What is the full-year sales guidance for Company? Is it currently on track to meet this guidance?
"Company continued to deliver strong operational growth, with total deliveries of 7,617 units in the first nine months of 2024, up by 136% year-on-year, driven by the European market," said Person A, Chief Executive Officer. "Company is excited to see significant progress in its intelligent driving business across the world, with revenue from customers other than Company surging to \$11 million, reflecting a year-on-year growth of 450%, contributing about 2% of total revenue. Company also launched Hyper Hybrid EV technology, in line with evolving market demands. The company remains committed to executing the ‘Win26’ Plan to drive efficiency and competitiveness, delivering sustainable value for its shareholders and investors." "Company has made continual improvements and streamlined its operations to drive efficiency, optimize resources, and achieve a reduction in operating expenses for four consecutive quarters," said Person B, Chief Financial Officer. 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. 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. 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. 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. 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.
Company's selling and marketing expenses primarily consist of advertising costs, market promotion expenses, labor costs, service fees, rental expenses, depreciation expenses, and share-based compensation expenses. Company expects to continue to strategically incur selling and marketing expenses to strengthen its brand image, expand sales channels, and increase store presence globally. General and administrative expenses primarily consist of labor costs, day-to-day administrative expenses, depreciation and amortization expenses, share-based compensation expenses, professional service fees, and other general corporate expenses. Company expects to incur additional expenses in share-based compensation, which will result in a moderate increase in general and administrative expenses. Subsequently, Company's general and administrative expenses are expected to grow slowly in the foreseeable future as operational efficiency continues to improve. Government grants primarily consist of government subsidies received with no future related costs required and the amortization of deferred income relating to a subsidy for Company's R&D expenditures. In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. As of June 30, 2024, Company had 2,989 full-time employees globally, including in China and Europe, among which approximately 54.6% belong to the R&D division. The results of operations are affected by the following company-specific factors. The results of operations depend significantly on Company's ability to achieve vehicle delivery targets, which impacts vehicle sales revenue. It is critical for Company to successfully manage production ramp-up and quality control, in cooperation with Counterparty A, to deliver vehicles to customers in targeted volume and of high quality. Currently, Company works with a BEV manufacturing facility in Wuhan, China, which is owned and operated by Counterparty A. "While the gross margin for the first nine months of 2024 was 9%, shrinking 2 percentage points compared to the same period of 2023 due to proactive management of inventory in response to trade protectionism, inflation impacts, and macroeconomic uncertainties, the high-margin intelligent driving business has secured \$130 million in total contract value to boost future growth. Company is committed to advancing the ‘Win26’ Plan target to continuously improve profitability and create long-term value." [Table Level]
- Table Title: Breakdown of Revenues by Type
- Table Summary: The table provides a detailed breakdown of revenues by type for the years ended December 31, 2023, 2022, and 2021. It includes data on sales of goods and services revenues, expressed in thousands of US dollars and percentages of total revenues.
- Context: The table is part of a report discussing Company's diverse revenue streams, including sales of vehicles, parts, tools, and services such as automotive design and development.
- Special Notes: The numbers are presented in thousands, except for percentages.

