What is the global sales volume for Company as of the second quarter?
How was Company's performance in the first half of the year? Total revenue for the first half of 2024 was $398 million, representing a year-on-year increase of 206%. Company's Average Selling Price (ASP) remained above $100,000, achieving growth far exceeding the industry and luxury car segment. Company's gross margin for the first half of this year was 13%, compared to 5% in the same period of 2023.

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

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

Company launched the Person A Bespoke Service, offering personalized options, designer customization, limited editions, and exclusive customization to meet the growing demands of its customers. The delivery of customized models is expected to further enhance the brand's luxury positioning and benefit Company's long-term profit margins. 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. As of June 30, 2024, Company had 2,989 full-time employees globally, including in China and Europe, among which approximately 54.6% belong to the R&D division. The results of operations are affected by the following company-specific factors. The results of operations depend significantly on Company's ability to achieve vehicle delivery targets, which impacts vehicle sales revenue. It is critical for Company to successfully manage production ramp-up and quality control, in cooperation with Counterparty A, to deliver vehicles to customers in targeted volume and of high quality. Currently, Company works with a BEV manufacturing facility in Wuhan, China, which is owned and operated by Counterparty A. 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.
As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future BEV models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as 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. As of December 31, 2023, Company had 215 stores in its global distribution network, and plans to expand the retail network to over 300 stores by 2025. In 2023, Company delivered a total of 6,970 vehicles, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. As of December 31, 2023, Company had 3,180 full-time employees globally, including in China and Europe, among which approximately 56.7% belong to the R&D division. [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's total revenues increased by US$669.5 million from US$9.6 million for the year ended December 31, 2022, to US$679.0 million for the year ended December 31, 2023, primarily due to the ramp-up of sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$659.0 million from US$1.2 million for the year ended December 31, 2022, to US$660.2 million for the year ended December 31, 2023, due to the increase in sales from battery electric vehicle (BEV) lifestyle models of US$465.3 million, sports cars of US$183.3 million, and auto parts and peripheral products of US$10.4 million. Service revenues. 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. Total revenues increased by US$5.9 million from US$3.7 million for the year ended December 31, 2021, to US$9.6 million for the year ended December 31, 2022, primarily due to sales from the distribution of historical Company-brand sports cars, auto parts, peripheral products, and automotive design and development services provided to Counterparty A. Sales of goods. Company's sales of goods revenue increased by US$0.8 million from US$0.4 million for the year ended December 31, 2021, to US$1.2 million for the year ended December 31, 2022, primarily due to the increase in sales from the distribution of historical Company-brand sports cars by US$0.4 million, and auto parts and peripheral products by US$0.4 million. Service revenues. Company's service revenue increased by US$5.1 million from US$3.3 million for the year ended December 31, 2021, to US$8.4 million for the year ended December 31, 2022, primarily due to an increase in automotive design and development services provided to Counterparty A. Company's total revenues increased by US$268.1 million from US$130.0 million for the six months ended June 30, 2023, to US$398.1 million for the six months ended June 30, 2024, primarily due to the increase in sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as intelligent driving solutions and other automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$258.0 million from US$124.9 million for the six months ended June 30, 2023, to US$382.9 million for the six months ended June 30, 2024, due to the increase in sales of battery electric vehicle (BEV) lifestyle models by US$190.2 million, sports cars by US$53.6 million, and auto parts and peripheral products by US$14.3 million. Service revenues. In the first nine months of 2024, Company Robotics reported a revenue of $19 million, which represents a year-over-year growth of 217%. The revenue from other customers soared to $11 million, marking a 450% increase as the external customer base expanded. Additionally, the revenue from Company itself grew to $8 million, reflecting a 100% year-over-year growth. The recognized revenue mix for the first nine months of 2024 comprised 58% from other customers and 42% from Company. The contract value distribution by region for the same period revealed that 70% originated from China, while Europe and the rest of the world (ROW) accounted for the remaining 30%. Company believes that its close relationship with Counterparty A provides the company with a unique competitive advantage in its ability to rapidly scale commercialization while maintaining an asset-light operating model with less upfront capital expenditure commitment than other original equipment manufacturers (OEMs). Company has entered into a variety of agreements, including agreements related to technology licensing, manufacturing cooperation, and supply of framework, among others, with Counterparty A. The strategic partnership with Counterparty A allows Company to effectively control supply chain-related risks and accelerate product development. Company's ability to successfully operate its Global Commercial Platform will affect its ability to increase revenues. Company has taken steps to diversify its revenue sources, for example, by entering into the Distribution Agreement with Subsidiary A, pursuant to which Company is the exclusive global distributor (excluding the U.S., where Company International Limited will act as the head distributor with the existing regional distributor continuing its functions) for Subsidiary A to distribute Subsidiary A vehicles, parts, and certain tools, and to provide aftersales services, branding, marketing, and public relations for such vehicles, parts, and tools distributed by Company. [Table Level]  
- Table Title: Revenue by Service Line and Customer Type  
- Table Summary: The table presents revenue data for Company for the years ending December 31, 2023, 2022, and 2021. It categorizes revenue based on sales of goods and services to third parties and related parties, further breaking down sales into battery electric vehicle (BEV) lifestyle models, sports cars, and other categories.  
- Special Notes: All amounts are in thousands of US dollars.  

