What is the delivery cycle for Company products?
Company currently provides 4 products to the market through 200 stores around the world, 2 models and delivery. The delivery cycle is 3-6 months, depending on customs clearance and transportation conditions in different markets. The two trams are produced by the Subsidiary A factory. Except for the Chinese mainland market, the delivery cycle is also 3-6 months. In mainland China, the delivery time is shorter due to its transportation advantages.
Company's business will initially depend substantially on the sales and distribution of the Eletre, Emira, Evija, and Emeya models. Customers tend to expect original equipment manufacturers (OEMs) to offer a wide range of product portfolios and continue to upgrade their existing products. To better meet customer demand, Company plans to introduce two new models in the near future and upgrade existing models on an ongoing basis. To the extent that Company's product variety and cycle do not meet consumer expectations, or the company cannot achieve projected timelines and cost and volume targets, future sales may be adversely affected. Given that, for the foreseeable future, Company's business will depend on a limited number of vehicle models, if a particular model is not well-received by the market, sales volume could be materially and adversely affected, which, in turn, could materially and adversely affect the company's business, financial condition, and results of operations. 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. Company follows its internal process to select suppliers, taking into account quality, cost, and timing. Company has a part quality management team responsible for managing and ensuring that suppliers meet quality standards. The method for selecting suppliers depends on the nature of the supplies needed. For general parts that are widely available, Company examines proposals from multiple suppliers and chooses based on quality and price competitiveness, among other factors. For parts requiring special designs, Company reviews design proposals and chooses largely based on design-related factors. However, in certain cases, Company has limited choices given its scale, such as battery cell packages, so in such circumstances, Company typically partners with suppliers that it believes to be well-positioned to meet its needs. In addition, when part suppliers are selected, Company has established certain environmental guidelines in accordance with its ESG strategies and goals. 5.1 Notices. All general notices, demands, or other communications required or permitted to be given or made hereunder (“Notices”) shall be in writing and delivered personally, sent by courier, or sent by electronic mail to the intended recipient thereof. Any such Notice shall be deemed to have been duly served (a) if given personally or sent by local courier, upon delivery during normal business hours at the location of delivery or, if later, then on the next Business Day after the day of delivery; (b) if sent by electronic mail during normal business hours at the location of delivery, immediately, or, if later, then on the next Business Day after the day of delivery; or (c) the third Business Day following the day sent by reputable international overnight courier (with written confirmation of receipt). Any notice or communication under this Agreement must be addressed: If to Company: Company.  
Attention: Chief Financial Officer  
E-mail: Person.A@company.com  
With a copy (which shall not constitute notice) to:  
Law Firm A To the extent the suppliers experience any delays in providing or developing necessary components, Company could experience delays in delivering on its timelines. Any delay in the manufacture and launch of current or future models due to any factors, or in refreshing or performing facelifts to existing models, could subject Company to customer complaints and materially and adversely affect its reputation, demand for its vehicles, results of operations, and growth prospects. What is Company's future guidance? Company's annual delivery target is 12,000 units, with year-over-year growth exceeding 70%. Through the Win26 program, Company aims to achieve positive cash flow and profitability by 2026. Company is responsible for establishing and maintaining a distribution network and an aftersales service network either by selling directly, through Subsidiary B’s subsidiaries, or by appointing sub-distributors. Company is responsible for ensuring that the sub-distributors meet all the standards and abide by the guidelines as stipulated in the Distribution Agreement and achieve the minimum criteria for sales and aftersales service provisions, each as set out in the annual business plan. Company is also responsible for providing branding, marketing, and public relations services in relation to Company-branded products. Under the Distribution Agreement, Company is generally responsible for procuring licenses and permits and fulfilling other procedures and formalities required to import the vehicles, while Subsidiary B is responsible for obtaining homologation, also referred to as vehicle approval or type approval, of new sports car vehicle models. Track Bike

In October of 2019, Company Engineering and Hope Technology unveiled their exciting bicycle collaboration – an innovative new track bike designed to deliver medals for the Great Britain Cycling Team at the 2020 summer Olympics in Tokyo. Company Engineering created the unique front fork design and handlebars for the new bike, working with Hope Technology to integrate these components into the overall package. The project included a full program of wind tunnel evaluation on both bike and rider, plus testing to maximize the strength while minimizing the weight. Company also worked heavily on improving stiffness and front end feel in order to help improve rider confidence of the HB-T bike.

