What is the distribution of Company's store numbers in Europe, China, and the United States?
Deliveries of lifestyle vehicles saw a remarkable 126% year-on-year increase in the first nine months of 2024, constituting 52% of the total deliveries. Europe, being the home of the Company brand, demonstrated significant growth with a 372% year-on-year increase in vehicle deliveries during this period. The Rest of the World (ROW) region achieved a 110% year-on-year increase, as Company continued to expand into new markets. Furthermore, the company has surpassed 200 stores worldwide, with per-store sales steadily improving through operational optimization. The delivery breakdown for the first nine months of 2024 was 52% lifestyle vehicles and 48% sportscars. By region, deliveries were distributed as follows: Europe accounted for 35%, China for 25%, North America for 18%, and ROW for 22%. Regarding the store distribution, Europe held 34%, China had 25%, North America had 24%, and ROW had 17%.
In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. As of June 30, 2024, Company had 2,989 full-time employees globally, including in China and Europe, among which approximately 54.6% belong to the R&D division. The results of operations are affected by the following company-specific factors. The results of operations depend significantly on Company's ability to achieve vehicle delivery targets, which impacts vehicle sales revenue. It is critical for Company to successfully manage production ramp-up and quality control, in cooperation with Counterparty A, to deliver vehicles to customers in targeted volume and of high quality. Currently, Company works with a BEV manufacturing facility in Wuhan, China, which is owned and operated by Counterparty A. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including the Eletre, Emeya, and future BEV models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as the Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. As of December 31, 2023, Company had 215 stores in its global distribution network, and plans to expand the retail network to over 300 stores by 2025. In 2023, Company delivered a total of 6,970 vehicles, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. As of December 31, 2023, Company had 3,180 full-time employees globally, including in China and Europe, among which approximately 56.7% belong to the R&D division. In October 2023, Company's wholly foreign-owned enterprise (WFOE) pledged the land use rights, buildings, and ancillary facilities on certain pieces of land totaling approximately 84,000 square meters where Company's global headquarters is located in Wuhan, China, to Counterparty A pursuant to an exchangeable note agreement entered into between the WFOE and Counterparty A in September 2021. Such pledge was terminated in April 2024 following the listing of Company's securities on Nasdaq pursuant to the terms of the pledge. In addition, Company has been advised by its PRC legal counsel that there is uncertainty as to whether courts in mainland China would (i) recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in mainland China predicated upon the securities laws of the United States or any state in the U.S. Company has also been advised by its PRC legal counsel that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. Courts in mainland China may recognize and enforce foreign judgments in accordance with the requirements, public policy considerations, and conditions set forth in applicable provisions of the laws in mainland China relating to the enforcement of civil liability, including the PRC Civil Procedures Law, based either on treaties between mainland China and the country where the judgment is made or on principles of reciprocity between jurisdictions. [Table Level]  
- Table Title: Geographic Distribution of Revenues  
- Table Summary: The table presents the revenues generated by Company across different geographic regions for the years ended December 31, 2023, 2022, and 2021. It highlights the significant growth in revenues from various regions, particularly the Chinese mainland, with a detailed breakdown for each location over the years.  
- Special Notes: All revenue amounts are in thousands of US dollars.  