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

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

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

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

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

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

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

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

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

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

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

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

Row 13: Total revenues, combining all categories, were $679,008 in 2023, $9,557 in 2022, and $3,687 in 2021. [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: Consolidated Balance Sheets Data
- Table Summary: This table presents the selected consolidated balance sheet data for Company as of June 30, 2024, and December 31 for the years 2023 and 2022. It includes data on total current assets, total non-current assets, total current liabilities, total non-current liabilities, and total liabilities.
- Context: The table is part of the consolidated and combined financial statements prepared in accordance with U.S. GAAP, which have been audited or derived from unaudited condensed consolidated financial statements.
- Special Notes: All values are presented in thousands of US dollars.

[Row Level]
Row 1: As of June 30, 2024, total current assets were $1,279,213, compared to $883,712 as of December 31, 2023, and $823,463 as of December 31, 2022.

Row 2: Total non-current assets amounted to $1,227,041 as of June 30, 2024, while they were $700,966 as of December 31, 2023, and $548,489 as of December 31, 2022.

Row 3: The total assets stood at $2,506,254 as of June 30, 2024, reflecting an increase from $1,584,678 as of December 31, 2023, and $1,371,952 as of December 31, 2022.

Row 4: Total current liabilities were $1,840,454 as of June 30, 2024, compared to $1,757,281 as of December 31, 2023, and $932,879 as of December 31, 2022.

Row 5: As of June 30, 2024, total non-current liabilities were $839,881, while they were $654,569 as of December 31, 2023, and $523,679 as of December 31, 2022.

Row 6: The total liabilities as of June 30, 2024, were reported at $2,680,335, compared to $2,411,850 as of December 31, 2023, and $1,456,558 as of December 31, 2022. Geographic information The following summarizes Company's revenues by geographic areas (based on the locations of customers): [Table Level]
- Table Title: Sales Figures by Vehicle Type
- Table Summary: The table provides sales figures for different vehicle types from January to September for the years 2024 and 2023, along with the year-over-year percentage change. It categorizes the sales into "Lifestyle SUV and Sedan" and "Sportscars," then displays a total for both categories.
- Context: The table reflects the growth in vehicle sales for Company in the first nine months of 2024, highlighting a significant increase compared to the same period in 2023. This is part of Company's broader strategy to expand and innovate in the car market, including advancements in electric vehicle technology and strategic partnerships.
- Special Notes: The percentage change is labeled as the year-over-year change (YoY).

