supply of raw materials or other components used in our vehicles.” Company may not succeed in continuing to maintain and strengthen its brand, and its brand and reputation could be harmed by negative publicity with respect to Company, its directors, officers, employees, shareholders, peers, business partners, or the automotive industry in general. Company's business and prospects will heavily depend on its ability to maintain and strengthen the “Company” brand associated with design, sustainability, and technological excellence. Company obtained licenses from Counterparty B to use the trademarks in the “Company” brand on lifestyle vehicles, parts, and components. In addition, regardless of their veracity, reports of unauthorized access to the vehicles, their systems, or data, as well as other factors that may result in the perception that the vehicles, their systems, or data are capable of being “hacked,” could negatively affect Company's brand and harm its business, financial condition, results of operations, and prospects. Company retains certain information about its customers, which may subject the company to complex and evolving laws and regulations regarding cybersecurity, privacy, data protection, and information security in various jurisdictions in which it operates. Company uses its vehicles’ electronic systems to log, with necessary permission, certain information about each vehicle’s use in order to aid Company in vehicle diagnostics, repair, and maintenance, as well as to help optimize the driving and riding experiences. Company's customers may object to the use of this data, which may harm the company's business. Company has adopted strict information security policies and deployed advanced security measures to comply with these requirements and to prevent data loss and other security breaches, including, among others, advanced encryption technologies. Interruption or failure of Company's information technology and communications systems could affect its ability to effectively provide its services. Company's in-car technology system, along with other digitalized sales, service, customer relationship, internal information, and knowledge management systems, depends on the continued operation of Company's information technology and communications systems. These systems are vulnerable to damage or interruption from, among others, fire, terrorist attacks, natural disasters, power loss, telecommunications failures, computer viruses, computer denial of service attacks, or other attempts to harm Company's systems. The occurrence of any of the foregoing events could result in damage to or failure of these systems. These risks may be heightened for operations at facilities outside of Company's direct control. Any network interruption or inadequacy that causes interruptions to Company's products or access to its product operating systems, or failure to maintain the network and server or solve such problems in a timely manner, could reduce user satisfaction, which, in turn, will adversely affect Company's reputation, user base, future operations, and financial condition. Company relies on third-party suppliers for certain technologies and components used in its Advanced Driver Assistance Systems (ADAS), and any defects in or quality issues with those technologies and components could result in actual or perceived quality issues with its vehicles. Company plans to enhance and expand the intelligent driving capabilities of its vehicles through ongoing research and development. However, Company cannot guarantee that its vehicles will achieve the targeted assisted or intelligent driving functionality within the projected timeframe, or ever. In addition, intelligent driving, as an evolving and complex technology, is subject to risks, and from time to time there have been accidents associated with such technology. The safety of such technology depends in part on user interaction, and users may not be accustomed to using such technology. To the extent accidents associated with Company's future intelligent driving technology occur, the company could be subject to liability, government scrutiny, and further regulation. Any of the foregoing could materially and adversely affect Company's brand image, financial condition, results of operations, and growth prospects. Company prioritizes the trust of its customers and employees and places great emphasis on systems and product security, cybersecurity, and privacy. To protect its systems, products, and data, Company applies a variety of technical and organizational security policies, procedures, technical controls, and protocols. Company has a dedicated team of professionals that focuses on application, network, system, and product security based upon a clearly defined organizational operating model. Company has obtained the ISO/IEC 27001 certifications (GB/T 22080-2016) and R155/R156 certifications. Company has also commenced corporate-wide data privacy policies and controls with dedicated cross-functional resources. Company implements enterprise vulnerability management processes that include periodic scans designed to identify security vulnerabilities and implement remediation. In addition, Company conducts internal and external penetration tests, receives threat intelligence, follows incident response procedures, and remediates vulnerabilities according to severity and risk. Further, seeking to implement effective management, control, and protection, Company has established a centralized, organization-wide view of information assets. Company has instituted cybersecurity risk monitoring policies to detect threats and cybersecurity risks to its enterprise information assets and products. 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. 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'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's cloud security policies seek to enable secure cloud architecture deployments and extend security capabilities. Utilizing signed certificates, encryption keys, message authentication codes, and cryptographic algorithms, Company has deployed authentication and encryption as part of its efforts to secure its products, software, vehicles and their components, and OTA updates. Additionally, Company utilizes pre-condition checks, sequence and dependency execution, failure detection, and rollback and recovery when performing updates during the OTA process. [Table Level]
- Table Title: Calculation of Filing Fee Table
- Table Summary: This table specifies the details of security registration for Company, including the types and classes of securities registered, proposed offering prices, and associated registration fees. It outlines the total offering amounts, fees previously paid, and the net fee due.
- Context: This registration is part of a filing with the SEC, related to the issuance of ordinary shares and American depositary shares (ADSs) of Company.
- Special Notes: The table accounts for adjustments in share numbers due to stock dividends, splits, or recapitalizations. The fees are estimated based on an ADS price of $4.955, as recorded on September 16, 2024.

