What are the key achievements of Company in 2024?
The strategy focuses on six key fields: Nature Positive, Climate Neutrality, Sustainable Supply Chain, Inclusion and Equality, Community Commitment, and Transparent Governance. Company joined the United Nations Global Compact (UNGC) in May 2023 and has set targets aligned with the United Nations Sustainable Development Goals (SDGs) for each field, embedding actionable frameworks into its operations to achieve the global goals. In June 2024, Company was recognized by the Global Zero Carbon City Pioneer Awards at the 2024 Shanghai International Carbon Neutrality Expo for its innovation and exceptional commitment to sustainability and responsible business practices. Additionally, Company was nominated as a finalist in the business and operations transformation categories at the Reuters Sustainability Awards 2024, demonstrating global recognition of its holistic approach to sustainability. 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. ● Delivery  
Updates: Company delivered a total of 8,631 vehicles in the first 10 months of 2024.  
● New Technology  
Launched: Company unveiled its "Hyper Hybrid EV technology" at the Guangzhou Auto Show. The 900V Hyper Hybrid EV technology features a Hybrid Electric Drivetrain and dual Hyper Charging technology: Ultra-Fast Plug-In Charging and Ultra-Fast On-The-Drive Charging, both with industry-leading charging speeds. The Hyper Hybrid technology enables high performance, high efficiency, and a flexible longer driving distance of over 1,100 kilometers.  
● Delivery of Urban NOA (Navigate on Autopilot) Service and OTA: Company started open beta testing for urban NOA in key cities in October 2024, following the launch of highway OTA services. Certain OTA features, including the highway assistant driving function, have been launched in Europe.  
● Reuters Sustainability Awards 2024: In October, Company was awarded the Highly Commended honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry. The Group’s revenues are disaggregated by product and service lines as follows: Company achieved significant operational efficiency in 2024 by reducing operating expenses for four consecutive quarters. This focus on streamlining operations contributed to their robust performance throughout the year. The company also made notable progress in ESG (Environmental, Social, and Governance) achievements. Company was highly commended at the Reuters Sustainability Awards 2024, leading the electric vehicle industry within the Reuters Vision 2045 Campaign. Additionally, Company won the 2024 EUCCC Sustainable Business Award and the Green Apple Award for its excellent environmental practices. Further underscoring its commitment to sustainability, Company presented a sustainable supplier management case during the Shanghai Climate Week 2024. This was part of the Climate Tech in Focus Report, slated for release at COP29. 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. 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. 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 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. 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: 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 has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict Company's future revenues and appropriately budget for its expenses, and the company may have limited insight into trends that may emerge and affect its business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new models for the global market using the Wuhan manufacturing facility. [Table Level]

- Table Title: Consolidated and Combined Statements of Comprehensive Loss  
- Table Summary: The table presents a detailed overview of the financial performance of Company for the fiscal years ended December 31, 2023, 2022, and 2021. It includes information on revenues, costs, operating expenses, and other financial metrics affecting net loss. The values are expressed in thousands of US dollars.  
- Context: The financial data provided in the table should be interpreted alongside "Management’s Discussion and Analysis of Financial Condition and Results of Operation" and accompanying financial statements.  
- Special Notes: All figures are in thousands, except for percentages.  

[Row Level]  

Row 1: In 2023, sales of goods amounted to $660,158; in 2022, they were $1,186; and in 2021, they were $369.  
Row 2: Service revenues were $18,850 in 2023, $8,371 in 2022, and $3,318 in 2021.  
Row 3: Total revenues reached $679,008 in 2023, while in 2022, they were $9,557, and $3,687 in 2021.  
Row 4: The cost of goods sold in 2023 was $564,741, in 2022 was $948, and in 2021 was $331.  
Row 5: Cost of services accounted for $12,086 in 2023, $6,302 in 2022, and $2,799 in 2021.  
Row 6: Total cost of revenues was $576,827 in 2023, $7,250 in 2022, and $3,130 in 2021.  
Row 7: Gross profit was $102,181 in 2023, $2,307 in 2022, and $557 in 2021.  
Row 8: Research and development expenses amounted to $368,729 in 2023, $445,844 in 2022, and $511,364 in 2021.  
Row 9: Selling and marketing expenses were $328,935 in 2023, $151,331 in 2022, and $38,066 in 2021.  
Row 10: General and administrative expenses in 2023 were $144,533, in 2022 were $148,369, and in 2021 were $54,763.  
Row 11: Government grants provided $4,077 in 2023, $55,824 in 2022, and $490,694 in 2021.  
Row 12: Total operating expenses were $838,120 in 2023, $689,720 in 2022, and $113,499 in 2021.  
Row 13: Operating loss for 2023 was $735,939, for 2022 was $687,413, and for 2021 was $112,942.  
Row 14: Interest expenses incurred were $10,200 in 2023, $8,542 in 2022, and $3,615 in 2021.  
Row 15: Interest income was $9,204 in 2023, $12,188 in 2022, and $6,219 in 2021.  
Row 16: Investment (loss) income, net, was $1,162 in 2023, $3,246 in 2022, and $2,229 in 2021.  
Row 17: Share of results of equity method investments generated a loss of $1,048 in 2023, $2,762 in 2022, and $0 in 2021.  
Row 18: Foreign currency exchange gains (losses), net, included a gain of $42 in 2023, a loss of $11,505 in 2022, and a gain of $798 in 2021.  
Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes, and convertible notes, excluding instrument-specific credit risk, resulted in a loss of $7,531 in 2023, $22,991 in 2022, and $1,367 in 2021.  
Row 20: Changes in fair values of put option liabilities led to a loss of $2,508 in 2023, with no data for 2022 and 2021.  
Row 21: Loss before income taxes was $749,142 in 2023, $724,271 in 2022, and $108,678 in 2021.  
Row 22: Income tax expense was $1,113 in 2023, $292 in 2022, and $1,853 in 2021.  
Row 23: Net loss totaled $750,255 in 2023, $724,563 in 2022, and $110,531 in 2021. The company expects the Wuhan manufacturing facility will continue production and, with additional investment in necessary tooling and fixture upgrades, its planned Sedan and SUV. To date, Company has limited automobile manufacturing experience, and therefore cannot assure stakeholders that it will be able to achieve its targeted production volume of commercially viable vehicles on a timely basis, or at all. Company's continued development, manufacturing, and delivery of high-quality automobiles to achieve the company's targeted production volume are and will be subject to risks, including with respect to: ● delays in Company's EV technology development; ● lack of necessary funding; ● delays or disruptions in Company's supply chain; ● quality control deficiencies; ● inability to adapt to changing market conditions and manage growth effectively; ● noncompliance with environmental, workplace safety, and regulatory standards; and  
● cost overruns. Historically, automakers are expected to periodically introduce new and improved models to stay abreast of the market. To remain competitive, Company may be required to introduce new vehicle models and perform facelifts on existing vehicle models earlier or more frequently than originally planned, which would require the company to invest to a larger extent in research and development. The following tables present Company's selected consolidated and combined financial data. Company prepares its consolidated and combined financial statements in accordance with U.S. GAAP. The selected consolidated and combined statements of comprehensive loss data for the years ended December 31, 2023, 2022, and 2021, the selected consolidated balance sheets data as of December 31, 2023, and 2022, and the selected consolidated and combined statements of cash flows data for the years ended December 31, 2023, 2022, and 2021 have been derived from Company's audited consolidated and combined financial statements for the years ended December 31, 2023, 2022, and 2021, which are included elsewhere in this prospectus. The selected consolidated statements of comprehensive loss data for the six months ended June 30, 2024, and 2023, the selected consolidated balance sheets data as of June 30, 2024, and the selected consolidated statements of cash flows data for the six months ended June 30, 2024, and 2023 have been derived from Company's unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and 2023, which are included elsewhere in this prospectus. [Table Level]
- Table Title: Revenue Analysis for Jan-Sep 2024 vs. Jan-Sep 2023
- Table Summary: The table presents a comparative analysis of revenue generated from two customer segments, illustrating the change from January to September in 2024 compared to the same period in 2023. It highlights the year-on-year percentage change in revenue for each segment.
- Context: The table is situated in a discussion about Company's technological advancements and strategic partnerships, emphasizing a rapid growth in revenue driven largely by innovative driving solutions and technologies.
- Special Notes: The table includes a footnote marked "(A)" next to "from Company", but the details of the footnote are not provided in the image.

[Row Level]
- Row 1: Total revenue from January to September 2024 was 19 units, compared to 6 units in the same period of 2023, reflecting a 217% year-on-year increase.
- Row 2: Revenue from Company in January to September 2024 was 8 units, up from 4 units in 2023, marking a 100% increase.
- Row 3: Revenue from other customers in January to September 2024 reached 11 units, a significant rise from 2 units in the same months of 2023, resulting in a 450% increase. Company regards its patents, trademarks, copyrights, domain names, know-how, proprietary technologies, and similar intellectual property as critical to its success. Company's intellectual property portfolio consists of rights in, among others, vehicle architecture, intelligent cabin technology, intelligent driving systems, and fast charging solutions. As of June 30, 2024, Company had 422 registered patents and 926 pending patent applications in various jurisdictions such as mainland China, the U.S., Japan, and the U.K., including patents for its vehicle architecture, intelligent cabin technology, intelligent driving systems, and fast charging solutions. Company also had 362 registered trademarks, including “ELETRE” and “EMEYA,” registered copyrights for 47 software programs developed by the company relating to various aspects of its operations, as well as 113 registered domain names as of June 30, 2024. [Table Level]
- Table Title: Consolidated Liabilities, Equity, and Shareholders' Deficit
- Table Summary: The table provides a breakdown of Company's financial liabilities, equity, and shareholders' deficit as of June 30, 2024, and December 31, 2023. It categorizes liabilities into non-current and outlines mezzanine equity and shareholders' deficit separately. It also includes details on commitments, contingencies, and equity specifics.
- Context: The table is part of Company's financial statements, prepared using consistent accounting policies, detailing the company's liabilities and equity structure with notable figures as of the specified dates.
- Special Notes: All amounts are in thousands of US dollars. Share details are based on the US$0.00001 par value per share. Redemption values for convertible preferred shares are included, with accompanying liquidation preferences.

[Row Level]
Row 1: As of June 30, 2024, contract liabilities to third parties amounted to $7,024, compared to $6,245 as of December 31, 2023.

Row 2: Operating lease liabilities to third parties were $81,393 on June 30, 2024, down from $91,929 at the end of 2023.

Row 3: Operating lease liabilities to related parties stood at $11,314 on June 30, 2024, slightly declining from $12,064 on December 31, 2023.

Row 4: Put option liabilities to third parties were $175,214 as of June 30, 2024, a decrease from $212,000 as of December 31, 2023.

Row 5: Put option liabilities to related parties were $11,884 as of December 31, 2023, with no data for June 30, 2024.

Row 6: Warrant liabilities amounted to $5,549 as of June 30, 2024.

Row 7: Exchangeable notes were recorded at $77,087 as of June 30, 2024, and $75,678 at the end of 2023.

Row 8: Convertible notes to third parties had balances of $75,970 as of June 30, 2024, and $81,635 at the end of 2023.

Row 9: Deferred income was $296,489 as of June 30, 2024, increasing from $270,097 as of December 31, 2023.

Row 10: Other non-current liabilities to third parties were $180,293 as of June 30, 2024, compared to $103,403 at the end of 2023.

Row 11: Other non-current liabilities to related parties were $1,548 on June 30, 2024, slightly less than $1,634 on December 31, 2023.

Row 12: The total non-current liabilities aggregated to $839,881 as of June 30, 2024, rising from $654,569 on December 31, 2023.

Row 13: Total liabilities were $2,680,335 as of June 30, 2024, compared to $2,411,850 at the end of 2023.

Row 14: The section for commitments and contingencies references Note 26.

Row 15: Mezzanine equity for Series Pre-A Redeemable Convertible Preferred Shares was recorded with no amount for June 30, 2024, and $184,509 as of December 31, 2023, with relevant share information provided.

Row 16: Series A Redeemable Convertible Preferred Shares similarly showed no amount for June 30, 2024, and $199,021 as of December 31, 2023.

Row 17: The total mezzanine equity was calculated at $383,530 as of December 31, 2023.