[Row Level]
- Row 1: Sales of "Lifestyle SUV and Sedan" for January to September 2024 were 3,983 units, compared to 1,762 units in the same period of 2023, reflecting a 126% increase year-over-year.
- Row 2: "Sportscars" sales for January to September 2024 amounted to 3,634 units, an increase from 1,459 units in 2023, showing a 149% year-over-year growth.
- Row 3: The total sales for both categories from January to September 2024 reached 7,617 units, up from 3,221 units in 2023, which is a 136% year-over-year increase. As a result of the foregoing, Company's gross profits increased from US$6.1 million for the six months ended June 30, 2023, to US$50.9 million for the six months ended June 30, 2024. Company's gross margin increased from 4.7% for the six months ended June 30, 2023, to 12.8% for the six months ended June 30, 2024, primarily due to (i) the cost reduction per vehicle and increased average selling price of vehicles sold; and (ii) the increase in income from intelligent driving solutions, commission service fees, and other automotive design and development services to OEM customers, which carry higher margins. [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. "Company continued to deliver strong operational growth, with total deliveries of 7,617 units in the first nine months of 2024, up by 136% year-on-year, driven by the European market," said Person A, Chief Executive Officer. "Company is excited to see significant progress in its intelligent driving business across the world, with revenue from customers other than Company surging to \$11 million, reflecting a year-on-year growth of 450%, contributing about 2% of total revenue. Company also launched Hyper Hybrid EV technology, in line with evolving market demands. The company remains committed to executing the ‘Win26’ Plan to drive efficiency and competitiveness, delivering sustainable value for its shareholders and investors." "Company has made continual improvements and streamlined its operations to drive efficiency, optimize resources, and achieve a reduction in operating expenses for four consecutive quarters," said Person B, Chief Financial Officer. Company believes that continued investments in technologies are critical to establishing market share, attracting new customers, and becoming a profitable global BEV developer. Company's future profitability depends on the company's ability to develop its vehicles in a cost-effective manner. As part of the development process, Company's vehicles use a wide variety of components, raw materials, and other supplies. Company expects that the cost of sales will be affected primarily by production volume. The cost of sales will also be influenced by fluctuations in certain raw material prices, although Company typically seeks to manage these costs and minimize their volatility through a supply of framework agreements with suppliers. In addition, the results of operations are further affected by the company's ability to maintain and improve operating efficiency, as measured by total operating expenses as a percentage of revenues. This is important to the success of the business and the prospect of gradually achieving profitability. As the business grows, Company expects to improve operating efficiency and achieve economies of scale. As a result of the foregoing, Company's net loss increased by US\$25.7 million from US\$724.6 million for the year ended December 31, 2022, to US\$750.3 million for the year ended December 31, 2023. [Table Level]
- Table Title: Regional Performance Overview for January to September 2024 and 2023
- Table Summary: This table provides a comparative analysis of performance across different regions for the periods of January to September in 2024 and 2023. It presents the number of units sold and revenue figures alongside the percentage contribution from each region for both years.
- Context: The table is part of a broader report detailing Company's market expansion and financial highlights for 2024, including new deliveries and technological advancements.
- Special Notes: The percentages indicate the share of each region in the total outcome for the respective years.

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

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

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

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

Row 5: Total figures for January to September 2024 equaled 7,617 units sold or revenue across all regions, with the entire distribution being 100%, compared to 3,221 units sold in the same timeframe for 2023, also reflecting 100% distribution. How is the sales volume in the third quarter? Expect deliveries of 3,000 to 4,000 units in the third and fourth quarters. Increase market recognition through new markets (see question 5) and product differentiation to enhance revenue and gross margin. What is the reason for the company's sales forecast adjustment?Based on Company's prudent assessment of the global macro market environment and the uncertainty of tariffs, Company has adjusted the delivery forecast for 2024 to 12,000 units. Emeya Emeya (Type 133), a four-door luxury and performance vehicle, is Company's second lifestyle vehicle and first hyper grand tourer (hyper-GT) vehicle. Emeya is also one of the world’s most advanced electric hyper-GT vehicles. Subsidiary B has developed a Global Commercial Platform for the sales and distribution of its vehicles and sports cars. As of June 30, 2024, Subsidiary B had 207 stores in its global distribution network. Luxury Retailing Experience for Customers Aiming to provide a future-proof, luxurious customer experience, Company adopts a digital-first, omni-channel sales model for the Eletre, Emeya, and future models to establish and develop direct relationships with customers, covering the entire spectrum of customer experience, both physically and virtually. [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. [Table Level]  
- Table Title: Inventories  
- Table Summary: This table details the inventory components for Company as of June 30, 2024, and December 31, 2023. It includes values for products available for sale, raw materials, and goods in transit, showing a total inventory balance for each date.  
- Context: This table is part of the notes to the unaudited condensed consolidated financial statements of Company, designed to provide insights into inventory levels at specific dates.  
- Special Notes: All amounts are presented in thousands of US dollars.  