[Row Level]
Row 1: The type of security is "Equity" with the security class titled "Ordinary Share" having a par value of $0.00001 per share. The amount registered totals 44,450,000 shares. The proposed maximum offering price per unit is $4.955, leading to a maximum aggregate offering price of $220,249,750. The fee rate applied is 0.0001476, with an amount of the registration fee being $32,509.

Summary Row 1: The total offering amounts to $220,249,750, with a fee of $32,509 previously paid and a net fee due of $32,509, after accounting for fee offsets. 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. Any network interruption or inadequacy that causes interruptions to Company's products or access to its product operating systems, or failure to maintain the network and server or solve such problems in a timely manner, could reduce user satisfaction, which, in turn, will adversely affect Company's reputation, user base, future operations, and financial condition. Company's data centers are also subject to break-ins, sabotage, hacking, malfunctions, loss or corruption of data, software, hardware, or other computer equipment, the intentional or inadvertent transmission of computer viruses, software errors, malware, security attacks, fraud, and intentional or accidental human actions or omissions, as well as potential disruptions. Some of Company's systems are not fully redundant, and its disaster recovery planning cannot account for all eventualities. Any problems at Company's data centers could result in lengthy interruptions in service. In addition, Company's products and services are highly technical and complex and may contain errors or vulnerabilities, which could result in interruptions in services or the failure of its systems. 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 has acted as Cayman Islands legal advisers to Company (the “Company”) in connection with the Company’s registration statement on Form F-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Act”) (including its exhibits, the “Registration Statement”) for the purposes of registering with the Commission under the Act, and relates to: (1) the issuance by Company of up to 15,037,030 American depositary shares (the “ADSs”), each representing one ordinary share, par value US$0.00001 per share, of Company (the “Ordinary Shares”), including: (i) 9,550,246 ADSs issuable upon the exercise of warrants (the “Public Warrants”) to purchase Ordinary Shares in the form of ADSs which were issued on 22 February 2024 (the “Closing Date”) in exchange for the public warrants of Counterparty A that were issued in the initial public offering of Counterparty A; On top of these functions, Company is developing end-to-end solutions for scenarios such as highway, urban, and parking, with some solutions integrated into its models as premium functions through over-the-air (OTA) updates. Furthermore, Company's intelligent driving arm, Company Robotics, has been designated to license several leading automakers to provide them with intelligent driving technology, software, and intelligent driving-related tools. ● Cloud services. Company constructed a powerful cloud infrastructure to support cloud-based services for customers. Company's cloud services fully empower intelligent driving in data compliance, model training, process optimization, and improve computing power and digital operation capabilities. Company has integrated these hardware, software, and cloud capabilities to develop a full stack of advanced intelligent driving technologies, which enable Company vehicles to perceive and intelligently react to their surroundings, thereby enhancing the driving experience. By combining powerful algorithms, HD cameras, radars, and high-precision mapping capabilities, Company vehicles are able to precisely perceive their surroundings in stereoscopic display. Company vehicles then dynamically react to their perceived surroundings by leveraging customized planning and control algorithms. Taken together, Company's intelligent driving solution offers a smooth and intelligent driving experience to drivers, even under extreme road conditions. By: /s/ Person A  
Name: Person A  
Title: Director and Chief Executive Officer [Table Level]
- Table Title: Consolidated Cash Flow Information for Company. for the Years Ended December 31, 2023, 2022, and 2021
- Table Summary: The table presents detailed cash flow activities of Company., including financing and investing activities over the years 2021 to 2023. This summary breaks down each category of cash inflow and outflow, showcasing fluctuations in financial activities such as proceeds from share issuances, bank loans, and investments.
- Context: The table follows an auditing procedure overview, pointing out the assurance of free material misstatements in financial reporting. It precedes a detailed description of Company.'s business operations, emphasizing their focus on luxury battery electric vehicles and sports cars under the Company brand.
- Special Notes: All financial amounts are presented in thousands of US dollars. Specific references to notes (e.g., Note 10, Note 17) provide further explanation for particular items.