Row 18: Ordinary shares, outlined with share authorizations, issued, and outstanding, included values of $7 as of June 30, 2024, and $21 at the end of 2023.

Row 19: Additional paid-in capital was $1,855,063 as of June 30, 2024, increasing significantly from $358,187 at the end of 2023.

Row 20: Accumulated other comprehensive income was $25,278 on June 30, 2024, slightly up from $25,267 on December 31, 2023.

Row 21: The accumulated deficit was recorded at $(2,048,092) for June 30, 2024, compared to $(1,588,773) for December 31, 2023.

Row 22: The total shareholders' deficit attributable to ordinary shareholders was $(167,744) on June 30, 2024, a substantial change from $(1,205,298) at the end of 2023.

Row 23: Noncontrolling interests were $(6,337) as of June 30, 2024, and $(5,404) as of December 31, 2023.

Row 24: The total shareholders' deficit was $(174,081) on June 30, 2024, compared to $(1,210,702) on December 31, 2023.

Row 25: Total liabilities, mezzanine equity, and shareholders' deficit combined were $2,506,254 as of June 30, 2024, compared to $1,584,678 by the end of 2023. [Table Level]
- Table Title: Parent Company Condensed Statements of Comprehensive Loss
- Table Summary: The table presents the financial position of Company as of June 30, 2024, and December 31, 2023. It details the assets, liabilities, and shareholders' equity, segmented into current and non-current categories, with respective net values.
- Context: The financial information has been prepared using consistent accounting policies, focusing on separate financial details while using the equity method concerning investments in subsidiaries.
- Special Notes: All amounts are in thousands of US dollars.

[Row Level]
- Row 1: As of June 30, 2024, cash amounted to $268,781, while on December 31, 2023, cash was $418,941.
- Row 2: Restricted cash by June 30, 2024, was $373,887, significantly increasing from $7,873 as of December 31, 2023.
- Row 3: Accounts receivable from third parties, net, were $72,798 on June 30, 2024, compared to $76,664 at the end of 2023.
- Row 4: Accounts receivable from related parties, net, were $19,674 on June 30, 2024, decreasing from $22,430 on December 31, 2023.
- Row 5: Inventories rose to $385,200 by June 30, 2024, from $265,190 at the end of the previous year.
- Row 6: Prepayments and other current assets from third parties were $118,492 on June 30, 2024, rising from $63,870 as of December 31, 2023.
- Row 7: Prepayments and other current assets from related parties, net, increased slightly to $40,381 on June 30, 2024, compared to $28,744 at year-end 2023.
- Row 8: Total current assets summed up to $1,279,213 as of June 30, 2024, up from $883,712 on December 31, 2023.
- Row 9: Non-current restricted cash reached $1,147 by mid-2024, up from $321 at the close of 2023.
- Row 10: Investment securities linked to related parties were $2,168 on June 30, 2024, decreasing from $3,326 at the end of 2023.
- Row 11: Securities pledged to an investor were valued at $310,477 as of June 30, 2024; there is no previous value listed for 2023.
- Row 12: Loan receivable from a related party stood at $224,042 on June 30, 2024, with no corresponding entry for December 31, 2023.
- Row 13: Property, equipment, and software, net, were $345,336 on June 30, 2024, increasing from $354,617 in 2023.
- Row 14: Intangible assets were $116,526 by June 30, 2024, a decrease from $116,360 at the end of 2023.
- Row 15: Operating lease right-of-use assets were $158,864 on June 30, 2024, down from $173,103 at year-end 2023.
- Row 16: Other non-current assets from third parties stood at $65,792 as of mid-2024, an increase from $50,533 by the end of the previous year.
- Row 17: Other non-current assets from related parties were $2,689 on June 30, 2024, slightly up from $2,706 on December 31, 2023.
- Row 18: Total non-current assets amounted to $1,227,041 as of June 30, 2024, compared to $700,966 at the end of 2023.
- Row 19: Total assets were $2,506,254 by June 30, 2024, rising from $1,584,678 as of December 31, 2023.
- Row 20: Short-term borrowings from third parties totaled $518,479 on June 30, 2024, up from $226,772 at the end of 2023.
- Row 21: Accounts payable to third parties were $58,271 as of June 30, 2024, increasing from $20,123 on December 31, 2023.
- Row 22: Accounts payable to related parties amounted to $413,779 by June 30, 2024, rising from $340,419 at the end of 2023.
- Row 23: Contract liabilities to third parties were $50,054 on June 30, 2024, compared to $44,184 at year-end 2023.
- Row 24: Operating lease liabilities to third parties were $14,526 by June 30, 2024, down from $16,760 as of December 31, 2023.
- Row 25: Accrued expenses and other current liabilities to third parties were $431,223 at the mid-point of 2024, decreasing from $419,422 by the end of 2023.
- Row 26: Accrued expenses and other current liabilities to related parties amounted to $243,024 on June 30, 2024, up from $290,686 at year-end 2023.
- Row 27: Exchangeable notes were noted as $0 on June 30, 2024, with a previous year's figure of $378,638.
- Row 28: Convertible notes relating to related parties were $110,661 on June 30, 2024, compared to $0 as of December 31, 2023.
- Row 29: Convertible notes from third parties were $0 on June 30, 2024, down from $20,277 at the end of 2023.
- Row 30: Put option liabilities to related parties were $437 as of mid-2024 with no corresponding value in 2023.
- Row 31: Total current liabilities were $1,840,454 by June 30, 2024, compared to $1,757,281 as of December 31, 2023. As a leader in the electrification transformation of the luxury car segment, Company has launched its E-segment BEV model years ahead of competitors and plans to continue launching additional BEV models. Company also aims to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. As part of its sustainability commitment, Company aims to achieve carbon neutrality by 2038, with the Company Global Smart Factory, which is owned and operated by Counterparty A. Company expects to continue focusing on sustainability leadership through waste reduction and the ongoing adoption of renewable energy and recyclable materials. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors and targeting to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. Company launched its first fully electric Hyper-SUV, the Eletre, in 2022. Beginning with the Eletre, all new car rollouts will be BEV models. Company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA, which is a newly debuted self-developed BEV platform initially based on the same foundation of Sustainable Experience Architecture, the world’s first open-source BEV architecture. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. The company also plans to upgrade its models on an ongoing basis. The Eletre is the first of Company's new breed of pure electric SUVs. It is the company's first lifestyle vehicle, which aims to set the standard for future lifestyle vehicles. The five-seater (four-seater as optional) measures 5,103 millimeters in length with a 3,019-millimeter wheelbase, providing customers with a spacious and comfortable riding experience. The Eletre comes with five standard drive modes, switchable by adjusting the front and rear wheel steering, damper settings, chassis control system, propulsion strategies, and accelerator pedal response. Three different versions of the Eletre are available, namely, the Eletre, the Eletre S, and the Eletre R, with the choice of two powertrains. These versions are designed to satisfy the various demands of customers — the Eletre R is tailored for customers who seek speed and control, while the Eletre S provides a longer range and more comfort. With an average MSRP higher than US$100,000, the Eletre and the Eletre S feature the 450 kilowatt single-speed version, with a maximum range of 600 kilometers (km) per full charge according to the Worldwide Harmonized Light Vehicles Test Procedure (WLTP). What is the product plan for the future? Based on the increasing personalized needs of ultra-luxury market customers, Company has launched multiple special customization and limited edition models in addition to the aforementioned base models. Company will also launch high-performance special editions based on global diversified market demand. Key Financial Results The table below summarizes key preliminary financial results for Company for the first nine months ended September 30, 2024. (in millions of U.S. dollars, unaudited) [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: This table presents Company.'s unaudited condensed consolidated statements of comprehensive loss for the nine months ended September 30, 2023, and 2024. It details net loss and other comprehensive income components, including adjustments for foreign currency translation and non-controlling interests. The financial data provide insights into Company.'s financial performance over this period.
- Special Notes: All amounts are presented in thousands, except for share and per share data. The analysis involves both GAAP and Non-GAAP financial results.

[Row Level]
Row 1: The net loss for the nine months ended September 30, 2024, is reported as $(666,520) thousand, compared to $(526,524) thousand for the same period in 2023.
Row 2: The fair value changes of mandatorily redeemable noncontrolling interest and notes, net of nil income taxes, show an income of $230 thousand for 2024 and a loss of $(585) thousand for 2023.
Row 3: Foreign currency translation adjustment, net of nil income taxes, is $118 thousand for 2024 and $24,077 thousand for 2023.
Row 4: Total other comprehensive income stands at $348 thousand for 2024 and $23,492 thousand for 2023.
Row 5: Total comprehensive loss for 2024 is $(666,172) thousand, compared to $(503,032) thousand in 2023.
Row 6: The total comprehensive loss attributable to noncontrolling interests is $(1,402) thousand for 2024, compared to $(7,587) thousand for 2023.
Row 7: Total comprehensive loss attributable to ordinary shareholders is $(664,770) thousand for 2024, compared to $(495,445) thousand for 2023. [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: The table presents the unaudited condensed consolidated statements of comprehensive loss for Company. for the three-month periods ending September 30, 2024, and September 30, 2023. It includes detailed financial metrics such as revenues, costs, operating expenses, and net loss attributable to ordinary shareholders, with all amounts expressed in thousands of US dollars.
- Context: The surrounding text emphasizes that the content may include forward-looking statements with inherent risks. All financial information is recent as of the release date.
- Special Notes: Amounts are provided in thousands. The loss per ordinary share is specified for both basic and diluted shares.

[Row Level]
Row 1: For the quarter ending September 30, 2024, revenues from sales of goods were $241,356, compared to $180,626 for the same period in 2023.

Row 2: Service revenues reached $13,352 in 2024, showing an increase from $7,280 in 2023.

Row 3: Total revenues for 2024 amounted to $254,708, up from $187,906 in the previous year.

Row 4: The cost of goods sold was $239,938 in 2024, compared to $155,689 in 2023.

Row 5: Cost of services in 2024 was $6,567, up from $4,596 in 2023.

Row 6: Total cost of revenues for 2024 was $246,505, higher than $160,285 in 2023.

Row 7: The gross profit for 2024 stood at $8,203, declining from $27,621 in 2023.

Row 8: Research and development expenses were $52,671 in 2024, compared to $81,999 in 2023.

Row 9: Selling and marketing expenses were recorded at $55,530 in 2024, compared to $72,995 in 2023.

Row 10: General and administrative expenses increased to $63,364 in 2024, from $37,786 in 2023.

Row 11: Government grants contributed $3,323 in 2024, up from $1,695 in 2023.

Row 12: Total operating expenses amounted to $168,242 in 2024, compared to $191,085 in 2023.

Row 13: The operating loss was $160,039 in 2024, slightly improved from $163,464 in 2023.

Row 14: Interest expenses increased to $8,849 in 2024, from $3,897 in 2023.

Row 15: Interest income rose to $6,618 in 2024, from $1,410 in 2023.

Row 16: Investment income (loss), net was $7,303 in 2024, compared to $4,079 in 2023.

Row 17: Share of results of equity method investments was a negative $398 in 2024, down from negative $22 in 2023.

Row 18: Foreign currency exchange gains, net increased to $19,392 in 2024, from $4,502 in 2023.

Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest and notes resulted in a loss of $4,884 in 2024, up from $2,637 in 2023.

Row 20: Changes in fair values of warrant liabilities resulted in a gain of $1,060 in 2024, compared to no change in 2023.

Row 21: The loss before income taxes was $205,468 in 2024, rising from $172,214 in 2023.

Row 22: Income tax expense was $800 in 2024, compared to $1,368 in 2023.

Row 23: Net loss was $206,268 in 2024, compared to $173,582 in 2023.

Row 24: Net loss attributable to noncontrolling interests was $469 in 2024, compared to $1,872 in 2023.

Row 25: Net loss attributable to ordinary shareholders was $205,799 in 2024, compared to $171,710 in 2023.

Row 26: The accretion of redeemable convertible preferred shares was $4,805 in 2023.

Row 27: Net loss available to ordinary shareholders was $205,799 in 2024, compared to $176,515 in 2023.

Row 28: Loss per ordinary share, both basic and diluted, was $0.30 in 2024, compared to $0.37 in 2023.