[Row Level]  
- Row 1: As of June 30, 2024, the value of products available for sale was US$340,142, compared to US$246,419 as of December 31, 2023.  
- Row 2: Raw materials were valued at US$1,233 as of June 30, 2024, with no recorded value as of December 31, 2023.  
- Row 3: Goods in transit were valued at US$43,825 as of June 30, 2024, increasing from US$18,771 as of December 31, 2023.  
- Row 4: The total inventory as of June 30, 2024, amounted to US$385,200, up from US$265,190 as of December 31, 2023. Company's service revenue increased by US$10.5 million from US$8.4 million for the year ended December 31, 2022, to US$18.9 million for the year ended December 31, 2023, primarily due to the increase in automotive design and development services provided to OEM customers of US$5.8 million and extended and aftersales services revenue for battery electric vehicle (BEV) lifestyle models and sports cars of US$4.7 million. [Table Level]
- Table Title: Employee Allocation by Function
- Table Summary: The table shows the distribution of employees across different functions within Company as of June 30, 2024. It provides the number of employees and their corresponding percentage share for each function, including research and development, marketing and sales, supply chain, and functional support, alongside the total count.
- Context: The surrounding text emphasizes competitive dynamics in the market and Company’s competitive edge, mentioning the importance of attracting and retaining qualified personnel to support its business strategy and development.
- Special Notes: Percentages are expressed to one decimal place.

[Row Level]
Row 1: "For Research and Development, there are 1,631 employees, which account for 54.6% of the total workforce as of June 30, 2024."

Row 2: "Marketing and Sales employs 755 individuals, representing 25.3% of Company's staff."

Row 3: "The Supply Chain function consists of 204 employees, making up 6.8% of the total."

Row 4: "Functional Support comprises 399 employees, equating to 13.3% of the workforce."

Row 5: "Overall, Company's total employee count is 2,989, which is 100.0% of the workforce as of June 30, 2024." Company's results of operations may vary significantly from period to period due to many factors, including seasonal factors that may affect the demand for Company's vehicles. Automotive manufacturers typically experience seasonality with comparatively low sales in the first quarter and comparatively high sales in the fourth quarter of the calendar year. Company's limited operating history makes it difficult to judge the exact nature or extent of the seasonality of the business. Additionally, any unusually severe weather conditions in certain regions may impact demand for Company's vehicles. Company's results of operations could also suffer if the company does not achieve revenue consistent with expectations for this seasonal demand because many of Company's expenses are based on anticipated levels of annual revenue. As of June 30, 2024, Company had 207 stores in its global distribution network. Major vehicle models currently in Company's global sales and distribution network include 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). Key Components of Results of Operations Company generates revenues primarily through sales of goods and services. Sales of goods. Company generates revenues by providing the following products: ● Battery Electric Vehicle (BEV) lifestyle models developed by Company;  
● Company-brand sports cars developed by Subsidiary B;  
● auto parts; and  
● peripheral products. [Table Level]
- Table Title: Revenues Disaggregated by Product and Service Lines for Six Months Ended June 30, 2024 and 2023
- Table Summary: This table provides a detailed breakdown of Company's revenues by product and service lines for the six months ended June 30, 2024, and 2023. It differentiates between sales to third parties and related parties, including specific categories like battery electric vehicle (BEV) lifestyle models, sports cars, and research and development (R&D) services.
- Context: The revenues are part of a broader financial statement analysis, detailing disaggregated revenues by region and noting influences on earnings such as dilutive shares and contract liabilities.
- Special Notes: All amounts are presented in thousands of US dollars, with footnotes clarifying certain categories. Footnote (1) and (2) correspond to other services provided to third parties and related parties, respectively.

[Row Level]
Row 1: Sales of goods to third parties for BEV lifestyle models amounted to $262,849 in 2024, increasing from $72,790 in 2023.