[Row Level]
Row 1: In 2023, there were no proceeds from the issuance of ordinary shares. In 2021, the proceeds amounted to $197,918 thousand.

Row 2: There were no proceeds from the settlement of receivables from shareholders in 2023, 2022, or 2021.

Row 3: Proceeds from the issuance of Series Pre-A Preferred Shares in 2022 were $129,681 thousand, under Note 17.

Row 4: In 2022, $187,734 thousand was raised from the issuance of Series A Preferred Shares, as referenced in Note 17.

Row 5: Company. did not issue Series A Preferred Shares in 2021, generating a negative cash flow of $57,430 thousand. Note 17 applies.

Row 6: For 2023, proceeds from the issuance of Series A Preferred Shares totaled $25,297 thousand, referenced in Note 15.

Row 7: A large inflow of $378,964 thousand from the exchangeable notes issuance occurred in 2022, as per Note 14.

Row 8: Convertible notes issuance contributed $27,883 thousand in 2023, with no activity in 2021. Note 18 applies.

Row 9: Issuance of mandatorily redeemable noncontrolling interest brought $6,299 thousand in 2021, referencing Note 18.

Row 10: Repayment of mandatorily redeemable noncontrolling interest led to an outflow of $11,554 thousand in 2023 and $28,628 thousand in 2022. Note 15 applies.

Row 11: In 2022, $10,000 thousand was achieved from PIPE investments, under Note 13.

Row 12: Payments for the redemption of convertible notes in 2023 resulted in a cash outflow of $5,648 thousand, under Note 15.

Row 13: In 2023, the proceeds from bank loans were $481,176 thousand, with Note 10 providing specifics.

Row 14: Repayments of bank loans in 2023 totaled $272,897 thousand, as detailed in Note 10.

Row 15: Net cash provided by financing activities in 2023 was $284,708 thousand, compared to $758,131 thousand in 2022 and $364,853 thousand in 2021.

Row 16: Exchange rate changes adversely affected cash by $12,189 thousand in 2023, while positively affecting it by $2,943 thousand in 2021.

Row 17: There was a net decrease in cash and restricted cash of $312,398 thousand in 2023, contrasting with an increase of $208,081 thousand in 2022.

Row 18: Starting cash and restricted cash balance was $739,533 thousand at the end of 2022, growing from $485,767 thousand in 2021.

Row 19: By the end of 2023, cash and restricted cash stood at $427,135 thousand.

Row 20: Reconciliation shows that of this total, cash accounted for $418,941 thousand, with restricted cash current at $7,873 thousand in 2023.

Row 21: Supplemental information includes interest payments of $8,086 thousand in 2023 and mentions other items specific to the financial activities.