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

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

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

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

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

Row 6: For the year ended December 31, 2021, services revenues reached US$3,318, comprising 90.0% of the total revenue. Company's total revenues increased by US$669.5 million from US$9.6 million for the year ended December 31, 2022, to US$679.0 million for the year ended December 31, 2023, primarily due to the ramp-up of sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$659.0 million from US$1.2 million for the year ended December 31, 2022, to US$660.2 million for the year ended December 31, 2023, due to the increase in sales from battery electric vehicle (BEV) lifestyle models of US$465.3 million, sports cars of US$183.3 million, and auto parts and peripheral products of US$10.4 million. Service revenues. [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. Total revenues increased by US$5.9 million from US$3.7 million for the year ended December 31, 2021, to US$9.6 million for the year ended December 31, 2022, primarily due to sales from the distribution of historical Company-brand sports cars, auto parts, peripheral products, and automotive design and development services provided to Counterparty A. Sales of goods. Company's sales of goods revenue increased by US$0.8 million from US$0.4 million for the year ended December 31, 2021, to US$1.2 million for the year ended December 31, 2022, primarily due to the increase in sales from the distribution of historical Company-brand sports cars by US$0.4 million, and auto parts and peripheral products by US$0.4 million. Service revenues. Company's service revenue increased by US$5.1 million from US$3.3 million for the year ended December 31, 2021, to US$8.4 million for the year ended December 31, 2022, primarily due to an increase in automotive design and development services provided to Counterparty A. 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 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: 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). [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 Subsidiary A 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. [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). By building upon Company's iconic sports car reputation, along with the ambition to invest in a lifestyle business, the company has established a strong commercial organizational competence. Company's marketing activities include branding, global marketing campaigns, public relations, digital marketing, creative product marketing, communications, social media, and other marketing programs. The company aims to create demand and expand its customer base globally. Company plans to build a network of around 300 retail stores globally by the end of 2025. Company believes that one of the most effective forms of marketing is to continually improve customers’ experience. The omni-channel sales model is customer-oriented, where customers can both access the online platform to customize their vehicles, make payments, and order aftersales services, and visit in person to consult the sales team and reserve test-driving sessions. Company's marketing department is responsible for building the brand and corporate image, promoting products, facilitating a best-in-class customer experience, and providing information regarding the company's products, strategies, and technology through the omni-channel sales model. Company's total revenues increased by US$268.1 million from US$130.0 million for the six months ended June 30, 2023, to US$398.1 million for the six months ended June 30, 2024, primarily due to the increase in sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as intelligent driving solutions and other automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$258.0 million from US$124.9 million for the six months ended June 30, 2023, to US$382.9 million for the six months ended June 30, 2024, due to the increase in sales of battery electric vehicle (BEV) lifestyle models by US$190.2 million, sports cars by US$53.6 million, and auto parts and peripheral products by US$14.3 million. Service revenues. Company believes that its close relationship with Counterparty A provides the company with a unique competitive advantage in its ability to rapidly scale commercialization while maintaining an asset-light operating model with less upfront capital expenditure commitment than other original equipment manufacturers (OEMs). Company has entered into a variety of agreements, including agreements related to technology licensing, manufacturing cooperation, and supply of framework, among others, with Counterparty A. The strategic partnership with Counterparty A allows Company to effectively control supply chain-related risks and accelerate product development. Company's ability to successfully operate its Global Commercial Platform will affect its ability to increase revenues. Company has taken steps to diversify its revenue sources, for example, by entering into the Distribution Agreement with Subsidiary A, pursuant to which Company is the exclusive global distributor (excluding the U.S., where Company International Limited will act as the head distributor with the existing regional distributor continuing its functions) for Subsidiary A to distribute Subsidiary A vehicles, parts, and certain tools, and to provide aftersales services, branding, marketing, and public relations for such vehicles, parts, and tools distributed by Company. 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. Costs incurred to fulfill such service contracts that are not within the scope of other guidance are recognized as contract cost assets when those costs: ● relate directly to the service contracts that the Group can specifically identify; ● are expected to be recovered; and ● generate or enhance resources of the Group that will be utilized in fulfilling performance obligations in the future. Sales of products The cost of sales of goods primarily consists of purchase costs of vehicles, charging piles, parts and accessories, depreciation of molds and tooling equipment, warehousing transportation costs, and customs duties. The cost of vehicle sales also includes reserves for estimated warranty expenses and charges to write down the carrying value of the inventory when it exceeds its estimated net realizable value. ● It is not possible to predict the actual number of American Depositary Shares (ADSs) that Company will sell under the Purchase Agreement to Counterparty A, or the actual gross proceeds resulting from those sales. ● The issuance of ADSs to Counterparty A will cause dilution to existing holders of Company's securities, and the sale of the ADSs acquired by Counterparty A, or the perception that such sales may occur, could cause the price of Company's securities to fall. ● Investors who purchase ADSs at different times will likely pay different prices. ● Company may not have access to the full amount available under the Purchase Agreement. ● Company's management team will have broad discretion over the use of the net proceeds from the sale of ADSs to Counterparty A, if any, and investors may not agree with how Company uses the proceeds, and the proceeds may not be invested successfully. ● If securities or industry analysts do not publish research, publish inaccurate or unfavorable research, or cease publishing research about Company, the price for Company's ADSs and the trading volume could decline significantly. [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. [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: Revenue Breakdown for the Years Ended December 31, 2022 and 2021
- Table Summary: The table provides a detailed breakdown of revenues for the years ended December 31, 2022 and 2021. The table includes sales of goods and service revenues, along with the changes in revenue amounts and percentages between the two years.
- Context: Company experienced an increase in total revenues due to sales from the distribution of Company-brand sports cars, auto parts, and automotive services.
- Special Notes: All financial figures are presented in thousands of US dollars, except for percentages.