Row 2: Sales of sports cars to third parties were $102,618 in 2024, up from $49,146 in 2023.

Row 3: Other sales to third parties reached $15,096 in 2024 compared to $2,111 in 2023.

Row 4: The subtotal for sales of goods to third parties was $380,563 in 2024, significantly higher than $124,047 in 2023.

Row 5: Sales of goods to related parties for BEV lifestyle models were $535 in 2024 and $436 in 2023.

Row 6: Sales of sports cars to related parties were $91 in 2024, with no sales in 2023.

Row 7: Other sales to related parties were $1,704 in 2024 versus $371 in 2023.

Row 8: The subtotal for sales of goods to related parties was $2,330 in 2024, compared to $807 in 2023.

Row 9: The total subtotal for sales of goods, combining third parties and related parties, was $382,893 in 2024 and $124,854 in 2023.

Row 10: Services provided to third parties for R&D amounted to $56 in 2024, with no corresponding revenue in 2023.

Row 11: Other services to third parties were valued at $4,504 in 2024, compared to $160 in 2023.

Row 12: The subtotal for services to third parties was $4,560 in 2024 and $160 in 2023.

Row 13: Services provided to related parties for R&D were $6,366 in 2024, increasing from $4,983 in 2023.

Row 14: Other services to related parties were $4,296 in 2024 versus $38 in 2023.

Row 15: The subtotal for services to related parties was $10,662 in 2024, compared to $5,021 in 2023.

Row 16: The total subtotal for all services, combining third parties and related parties, was $15,222 in 2024 and $5,181 in 2023.

Row 17: The total revenues amounted to $398,115 in 2024, rising from $130,035 in 2023. Company's ability to successfully operate its Global Commercial Platform will affect its ability to increase revenues. Company has taken steps to diversify its revenue sources, for example, by entering into the Distribution Agreement with Subsidiary A, pursuant to which Company is the exclusive global distributor (excluding the U.S., where Subsidiary B will act as the head distributor with the existing regional distributor continuing its functions) for Subsidiary A to distribute Subsidiary A vehicles, parts, and certain tools, and to provide aftersales services, branding, marketing, and public relations for such vehicles, parts, and tools distributed by Company. As of December 31, 2023, Company had 215 stores in its global distribution network. Major vehicle models currently in Company's global sales and distribution network include Model X, Model Y, and future battery electric vehicle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary A, such as Model Z (battery electric vehicle sports car) and Model W (internal combustion engine sports car). 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 ability to execute effective marketing and attract orders Company's results of operations depend significantly on the company's ability to execute effective marketing and attract orders from customers. Demand for Company's vehicles directly affects sales volume, which in turn contributes to revenue growth and the ability to achieve and maintain profitability. Vehicle orders may depend, in part, on whether prospective customers find it compelling to purchase Company's vehicles among competing vehicle models as their first, second, or replacement cars, which in turn depends on, among other factors, prospective customers’ perception of the Company brand. Company develops battery electric vehicles (BEVs) and technologies through cutting-edge design, research and development, and sustainable choices. Company has a dedicated global team across Europe and China to conduct its research and development activities, such as developing electric powertrain architecture (EPA), intelligent driving systems, aerodynamics, and cloud services, among others, supported by a strong portfolio of intellectual properties. As of June 30, 2024, Company had 1,631 research and development employees, which accounted for 54.6% of its total number of employees. Over 7,600 vehicles were delivered in the first nine months of 2024, a year-on-year increase of 136%. Total revenue reached $653 million, more than doubling year-on-year. Revenue from the intelligent driving business generated from customers other than Company surged to $11 million, with a year-on-year growth of 450%. Company launched Hyper Hybrid EV technology that provides high performance with a combined range of over 1,100 kilometers. New York – Nov 21, 2024 – Company. (“Company Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2024. [Table Level]
- Table Title: Revenue Breakdown by Service Line
- Table Summary: The table presents revenue data for Company, disaggregated by service lines for the years ended December 31, 2023, 2022, and 2021. It categorizes revenue from sales of goods to third parties and related parties, as well as from services, providing subtotals and total revenue figures for each year.
- Context: The table is part of the notes to the consolidated and combined financial statements for Company, detailing revenue sources and breakdowns of contract liabilities and customer payments.
- Special Notes: All amounts are in thousands of US dollars. The data is categorized under service lines such as BEV lifestyle models, sports cars, and others.