Row 22: Non-cash investing and financing activities incorporate the purchase of intangible assets and securities via convertible notes in 2023 and earlier, as highlighted in the notes section. Company equips its vehicles with certain advanced driver assistance features. Generally, laws pertaining to driver assistance features and intelligent driving vehicles are evolving globally and, in some cases, may create restrictions on advanced driver assistance or intelligent driving features that Company may develop. Company aims to meet the requirements for each product, market, and time frame. Company relies on third-party suppliers for certain technologies and components used in its Advanced Driver Assistance Systems (ADAS), and any defects in or quality issues with those technologies and components could result in actual or perceived quality issues with its vehicles. Company plans to enhance and expand the intelligent driving capabilities of its vehicles through ongoing research and development. However, Company cannot guarantee that its vehicles will achieve the targeted assisted or intelligent driving functionality within the projected timeframe, or ever. In addition, intelligent driving as an evolving and complex technology is subject to risks, and from time to time there have been accidents associated with such technology. The safety of such technology depends in part on user interaction, and users may not be accustomed to using such technology. To the extent accidents associated with Company's future intelligent driving technology occur, the company could be subject to liability, government scrutiny, and further regulation. Any of the foregoing could materially and adversely affect Company's brand image, financial condition, results of operations, and growth prospects. Demand for Company's vehicles will also depend in part on the availability of charging infrastructure. Customers may charge through supercharging stations provided by Company or third-party charging stations. While the prevalence of charging stations has been increasing, charging station locations are significantly less widespread than gas stations. Some potential customers may choose not to purchase an electric vehicle because of the lack of a more widespread service network or charging infrastructure at the time of sale. Company has very limited experience in the actual provision of its charging solutions to users, and providing these services is subject to challenges, which include the logistics of rolling out the charging network and teams in appropriate areas, inadequate capacity or overcapacity in certain areas, security risks or risk of damage to vehicles during charging services, and the potential for lack of user acceptance of these services. In addition, although the People's Republic of China (PRC) government has supported the rollout of a public charging network, the current charging facility infrastructure is generally considered to be insufficient. [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 $(109,226) for 2021. [Table Level]
- **Table Title**: Results of Operations for the Years Ended December 31
- **Table Summary**: The table presents a detailed breakdown of Company's financial performance for the years 2023, 2022, and 2021, including revenues, costs, operating expenses, and net income metrics. It highlights significant figures such as total revenues, cost of sales, operating expenses, and net loss across these years.
- **Context**: Company's subsidiaries in the U.K., Netherlands, and Germany are subject to varying maximum income tax rates. Non-GAAP measures like adjusted net loss and adjusted EBITDA provide insights into financial and operational performance.
- **Special Notes**: All figures are in thousands of US dollars (US$).