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

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

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

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

Row 5: Total revenues for 2022 reached US$9,557 thousand, an increase of US$5,870 thousand or 159.2% from the previous year’s total of US$3,687 thousand. [Table Level]
- Table Title: Consolidated 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. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company and Subsidiary B have entered into a master distribution agreement pursuant to which a subsidiary of Company is appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as the Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. As of June 30, 2024, Company had 207 stores in its global distribution network. (ii) secondly, following the full payment of the relevant redemption prices to the holders of Series A Preferred Shares, to the extent permitted by applicable law, to pay all redemption prices due on such date on the Series Pre-A Preferred Shares in proportion to the full amounts to which the holders of Series Pre-A Preferred Shares to which such redemption prices are due would otherwise be respectively entitled thereon. On October 11, 2022, Company and holders of Series Pre-A Preferred Shares agreed to extend the redemption date of the Series Pre-A Preferred Shares from February 28, 2027, to October 11, 2027. Company determines that the modification to the terms of Series Pre-A Preferred Shares represents a modification because the difference in the fair values of the redeemable convertible preferred shares immediately before and after the amendment is less than 10%. Therefore, Company applied modification accounting by analogy to the modification guidance contained in ASC 718-20, Compensation — Stock Compensation, and the modification that results in a decrease in the fair value of the modified preferred shares was not recognized. [Table Level]
- Table Title: Revenues and Sales Breakdown
- Table Summary: The table presents a breakdown of total revenues for Company for the years ending December 31, 2023, and 2022, with a focus on "Sales of goods" and "Service revenues." It details revenue from various categories, highlighting significant year-over-year changes.
- Context: The financial overview indicates substantial revenue growth driven by increased sales volumes in battery electric vehicle (BEV) lifestyle models and Company-brand products. The context surrounding the table emphasizes examining these metrics alongside GAAP measures for a comprehensive understanding of performance.
- Special Notes: All monetary values are in thousands of US dollars, except for percentage changes.

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

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

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

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

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

Row 6: The Total Revenues for 2023 were $679,008,000, which is an increase of $669,451,000 or 7,004.8% from $9,557,000 in 2022. [Table Level]  
- Table Title: Revenue Breakdown for Different Periods  
- Table Summary: The table provides a detailed breakdown of revenue sources for Company across different financial periods, including both sales of goods and service revenues. It shows the amount in US dollars and the percentage contributions for both the six months ended June 30 and the years ended December 31 from 2021 to 2024.  
- Context: The context discusses Company's operations as a global distributor for Company Cars and their sources of revenue, which include sales of automotive products and services. Their cost structure and revenue generation strategies are further elaborated upon, highlighting the importance of product distribution and service delivery.  
- Special Notes: The financial figures represented in the table are in thousands, except for percentages.  