[Row Level]
Row 1: For the year 2023, sales of goods to third parties for BEV lifestyle models generated $464,172, with no revenue recorded for 2022 and 2021.

Row 2: In 2023, sales of sports cars to third parties amounted to $183,160, while in 2022 it was $828, and in 2021 it was $369.

Row 3: Revenue from other goods sold to third parties in 2023 was $9,394, in 2022 it was $335, with no revenue recorded in 2021.

Row 4: The subtotal for sales of goods to third parties in 2023 was $656,726, whereas it was $1,163 in 2022 and $369 in 2021.

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

Row 6: In 2023, sales of sports cars to related parties generated $951, with $23 in revenue for 2022 and no revenue for 2021.

Row 7: Other goods sold to related parties generated $1,388 in 2023; in 2022 it was $23, and no revenue was recorded in 2021.

Row 8: The subtotal for goods sold to related parties was $3,432 in 2023, $23 in 2022, and no revenue in 2021.

Row 9: For services to related parties, revenue was $12,573 in 2023, $8,344 in 2022, and $3,280 in 2021.

Row 10: Revenue from services to third parties was $6,277 in 2023, $27 in 2022, and $38 in 2021.

Row 11: The subtotal for service revenue was $18,850 in 2023, $8,371 in 2022, and $3,318 in 2021.

Row 12: Total revenues for the year 2023 were $679,008, while for 2022 it was $9,557, and for 2021 it was $3,687. Company's results of operations depend significantly on the company's ability to execute effective marketing and attract orders from customers. Demand for Company's vehicles directly affects sales volume, which in turn contributes to revenue growth and the ability to achieve and maintain profitability. Vehicle orders may depend, in part, on whether prospective customers find it compelling to purchase Company's vehicles among competing vehicle models as their first, second, or replacement cars, which in turn depends on, among other factors, prospective customers’ perception of the Company brand. Powered by Company's high-power dual motor, Emeya can deliver an acceleration from zero to 100 km per hour in 2.8 seconds, making it one of the fastest electric GTs in the world. Equipped with Company's supercharging feature, Emeya can reach a range of 150 km with five minutes of charging time and boost up to 80% capacity within 18 minutes of charging time using a 350 kW direct current fast charger. In addition, Emeya has been meticulously designed with the latest sustainable materials to reduce the carbon footprint of its production. Company commenced deliveries of Emeya in China in March 2024 and expects to commence deliveries in Europe in the second half of 2024. The average MSRP of Emeya exceeds US$100,000. Company expects the annual sales volume of Emeya to be between 30,000 and 40,000 units starting from 2028. Future Models The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the company. [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. The Group’s revenues are disaggregated by service lines as follows: New York – November 12, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first ten months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 8,631 vehicles in the first ten months of 2024. Europe and China continued to be the major markets for Company, with each region contributing about 35% and 25% of the total deliveries, respectively. In October, Company. started an open beta test for its urban NOA (Navigate on Autopilot) in key cities. Certain over-the-air updates of intelligent driving, including highway assistant driving functions, were launched in Europe. As previously announced, Subsidiary A, Company's intelligent driving arm, provides intelligent driving solutions with global coverage to both Company-brand intelligent vehicles and other global leading auto conglomerates such as Counterparty A, Counterparty B, and a top Japanese Tier-one supplier. In October, Company. was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry. Note 1: Invoiced deliveries, including commissioned deliveries in the US market. Launched in 2021, the Emira is built on a new Company sports car architecture. The Emira utilizes the pioneering Company bonded extruded aluminum chassis technology. The Emira measures 4,412 millimeters in length with a 2,575-millimeter wheelbase. It comes with a power output of 298 kilowatts. The Emira can deliver a top speed of 290 km per hour and an acceleration from zero to 100 km per hour in 4.5 seconds, with a maximum torque of 420 Nm. With an average MSRP higher than US$85,000, the annual sales volume of the Emira is expected to be between 5,000 to 6,000 units starting from 2024. [Table Level]
- Table Title: Selected Consolidated and Combined Financial Data
- Table Summary: The table presents the financial performance of Company, showcasing revenues, costs, operating expenses, and profits/losses for the six months ended June 30, 2024, and 2023, and for the years ended December 31, 2023, 2022, and 2021. It includes data on sales, costs, operating expenses, and calculations of gross profit and net loss, highlighting the financial changes over these periods.
- Context: The financial data should be considered alongside the "Management’s Discussion and Analysis of Financial Condition and Results of Operation” for a comprehensive understanding. Historical results are not necessarily indicative of future performance.
- Special Notes: All amounts are in thousands of US dollars.