Row 29: The weighted average number of ordinary shares outstanding, used in computing the net loss per ordinary share, was 675,897,690 in 2024, compared to 474,621,603 in 2023. Counterparty A Holding, a global mobility technology group with a proven track record in seeding BEV brands, has successfully incubated and revitalized a series of world-renowned brands with attractive financial profiles, including Volvo, Polestar, LYNK&CO., and Zeekr. Positioned as the only Counterparty A Holding-affiliated brand with sports car DNA, Company has received comprehensive support from Counterparty A Holding in manufacturing, supply chain, research and development, logistics infrastructure, and human capital, and is in the process of transforming from a British sports car company to a global pioneer of high-performance electric vehicles to bridge the gap between traditional sports cars and a new generation of electric vehicles. The global luxury battery electric vehicle (BEV) market is currently underserved, with only approximately 10 existing luxury BEV models, compared to over 100 internal combustion engine (ICE) luxury models, leaving consumers with limited choices. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors. Company launched its first fully electric Hyper-SUV, the Eletre, in 2022. [Table Level]
- Table Title: Consolidated Balance Sheets
- Table Summary: The table provides a detailed financial overview of Company's liabilities, equity, and shareholders' deficit as of December 31, 2023, and 2022. It includes total non-current liabilities, mezzanine equity, and shareholders' equity or deficit, along with relevant detailed subcategories.
- Context: The audits for Company follow PCAOB standards, ensuring financial statements are free of material misstatement. Company is engaged in selling luxury battery electric and sports cars under the "Company" brand globally.
- Special Notes: All amounts are in thousands, except for share and per share data.

[Row Level]
Row 1: Deferred income stands at $270,097, compared to $258,450 in the previous year, indicating a slight increase in deferred obligations.

Row 2: Other non-current liabilities to third parties are recorded at $103,403, significantly increased from $15,824, suggesting increased long-term obligations to third-party entities.

Row 3: Liabilities to related parties amount to $1,634, slightly up from $1,584, indicating stable liability levels with related entities.

Row 4: Total non-current liabilities are $654,569, an increase from $523,679, reflecting overall growth in long-term obligations.

Row 5: Total liabilities amount to $2,411,850, up from $1,456,558, showing a substantial rise in Company's total financial liabilities.

Row 6: Series Pre-A Redeemable Convertible Preferred Shares have a redemption value of $184,509 and $174,429, indicating an increase with a liquidation preference matching these values.

Row 7: Series A Redeemable Convertible Preferred Shares have a redemption value of $199,021, compared to $191,125 in 2022, with a liquidation preference of up to $200,971.

Row 8: Total mezzanine equity amounts to $383,530, up from $368,409, reflecting an increase in equity-like financial instruments.

Row 9: Ordinary shares were issued at a nominal value of US$0.00001 per share, with 5,000,000,000 authorized, and 474,621,603 issued and outstanding, remaining unchanged from the last year.

Row 10: Additional paid-in capital is $358,187, decreasing from $403,103, indicating reduced additional equity contributions.

Row 11: Receivables from shareholders have increased from a negative position of $26,447 to none, showing reduced liabilities from shareholder receivables.

Row 12: Accumulated other comprehensive income is $25,267, up from $17,707, reflecting overall gains in comprehensive income elements.

Row 13: The accumulated deficit is $1,588,773, increasing from $846,757, showing a significant rise in accumulated losses.

Row 14: Total shareholders' deficit attributable to ordinary shareholders is $1,205,298, up from $452,373, demonstrating increased equity deficits.

Row 15: Non-controlling interests are a deficit of $5,404, slightly down from $642, indicating minor changes in interests attributable to minority stakeholders.

Row 16: Total shareholders' deficit stands at $1,210,702, a considerable increase from $453,015, pointing to an overall rise in equity deficits. [Table Level]
- Table Title: Signatures of Company. Key Personnel
- Table Summary: This table lists the signatures, capacities, and signing dates of key personnel at Company., as part of the company's registration statement. It provides insight into the roles and responsibilities of each individual within the organization.
- Context: The table is part of a registration document for Company. filed with the Securities and Exchange Commission, authorizing representatives to undertake certain actions on behalf of Company.
- Special Notes: All entries are dated September 19, 2024.

[Row Level]
Row 1: Person A, identified by the signature "/s/ Person A," is the Director and Chairman of the Board of Directors. The signing date is September 19, 2024.

Row 2: Person B, identified by the signature "/s/ Person B," holds the position of Director and Chief Executive Officer (Principal Executive Officer). The signing date is September 19, 2024.

Row 3: Person C, identified by the signature "/s/ Person C," serves as Director and Chief Financial Officer (Principal Financial and Accounting Officer). The signing date is September 19, 2024.

Row 4: Person D, identified by the signature "/s/ Person D," holds the position of Director. The signing date is September 19, 2024.

Row 5: Person E, identified by the signature "/s/ Person E," serves as Director. The signing date is September 19, 2024.

Row 6: Person F, identified by the signature "/s/ Person F," is an Independent Director. The signing date is September 19, 2024.

Row 7: Person G, identified by the signature "/s/ Person G," is also an Independent Director. The signing date is September 19, 2024. [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." What is the gross margin outlook and reasons? Company will achieve positive EIBTDA and cash flow by 2026 through tactical adjustments and a series of measures implemented through the Win26 program. Company has not been profitable since its inception. The company incurred a net loss of US\$460.3 million, US\$750.3 million, US\$724.6 million, and US\$110.5 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. In addition, Company had negative net cash flows from operating activities of US\$468.4 million, US\$386.9 million, US\$351.4 million, and US\$126.5 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. As of June 30, 2024, and as of December 31, 2023, 2022, and 2021, the company's accumulated deficit was US\$2.0 billion, US\$1.6 billion, US\$846.8 million, and US\$122.8 million, respectively. Company incurred capital expenditures of US\$49.5 million, US\$213.7 million, US\$133.3 million, and US\$34.6 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. Historically, Company relied principally on proceeds from the issuance of exchangeable notes, convertible notes, and related party borrowings to finance its operations and business expansion. The company will require additional liquidity to continue its operations over the next 12 months. Company is evaluating strategies to obtain the required additional funding for future operations. ● Intelligent driving hardware. Company has invested significant resources into the development of hardware, and L4-ready hardware is embedded in its vehicles. The deployable LiDAR technology is capable of all-around perception coverage with seven HD cameras of eight-megapixel, six long/short-range millimeter-wave radars, among which the front and rear are image radars, four 128-line LiDARs, 12 ultrasonic radars, one in-car camera, and four around-view cameras. By combining radars and LiDARs with camera sensors, Company's battery electric vehicle (BEV) lifestyle models can capture speed and other information on the road to support high-level intelligent driving functions. In addition, the Eletre and Emeya models are powered and supported by dual NVIDIA DRIVE Orin chips with 500 to 1,000 TOPS computing power to process complex data and images. The L4-ready hardware on the vehicles is capable of capturing significant amounts of high-quality information, which in turn could be used to optimize key intelligent driving algorithms, thereby helping Company remain a leader in the development of such technology. This top-class driving hardware distinguishes Company's models from competitors’ vehicles and enables them to evolve with the development of intelligent driving technology throughout their life cycle. ● Software capabilities. 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. 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: Parent Company Condensed Statements of Comprehensive Loss
- Table Summary: This table provides a detailed overview of the financial changes for Company over a specific period, focusing on shareholders’ equity, net loss, and other comprehensive income. It primarily compares balances from December 31, 2022, to June 30, 2023, highlighting the impacts of accounting standards, net loss, and currency translations.
- Context: The accompanying text discusses the use of the equity method for accounting for investments and notes the absence of significant contingencies or obligations for the periods compared, except where separately stated.
- Special Notes: All amounts are in thousands, except for share and per-share data. The financial information uses specific accounting policies, with notable adjustments for comprehensive income and credit risk.

[Row Level]
Row 1: As of December 31, 2022, the ordinary shares numbered 474,621,603 with a value of US$21. The additional paid-in capital amounted to US$403,103, while there was a receivable from shareholders of US$(26,447). The accumulated other comprehensive income was US$17,707, and the accumulated deficit was US$(846,757), leading to a total shareholders' deficit of US$(453,015).

Row 2: On January 1, 2023, the balances remained the same as December 31, 2022, with ordinary shares at 474,621,603 and US$21. The additional paid-in capital was US$403,103, with the receivable unchanged at US$(26,447), while the accumulated other comprehensive income stayed at US$17,707. The accumulated deficit was US$(846,772), resulting in a total shareholders' deficit of US$(453,030).

Row 3: During the period, Company recorded a net loss of US$(347,163), contributing to a total comprehensive loss of US$(352,942) when considering additional factors.

Row 4: A fair value change led to an adjustment of US$(1,559) attributable to credit risks net of taxes.

Row 5: The foreign currency translation adjustment net of taxes added US$34,373, reducing the impact of other losses.

Row 6: The settlement of receivables from shareholders corrected the US$(26,447) item, neutralizing its previous negative effect.

Row 7: A deemed distribution to shareholders resulted in a decrease of US$(31,672) in equity.

Row 8: Accretion of redeemable convertible preferred shares resulted in an additional reduction of US$(258).

Row 9: By June 30, 2023, the ordinary shares remained at 474,621,603 with no change in their US$21 valuation. The additional paid-in capital adjusted to US$371,173, while the accumulated other comprehensive income increased to US$50,521. The accumulated deficit grew to US$(1,193,935), and total shareholders' deficit reached US$(778,451). The following tables present Company's selected consolidated and combined financial data. Company prepares its consolidated and combined financial statements in accordance with U.S. GAAP. The selected consolidated and combined statements of comprehensive loss data for the years ended December 31, 2023, 2022, and 2021, the selected consolidated and combined balance sheets data as of December 31, 2023, and 2022, and the selected consolidated and combined statements of cash flows data for the years ended December 31, 2023, 2022, and 2021 have been derived from Company's audited consolidated and combined financial statements for the years ended December 31, 2023, 2022, and 2021, which are included elsewhere in this prospectus. Company's historical results for any prior period are not necessarily indicative of results expected in any future period. The financial data set forth below should be read in conjunction with, and is qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the consolidated and combined financial statements and notes thereto included elsewhere in this prospectus. 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. In the first nine months of 2024, Company achieved total deliveries of 7,617 units, representing a 136% year-on-year (YoY) increase. Global allocation was relatively diversified, with each region contributing 18-35% of the total deliveries in the first nine months of 2024, powered by over 200 stores in prime locations worldwide. The European market continued to expand, with a year-on-year increase of 372% in deliveries during the first nine months of 2024. The Rest of the World region achieved a year-on-year growth of 110% as Company continued to make steady progress in its expansion into new markets. In the third quarter of 2024, the deliveries of the Emira commenced in South Africa and India, and of the Eletre in Japan, South Korea, and the Philippines. The Eletre Carbon, a high-performance variant tailored for the North American market, was revealed and is expected to commence deliveries in the first half of 2025. Deliveries of bespoke and collection versions of both the Eletre (SUV) and the Emeya (GT, Sedan) also commenced in the third quarter. Company continues to drive technological innovation to meet market demand. 2022 A 350kW charger could deliver a 400km (248 miles) range in just 18 minutes. The car’s target maximum driving range was around 600km (373 miles) from a full charge, and the car also came with the ability to accept 22kW AC charging, which reduced plug-in time. The car’s technology systems included the most advanced active aerodynamics package on any production SUV, as well as intelligent driving technologies such as the world’s first deployable Light Detection and Ranging (LIDAR) sensors. It was clear that the Eletre was making a simple statement – this was Company reinvented, the birth of a new icon into the Company stable.