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

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

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

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

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

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

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

Row 8: Total revenues for 2021 stood at $3,687, making up 100% of the total revenues. The global sales digital platform provides a full suite of luxury retailing experiences, including a virtual showroom of the Company brand and products, an inquiry, order, purchasing and customization platform, and a reservation system for test driving, product delivery, and aftersales services, among others. Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company and Subsidiary B have entered into a master distribution agreement pursuant to which a subsidiary of Company will be appointed as the global distributor for Subsidiary B. Company believes that continued investments in technologies are critical to establishing market share, attracting new customers, and becoming a profitable global BEV developer. Company's future profitability depends on the company's ability to develop its vehicles in a cost-effective manner. As part of the development process, Company's vehicles use a wide variety of components, raw materials, and other supplies. Company expects that the cost of sales will be affected primarily by production volume. The cost of sales will also be influenced by fluctuations in certain raw material prices, although Company typically seeks to manage these costs and minimize their volatility through a supply of framework agreements with suppliers. In addition, the results of operations are further affected by the company's ability to maintain and improve operating efficiency, as measured by total operating expenses as a percentage of revenues. This is important to the success of the business and the prospect of gradually achieving profitability. As the business grows, Company expects to improve operating efficiency and achieve economies of scale. As a result of the foregoing, Company's net loss increased by US\$25.7 million from US\$724.6 million for the year ended December 31, 2022, to US\$750.3 million for the year ended December 31, 2023. 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. As of June 30, 2024, Company had 207 stores in its global distribution network, and it plans to continue expanding its retail network. In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. The growth of the global luxury car segment is expected to outpace that of the overall car market. Within the global battery electric vehicle (BEV) market, the luxury BEV segment is expected to outgrow the mass market BEV segment. Company is well positioned to capitalize on the growth momentum of the global luxury BEV segment by leveraging the following strategies. [Table Level]  
- Table Title: 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's service revenue increased by US$10.5 million from US$8.4 million for the year ended December 31, 2022, to US$18.9 million for the year ended December 31, 2023, primarily due to the increase in automotive design and development services provided to OEM customers of US$5.8 million and extended and aftersales services revenue for battery electric vehicle (BEV) lifestyle models and sports cars of US$4.7 million. As of June 30, 2024, Company had 207 stores in its global distribution network. Major vehicle models currently in Company's global sales and distribution network include Eletre, Emeya, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as Evija (BEV sports car) and Emira (ICE sports car). Key Components of Results of Operations Company generates revenues primarily through sales of goods and services. Sales of goods. Company generates revenues by providing the following products: ● Battery Electric Vehicle (BEV) lifestyle models developed by Company;  
● Company-brand sports cars developed by Subsidiary B;  
● auto parts; and  
● peripheral products. [Table Level]
- Table Title: 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. The forecasts and projections were not prepared with a view toward public disclosure or in compliance with the guidelines of the SEC, or the guidelines established by the American Institute of Certified Public Accountants concerning the forecasts and projections. However, in the view of Company's management, they were prepared on a reasonable basis, reflect the best currently available estimates and judgments, and present, to the best of management’s knowledge and belief, the expected course of action and the expected future financial performance of the company. However, such information is not historical fact, should not be seen as guidance, and should not be relied upon as necessarily indicative of future results. The projections and forecasts were prepared based on numerous variables and assumptions that are inherently uncertain and may be beyond the control of Company's management. Specifically, Company's results forecast is based on projected purchase prices, unit costs for materials, manufacturing, packaging and logistics, warranty, sales, marketing and service, and the projected number of orders for the vehicles, with factors such as industry cost benchmarks taken into consideration. [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. *[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. 2.2.1 Notwithstanding the registration obligations set forth in Section 2.1, in the event the Commission informs Company that all of the Registrable Securities cannot, as a result of the application of Rule 415 of the Securities Act, be registered for resale as a secondary offering on a single registration statement, Company agrees to promptly (a) inform each of the Holders and use its commercially reasonable efforts to file amendments to the Shelf Registration as required by the Commission and/or (b) withdraw the Shelf Registration and file a new Registration Statement (a “New Registration Statement”), on Form F-3, or if Form F-3 is not then available to Company for such Registration Statement, on such other form available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration Statement, Company shall use its commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff (the “SEC Guidance”). [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). 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. [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). Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company and Subsidiary B have entered into the Distribution Agreement pursuant to which a subsidiary of Company is appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as the Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. Company's ability to execute effective marketing and attract orders Company's results of operations depend significantly on the company's ability to execute effective marketing and attract orders from customers. Demand for Company's vehicles directly affects sales volume, which in turn contributes to revenue growth and the ability to achieve and maintain profitability. Vehicle orders may depend, in part, on whether prospective customers find it compelling to purchase Company's vehicles among competing vehicle models as their first, second, or replacement cars, which in turn depends on, among other factors, prospective customers’ perception of the Company brand. Company develops battery electric vehicles (BEVs) and technologies through cutting-edge design, research and development, and sustainable choices. Company has a dedicated global team across Europe and China to conduct its research and development activities, such as developing electric powertrain architecture (EPA), intelligent driving systems, aerodynamics, and cloud services, among others, supported by a strong portfolio of intellectual properties. As of June 30, 2024, Company had 1,631 research and development employees, which accounted for 54.6% of its total number of employees. [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. [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. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. Company and Subsidiary B have entered into a Distribution Agreement pursuant to which a subsidiary of Company will be appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future BEV models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as the Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. As of December 31, 2023, Company had 215 stores in its global distribution network, and it plans to expand its retail network to over 300 stores by 2025. [Table Level]  
- Table Title: Revenue Breakdown by Service Line  
- Table Summary: The table presents revenue data for Company, disaggregated by service lines for the years ended December 31, 2023, 2022, and 2021. It categorizes revenue from sales of goods to third parties and related parties, as well as from services, providing subtotals and total revenue figures for each year.  
- Context: The table is part of the notes to the consolidated and combined financial statements for Company, detailing revenue sources and breakdowns of contract liabilities and customer payments.  
- Special Notes: All amounts are in thousands of US dollars. The data is categorized under service lines such as BEV lifestyle models, sports cars, and others.  