[Row Level]  
Row 1: "For the year ended December 31, 2023, the revenue from the Chinese mainland was $419,448, whereas in 2022 it was $8,816, and in 2021, $3,109."  
Row 2: "In the UK, the revenue recorded for 2023 was $83,827, compared to $437 in 2022 and $439 in 2021."  
Row 3: "Japan contributed $26,390 to the revenues in 2023, with no recorded revenue in 2022 or 2021."  
Row 4: "Australian revenue for 2023 was $20,335, with no revenue in the previous two years."  
Row 5: "Belgium generated $20,701 in revenue for 2023, with no revenue in 2022 and 2021."  
Row 6: "Revenues from France reached $16,341 in 2023, with no prior revenue in 2021 and 2022."  
Row 7: "In Italy, the revenue was $14,650 for 2023, with no records for 2022 and 2021."  
Row 8: "Germany contributed $15,904 to the 2023 revenue, with no amounts recorded for 2022 and 2021."  
Row 9: "Revenue from the Netherlands amounted to $13,729 in 2023, with no revenue for the other two years."  
Row 10: "Other regions generated $47,683 in revenue for 2023, compared to $304 in 2022 and $139 in 2021."  
Row 11: "The total revenues for Company reached $679,008 in 2023, significantly rising from $9,557 in 2022 and $3,687 in 2021." As of December 31, 2021, 2022, and 2023, Company had approximately 2,300, 2,913, and 3,180 full-time employees, respectively. The following table sets forth the numbers of Company's employees categorized by function as of December 31, 2023. Company is dedicated to offering its customers a convenient and efficient charging experience and provides multiple solutions including home charging, flash charging through its company-owned charging network, and on-the-go charging provided by its designated partners. In Europe, Company is partnering with a leading platform that provides customers with an extensive charging network covering the region. Company also offers home charging solutions for owners of its vehicles. In China, Company provides home charging solutions and partners with leading suppliers that have charging networks across the country. Partnering with local charging solutions developers, Company operates a company-owned charging network that provides 480 kW flash charging for its featured 800-volt EPA in core commercial areas of metropolises such as Beijing and Shanghai, among others. As of June 30, 2024, Company had launched 101 flash charging stations in China and partnered with public charging stations to bring convenience to the charging experience of its customers. In the U.S. and other global markets, Company plans to provide comprehensive charging solutions tailored for local market conditions and customer demands. In particular, in China, Company's vehicles are sold either directly to users (rather than through dealerships) or through city partners that act as sales agents and collect sales commissions on such sales. As of December 31, 2023, Company had 215 stores in its global distribution network. Company plans to further expand its physical sales network through a balanced combination of company-operated stores and partner stores. This planned expansion may not have the desired effect of increasing sales and enhancing brand recognition in a cost-efficient manner. Company may need to invest significant capital and management resources to operate existing company-operated stores and open new ones, and there can be no assurance that Company will be able to improve the operational efficiency of its company-operated stores. Company's direct-to-consumer approach to vehicle distribution is relatively new, and its long-term effectiveness is unproven, especially in China. This approach subjects Company to substantial risks as it requires, in the aggregate, significant expenditures and provides for slower expansion of its distribution and sales systems compared to the traditional dealership system. Company's research and development efforts are focusing on the development of key electric vehicle technologies while benefiting from the technological support from the Counterparty A Holding ecosystem. Company intends to continually develop cutting-edge technologies, including the 800-volt EPA architecture and hardware, algorithms, and software systems to enhance the competitiveness of its vehicles. Company also plans to monetize its R&D capabilities by licensing its intellectual properties and software via subscriptions to other luxury automotive brands. Guided by Company's R&D leaders, the global research and development team has extensive experience in the automotive and technology industries. As of December 31, 2023, Company's R&D team consisted of 1,802 professionals with extensive knowledge in automotive engineering, software, and artificial intelligence, as well as diversified working experiences from leading vehicle manufacturers globally. Such composition ensures solid technology development capabilities, especially in intelligence and digitalization. The diversified cultural and professional background promotes the exchange of ideas from different perspectives and ensures the generation of innovations. [Table Level]  
- Table Title: Revenue by Service Line and Customer Type  
- Table Summary: The table presents revenue data for Company for the years ending December 31, 2023, 2022, and 2021. It categorizes revenue based on sales of goods and services to third parties and related parties, further breaking down sales into battery electric vehicle (BEV) lifestyle models, sports cars, and other categories.  
- Special Notes: All amounts are in thousands of US dollars.  