Person A, Managing Director, Company Cars, commented, "The Eletre is a bold and revolutionary new car, delivering on our commitment to move Company into completely new automotive segments. This is a momentous point in our history and a clear signal of our desire and ambition to transform our business. It is a true Company, and we’re confident it will delight performance car customers and offer a distinct alternative in the segment. The Eletre has the soul of a Company and the usability of an SUV." Information is displayed to the driver via a head-up display (HUD) featuring augmented reality (AR) technology. Voice control is enabled through advanced speech recognition technology. Company Hyper OS is an operating system powering the advanced digital cockpit cabin installed in the Eletre, enabling Company to create next-generation real-time 3D digital mapping and graphing experiences. Company Hyper OS includes two Qualcomm 8155 System-on-Chips to provide accelerated graphic rendering and higher data transmission speeds. The Eletre will also debut a next-generation digital head unit, which is expected to provide fully customizable displays, hosted on an advanced driver information module. The Eletre is equipped with the latest connectivity technology, including 5G compatibility, which enables the performance and features of the vehicle to be continually updated and enhanced via over-the-air (OTA) updates. Eletre owners can connect to the vehicle via a smartphone app and access driving logs, vehicle and charge status, remote features, location services, and other functionalities. The Eletre also comes with navigation services, including EV routing, EV range assistant, and predictive routing, and provides a series of safety functions. Company believes that its R&D capability is one of its key competitive strengths. Drawn from Company brand sports car design heritage, deep automotive expertise, and next-generation technologies, Company's proprietary 800-volt EPA is a high-performance platform for luxury electric vehicles, which was developed over five years of R&D efforts. The platform features supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. Such superior design enables Company to quickly roll out new models and ramp up production with competitive performance attributes and achieve economies of scale. Aside from the EPA, Company has developed a leading ADAS with fully embedded L4-ready hardware capabilities enabled by the world’s first deployable LiDAR system and proprietary software system. Company's wholly-owned R&D facilities across Europe and China demonstrate a seamless collaboration among highly experienced and dedicated Company teams to support its world-class R&D capabilities. Company manufactures all battery electric vehicle (BEV) lifestyle models through a contract manufacturing partnership with Counterparty A, utilizing Counterparty A’s newly constructed, state-of-the-art manufacturing facilities dedicated to electric vehicles in Wuhan, China. [Table Level]
- Table Title: Consolidated and Combined Statements of Cash Flows
- Table Summary: This table presents the cash flow activities of Company and its subsidiaries for the fiscal years ended December 31, 2023, 2022, and 2021. It details cash flows from operating, investing, and financing activities, along with the impact of exchange rate changes and the net change in cash and restricted cash over these years.
- Context: The table is part of a broader financial analysis and should be interpreted alongside the management's discussion, analysis of financial condition, results of operation, and the accompanying notes to the consolidated and combined financial statements.
- Special Notes: Amounts for the year 2022 are in thousands of US dollars.

[Row Level]
- Row 1: For the year 2023, net cash used in operating activities amounted to $(386,932). In 2022, this figure was $(351,419) (in thousands), while in 2021, it was $(126,505).
- Row 2: The net cash used in investing activities was $(197,985) in 2023, compared to $(149,414) in 2022 (in thousands), and $244,476 in 2021.
- Row 3: Net cash provided by financing activities reached $284,708 in 2023, $758,131 (in thousands) in 2022, and $364,853 in 2021.
- Row 4: The effect of exchange rate changes on cash and restricted cash was $(12,189) in 2023, $(49,217) in 2022 (in thousands), and $2,943 in 2021.
- Row 5: The net decrease in cash and restricted cash stood at $(312,398) for 2023, $208,081 (in thousands) for 2022, and $485,767 for 2021.
- Row 6: Cash and restricted cash at the beginning of the year was $739,533 in 2023, $531,452 in 2022 (in thousands), and $45,685 in 2021.
- Row 7: Cash and restricted cash at the end of the year totaled $427,135 in 2023, $739,533 in 2022, and $531,452 in 2021 (with 2022 figures in thousands). [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: This table presents the unaudited condensed consolidated statements of comprehensive loss for Company. for the three months ended September 30, 2024, and September 30, 2023. It includes details of net loss, other comprehensive income or loss, and total comprehensive loss attributable to ordinary shareholders.
- Context: The table appears within a press release containing forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
- Special Notes: All amounts in the table are expressed in thousands of US dollars.

[Row Level]
- Row 1: For the three months ended September 30, 2024, the net loss was US$206,268, compared to US$173,582 for the three months ended September 30, 2023.
- Row 2: Fair value changes of mandatorily redeemable noncontrolling interest and similar items for September 30, 2024, were US$631, while September 30, 2023, registered US$974.
- Row 3: Foreign currency translation adjustment, net of nil income taxes, showed a loss of US$294 for September 30, 2024, and a loss of US$10,486 for September 30, 2023.
- Row 4: Total other comprehensive income for September 30, 2024, was reported as US$337, whereas a loss of US$9,512 was reported for September 30, 2023.
- Row 5: Total comprehensive loss for September 30, 2024, is indicated at US$205,931, in contrast to US$183,094 for September 30, 2023.
- Row 6: The loss attributable to noncontrolling interests for September 30, 2024, was US$469, compared to US$1,998 for September 30, 2023.
- Row 7: Total comprehensive loss attributable to ordinary shareholders was US$205,462 for the period ending September 30, 2024, while it stood at US$181,096 for the same period in 2023. [Table Level]  
- Table Title: Financial Performance Summary  
- Table Summary: The table provides a comparison of gross profit and gross margin for the six months ending June 30, 2023, and June 30, 2024. It highlights the increase in gross profit and gross margin over this period, indicating significant financial growth.  
- Context: Prior to the table, the document discusses the increase in service revenues and cost of revenues, outlining various contributing factors. Following the table, there is a summary of the increase in gross profits and margin attributed to cost reductions, increased vehicle selling prices, and high-margin services.  
- Special Notes: Values are in thousands of US dollars, and percentages are used for gross margin.  

[Row Level]  
Row 1: For the six months ended June 30, 2024, the gross profit was $50,912,000 compared to $6,127,000 in 2023, showing an increase of $44,785,000, or 730.9%.  
Row 2: The gross margin for the six months ended June 30, 2024, was 12.8%, compared to 4.7% in 2023, indicating a substantial improvement. Customers.  
The name Eletre means 'coming to life' in the Hungarian language, an appropriate name as the Eletre marked the start of a new chapter in the history of Company – the first accessible EV and the first SUV. Three versions of the new car were to be available, and all were 4WD. All had battery capacity over 100 kWh, with a power range from 600 hp. On March 29th, 2022, Company unveiled a bold new dimension to their performance car portfolio, the Type 132 Eletre. The Eletre delivered a significant number of firsts for Company – the first five-door production car, the first model outside the sports car segment, the first lifestyle EV, and the most 'connected' Company ever built. However, it remained a true Company, packed with pioneering technology, sporting performance, and simplicity of purpose.  
Eletre, Type 132, was 'Born British, Raised Globally', with key attributes defined by the development team at Hethel and the overall exterior and interior design led by an international team based at the Company Creative Centre in Warwickshire, UK. The unique Company 'porous' exterior design meant that air flowed through the vehicle for improved aerodynamics, speed, range, and overall efficiency. The design was Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury original equipment manufacturers (OEMs). Deliveries of Eletre commenced in China and Europe in 2023. Planning is underway for deliveries to the U.S. and the rest of the world. Company's second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of Emeya began in March 2024. In addition to Eletre and Emeya, Company plans to launch two additional fully electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV sports car in 2026. The following table sets forth Company's results of operations with line items in absolute amounts for the years indicated. Company is a leading global intelligent and luxury mobility provider that designs and develops luxury lifestyle vehicles (non-sports car vehicles for daily usage) under the iconic British brand “Company” and sells all Company-branded cars. With over seven decades of racing heritage and proven leadership in the automotive industry, the Company brand symbolizes market-leading standards in performance, design, and engineering. Fusing proprietary next-generation technology built on world-class research and development capabilities and an asset-light model empowered by Counterparty A, Company is breaking new ground in electrification, digitization, and intelligence. The Company brand was founded in the U.K. in 1948 and has since established itself as a high-performance luxury vehicle brand with innovative engineering and cutting-edge technologies, renowned for its superior aerodynamics and lightweight design. The Company brand was born out of legendary success on the racetrack, including 13 FIA Formula 1 world titles and many other championship honors. In 2017, Counterparty A acquired a 51% stake in Company and further positioned the company as a luxury lifestyle battery electric vehicle (BEV) manufacturer. [Table Level]
- Table Title: Parent Company Condensed Statements of Comprehensive Loss
- Table Summary: The table presents the condensed statements of comprehensive loss for Company for the six months ended June 30, 2024, and 2023. It includes detailed information on revenues, expenses, operating loss, and comprehensive income/loss.
- Context: The table is part of Company's financial reporting, using similar accounting policies outlined in the consolidated and combined financial statements. Investments are recorded under the equity method of accounting.
- Special Notes: All amounts are presented in thousands, except for per-share data. Related party amounts and specific notes are highlighted throughout the table.

[Row Level]
Row 1: For the six months ended June 30, 2024, sales of goods amounted to US$ 382,893, including related party amounts of US$ 2,330, and US$ 124,854 for 2023, including related party amounts of US$ 2,330.

Row 2: For service revenues, Company earned US$ 15,222 in 2024 and US$ 5,181 in 2023, including related party amounts of US$ 10,662 for 2024.

Row 3: Total revenues equaled US$ 398,115 for 2024 and US$ 130,035 for 2023.

Row 4: The cost of goods sold was US$ 340,882 in 2024 and US$ 119,557 in 2023, including related party amounts of US$ 326,187 for 2024.

Row 5: Cost of services for 2024 was US$ 6,321 and US$ 4,351 for 2023.

Row 6: Total cost of revenues was US$ 347,203 in 2024 compared to US$ 123,908 in 2023.

Row 7: The gross profit stood at US$ 50,912 for 2024, while it was US$ 6,127 for 2023.

Row 8: Research and development expenses for 2024 were reported at US$ 174,854, including related party amounts of US$ 38,392, compared to US$ 152,548 for 2023.

Row 9: Selling and marketing expenses were US$ 204,274 in 2024 and US$ 118,236 in 2023, including related party amounts of US$ 27,853 in 2024.

Row 10: General and administrative expenses for 2024 totaled US$ 111,978, with related party amounts of US$ 2,422, and US$ 80,417 for 2023.

Row 11: Government grants were US$ 2,488 in 2024 and US$ 662 in 2023.

Row 12: Total operating expenses amounted to US$ 488,618 for 2024 and US$ 350,539 for 2023.

Row 13: Operating loss was US$ 437,706 for 2024 compared to US$ 344,412 for 2023.

Row 14: Interest expenses in 2024 were US$ 11,708, with US$ 3,470 reported for 2023.

Row 15: Interest income for 2024 was US$ 8,658, compared to US$ 5,848 for 2023, including related party amounts of US$ 4,472 for 2024.

Row 16: Investment income net amounted to US$ 349 for 2024 and US$ 2,770 for 2023.

Row 17: The share of results of equity method investments was US$ 359 in 2024 and US$ 626 in 2023.

Row 18: Foreign currency exchange loss net was US$ 4,429 in 2024 compared to US$ 3,619 in 2023.

Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest were US$ 8,801 in 2024 and negative US$ 12,758 in 2023.

Row 20: Changes in fair values of warrant liabilities were US$ 3,617 in 2024.

Row 21: Changes in fair values of put option liabilities resulted in a net loss of US$ 33,685 for 2024 and a gain of US$ 3,307 for 2023.

Row 22: The loss before income taxes was US$ 459,897 for 2024 and US$ 352,960 for 2023.

Row 23: Income tax benefit (expense) in 2024 was US$ 355, while it was US$ 18 in 2023.

Row 24: Net loss was reported as US$ 460,252 for 2024 compared to US$ 352,942 for 2023.

Row 25: The amount less for noncontrolling interests was US$ 933 in 2024 compared to US$ 5,779 in 2023.

Row 26: Net loss attributable to ordinary shareholders was US$ 459,319 for 2024 compared to US$ 347,163 for 2023.

Row 27: Accretion of Redeemable Convertible Preferred Shares amounted to US$ 2,979 in 2024 and US$ 258 in 2023.

Row 28: Net loss available to ordinary shareholders was US$ 462,298 for 2024 compared to US$ 347,421 for 2023.

Row 29: Loss per ordinary share was US$ 0.75 for 2024 compared to US$ 0.74 for 2023, both basic and diluted, based on weighted average number of ordinary shares of 616,941,673 for 2024 and 474,621,603 for 2023.

Row 30: Other comprehensive income/loss, specifically the fair value changes in mandatorily redeemable noncontrolling interest, had no net income taxes reported.

Row 31: Foreign currency translation adjustment resulted in a gain of US$ 412 for 2024 and a loss of US$ 34,563 for 2023, net of income taxes.