Company has a successful history in cycling through its Company Engineering division and in the Nineties, were instrumental in the design and development of Company Sport bikes for cycling legend Person A at the 1992 Olympics in Barcelona, where he won gold riding the Type 108, and in the 1994 Tour de France, where he won the prologue time trial riding the Type 110 to take the famous yellow jersey.

Hope Technology has been designing, creating, manufacturing, and testing innovative components for bikes. In particular, in China, Company's vehicles are sold either directly to users (rather than through dealerships) or through city partners that act as sales agents and collect sales commissions on such sales. As of December 31, 2023, Company had 215 stores in its global distribution network. Company plans to further expand its physical sales network through a balanced combination of company-operated stores and partner stores. This planned expansion may not have the desired effect of increasing sales and enhancing brand recognition in a cost-efficient manner. Company may need to invest significant capital and management resources to operate existing company-operated stores and open new ones, and there can be no assurance that Company will be able to improve the operational efficiency of its company-operated stores. Company's direct-to-consumer approach to vehicle distribution is relatively new, and its long-term effectiveness is unproven, especially in China. This approach subjects Company to substantial risks as it requires, in the aggregate, significant expenditures and provides for slower expansion of its distribution and sales systems compared to the traditional dealership system. Engineer and keen amateur cyclist Person A. With the ban removed in 1991, Company entered into discussions with the independent inventor of the concept and, by February 1992, had confirmed its potential with a series of wind tunnel tests conducted at MIRA by Company aerodynamicist Person B. In tests designed to determine its true abilities, Person B spent many hours in the MIRA wind tunnel working on airflow over not only the revolutionary bike but also the rider as well.