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

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

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

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

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

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

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

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

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

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

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

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

Row 13: Total revenues, combining all categories, were $679,008 in 2023, $9,557 in 2022, and $3,687 in 2021. Company has a dedicated global team to support its R&D activities with a sizable scale and comprehensive functionalities, covering all major technological perspectives. Company's approach to innovation demonstrates an interconnected global collaboration among highly experienced and dedicated teams in the U.K., Germany, and China, each with different technological focuses. Centered around Company's global headquarters in Wuhan, China, which focuses on cloud computing and online data processing, the company operates a software center in Shanghai focusing on global system integration and network security, and a research institute in Ningbo focusing on electric architecture, charging and power systems, and intelligent driving. Company has established two R&D centers on engineering and product design, including the Company Creative Centre (Subsidiary A) located in the heart of the British car industry in Coventry, U.K., with a focus on automotive design and design strategy, product and brand communication, and sustainable material science, and the Company Innovative Centre (Subsidiary B) located in Frankfurt, Germany, with a focus on behavioral science, innovative vehicle technologies, dynamic attribute development, user interface, and regional tuning and application. [Table Level]  
- Table Title: Regional Performance Overview for January to September 2024 and 2023  
- Table Summary: This table provides a comparative analysis of performance across different regions for the periods of January to September in 2024 and 2023. It presents the number of units sold and revenue figures alongside the percentage contribution from each region for both years.  
- Context: The table is part of a broader report detailing Company's market expansion and financial highlights for 2024, including new deliveries and technological advancements.  
- Special Notes: The percentages indicate the share of each region in the total outcome for the respective years.  

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

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

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

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

Row 5: Total figures for January to September 2024 equaled 7,617 units sold or revenue across all regions, with the entire distribution being 100%, compared to 3,221 units sold in the same timeframe for 2023, also reflecting 100% distribution. Company's distribution model is not common in the automotive industry today. In particular, in China, Company's vehicles are sold either directly to users (rather than through dealerships) or through city partners that act as sales agents and collect sales commissions on such sales. Company plans to further expand its physical sales network through a balanced combination of company-operated stores and partner stores. This planned expansion may not have the desired effect of increasing sales and enhancing brand recognition in a cost-efficient manner. Company may need to invest significant capital and management resources to operate existing company-operated stores and open new ones, and there can be no assurance that Company will be able to improve the operational efficiency of its company-operated stores. Company's direct-to-consumer approach to vehicle distribution is relatively new, and its long-term effectiveness is unproven, especially in China. This approach subjects Company to substantial risks, as it requires significant expenditures and results in slower expansion of the distribution and sales systems compared to the traditional dealership system. For example, Company will not be able to utilize long-established sales channels developed through a dealership system to increase sales volume. [Table Level]
- Table Title: Geographic Revenues for Company.
- Table Summary: The table presents the revenues of Company by geographic areas for the years ended December 31, 2023, 2022, and 2021. It shows the monetary contribution from various regions, highlighting significant sales in the Chinese mainland and the United Kingdom. The total revenues for each year are also provided.
- Context: The revenues shown are part of Company's financial performance. The table focuses on the geographic distribution of sales, correlating with the financial statement notes that discuss factors affecting financial operations and performance.
- Special Notes: All values are in thousands of US dollars, as indicated in the financial statement notes. The table's footnotes outline the items included in financial calculations and conditions affecting convertible notes and shares.

[Row Level]
Row 1: In 2023, the revenues from the Chinese mainland were US$419,448, a significant increase from US$8,816 in 2022, and US$3,109 in 2021.

Row 2: The United Kingdom contributed US$83,827 in 2023, up from US$437 in 2022, and US$439 in 2021.

Row 3: Revenue from Japan was US$26,390 in 2023, with no significant revenue reported in prior years.

Row 4: In 2023, Australia generated US$20,335 in revenues, marking this as a new revenue stream.

Row 5: Belgium's revenue in 2023 was US$20,701, with no recorded revenues in earlier years.

Row 6: France contributed US$16,341 in 2023, with no revenues noted in previous years.

Row 7: Italy had revenues of US$14,650 in 2023, with no previous data available.

Row 8: Germany reported US$15,904 in 2023, marking its first entry as a revenue source.

Row 9: The Netherlands had revenues of US$13,729 in 2023, also a new entry.

Row 10: Revenues classified as 'Others' totaled US$47,683 in 2023, increased from US$304 in 2022, and US$139 in 2021.