Row 32: Total other comprehensive income was US$ 11 in 2024 compared to US$ 33,004 in 2023.

Row 33: Total comprehensive loss was US$ 460,241 for 2024 and US$ 319,938 for 2023.

Row 34: Less total comprehensive loss attributable to noncontrolling interests was US$ 933 in 2024 compared to US$ 5,779 in 2023.

Row 35: Total comprehensive loss attributable to ordinary shareholders was US$ 459,308 for 2024 compared to US$ 314,159 for 2023. 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. [Table Level]
- Table Title: Financial Position as of December 31, 2023
- Table Summary: The table presents a comparison of actual and pro forma financial metrics for December 31, 2023. It includes data on cash, restricted cash, equity, and various kinds of debt, providing insights into Company's financial capitalization both in real terms and projected adjustments from the Business Combination.
- Context: The table is part of the selected historical financial data of Company, illustrating both actual results and adjustments as if the Business Combination had already occurred.
- Special Notes: All amounts are in USD thousands.

[Row Level]
Row 1: Cash is recorded at $418,941 on an actual basis but increases significantly to $723,951 on a pro forma basis, reflecting potential inflows from the Business Combination.

Row 2: Restricted cash remains unchanged at $8,194 in both actual and pro forma scenarios.

Row 3: Total shareholder’s equity shows a deficit of $(1,210,702) in actual terms, shifting to a positive $254,631 pro forma, indicating substantial adjustments.

Row 4: Debt is categorized into several components. Short-term borrowings from third parties are $226,772, consistent in both actual and pro forma scenarios.

Row 5: Exchangeable notes—current are $378,638 in actual terms and are eliminated in the pro forma scenario, indicating restructuring or conversion.

Row 6: Convertible notes—current are measured at $20,277, consistent across actual and pro forma terms.

Row 7: The put option liability increases drastically from $11,884 actual to $141,966 pro forma, suggesting significant potential liability changes.

Row 8: Convertible notes—non-current are stable at $81,635 in both actual and pro forma formats.

Row 9: Exchangeable notes—non-current are steady at $75,678, with no change from actual to pro forma.

Row 10: Total capitalization shows a deficit of $(415,818) in actual terms, shifting to a positive $780,682 on a pro forma basis, highlighting the financial impact of the Business Combination. [Table Level]
- Table Title: Consolidated Balance Sheets for Company. as of December 31, 2023 and 2022
- Table Summary: This table displays the financial position of Company. as of December 31, 2023, and December 31, 2022, focusing on equity components, including shares, capital contributions, and accumulated deficits. It highlights activities such as loss adjustments, currency translations, and contributions from shareholders over the year.
- Context: The audits were performed according to PCAOB standards to provide reasonable assurance of no material misstatement in the financial reports. Company. is primarily engaged in the design and sale of luxury electric vehicles and distributes luxury sports cars under the Company brand.
- Special Notes: All amounts are presented in thousands. There are additional notes referring to specific accounting impacts and shareholder actions.

[Row Level]
Row 1: As of December 31, 2022, Company. had 474,621,603 ordinary shares valued at US$21, with additional paid-in capital of US$403,103. Receivables from shareholders amounted to US$(26,447), and accumulated other comprehensive income was US$17,707. The accumulated deficit stood at US$(846,757), resulting in a shareholders' equity deficit of US$(452,373) and total shareholders' equity deficit, including noncontrolling interests, of US$(453,015).

Row 2: On January 1, 2023, following the cumulative effect of adopting a new accounting standard, the balance remained essentially unchanged from December 31, 2022, with ordinary shares, additional paid-in capital, and receivables from shareholders maintaining their respective values. Accumulated comprehensive income and deficit also reflected previous figures.

Row 3: During 2023, a net loss contributed to an additional reduction in equity by US$(15).

Row 4: There was a fair value change of mandatorily redeemable noncontrolling interests and other notes leading to a deficit adjustment of US$(8,650).

Row 5: A foreign currency translation adjustment contributed a gain of US$16,210, resulting in a total comprehensive loss adjustment of US$7,560 for the year.

Row 6: Settlement of receivables from shareholders yielded an addition of US$26,447 to equity.

Row 7: A shareholder contributed US$909 related to exchangeable notes issuance.

Row 8: There was a deemed distribution to shareholders incurring a decrease of US$(31,672).

Row 9: Accretion of Redeemable Convertible Preferred Shares resulted in a US$(15,121) reduction in equity.

Row 10: Contributions from non-controlling shareholders added US$968 to the equity.

Row 11: By December 31, 2023, Company. maintained 474,621,603 ordinary shares valued at US$21. Additional paid-in capital was US$358,187. Accumulated other comprehensive income was US$25,267. The accumulated deficit grew to US$(1,588,773), leading to shareholders' equity deficit of US$(1,205,298) and a total equity deficit of US$(1,210,702) including noncontrolling interests of US$(5,404). In addition, the Eletre and Emeya models are powered and supported by dual NVIDIA DRIVE Orin chips with 500 to 1,000 TOPS computing power to process complex data and images. The L4-ready hardware on the vehicles is capable of capturing significant amounts of high-quality information, which in turn could be used to optimize key intelligent driving algorithms, thereby helping Company remain a leader in the development of such technology. This top-class driving hardware distinguishes Company's models from competitors’ vehicles and enables them to evolve with the development of intelligent driving technology throughout their life cycle. ● Software capabilities. Company's intelligent driving research and development team has developed key intelligent driving algorithms, including cognition, decision-making, planning, and control. Intelligent driving-related testing and simulation tools are also being developed to test and train algorithms and build a foundation for cloud-based services. The advanced intelligent driving software and algorithms take into account various scenarios, including highway, urban, and parking. The Eletre and Emeya models come with L2 intelligent driving solutions such as driving assistance, parking assistance, and active safety systems upon delivery. 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 in the process of transforming from a British sports car company to a global pioneer of high-performance lifestyle electric vehicles and has set high quality and safety standards for and makes continuous improvements on its vehicles and technologies, including sensory hardware and ADAS software. Company also plans to monetize its R&D capabilities by licensing its intellectual properties to other luxury auto brands and providing ADAS software subscriptions to its customers. Continue to launch new models and upgrade existing models. The successful launches of new models are critical for Company to continue capturing market share in the luxury BEV market and strengthening its leadership position. Company plans to launch a well-balanced portfolio of new models with exceptional performance in the coming years to broaden its customer base, in particular high net worth individuals and the tech-savvy younger generations, and expand its product breadth. Company plans to launch two additional fully-electric vehicles over the next two years, including a D-segment SUV in 2025 and a BEV lifestyle sports car in 2026. Company also intends to upgrade its models to equip its vehicles with innovative technology and design. Focus on sustainability and lead in electrification. [Table Level]
- Table Title: Consolidated Balance Sheets as of December 31, 2023 and 2022
- Table Summary: This table outlines the changes in shareholders' equity of Company for the year ending December 31, 2022. It captures the fluctuations in ordinary shares, additional paid-in capital, receivables, accumulated comprehensive income, and noncontrolling interests.
- Context: The table is part of the financial statements audited by KPMG Huazhen LLP, demonstrating the standards and procedures taken to ensure accuracy and compliance with PCAOB guidelines.
- Special Notes: All amounts are presented in thousands of US dollars, except for share and per share data.

[Row Level]
Row 1: Balance as of January 1, 2022, includes 479,954,430 ordinary shares at a nominal value of US$22, with additional paid-in capital of US$424,414, receivables from shareholders at US$106,210, accumulated other comprehensive loss of US$69, accumulated deficit of US$122,836, leading to total shareholders' equity attributable to ordinary shareholders of US$195,321, and total shareholders' equity is US$195,321.

Row 2: Net loss for the period affects the accumulated deficit by US$723,921, impacting total shareholders' equity attributable to ordinary shareholders by the same amount and noncontrolling interests by US$642, resulting in a total equity deficit of US$724,563.

Row 3: There is a fair value change of mandatorily redeemable noncontrolling interest, among other financial instruments, which impacts the accumulated other comprehensive loss by US$893 and results in a similar decline in the total equity deficit.

Row 4: The foreign currency translation adjustment improves accumulated other comprehensive income by US$18,669, and contributes the same amount to total shareholders' equity.

Row 5: Total comprehensive loss amounts to US$17,776, affecting other comprehensive income and adjusting the total equity deficit to US$706,787.

Row 6: The settlement of receivable from shareholders adds US$79,763 to the equity, improving the accumulated deficit by the same figure.

Row 7: A re-designation of ordinary shares to Series Pre-A Preferred Shares results in a decrease of 5,332,827 shares, a reduction in nominal value by US$1, and a decrease in additional paid-in capital by US$13,024, bringing the total equity down to US$13,025.

Row 8: Shareholder contributions linked to the issuance of exchangeable notes add US$8,135 to the total shareholders' equity.

Row 9: A deemed distribution linked to a reorganization under common control leads to a decrease of US$15,512 in total equity.

Row 10: The accretion of redeemable convertible preferred shares impacts the accumulated deficit by US$910, adjusting the total equity deficit by the same amount.

Row 11: Contribution from a non-controlling shareholder adds US$149 to the noncontrolling interests but decreases by the same figure in the total equity.

Row 12: The liquidation of a subsidiary decreases the total equity by US$149.

Row 13: The balance as of December 31, 2022 includes 474,621,603 ordinary shares at a nominal value of US$21, with additional paid-in capital at US$403,103, a reduced receivable from shareholders of US$26,447, accumulated other comprehensive income of US$17,707, and reflects an accumulated deficit of US$846,757. This leads to total shareholders' equity attributable to ordinary shareholders and total shareholders' equity of US$453,015 deficit. Company has a pioneering, tech-forward, and design-led management team with expertise in automotive, technology, and innovation. Led by Person A, an industry veteran and a visionary leader who has served at Counterparty A for more than 20 years, the management team is composed of seasoned professionals with diversified backgrounds in R&D, technology, and automotive design, along with extensive industry experience at other leading automotive firms, such as Counterparty A, Volvo, Mercedes Benz, BMW, Porsche, Maserati, Aston Martin, Ferrari, and Bugatti. Company is a leading global intelligent and luxury mobility provider that designs, develops, and sells luxury lifestyle vehicles under the iconic British brand “Company.” With over seven decades of heritage and proven leadership in racetrack and road cars, the Company brand symbolizes market-leading standards in performance, design, and engineering. The company's first lifestyle production vehicle, Eletre, is a new breed of pure electric SUV powered by Company’s proprietary 800-volt EPA. Company launched Eletre and Emeya in 2022 and 2023, respectively, and their deliveries commenced in 2023 and 2024, respectively. The company also started deliveries of Evija in 2024. In addition to Eletre and Emeya, Company plans to introduce two new models in the near future. 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. Company Intelligent Driving research and development commenced as early as 2018. Company is committed to building the best platform for advanced intelligent driving technologies and has strong in-house research and development capabilities, which include cognition, decision-making, planning, and control. Company supports end-to-end intelligent driving technologies with expertise in best-in-class hardware, advanced software and algorithms, and powerful cloud solutions. The intelligent driving R&D teams in Germany and China have extensive experience in homologation and a deep understanding of the behaviors and preferences of local customers. ● Intelligent driving hardware. Company has invested significant resources into the development of hardware, and L4-ready hardware is embedded in its vehicles. The deployable LiDAR technology is capable of all-around perception coverage with seven HD cameras of eight-megapixel, six long/short-range millimeter-wave radars, among which the front and rear are image radars, four 128-line LiDARs, 12 ultrasonic radars, one in-car camera, and four around-view cameras. By combining radars and LiDARs with camera sensors, Company's battery electric vehicle (BEV) lifestyle models can capture speed and other information on the road to support high-level intelligent driving functions. 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. The Automated and Electric Vehicles Act 2018 provides a framework for Advanced Driver Assistance Systems (ADAS) regulations in the U.K. The Act allows for the creation of a new liability scheme for insurers in relation to automated vehicles, and the establishment of regulations concerning electric vehicle charging infrastructure, including availability and reliability standards. In January 2022, the Law Commission published a report with recommendations for a new legal framework to support the safe deployment of automated vehicles. The recommendations included codifying the test for automated driving into law and introducing a second stage in the type approval process to authorize vehicles for use as automated driving on Great Britain roads. These recommendations have been laid before Parliament and are being considered as part of the government’s broader plans to legislate on automated vehicles. [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. [Table Level]
- Table Title: Consolidated and Combined Cash Flows
- Table Summary: The table outlines the cash flow activities of Company for the six months ended June 30, 2024, and 2023, as well as for the years ended December 31, 2023, 2022, and 2021. It includes details on operating, investing, and financing activities, as well as the changes in cash due to exchange rate fluctuations, and summarizes the net changes in cash and restricted cash over these periods.
- Context: The financial data is derived from both audited and unaudited consolidated and combined financial statements, intended to provide insights into past performance that may not necessarily predict future results.
- Special Notes: All amounts are in thousands of US dollars. Differences in cash due to exchange rate changes are accounted for.