Riding the unique Company Type 108, the truly distinctive black and gold monocoque Olympic sports bike used to smash several long-established world records, British cyclist Person C's domination of the 4,000-meter pursuit event at the Barcelona Olympic Games in July of 1992 put cycling into the headlines as never before. He was using what quickly became "the most famous bike in the world." Company currently provides a 5-year or 150,000-kilometer limited warranty and an 8-year or 200,000-kilometer limited warranty for battery packs, electric motors, and electric motor controllers for the Eletre. Additionally, Company offers a 3-year or 60,000-kilometer limited warranty for the Emira. In addition to the warranty mandated by applicable laws and regulations, Company also provides an extended warranty subject to certain conditions. Company believes its warranty program is similar to other automakers’ warranty programs and is intended to cover all parts and labor to repair defects in material or workmanship in the body, chassis, suspension, interior, electric systems, battery, powertrain, and brake system. Company plans to record and adjust warranty reserves based on changes in estimated costs and actual warranty costs. However, because Company commenced initial deliveries of its vehicles in 2023, it has little experience with warranty claims regarding its vehicles or with estimating warranty reserves. Company cannot assure you that its warranty reserves will be sufficient to cover future warranty claims. [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. Any delay in the manufacture and launch of current or future models due to any factors, or in refreshing or performing facelifts to existing models, could subject Company to customer complaints and materially and adversely affect the company's reputation, demand for its vehicles, results of operations, and growth prospects. All vehicles sold by Company must comply with various standards governing the market in which the vehicles are sold. In particular, Company's vehicles must meet or exceed all mandated safety standards to be certified under applicable regulations in jurisdictions where Company plans to sell its vehicles. Rigorous testing and the use of approved materials and equipment are among the requirements for achieving these standards. Company has incurred, and expects to continue to incur, significant costs in complying with these regulations. As of June 30, 2024, Company had 207 stores in its global distribution network, and it plans to continue expanding its retail network. In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. The growth of the global luxury car segment is expected to outpace that of the overall car market. Within the global battery electric vehicle (BEV) market, the luxury BEV segment is expected to outgrow the mass market BEV segment. Company is well positioned to capitalize on the growth momentum of the global luxury BEV segment by leveraging the following strategies. What is the reason for the company's sales forecast adjustment?Based on Company's prudent assessment of the global macro market environment and the uncertainty of tariffs, Company has adjusted the delivery forecast for 2024 to 12,000 units. There, the pair continued to work closely together to refine the design and perfect the manufacturing processes of the new bike. Person A, head of technology for the Great Britain Cycling Team, said: "It's a dream team of engineering prowess – Counterparty A brings high-quality manufacturing standards and Company Engineering is renowned for lightweight design and outstanding aerodynamic efficiency. Both have been supported and advised by additive manufacturing experts Counterparty B, who have ensured that Company and Counterparty A have access to the most modern and fastest turnaround process from design to usable pieces. To qualify to be ridden at the 2020 Tokyo Olympics, the design of the HB-T had to be approved by the UCI and be ridden during the 2019/2020 Tissot UCI Track Cycling World Cup series by the Great Britain Cycling Team before the end of 2019. Person B, seen here making a test start in a practice session, duly did the honors. At the 2020 Olympics, the HB-T equipped Team GB won a total of seven track-cycling medals, including three Gold and three Silver. [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. In September, Company unveiled its visionary Theory 1 concept car, a groundbreaking model that redefines the future of driving with its cutting-edge technology, bold design, and eco-friendly features. Note 1: Invoiced deliveries, including commissioned deliveries in the US market. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems to be announced by the company. In addition, if any of Company's vehicles fail to perform or operate as expected, whether as a result of human error or otherwise, Company may need to delay deliveries, initiate product recalls, provide servicing or updates under warranty at its expense, and face potential lawsuits, which could adversely affect its brand, business, financial condition, and results of operations. For more detailed information, see “Risk Factors   —   Risks Relating to Doing Business in China   —   Company may be adversely affected by the complexity, uncertainties, and changes in regulations of mainland China on automotive as well as internet-related businesses and companies,” and “— The approval of and/or filing with CSRC or other PRC government authorities may be required in connection with Company's offshore offerings under PRC law, and, if required, Company cannot predict whether or for how long it will be able to obtain such approval or complete such filing.” During the six months ended June 30, 2024, Company achieved total deliveries of 4,873 units, representing a 239% year-on-year increase. Company also achieved a balanced global allocation, with each region contributing 20-30% of the total deliveries in the first half of 2024. With effect from the date of revocation or during suspension of the certification, any vehicle that fails to satisfy the requirements for certification may not continue to be delivered, sold, imported, or used in other commercial activities. These laws and standards are subject to change from time to time, and Company could become subject to additional safety regulations in jurisdictions where it operates in the future, which would increase the effort and expense of compliance. To the extent that it takes Company longer to acquire or Company eventually fails to acquire or renew safety standard certification in jurisdictions where it plans to sell any of its existing or future vehicles, Company could experience delays in delivering or fail to deliver at all, which would have a material and adverse effect on its reputation, business, financial condition, and results of operations. The Depositary shall, if requested by Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; 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. Customers tend to expect original equipment manufacturers (OEMs) to offer a wide range of product portfolios and continue to upgrade their existing products. To better meet our customers’ demand, Company plans to introduce two new battery electric vehicle (BEV) models in the near future and plans to upgrade existing models on an ongoing basis. To the extent that Company's product variety and cycle do not meet consumer expectations, or the company cannot achieve projected timelines and cost and volume targets, future sales may be adversely affected. Given that, for the foreseeable future, Company's business will depend on a limited number of vehicle models, to the extent that a particular model is not well-received by the market, sales volume could be materially and adversely affected, which, in turn, could materially and adversely affect the company's business, financial condition, and results of operations. 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 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. ● implementing and enhancing administrative infrastructure, systems, and processes; and  
● addressing new markets and potentially unforeseen challenges as they arise. Any failure to manage Company's growth effectively could materially and adversely affect the company's business, financial condition, results of operations, and prospects. Company's business plans require a significant amount of capital. In addition, Company's future capital needs may require the company to obtain additional equity or debt financing that may dilute shareholders or introduce covenants that may restrict operations or the ability to pay dividends. Company will need significant capital to, among other things, conduct research and development, expand production capacity, and roll out the sales network, as well as delivery and servicing centers. As Company ramps up production capacity and operations, the company may also require significant capital to maintain its property, plant, and equipment, and such costs may be greater than what is currently anticipated. Company expects that the level of capital expenditures will be significantly affected by consumer demand for its products and services. The fact that the company has a limited operating history means it has limited historical data on the demand for its products and services. In Barcelona, where he won gold riding the Type 108, and in the 1994 Tour de France, where he won the prologue time trial riding the Type 110 to take the famous yellow jersey, Hope Technology has been designing, creating, manufacturing, and testing innovative components for bikes at its Lancashire headquarters for 30 years. Countless British bikes and riders have benefitted from Hope products, and today the business exports around half of its output. After years of success in racing, it has recently moved into making complete, ready-to-ride bikes. A large proportion of the development of the HB-T bike’s aero features were done following the 2016 Olympics, when the UCI – cycling’s governing body – changed the rules on bike development. At that point, a knowledge transfer was made by the English Institute of Sport (EIS) to key UK suppliers, in this case, Hope Technology and Company Engineering. From there on, the pair continued to work closely together to refine the design and perfect the manufacturing processes of the new bike. Person A, head of technology for the Great Britain Cycling Team, said: “It’s a dream team of engineering prowess – Hope Technology brings high-quality manufacturing standards.” 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. New York – Oct 17, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its preliminary vehicle delivery results for the first nine months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 7,543 vehicles in the first nine months of 2024, representing a year-on-year increase of 134%. Global allocation in terms of deliveries remained well-distributed, with Europe, China, North America, and the Rest of the World regions each contributing about 20-35% of the total deliveries. In the third quarter of 2024, the Emeya (GT, Sedan) was delivered to Europe, whilst the Eletre (SUV) reached markets including the GCC, Japan, and Korea. In September, Company. revealed the Eletre Carbon, a high-performance variant tailored for the North American market with a starting price of $229,900. The deliveries of the Eletre Carbon are expected to commence in the first half of 2025. Deliveries of bespoke and collection versions of both the Eletre (SUV) and the Emeya (GT, Sedan) also commenced in the third quarter. Company launched the Eletre and Emeya in 2022 and 2023, respectively, and their deliveries commenced in 2023 and 2024, respectively. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. To the extent the suppliers experience any delays in providing or developing necessary components, Company could experience delays in delivering on its timelines. Company has received a limited number of orders for its vehicles. Customers may cancel their orders for many reasons outside of the company's control, and cancellations have occurred in the past. In addition, customers may terminate their orders even after such orders are deemed automatically confirmed upon the expiry of two days after a customer has paid the deposit and has not cancelled the order during that period. The time lag between reservation and delivery could also impact customer decisions on whether to ultimately make a purchase, due to potential changes in preferences, competitive developments, and other factors. If Company encounters delays in the deliveries of its current or future vehicle models, or if the finalized design and specifications do not match the prototypes developed, a significant number of orders may be cancelled. As a result, Company cannot assure stakeholders that orders will not be cancelled or that such orders will ultimately result in the final purchase, delivery, and sale of the vehicles. Such cancellations could harm the company's business, brand image, financial condition, results of operations, and prospects. [Table Level]
- Table Title: Vehicle Deliveries by Model Type and Region for 1H 2024
- Table Summary: The table presents vehicle deliveries for Company during the first half of 2024, broken down by model types and regions. It includes comparative data from 2023 and highlights percentage changes year-on-year.
- Context: Prior context discusses the regulatory challenges Company might face in China, which could impact its operations and securities offerings. It also mentions recent achievements in delivery growth.
- Special Notes: (1) “Deliveries” represent invoiced deliveries, including commissioned deliveries in the U.S. market.