Row 11: Total revenues for Company were US$679,008 in 2023, sharply rising from US$9,557 in 2022, and US$3,687 in 2021. There exists no treaty or other forms of reciprocity between mainland China and the United States or the Cayman Islands governing the recognition and enforcement of foreign judgments as of the date of this prospectus. Furthermore, according to the PRC Civil Procedures Law, courts in mainland China will not enforce a foreign judgment if they decide that the judgment violates the basic principles of the law in mainland China or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a court in mainland China would enforce a judgment rendered by a U.S. court or the Cayman Islands. [Table Level]  
- Table Title: Employee Allocation by Function  
- Table Summary: The table shows the distribution of employees across different functions within Company as of June 30, 2024. It provides the number of employees and their corresponding percentage share for each function, including research and development, marketing and sales, supply chain, and functional support, alongside the total count.  
- Context: The surrounding text emphasizes competitive dynamics in the market and Company’s competitive edge, mentioning the importance of attracting and retaining qualified personnel to support its business strategy and development.  
- Special Notes: Percentages are expressed to one decimal place.  

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

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

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

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

Row 5: "Overall, Company's total employee count is 2,989, which is 100.0% of the workforce as of June 30, 2024." [Table Level]  
- Table Title: Principal Subsidiaries of Company.  
- Table Summary: The table lists the principal subsidiaries of Company along with their respective jurisdictions of incorporation. It provides an overview of the geographic distribution of Company's subsidiaries across various countries.  
- Context: The table is part of a registration statement where legal matters are addressed. An accompanying opinion by the legal firm Skadden, Arps, Slate, Meagher & Flom LLP is mentioned, highlighting aspects related to the offering. Post-table context includes consent by an independent registered public accounting firm for inclusion in the statement.  
- Special Notes: The table does not include any additional footnotes or special markings.  

[Row Level]  
Row 1: "Subsidiary A is incorporated in Hong Kong."  
Row 2: "Subsidiary B is based in Hong Kong."  
Row 3: "Subsidiary C is registered in the United Kingdom."  
Row 4: "Subsidiary D is also incorporated in the United Kingdom."  
Row 5: "Subsidiary E is established in Germany."  
Row 6: "Subsidiary F is incorporated in the Netherlands."  
Row 7: "Subsidiary G is incorporated in the People's Republic of China."  
Row 8: "Subsidiary H is based in the People's Republic of China."  
Row 9: "Subsidiary I is registered in the People's Republic of China."  
Row 10: "Subsidiary J is incorporated in the People's Republic of China."  
Row 11: "Subsidiary K is based in the People's Republic of China."  
Row 12: "Subsidiary L is incorporated in the People's Republic of China." For more detailed information, see “Risk Factors   —   Risks Relating to Doing Business in China   —   Company may be adversely affected by the complexity, uncertainties, and changes in regulations of mainland China on automotive as well as internet-related businesses and companies,” and “— The approval of and/or filing with CSRC or other PRC government authorities may be required in connection with Company's offshore offerings under PRC law, and, if required, Company cannot predict whether or for how long it will be able to obtain such approval or complete such filing.” During the six months ended June 30, 2024, Company achieved total deliveries of 4,873 units, representing a 239% year-on-year increase. Company also achieved a balanced global allocation, with each region contributing 20-30% of the total deliveries in the first half of 2024. 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 B, pursuant to which Company is the exclusive global distributor (excluding the U.S., where Subsidiary A will act as the head distributor with the existing regional distributor continuing its functions) for Subsidiary B to distribute Subsidiary B vehicles, parts, and certain tools, and to provide aftersales services, branding, marketing, and public relations for such vehicles, parts, and tools distributed by Company. As of December 31, 2023, Company had 215 stores in its global distribution network. Major vehicle models currently in Company's global sales and distribution network include Model A, Model B, and future battery electric vehicle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as Model C (battery electric vehicle sports car) and Model D (internal combustion engine sports car). For example, Company will not be able to utilize long-established sales channels developed through a dealership system to increase its sales volume. Moreover, Company will be competing with automakers that have well-established distribution channels, and it may not be able to satisfy customer expectations. Company also leverages its network of city partners as a pipeline of potential sales partners. However, Company may not be able to identify, attract, and retain a sufficient number of city partners with the requisite experience and resources to operate its partner stores. The city partners are responsible for the day-to-day operation of their stores. Although Company offers the same training and implements the same service standards for staff from both company-operated stores and partner stores, Company has limited control over how the city partners’ businesses are run. If the city partners fail to deliver high-quality customer service and resolve customer complaints in a timely manner, or if any of their misconduct damages Company's brand image and reputation, Company's business could be adversely affected. Company is dedicated to offering its customers a convenient and efficient charging experience and provides multiple solutions including home charging, flash charging through the company-owned charging network, and on-the-go charging provided by designated partners. In Europe, Company is partnering with a leading platform that provides customers with an extensive charging network covering the region. Company also offers home charging solutions for owners of its vehicles. In China, Company provides home charging solutions and partners with leading suppliers that have charging networks across the country. Partnering with local charging solutions developers, Company operates a company-owned charging network that provides 480 kW flash charging for its featured 800-volt EPA in core commercial areas of metropolises such as Beijing and Shanghai, among others. As of December 31, 2023, Company had launched 65 flash charging stations in China and partnered with public charging stations to bring convenience to the charging experience of its customers. In the U.S. and other global markets, Company plans to provide comprehensive charging solutions tailored for local market conditions and customer demands. [Table Level]
- Table Title: Leased Premises Overview
- Table Summary: The table presents a summary of leased premises across different global locations. It includes details on the approximate size of the building in square meters, the primary use of the premises, and the lease term in years.
- Context: Company has established offices in various cities across China and Europe. As of June 30, 2024, these premises are summarized under operating lease agreements with third-party owners. This is part of Company's strategy to accommodate current and future growth.
- Special Notes: The lease terms vary, indicating both short-term and long-term commitments.