[Row Level]
Row 1: For the six months ended June 30, 2024, net cash used in operating activities was US$468,361, compared to US$303,700 in the same period of 2023. For the years ended December 31, net cash used totaled US$386,932 in 2023, US$351,419 in 2022, and US$126,505 in 2021.

Row 2: Net cash used in investing activities amounted to US$542,860 for the first half of 2024, in contrast to US$103,733 in the same period of 2023. Annually, the amounts were US$197,985 in 2023, US$149,414 in 2022, and Company received US$244,476 in 2021.

Row 3: Company provided US$1,248,800 in net cash through financing activities during the first six months of 2024, compared to US$415,283 in 2023. For the whole years, the amounts were US$284,708 in 2023, US$758,131 in 2022, and US$364,853 in 2021.

Row 4: The effect of exchange rate changes on cash and restricted cash was a decrease of US$20,899 for the six months ending in June 2024, compared to a decrease of US$18,356 for the same period in 2023. For the full years, changes accounted for decreases of US$12,189 in 2023, US$49,217 in 2022, and an increase of US$2,943 in 2021.

Row 5: There was a net increase in cash and restricted cash by US$216,680 during the first half of 2024, while for the same period in 2023, there was a net decrease of US$10,506. Annually, cash decreased by US$312,398 in 2023, and increased by US$208,081 in 2022 and US$485,767 in 2021.

Row 6: Cash and restricted cash at the beginning of the period was US$427,135 for 2024 and US$739,533 for 2023. As of the beginning of calendar years, these values were US$739,533 in 2023, US$531,452 in 2022, and US$45,685 in 2021.

Row 7: At the end of the period, cash and restricted cash amounted to US$643,815 as of June 30, 2024, and US$729,027 for 2023. At year-end, these amounts were US$427,135 in 2023, US$739,533 in 2022, and US$531,452 in 2021. Company has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict future revenues and appropriately budget for expenses, and Company may have limited insight into trends that may emerge and affect the business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new BEV lifestyle models for the global market using the Wuhan manufacturing facility. What is the reason for the company's sales forecast adjustment? Based on Company's prudent assessment of the global macro market environment and the uncertainty of tariffs, Company has adjusted the delivery forecast for 2024 to 12,000 units. *[Table Level]
- **Table Title**: Parent Company Condensed Statements of Comprehensive Loss for Company.
- **Table Summary**: The table presents the condensed financial movements affecting the equity and financial position of Company from January 1, 2024, to June 30, 2024. It highlights changes in ordinary shares, capital, and comprehensive losses incurred during this period and provides detailed transactions concerning equity changes, including conversions and issue costs related to merger and capitalization activities.
- **Context**: The table is part of a detailed financial statement analysis, providing insights into Company’s financial accounting methodologies, following key merger and recapitalization activities, particularly those associated with Counterparty A.
- **Special Notes**: All amounts are expressed in thousands, except where noted for shares and per share data. Special attention is paid to footnotes indicating unique details about entries, such as conditions applicable to specific transactions.

*[Row Level]
- **Row 1**: As of January 1, 2024, Company had 474,621,603 ordinary shares, $21 thousand in ordinary share value, $358,187 thousand in additional paid-in capital, $25,267 thousand in accumulated other comprehensive income, and an accumulated deficit of $(1,588,773) thousand. This resulted in a total shareholders’ equity (deficit) of $(1,205,298) thousand attributable to the ordinary shareholders and $(1,210,702) thousand including noncontrolling interests.
- **Row 2**: For this period, Company incurred a net loss impacting the accumulated deficit by $(459,319) thousand and reducing equity attributable to shareholders by the same amount, with $(933) thousand assigned to noncontrolling interests.
- **Row 3**: Fair value changes of exchangeable and convertible notes reduced comprehensive income by $(401) thousand.
- **Row 4**: A foreign currency translation adjustment contributed $412 thousand to the accumulated other comprehensive income, adjusting the total comprehensive loss slightly.
- **Row 5**: The comprehensive loss total was recorded as $(459,308) thousand attributable to shareholders, with $(933) thousand impacting noncontrolling interests, aggregating to a total comprehensive loss of $(460,241) thousand.
- **Row 6**: Accretion of redeemable convertible preferred shares affected additional paid-in capital by $(2,979) thousand.
- **Row 7**: A recapitalization adjusted ordinary shares by reducing $16 thousand, countered by a $16 thousand increase to additional paid-in capital.
- **Row 8**: Transaction costs of the merger and PIPE transactions amounted to $(54,084) thousand, reflecting in the equity deficit.
- **Row 9**: Share-based compensation added $35,894 thousand to additional paid-in capital.
- **Row 10**: Conversion of convertible notes to ordinary shares involved issuing 3,011,368 ordinary shares, contributing $30,114 thousand to additional paid-in capital.
- **Row 11**: Issuance to PIPE investors and Investor A resulted in 85,849,458 ordinary shares and a significant $728,413 thousand increase in ordinary share value.
- **Row 12**: Conversion of exchangeable notes allowed for 36,597,038 new ordinary shares, contributing $365,970 thousand to the capital.
- **Row 13**: Conversion of preferred shares added 68,228,526 ordinary shares and $386,509 thousand to capital.
- **Row 14**: Issuance of shares and warrants to Counterparty A resulted in 8,427,821 shares, raising $1,050 thousand in equity.
- **Row 15**: Exercise of public warrants led to 495,724 new shares, contributing $5,975 thousand to additional paid-in capital.
- **Row 16**: By June 30, 2024, the balance sheet reflects 677,231,538 ordinary shares, $7 thousand in share value, an additional paid-in capital of $1,855,063 thousand, accumulated other comprehensive income of $25,278 thousand, and an accumulated deficit of $(2,048,092) thousand, resulting in a lowered total shareholders’ deficit of $(174,081) thousand, inclusive of noncontrolling interests at $(6,337) thousand. The Company brand is closely associated with “customer engagement” and “community building,” and in order to provide customers with a luxurious experience, Company has adopted a direct-to-consumer global sales and distribution strategy that focuses on establishing and developing direct relationships with customers, especially in selected regions including China, Europe, and the U.S., which represent some of the key areas driving fast growth in the global battery electric vehicle markets. By offering a luxurious purchasing experience and superior customer service, Company expects to further deepen its penetration in the global market and aims to establish a total of over 300 stores globally by 2025. Develop next-generation electric vehicle technologies while monetizing Company’s R&D prowess. Company intends to continuously develop and enhance proprietary cutting-edge technologies, including the 800-volt EPA architecture and hardware, algorithm, and software systems to enhance the competitiveness of its vehicles, supported by continuous R&D investment. All of Company's proprietary technologies are built with the principle of “For the Drivers,” while inheriting its unique design language and philosophy. What is the gross margin outlook and reasons? Specific measures include: Maintain luxury positioning and a unified pricing strategy to protect brand value, continuously enhance brand desirability and used vehicle value. ◼ Company will adjust product plans (such as high-performance special editions, limited editions, etc.) to cater to diverse global markets. ◼ Optimize operations and organizational structure to achieve cost initiatives while ensuring a premium customer experience. 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. [Table Level]
- Table Title: Consolidated and Combined Balance Sheets Data
- Table Summary: The table presents selected financial data showing the total current assets, non-current assets, total assets, current liabilities, non-current liabilities, and total liabilities as of December 31, 2023, and 2022. This data is measured in thousands of U.S. dollars and derived from audited financial statements, reflecting Company's financial position.
- Context: This table forms part of the consolidated and combined financial data prepared according to U.S. GAAP. It should be read alongside management discussions and detailed financial statements included in the prospectus.
- Special Notes: All values are presented in thousands of U.S. dollars.

[Row Level]
Row 1: As of December 31, 2023, the total current assets were $883,712 thousand, compared to $823,463 thousand in 2022, indicating an increase in current assets over the year.

Row 2: For the year ending December 31, 2023, the total non-current assets amounted to $700,966 thousand, rising from $548,489 thousand in 2022.

Row 3: The total assets as of December 31, 2023, reached $1,584,678 thousand, up from $1,371,952 thousand in the previous year.

Row 4: Total current liabilities were reported as $1,757,281 thousand for December 31, 2023, showing an increase from $932,879 thousand in 2022.

Row 5: The total non-current liabilities were $654,569 thousand at the end of 2023, compared to $523,679 thousand in 2022.