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

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

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

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

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

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

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

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

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

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

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

Row 12: Total revenues for the year 2023 were $679,008, while for 2022 it was $9,557, and for 2021 it was $3,687. [Table Level]
- Table Title: Inventory Composition as of December 31
- Table Summary: The table presents the inventory composition of Company for the years ending December 31, 2023, and December 31, 2022. It details the values of products available for sale and goods in transit, along with the total inventory values for each year.
- Context: In December 2023, the FASB issued new guidance on income tax disclosures, which may impact financial statement presentation. The table follows the description of the allowance for credit losses movement.
- Special Notes: All amounts are in thousands of US dollars.

[Row Level]
Row 1: As of December 31, 2023, the value of products available for sale is US$246,419, compared to US$13,714 in 2022.

Row 2: Goods in transit are valued at US$18,771 in 2023, which is an increase from US$8,989 in 2022.

Row 3: The total inventory is reported as US$265,190 in 2023, significantly higher than the US$22,703 total in 2022. [Table Level]
- Table Title: Consolidated and Combined Financial Data for the Year Ended December 31, 2023
- Table Summary: This table presents the consolidated and combined financial data for Company and its subsidiaries, including the Wholly Foreign-Owned Enterprise (WFOE) and Variable Interest Entity (VIE), for the year ended December 31, 2023. It details revenue, costs, expenses, and profits, along with specific adjustments for eliminating transactions within the entities.
- Context: The table is part of a financial analysis covering selected financial statements following U.S. GAAP for 2021-2023, and forecasts are not guaranteed to be indicative of future results.
- Special Notes: Values are in thousands of U.S. dollars. Certain financial adjustments and eliminations are specified, such as loans and their effects on consolidation.

[Row Level]
Row 1: Revenues were reported at \$679,000, following eliminations of \$175,123 from total subsidiary revenues of \$854,165.

Row 2: Cost of revenues totaled \$576,827, after accounting for elimination adjustments of \$25,055.

Row 3: The consolidated gross profit amounted to \$102,181.

Row 4: Total operating expenses reached \$838,120, factoring in eliminations of \$150,068.

Row 5: Company experienced an operating loss of \$735,939.

Row 6: Interest expenses were eliminated significantly in consolidation, showing a consolidated value of \$9,204.

Row 7: Interest income was recorded as \$9,204 after eliminations.

Row 8: Investment loss was minimized to \$1,048 in the consolidated results.

Row 9: Foreign currency exchange yielded a gain of \$42 across subsidiaries.

Row 10: Changes in fair values resulted in a loss of \$7,531 post adjustments.

Row 11: The adjusted net profit (loss) before income taxes was a loss of \$749,142.

Row 12: The net profit (loss) was reported at a negative \$750,255 after accounting for noncontrolling interests.

Row 13: Total comprehensive income (loss) showed a deficit of \$734,441 attributable to ordinary shareholders, after fair value adjustments and currency translations. [Table Level]
- Table Title: Operating Expenses Overview
- Table Summary: The table outlines the operating expenses for Company over specific periods, categorized into research and development, selling and marketing, general and administrative expenses, and government grants. The data is presented for the six months ended June 30, 2024, and 2023, as well as for the years ended December 31, 2023, 2022, and 2021.
- Context: Before the table, there is a breakdown of what constitutes cost of revenues and operating expenses, indicating the components of cost of goods sold and services. After the table, there is an explanation of selling and marketing, and general and administrative expenses, stating expectations for future expenses.
- Special Notes: The amounts are expressed in thousands of US dollars (US$), and percentages indicate the proportion of each category against the total.