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

**Region:**
- Row 4: In Europe, there were 1,459 units delivered in 1H 2024, compared to 89 units in 1H 2023, which is a 30% share of total 2024 deliveries.
- Row 5: Deliveries in China were 1,208 units in 1H 2024, up from 965 units in 1H 2023, holding a 25% share in 2024.
- Row 6: North America had 1,278 units delivered in 1H 2024, accounting for 26% of 2024 deliveries, with no data from 1H 2023 for comparison.
- Row 7: The Rest of the World saw 928 units delivered in 1H 2024, an increase from 385 units in 1H 2023, making up 19% in 2024.
- Row 8: The total for all regions reached 4,873 units in 1H 2024, up from 1,439 units in 1H 2023, with each region contributing between 19% to 30% of the deliveries. 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: Inventory Details  
- Table Summary: The table presents a breakdown of inventories for Company as of December 31 for the years 2023 and 2022. It categorizes inventories into products available for sale and goods in transit, providing a total for each year.  
- Context: Prior to the table, there is an explanation of the impact of ASU 2023-09 on income tax disclosures and a discussion about Company's receivables and inventories. Following the table, there is information about inventory write-downs recognized in cost of revenues over the past three years.  
- Special Notes: All amounts are in thousands of US dollars.  

[Row Level]  
- Row 1: As of December 31, 2023, products available for sale were valued at $246,419, compared to $13,714 as of December 31, 2022.  
- Row 2: Goods in transit amounted to $18,771 as of December 31, 2023, whereas the value was $8,989 as of December 31, 2022.  
- Row 3: The total inventory was $265,190 as of December 31, 2023, in contrast to $22,703 as of December 31, 2022. Company launched the Eletre in 2022 and commenced deliveries of the Eletre in China and Europe in 2023. Company launched the Emeya in September 2023 and began deliveries in China in March 2024, expecting to begin deliveries in Europe in the second half of 2024. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. 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. 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 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.