[Row Level]
Row 1: For the six months ended June 30, 2024, sales of goods amounted to US$382,893, while service revenues were US$15,222, leading to total revenues of US$398,115.

Row 2: In the same period, the cost of goods sold was US$(340,882) and cost of services US$(6,321), resulting in a total cost of revenues of US$(347,203).

Row 3: The gross profit for this period was calculated to be US$50,912.

Row 4: During the first six months of 2024, research and development expenses were US$(174,854). Selling and marketing expenses incurred totaled US$(204,274), with general and administrative expenses of US$(111,978). Government grants contributed US$2,488, summing up total operating expenses to US$(488,618).

Row 5: The operating loss for this period stood at US$(437,706). Interest expenses incurred were US$(11,708), countered by an interest income of US$8,658.

Row 6: Investment income netted at US$3,496. Share of results of equity method investments was US$359, and foreign currency exchange losses were US$(4,429).

Row 7: The fair values of mandatorily redeemable noncontrolling interest, exchangeable notes, and convertible notes changed by US$8,801. Changes in fair values of warrant liabilities and put option liabilities amounted to US$6,317 and US$(33,685) respectively.

Row 8: Loss before income taxes for this mid-year was US$(459,897), followed by an income tax expense of US$(355), resulting in a net loss of US$(460,252). Company's total revenues increased by US$5.9 million from US$3.7 million for the year ended December 31, 2021, to US$9.6 million for the year ended December 31, 2022, primarily due to sales from the distribution of Company-brand sports cars, auto parts, and automotive design and development services provided to Counterparty A. Sales of goods. Company's sales of goods revenue increased by US$0.8 million from US$0.4 million for the year ended December 31, 2021, to US$1.2 million for the year ended December 31, 2022, primarily due to the increase in sales from the distribution of historical Company-brand sports cars by US$0.4 million, and auto parts and peripheral products by US$0.4 million. Service revenues. Company's service revenue increased by US$5.1 million from US$3.3 million for the year ended December 31, 2021, to US$8.4 million for the year ended December 31, 2022, primarily due to an increase in automotive design and development services provided to Counterparty A. Company's service revenue increased by US$10.0 million from US$5.2 million for the six months ended June 30, 2023, to US$15.2 million for the six months ended June 30, 2024, primarily due to the increase in commission service fees and other services of US$5.0 million, income from intelligent driving solutions and extended services of US$3.2 million, and income from automotive design and development services provided to OEM customers of US$1.8 million. Sales of goods. Company generates revenues by providing the following products:  
● Battery Electric Vehicle (BEV) lifestyle models developed by Company;  
● Company-brand sports cars developed by Subsidiary B;  
● auto parts; and  
● peripheral products. Services. Company generates revenues mainly by providing automotive design and development services to OEM customers and after-sales service. The following table sets forth a breakdown of revenues by type both in absolute amount and as a percentage of Company's revenues for the years indicated. [Table Level]
- Table Title: Geographic Revenue Distribution
- Table Summary: The table presents the revenues of Company from various geographic locations for the six-month periods ending June 30, 2024, and 2023. It highlights the revenue distribution across different countries and regions, showing significant increases in certain areas over the previous year.
- Context: The table is part of Company's unaudited condensed consolidated financial statements and provides a breakdown of revenues by geographic area, detailing how customer locations contribute to sales figures.
- Special Notes: All figures are represented in thousands of US dollars (US$). 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.