Row 6: Total liabilities as of December 31, 2023, were $2,411,850 thousand, significantly higher than the $1,456,558 thousand reported in 2022. The one-box brake system is another highlight that increases vehicle flexibility, where a de-coupled system design enables a sports car-like brake pedal feel in combination with improved energy regeneration during braking maneuvers. Company Intelligent Driving research and development commenced as early as 2018. Company is committed to building the best platform for advanced intelligent driving technologies and has strong in-house research and development capabilities, which include cognition, decision-making, planning, and control. Company supports end-to-end intelligent driving technologies with expertise in best-in-class hardware, advanced software and algorithms, and powerful cloud solutions. The intelligent driving research and development teams across Europe and China have extensive experience in homologation and a deep understanding of the behaviors and preferences of local customers. Guided by Company's R&D leaders, the global research and development team has extensive experience in the automotive and technology industries. As of June 30, 2024, Company's R&D team consisted of 1,631 professionals with extensive knowledge in automotive engineering, software, and artificial intelligence, as well as diversified working experiences from leading vehicle manufacturers globally. Such composition ensures solid technology development capabilities, especially in intelligence and digitalization. The diversified cultural and professional background promotes the exchange of ideas from different perspectives and ensures the generation of innovations. Company established Subsidiary A in China, the arm of its in-house intelligent driving competence. Subsidiary A is committed to developing advanced intelligent driving technologies to foster global industry growth. Subsidiary A has established itself as a global premier provider of comprehensive intelligent driving solutions, including advanced intelligent driving platform software, cloud toolchains, integrated hardware and software development, and intelligent driving operation solutions. Starting from 2024, Subsidiary A has been providing end-to-end intelligent driving solutions to several leading automakers, including Counterparty A and Counterparty B. Being at the forefront of electrification and decarbonization, Company leads the electrification transformation of the luxury car segment and adheres to the highest international ESG standards with an ESG rating of A- by SynTao Green Finance, which awarded A- and above ranking to only 7% of listed companies in its radar. The photovoltaic power generation system at Company Global Smart Factory generated more than 9,800 MWh in 2023. Company also targets to achieve carbon neutrality across the entire value chain by 2038. Company believes its commitment to sustainability will resonate with customers who share the same values and vision. Luxury retailing experience and omni-channel sales model. Company adopts a digital-first, omni-channel sales model that uses digital channels and physical retail services to provide a seamless and unified experience to customers. The Company App offers customizable services on the digital platform, providing great flexibility and scalability in response to market and customer requirements. In addition, Company adopts a direct sales model and has established co-partnership programs with leading automotive dealers across all regions. Company believes such arrangements can help the company expand quickly while maintaining customer intimacy. Global, experienced, and visionary leadership. 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. And ambition to transform our business. It is a true Company, and we're confident it will delight performance car customers and offer a distinct alternative in the segment. The Eletre has the soul of a Company and the usability of an SUV. Alongside the Emira sports car, this is the perfect two-car garage from Company. The Eletre would be the first in a new range of Company premium lifestyle electric vehicles to be built at an all-new state-of-the-art production facility in Wuhan, China and set to go on sale across global markets in 2023. The car, the all-new, all-electric, Company Eletre was, without doubt, a striking and progressive addition to the Sports Performance Utility Vehicle segment. It took the core principles and Company DNA from more than 70 years of sports car design and engineering, evolving them into a desirable all-new lifestyle car for the next generation of Company customers. The name Eletre means 'coming to life' in the Hungarian language, an appropriate name as the Eletre marked the start of a new chapter in the history of Company – the first accessible EV and the first SUV. Three versions of the new car were to be available. [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). In addition to standard safety features, the Eletre includes collision mitigation support (front and rear), traffic sign information, front and rear cross traffic alert, children presence detection, lane departure warning, and emergency rescue call. While customers may be able to cancel their orders, the deposit payment is typically non-refundable, except under specific conditions. See “Risk Factors   —   Risks Relating to Our Business and Industry   —   Company has received a limited number of orders for the Eletre, some of which may be cancelled by customers despite their deposit payment and online confirmation.” Company expects the annual sales volume of the Eletre to be between 40,000 to 50,000 units starting from 2026. 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. Emeya is developed based on the same advanced EPA architecture and adopts the same strong aerodynamics and intelligent driving system as the Eletre. Research and development expenses. Company's research and development expenses increased by US$22.3 million from US$152.5 million for the six months ended June 30, 2023, to US$174.9 million for the six months ended June 30, 2024, primarily due to the increase in share-based compensation expense of US$20.0 million. Selling and marketing expenses. Company's selling and marketing expenses increased by US$86.0 million from US$118.2 million for the six months ended June 30, 2023, to US$204.3 million for the six months ended June 30, 2024, primarily due to (i) the increase in marketing, promotion, and advertising-related expenses for the expansion of global sales of US$37.1 million, (ii) the increase in exhibition expenses, professional service fees, and other miscellaneous selling expenses of US$28.0 million; (iii) the increase in labor costs of US$12.1 million; (iv) the increase in depreciation of US$5.5 million; and (v) the increase in share-based compensation expense of US$3.3 million. General and administrative expenses. For example, Company has designed 17 kinds of welding processes to realize lightweight vehicle mass production. The lightweight design enables BEV models to have faster straight-line acceleration, increased range, and extraordinary handling. Company has a dedicated global team to support its R&D activities with a sizable scale and comprehensive functionalities, covering all major technological perspectives. The company's approach to innovation demonstrates an interconnected global collaboration among highly experienced and dedicated Company teams across Europe and China, each with different technological focuses. Company's research and development efforts are focusing on the development of key EV technologies while benefiting from the technological support from the Counterparty A Holding ecosystem. Company intends to continually develop cutting-edge technologies, including its 800-volt EPA architecture and hardware, algorithms, and software system 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 auto brands. Since its inception, Team Company has won multiple Formula 1 championships, including 6 “FIA Formula 1 Drivers’ World Championships,” 7 “FIA Formula 1 Constructors’ World Championships,” and 81 “FIA Formula 1 Grand Prix Wins.” The Company brand was also awarded “Luxury Brand of the Year” at the prestigious “Luxury Briefing Awards 2019,” while the Evija received a “2020 MUSE Global Design Award.” Proprietary next-generation technology built on world-class research and development capabilities. Company has consistently been a technological pioneer in the automotive industry over the past seven decades. The company's exceptional technologies are demonstrated by its proprietary 800-volt EPA architecture, which entails supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. Additionally, Company possesses leading Advanced Driver Assistance Systems (ADAS) technology with fully embedded Level 4-ready hardware capability, enabled by the world’s first deployable LiDAR system, five 360° perception coverage, and a self-developed software system for cognition, decision-making, design, and control algorithms. The operating system, Company Hyper OS, utilizes technology to create real-time 3D content for passengers. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury OEMs. Planning is underway for deliveries to the U.S. and the rest of the world. Company's second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of Emeya began in March 2024. In addition to Eletre and Emeya, Company plans to launch two additional fully electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV lifestyle sports car in 2026. Company believes that its R&D capability is one of its key competitive strengths. Drawn from the Company brand's sports car design heritage, deep automotive expertise, and next-generation technologies, Company's proprietary 800-volt EPA is a high-performance platform for luxury electric vehicles, which was developed over five years of R&D efforts. The platform features supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. [Table Level]
- Table Title: Consolidated Balance Sheets - Non-current Liabilities
- Table Summary: The table presents the non-current liabilities of Company as of December 31, 2023, and 2022. It details various liability categories, including contract liabilities, operating lease liabilities, put option liabilities, exchangeable notes, convertible notes, deferred tax liabilities, deferred income, and other liabilities, and compares their values across the two years.
- Context: The audits were conducted according to PCAOB standards to ensure financial statements are free of material misstatement. The table is part of Company's consolidated balance sheets as of the end of 2023 and 2022, with financial details presented in thousands of dollars.
- Special Notes: All amounts are in thousands of US dollars, with detailed notes for specific liabilities.

[Row Level]
Row 1: As of December 31, 2023, contract liabilities to third parties amount to US $6,245 with no corresponding liability in 2022.

Row 2: Operating lease liabilities owed to third parties, including those of variable interest entities (VIEs) without recourse, totaled US $91,929 in 2023, a decrease from US $98,963 in 2022.

Row 3: Operating lease liabilities to related parties, also considering VIEs without recourse, were US $12,064 in 2023, significantly higher than US $170 in 2022.

Row 4: Put option liabilities stood at US $11,884 in 2023, with no such liabilities in 2022.

Row 5: Exchangeable notes were recorded as US $75,678 in 2023, an increase from US $71,792 in 2022.

Row 6: Convertible notes summed to US $81,635 in 2023, up from US $76,770 the previous year.

Row 7: Deferred tax liabilities were US $126 in 2023, unchanged from 2022.

Row 8: Deferred income grew to US $270,097 in 2023 from US $258,450 in 2022.

Row 9: Other non-current liabilities to third parties increased to US $103,403 in 2023 from US $15,824 in 2022.

Row 10: Other non-current liabilities to related parties were US $1,634 in 2023, slightly up from US $1,584 in 2022.

Row 11: The total of non-current liabilities was US $654,569 in 2023, compared to US $523,679 in 2022. 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. Company's historical results for any prior period are not necessarily indicative of results expected in any future period. The financial data set forth below should be read in conjunction with, and is qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the consolidated and combined financial statements and notes thereto included elsewhere in this prospectus. The company expects the Wuhan manufacturing facility will continue production and, with additional investment in necessary tooling and fixture upgrades, its planned Sedan and SUV. To date, Company has limited automobile manufacturing experience, and therefore cannot assure stakeholders that it will be able to achieve its targeted production volume of commercially viable vehicles on a timely basis, or at all. Company's continued development, manufacturing, and delivery of high-quality automobiles to achieve the targeted production volume are and will be subject to risks, including with respect to: ● delays in Company's EV technology development; ● lack of necessary funding; ● delays or disruptions in Company's supply chain; ● quality control deficiencies; ● inability to adapt to changing market conditions and manage growth effectively; ● noncompliance with environmental, workplace safety, and regulatory requirements; and  
● cost overruns. Historically, automakers are expected to periodically introduce new and improved models to stay abreast of the market. To remain competitive, Company may be required to introduce new vehicle models and perform facelifts on existing vehicle models earlier or more frequently than originally planned, which would require the company to invest to a larger extent in research and development. Company is a luxury battery electric vehicle (BEV) manufacturer that designs, develops, and sells luxury lifestyle vehicles under the iconic British brand “Company.” With over seven decades of heritage and proven leadership in racetrack and road cars, the Company brand symbolizes market-leading standards in performance, design, and engineering. The first lifestyle production vehicle, Eletre, is a new breed of pure electric SUV powered by Company’s proprietary 800-volt electric powertrain architecture (EPA). Deliveries of the Eletre commenced in China and Europe in 2023. Planning is underway for deliveries to the U.S. and the rest of the world. The second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of the Emeya began in March 2024. In addition to the Eletre and Emeya, Company plans to launch two additional fully electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV sports car in 2026. Company also plans to upgrade its models on an ongoing basis. However, the global luxury BEV market is currently underserved, with only approximately 10 existing luxury BEV models, compared to over 100 internal combustion engine (ICE) luxury models, leaving consumers with limited choices. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors and targeting to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. Company launched its first fully electric Hyper-SUV, Eletre, in 2022. Beginning with Eletre, all new car rollouts will be BEV models. Company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt Electrical Performance Architecture, or EPA, which is a newly debuted self-developed BEV platform initially based on the same foundation of Sustainable Experience Architecture, the world’s first open-source BEV architecture. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. 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. The global luxury BEV market is expected to grow rapidly at a CAGR of 35% from 2021 to 2031 and reach 1.9 million units by 2031, according to a third-party source. 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 its competitors and expects to continue launching its BEV models, targeting to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027, expecting to create significant early mover advantages in terms of electrification progress compared to other brands. Iconic brand with racing heritage. [Table Level]
- Table Title: Key Preliminary Financial Results for the First Nine Months Ended September 30, 2024
- Table Summary: This table presents a comparison of financial results between the first nine months of 2024 and 2023, showcasing revenues, costs, and profit margins. It highlights significant year-over-year changes in financial metrics such as operating loss and net loss.
- Context: Company experienced substantial revenue growth due to increases in both goods and service sales, although operating and net losses also rose. Gross margins for sales of goods decreased due to destocking, while service revenue margins improved owing to high-margin technology-related income.
- Special Notes: All values are in millions of U.S. dollars, unaudited. Adjusted metrics are noted with (A).

[Row Level]
- Row 1: Revenues for Jan-Sep, 2024 were $653 million, compared to $318 million in 2023, showing a 105% year-over-year increase.
- Row 2: The cost of revenues for the first nine months of 2024 was $594 million, up from $284 million in 2023, marking a 109% increase.
- Row 3: Gross profit for 2024 was $59 million, compared to $34 million in 2023, which is a 75% increase.
- Row 4: The gross margin percentage for Jan-Sep, 2024 was 9%, which decreased from 11% in 2023.
- Row 5: Operating loss for the first nine months of 2024 amounted to $598 million, compared to $508 million in 2023, showing an 18% increase.
- Row 6: Net loss for 2024 was $667 million, a 27% increase from $527 million in 2023.
- Row 7: Adjusted net loss (A) for Jan-Sep, 2024 was $633 million, increasing by 20% from $527 million in 2023.
- Row 8: Adjusted EBITDA (A) for the first nine months of 2024 was a loss of $563 million, compared to a $486 million loss in 2023, reflecting a 16% year-over-year increase. 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. Company has developed an electrical, instrumentation, and control (EIC) system, which enhances the efficiency and performance of battery electric vehicle (BEV) models. With the EIC system, Company is pioneering the release of 800-volt architecture and incorporating high-power motors into the e-mobility system. In addition, Company's supercharging design features significant charging efficiency to ensure the consistently strong performance of its e-mobility system. Company's general and administrative expenses increased by US$31.6 million from US$80.4 million for the six months ended June 30, 2023, to US$112.0 million for the six months ended June 30, 2024, primarily due to (i) the incurrence of share-based compensation of US$12.7 million for the six months ended June 30, 2024, (ii) the incurrence of professional services fees of US$4.6 million and other administrative expenses of US$9.2 million in conjunction with Company's business growth, and (iii) the increase in labor costs of US$5.0 million in association with Company's expanded business operation functionalities. Government grants. Company's government grants income increased by US$1.8 million from US$0.7 million for the six months ended June 30, 2023, to US$2.5 million for the six months ended June 30, 2024, primarily due to the increase in government subsidies received in 2024. The company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury OEMs. Company commenced deliveries of Eletre in 2023. The company's second lifestyle production vehicle, Emeya, was launched in September 2023, and Company began deliveries of Emeya in March 2024. In addition to Eletre and Emeya, Company plans to introduce two new models in the near future. title: 4. Can you introduce the situation of the company recently disclosing to multiple automakers the output of intelligent driving solutions?  
Subsidiary A, a subsidiary of Company' intelligent driving business, has partnered with several leading automotive manufacturers to provide industry partners with intelligent driving technology and software solutions. The company has officially announced the cooperation with Counterparty A and Counterparty B, including providing high-level intelligent driving solutions such as high-speed NOA and urban NOA for the first pure electric flagship sedan under the Counterparty A brand. It provides a comprehensive set of advanced intelligent driving solutions including ADAS, highway NOA, urban NOA, and intelligent driving tool chain for Counterparty B, which is expected to be applied to a number of its commercial vehicles (such as heavy trucks, light trucks, buses, etc.) in the future. These collaborations mark key milestones in Company' successful export and commercialization of its leading technology capabilities. All domestic vehicles under the Company brand (including SUVs and sedans) can be equipped with hardware supporting L4 level intelligent driving capability to carry Company advanced end-to-end intelligent driving service solutions. As cumulative residential vehicle deliveries continue to climb, the potential for future paid software subscription revenue is increasing. The Eletre is the first of Company's new breed of pure electric SUVs. It is the company's first lifestyle vehicle, which aims to set the standard for future lifestyle vehicles. The five-seater (four-seater as optional) measures 5,103 millimeters in length with a 3,019-millimeter wheelbase, providing customers with a spacious and comfortable riding experience. The Eletre comes with five standard drive modes, switchable by adjusting the front and rear wheel steering, damper settings, chassis control system, propulsion strategies, and accelerator pedal response. Efficient aerodynamics have historically been at the heart of the Company brand. A significant element of the exterior design of the Eletre is porosity, which essentially allows air to flow through the vehicle as opposed to being pushed around it, reducing air resistance and delivering a more efficient journey in terms of improved vehicle range, speed, performance, and design aesthetics. The Eletre’s interior brings a comfortable and luxurious feeling to passengers, configuring highly durable materials and an immersive infotainment system. The Eletre is equipped with a 15.1-inch high-definition OLED screen that works in tandem with the digital passenger display and provides access to its advanced infotainment system. Company's intelligent driving research and development team has developed key intelligent driving algorithms, including cognition, decision-making, planning, and control. Intelligent driving-related testing and simulation tools are also being developed to test and train algorithms and build a foundation for cloud-based services. The advanced intelligent driving software and algorithms take into account various scenarios, including highway, urban, and parking. The Eletre and Emeya models come with L2 intelligent driving solutions such as driving assistance, parking assistance, and active safety systems upon delivery. 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, Subsidiary A, 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. [Table Level]
- Table Title: Company. Financial Performance for the Nine Months Ended September 30
- Table Summary: The table presents a detailed breakdown of Company.'s financial performance for the nine months ended September 30, 2024, compared to the same period in 2023. It includes revenues, costs, operating expenses, and net loss figures. Key financial metrics like gross profit, operating loss, and net loss per ordinary share are highlighted.
- Context: The table is part of a press release that includes forward-looking statements according to the U.S. Private Securities Litigation Reform Act of 1995. It's meant to communicate financial results subject to risks and uncertainties.
- Special Notes: All amounts are in thousands of US dollars, except for share and per share data. A footnote indicates the loss per ordinary share is calculated using basic and diluted shares.