[Row Level]
Row 1: For the six months ended June 30, 2024, research and development expenses were US$174,854, constituting 35.8% of the total operating expenses.

Row 2: For the six months ended June 30, 2024, selling and marketing expenses amounted to US$204,274, representing 41.8% of the total operating expenses.

Row 3: In the same period, general and administrative expenses reached US$111,978, making up 22.9% of the total operating expenses.

Row 4: Government grants provided a relief of US$2,488, which constituted a negative percentage (0.5%) of the total operating expenses.

Row 5: The total operating expenses for this period summed up to US$488,618, accounting for 100% of the total operating expenses.

Row 6: For the six months ended June 30, 2023, research and development expenses were US$152,548, which was 43.5% of the total operating expenses.

Row 7: Selling and marketing expenses in this period were US$118,236, comprising 33.7% of the total operating expenses.

Row 8: General and administrative expenses stood at US$80,417, equivalent to 22.9% of the total operating expenses.

Row 9: Government grants were valued at US$662, a negative impact of 0.1% on the total operating expenses.

Row 10: Total operating expenses for this period totaled US$350,539, representing 100% of the total operating expenses.

Row 11: For the year ended December 31, 2023, the expenses for research and development were US$368,729, making up 44.0% of the total operating expenses.

Row 12: Selling and marketing expenses reached US$328,935, forming 39.2% of the total operating expenses.

Row 13: General and administrative expenses amounted to US$144,533, which was 17.2% of the total operating expenses.

Row 14: Government grants contributed US$4,077, impacting the total operating expenses by 0.4%.

Row 15: The total operating expenses for 2023 were US$838,120, covering 100% of the total operating expenses.

Row 16: For the year ended December 31, 2022, research and development expenses were US$445,844, representing 64.6% of the total operating expenses.

Row 17: Selling and marketing expenses amounted to US$151,331, accounting for 22.0% of the total operating expenses.

Row 18: General and administrative expenses were US$148,369, or 21.5% of the total operating expenses.

Row 19: Government grants had a notable negative influence, providing US$55,824 and affecting 8.1% of the total operating expenses.

Row 20: The total operating expenses for 2022 stood at US$689,720, marking 100% of the total operating expenses.

Row 21: For the year ended December 31, 2021, research and development expenses reached US$511,364, making up a major part of 450.5% of the total operating expenses.

Row 22: Selling and marketing expenses were US$38,066, equaling 33.5% of the total operating expenses.

Row 23: General and administrative expenses at US$54,763 were 48.3% of the total operating expenses.

Row 24: Government grants were significant, contributing US$490,694 and impacting 432.3% of the total operating expenses.

Row 25: The total operating expenses for this year were a substantial US$113,499, representing 100% of the total operating expenses. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the company. [Table Level]
- Table Title: Financial Performance Summary
- Table Summary: This table presents the net loss, adjusted net loss, and adjusted EBITDA figures for the years ended December 31, 2021 to 2023. It includes detailed breakdowns of interest expenses, interest income, income tax expenses, share-based compensation expenses, and depreciation.
- Context: The table reflects financial performance measures that should be analyzed in conjunction with GAAP measures and other financial information to gain a full understanding of Company's fiscal health. It indicates a substantial year-over-year increase in total revenues due to various sales activities.
- Special Notes: Values are reported in US dollars and thousands (from 2022 onwards where specified).