[Row Level]
- **Row 1**: "In 2023, sales of goods amounted to US$ 660,158, compared to US$ 1,186 in 2022 and US$ 369 in 2021."
- **Row 2**: "Service revenues in 2023 were US$ 18,850, growing from US$ 8,371 in 2022 and US$ 3,318 in 2021."
- **Row 3**: "Total revenues for 2023 reached US$ 679,008, significantly higher than US$ 9,557 in 2022 and US$ 3,687 in 2021."
- **Row 4**: "The cost of goods sold in 2023 amounted to US$ 564,741, with US$ 948 in 2022 and US$ 331 in 2021."
- **Row 5**: "Cost of services was US$ 12,086 in 2023, decreasing from US$ 6,302 in 2022 and US$ 2,799 in 2021."
- **Row 6**: "Total cost of revenues for 2023 was US$ 576,827, while it was US$ 7,250 in 2022 and US$ 3,130 in 2021."
- **Row 7**: "Gross profit in 2023 equaled US$ 102,181, contrasting with US$ 2,307 in 2022 and US$ 557 in 2021."
- **Row 8**: "Research and development expenses were US$ 368,729 in 2023, compared to US$ 445,844 in 2022 and US$ 511,364 in 2021."
- **Row 9**: "Selling and marketing expenses reached US$ 328,935 in 2023, increasing from US$ 151,331 in 2022 and US$ 38,066 in 2021."
- **Row 10**: "General and administrative expenses were US$ 144,533 in 2023, compared to US$ 148,369 in 2022 and US$ 54,763 in 2021."
- **Row 11**: "Government grants amounted to US$ 4,077 in 2023, down from US$ 55,824 in 2022 and US$ 490,694 in 2021."
- **Row 12**: "Total operating expenses for 2023 were US$ 838,120, compared to US$ 689,720 in 2022 and US$ 113,499 in 2021."
- **Row 13**: "Operating loss in 2023 was US$ 735,939, compared to US$ 687,413 in 2022 and US$ 112,942 in 2021."
- **Row 14**: "Interest expenses were US$ 10,200 in 2023, compared to US$ 8,542 in 2022 and US$ 3,615 in 2021."
- **Row 15**: "Interest income in 2023 was US$ 9,204, an increase from US$ 12,188 in 2022 and US$ 6,219 in 2021."
- **Row 16**: "Net investment loss was US$ 1,162 in 2023, with losses of US$ 3,246 in 2022 and gains of US$ 2,229 in 2021."
- **Row 17**: "Foreign currency exchange losses were US$ 1,048 in 2023, compared to US$ 2,762 in 2022 and gains of US$ 798 in 2021."
- **Row 18**: "The change in fair value of liabilities was US$ 42 in 2023, compared to a loss of US$ 11,505 in 2022."
- **Row 19**: "Loss before income taxes in 2023 was US$ 749,142, compared to US$ 724,271 in 2022 and US$ 108,678 in 2021."
- **Row 20**: "Income tax expense was US$ 1,113 in 2023, compared to US$ 292 in 2022 and US$ 1,853 in 2021."
- **Row 21**: "The net loss in 2023 was US$ 750,255, compared to US$ 724,563 in 2022 and US$ 110,531 in 2021." Demand for Company's vehicles will also depend in part on the availability of charging infrastructure. Customers may charge through supercharging stations provided by Company or third-party charging stations. While the prevalence of charging stations has been increasing, charging station locations are significantly less widespread than gas stations. Some potential customers may choose not to purchase an electric vehicle because of the lack of a more widespread service network or charging infrastructure at the time of sale. Company has very limited experience in the actual provision of its charging solutions to users, and providing these services is subject to challenges, which include the logistics of rolling out the charging network and teams in appropriate areas, inadequate capacity or overcapacity in certain areas, security risks or the risk of damage to vehicles during charging services, and the potential for lack of user acceptance of these services. In addition, although the government has supported the rollout of a public charging network, the current charging facility infrastructure is generally considered to be insufficient. 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. Competition Company faces competition from both traditional luxury automotive developers and an increasing number of newer companies focused on electric and other alternative fuel vehicles. Company believes the primary competitive factors on which Company competes with its peers include, but are not limited to: ● brand recognition, prestige, and heritage; ● design, styling, and luxury; ● technological innovation; ● driver experience; ● product quality and performance; ● product reliability and safety; ● battery range, efficiency, and charging speeds; ● customer service and customer experience, including access to charging options and availability and terms of aftersales services; ● product pricing; ● management team experience in bringing electric vehicles and other disruptive technologies to market; ● manufacturing efficiency; ● environmental impact and perception; ● the degree and sophistication of related vehicle software. Company believes that the company is favorably positioned to compete on the basis of these factors. However, many of Company's current and potential competitors have substantially greater financial, technical, manufacturing, marketing, and other resources than the company. These competitors may be able to deploy greater resources to the design, development, manufacturing, distribution, promotion, sales, marketing, and support of their products. 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$149,000, which represents the largest volume contributor to the luxury BEV segment. Additionally, the global luxury BEV market is underserved due to limited availability of models. As an early mover in the luxury BEV market, Company has launched its E-segment BEV model years ahead of competitors and expects to continue launching its BEV models, anticipating significant early mover advantages in terms of electrification progress compared to other brands. Iconic brand with racing heritage. The core principles and Company's DNA at the heart of the company come from more than 70 years of sports car design and engineering. The concepts of aerodynamics and lightweight sports car design are highly distinguished and have been an essential part of the Company brand’s ethos. [Table Level]
- Table Title: Geographic Revenue Distribution
- Table Summary: The table presents the revenues of Company from various geographic locations for the six-month periods ending June 30, 2024, and 2023. It highlights the revenue distribution across different countries and regions, showing significant increases in certain areas over the previous year.
- Context: The table is part of Company's unaudited condensed consolidated financial statements and provides a breakdown of revenues by geographic area, detailing how customer locations contribute to sales figures.
- Special Notes: All figures are represented in thousands of US dollars (US$). 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.