[Row Level]
Row 1: Revenues from sales of goods for 2024 are $624,249, an increase from $305,480 in 2023.
Row 2: Service revenues in 2024 amount to $28,574, up from $12,461 in 2023.
Row 3: Total revenues for 2024 are reported at $652,823, compared to $317,941 in 2023.
Row 4: Cost of goods sold for 2024 is $580,820, compared to $275,246 in 2023.
Row 5: Cost of services in 2024 is $12,888, rising from $8,947 in 2023.
Row 6: Total cost of revenues for 2024 is $593,708, compared to $284,193 in 2023.
Row 7: Gross profit for 2024 is $59,115, up from $33,748 in 2023.
Row 8: Research and development expenses for 2024 are $227,525, slightly lower than $234,547 in 2023.
Row 9: Selling and marketing expenses for 2024 climb to $259,804, from $191,231 in 2023.
Row 10: General and administrative expenses in 2024 sum up to $175,342, compared to $118,203 in 2023.
Row 11: Government grants for 2024 are $5,811, more than double the $2,357 reported in 2023.
Row 12: Total operating expenses for 2024 total $656,860, a rise from $541,624 in 2023.
Row 13: Operating loss for 2024 is $597,745, up from $507,876 in 2023.
Row 14: Interest expenses for 2024 are $20,557, an increase from $7,367 in 2023.
Row 15: Interest income in 2024 is $15,276, up from $7,258 in 2023.
Row 16: Net investment income for 2024 is $10,799, compared to a loss of $1,309 in 2023.
Row 17: Share of results of equity method investments for 2024 records a loss of $39, compared to a loss of $648 in 2023.
Row 18: Foreign currency exchange gains, net for 2024 are $14,963, up from $883 in 2023.
Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest in 2024 are $3,917, compared to a loss of $15,395 in 2023.
Row 20: Changes in fair values of warrant liabilities are $7,377 for 2024 and not applicable in 2023.
Row 21: Loss before income taxes for 2024 is $665,365, broader than the $525,174 in 2023.
Row 22: Income tax expense for 2024 is $1,155, slightly lower than $1,350 in 2023.
Row 23: Net loss for 2024 is $666,520, versus $526,524 in 2023.
Row 24: Net loss attributable to noncontrolling interests for 2024 is $1,402, compared to a small loss of $7,651 in 2023.
Row 25: Net loss attributable to ordinary shareholders for 2024 is $665,118, broader than $518,873 in 2023.
Row 26: Accretion of Redeemable Convertible Preferred Shares in 2024 is $2,979, a decrease from $5,063 in 2023.
Row 27: Net loss available to ordinary shareholders for 2024 is $668,097, compared to $523,936 in 2023.
Row 28: Loss per ordinary share for 2024 is $1.05, similar to the $1.10 in 2023.
Row 29: Weighted average number of ordinary shares outstanding (basic and diluted) for 2024 is 636,737,124, compared to 474,621,603 in 2023. 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 launched the Eletre and Emeya in 2022 and 2023, respectively, and their deliveries commenced in 2023 and 2024, respectively. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. To the extent the suppliers experience any delays in providing or developing necessary components, Company could experience delays in delivering on its timelines. [Table Level]
- Table Title: Operating Expenses for Six Months Ended June 30, 2024 and 2023
- Table Summary: The table summarizes the operating expenses for Company, comparing figures for the six months ended June 30, 2024, to those for the same period in 2023. It highlights changes in research and development, selling and marketing, and general and administrative expenses, as well as the impact of government grants, showing both absolute changes and percentage change.
- Context: Company experienced a significant increase in gross profits and margins between June 30, 2023, and June 30, 2024, due to cost reductions and increased income from various services. There are accompanying increases in research and marketing expenses driven by factors like share-based compensation and global sales expansion.
- Special Notes: All monetary values are in thousands of US dollars, except for percentage changes indicated.

[Row Level]
Row 1: Research and development expenses increased from US$152,548 thousand in 2023 to US$174,854 thousand in 2024, a change of US$22,306 thousand, representing a 14.6% increase.

Row 2: Selling and marketing expenses rose from US$118,236 thousand in 2023 to US$204,274 thousand in 2024, showing an increase of US$86,038 thousand, or 72.8%.

Row 3: General and administrative expenses grew from US$80,417 thousand in 2023 to US$111,978 thousand in 2024, reflecting a change of US$31,561 thousand, which is 39.2%.

Row 4: Government grants rose, with the amount increasing from US$662 thousand in 2023 to US$2,488 thousand in 2024, totaling a change of US$1,826 thousand, a substantial growth of 275.8%.

Row 5: The total operating expenses increased from US$350,539 thousand in 2023 to US$488,618 thousand in 2024, a total change of US$138,079 thousand, equating to an overall increase of 39.4%. [Table Level]  
- Table Title: Consolidated Balance Sheets for Company as of December 31, 2023, 2022, and 2021  
- Table Summary: The table represents the financial performance of Company, detailing revenues, costs, operating expenses, and comprehensive income over three fiscal years. It provides an overview of Company's gross profit, operating loss, and net loss alongside other financial metrics.  
- Context: The audit was conducted following PCAOB standards to ensure the accuracy and transparency of the financial statements. Company is involved in designing and selling luxury electric vehicles and sports cars worldwide.  
- Special Notes: All financial figures are presented in thousands, except for share and per share data. The table includes various notes for further explanations.  

[Row Level]  
Row 1: Revenues from sales of goods reached US$660,158 in 2023, significantly higher compared to US$1,186 in 2022 and US$369 in 2021.  
Row 2: Service revenues amounted to US$18,850 in 2023, showing growth from US$8,371 in 2022 and US$3,318 in 2021.  
Row 3: Total revenues for 2023 were US$679,008, increasing from US$9,557 in 2022 and US$3,687 in 2021.  
Row 4: Cost of goods sold in 2023 was US$564,741, compared to US$948 in 2022 and US$331 in 2021.  
Row 5: Cost of services totaled US$12,086 in 2023, an increase from US$6,302 in 2022 and US$299 in 2021.  
Row 6: Total cost of revenues for 2023 was US$576,827, which rose from US$7,250 in 2022 and US$3,130 in 2021.  
Row 7: Company's gross profit in 2023 stood at US$102,181, compared to US$2,307 in 2022 and US$557 in 2021.  
Row 8: Research and development expenses were notably high at US$86,729 in 2023, compared to US$445,844 in 2022 and US$345,655 in 2021.  
Row 9: Selling and marketing expenses amounted to US$32,935 in 2023, decreasing from US$151,331 in 2022 and US$131,066 in 2021.  
Row 10: General and administrative expenses were US$144,533 in 2023, dropping from US$148,369 in 2022 and US$54,763 in 2021.  
Row 11: Government grants contributed US$4,077 in 2023, decreasing 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: The operating loss for 2023 was US$735,939, compared to US$687,413 in 2022 and US$112,942 in 2021.  
Row 14: Interest expenses amounted to US$10,200 in 2023, up from US$8,542 in 2022 and US$3,615 in 2021.  
Row 15: Interest income was US$9,204 in 2023, a slight increase from US$12,183 in 2022 and US$8,269 in 2021.  
Row 16: Net investment loss was US$1,068 in 2023, compared to US$7,865 in 2022 and US$2,299 in 2021.  
Row 17: Equity method investments resulted in a loss of US$1,468 in 2023, reduced from US$2,762 in 2022 and US$2,056 in 2021.  
Row 18: Foreign currency exchange losses were US$1,085 in 2023, down from US$9,657 in 2022 and US$798 in 2021.  
Row 19: Changes in noncontrolling interest liabilities amounted to US$2,508 in 2023, compared to US$22,991 in 2022 and US$1,367 in 2021.  
Row 20: The loss before income taxes was US$749,142 in 2023, compared to US$724,271 in 2022 and US$108,678 in 2021.  
Row 21: The income tax expense for 2023 was US$1,113, a decrease from US$29 in 2022 and US$1,853 in 2021.  
Row 22: Net loss was US$750,255 in 2023, decreased from US$724,563 in 2022 and US$110,531 in 2021.  
Row 23: Net loss attributable to noncontrolling interests was US$8,254 in 2023, compared to US$642 in 2022.  
Row 24: Net loss attributable to ordinary shareholders was US$742,001 in 2023, while it was US$723,921 in 2022 and US$110,531 in 2021.  
Row 25: Redeemable Convertible Preferred Shares accretion was US$15,121 in 2023, up from US$910 in 2022.  
Row 26: Net loss available to ordinary shareholders was US$757,122 in 2023, compared to US$724,831 in 2022 and US$110,531 in 2021.  
Row 27: The basic and diluted loss per ordinary share was US$1.60 in 2023, compared to US$1.52 in 2022 and US$0.33 in 2021.  
Row 28: The weighted average number of ordinary shares outstanding was 474,621,603 in 2023, compared to 475,805,054 in 2022 and 334,127,181 in 2021.  
Row 29: Other comprehensive income losses were US$8,650 in 2023, compared to US$893 in 2022 and US$119 in 2021.  
Row 30: Foreign currency translation adjustments were US$16,210 in 2023, slightly lower than US$18,669 in 2022 and US$9,453 in 2021.  
Row 31: The total other comprehensive income was US$7,560 in 2023, compared to US$17,776 in 2022 and US$724 in 2021.  
Row 32: Total comprehensive loss was US$742,695 in 2023, compared to US$706,787 in 2022 and US$111,255 in 2021.  
Row 33: Comprehensive loss attributable to noncontrolling interests was US$8,254 in 2023, compared to US$642 in 2022.