[Row Level]
- Row 1: Net loss for the year 2023 was $(750,255), compared to $(724,563) for 2022, and $(110,531) for 2021.
- Row 2: Share-based compensation expenses were not applicable in 2023, amounted to $10,625 in 2022, and were not applicable in 2021.
- Row 3: Adjusted net loss for 2023 was $(750,255), while it was $(713,938) for 2022, and $(110,531) for 2021.
- Row 4: Restates net loss figures for 2023 as $(750,255), 2022 as $(724,563), and 2021 as $(110,531) for additional context.
- Row 5: Interest expenses were $10,200 in 2023, $8,542 in 2022, and $3,615 in 2021.
- Row 6: Interest income in 2023 was $(9,204), in 2022 was $(12,188), and in 2021 was $(6,219).
- Row 7: Income tax expense for 2023 was $1,113, compared to $292 for 2022, and $1,853 for 2021.
- Row 8: Share-based compensation expenses are reiterated as not applicable for 2023 and 2021, but were $10,625 in 2022.
- Row 9: Depreciation was $54,957 in 2023, $12,790 in 2022, and $2,056 in 2021.
- Row 10: Adjusted EBITDA was $(693,189) for 2023, $(704,502) for 2022, and $(109,226) for 2021. The following table sets forth Company's results of operations with line items in absolute amounts for the years indicated. [Table Level]
- **Table Title**: Results of Operations for the Years Ended December 31
- **Table Summary**: The table presents a detailed breakdown of Company's financial performance for the years 2023, 2022, and 2021, including revenues, costs, operating expenses, and net income metrics. It highlights significant figures such as total revenues, cost of sales, operating expenses, and net loss across these years.
- **Context**: Company's subsidiaries in the U.K., Netherlands, and Germany are subject to varying maximum income tax rates. Non-GAAP measures like adjusted net loss and adjusted EBITDA provide insights into financial and operational performance.
- **Special Notes**: All figures are in thousands of US dollars (US$).

[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." [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, 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. The Group’s revenues are disaggregated by service lines as follows: [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. What is the product plan for the future? Company currently has four models on sale: the pure electric hypercar EVIJA (priced above $2.2 million), the pure electric intelligent SUV ELETRE (priced above $100,000, E-class), the pure electric intelligent GT Sedan EMEYA (priced above $100,000, E-class), and the fuel-powered sports car EMIRA (priced above $85,000). Company plans to launch a new model each in 2025 and 2026. Invest in brand equity and fully transform the brand. Leveraging Company's brand racing heritage and proven leadership, Company intends to further elevate the brand by continuing to deliver a portfolio of intelligent and high-performance vehicles that satisfy customers’ expectations and broaden the customer base, in particular high net worth individuals and tech-savvy younger generations who value the brand’s DNA. Scale up and expand geographical presence. Company intends to deepen its penetration across all regions. The Company brand is closely associated with “customer engagement” and “community building,” and in order to provide customers with a luxurious experience, Company has adopted a direct-to-consumer sales and distribution strategy that focuses on establishing and developing direct relationships with customers, especially in selected regions including China, Europe, and the U.S., which represent some of the key areas driving fast growth in the global BEV markets. By offering a luxurious purchasing experience and superior customer service, Company expects to further deepen its penetration in the global market. Develop next-generation electric vehicle technologies while monetizing Company's R&D prowess. Company recorded a loss in changes in fair values of put option liabilities of US$2.5 million for the year ended December 31, 2023. As a result of the foregoing, Company's loss before income taxes for the year ended December 31, 2023, was US$749.1 million, an increase of US$24.9 million from US$724.3 million for the year ended December 31, 2022. Some of Company's subsidiaries are subject to income tax for their taxable income in 2023. The effective income tax rate for the years ended December 31, 2023, and 2022 was negative 0.15% and negative 0.04%, respectively. The effective income tax rate for the years ended December 31, 2023, and 2022 differs from the applicable statutory income tax rate, primarily due to the recognition of a full valuation allowance for deferred income tax assets of loss-making entities. Company's total revenues increased by US$5.9 million from US$3.7 million for the year ended December 31, 2021, to US$9.6 million for the year ended December 31, 2022, primarily due to sales from the distribution of Company-brand sports cars, auto parts, and automotive design and development services provided to Counterparty A. Sales of goods. Company's sales of goods revenue increased by US$0.8 million from US$0.4 million for the year ended December 31, 2021, to US$1.2 million for the year ended December 31, 2022, primarily due to the increase in sales from the distribution of historical Company-brand sports cars by US$0.4 million, and auto parts and peripheral products by US$0.4 million. Service revenues. Company's service revenue increased by US$5.1 million from US$3.3 million for the year ended December 31, 2021, to US$8.4 million for the year ended December 31, 2022, primarily due to an increase in automotive design and development services provided to Counterparty A. Company's service revenue increased by US$10.0 million from US$5.2 million for the six months ended June 30, 2023, to US$15.2 million for the six months ended June 30, 2024, primarily due to the increase in commission service fees and other services of US$5.0 million, income from intelligent driving solutions and extended services of US$3.2 million, and income from automotive design and development services provided to OEM customers of US$1.8 million.