[Row Level]
Row 1: In Shanghai, China, the premises cover approximately 26,745 square meters and are used for an office, Company center, and experience store, with a lease term of 1 to 10 years.

Row 2: In Wuhan, China, the location spans 18,123 square meters, serving as an office, Company center, and experience store, leased for 1 to over 10 years.

Row 3: The Ningbo, China office occupies 9,389 square meters with a lease term of 5 years.

Row 4: In Hangzhou, China, the space is 14,725 square meters, used for an office and VIP room, with a lease term of 1 to 3 years.

Row 5: The premises in Beijing, China, cover 3,911 square meters serving a Company center and experience store, leased for 2.5 to 8.5 years.

Row 6: London, U.K., features an office space of 1,732 square meters with a 10-year lease term.

Row 7: Coventry, U.K., has an office covering 3,800 square meters with a lease term of less than 1 year.

Row 8: In Paris, France, the 2,596 square meter space serves as an experience store, Company center, and office, with a 6 to 10-year lease.

Row 9: The Amsterdam, Netherlands office occupies 2,795 square meters with a lease term ranging from 6.5 to 15 years.

Row 10: Houten, Netherlands, has 802 square meters for a Company center and office, leased for 5 to 10 years.

Row 11: Oslo, Norway houses an experience store and fulfillment center across 1,170 square meters with a 2 to 8-year lease term.

Row 12: Munich, Germany includes 475 square meters for an office, experience store, and fulfillment center with a lease ranging from less than 1 year to 2 years.

Row 13: Frankfurt (Raunheim), Germany, includes a 7,551 square meter space for office and workshop use under a 10 to 12-year lease.

Row 14: Gothenburg, Sweden, offers 40 square meters for office use with a lease of less than 1 year.

Row 15: Milan, Italy, also has 40 square meters for office use leased for less than 1 year.

Row 16: Singapore, SG includes 18 square meters for office purposes with a lease term of less than 1 year. In October 2023, Company's wholly foreign-owned enterprise (WFOE) pledged the land use rights, buildings, and ancillary facilities on certain pieces of land totaling approximately 84,000 square meters where Company's global headquarters is located in Wuhan, China, to the Jingkai Fund pursuant to an exchangeable note agreement entered into between the WFOE and the Jingkai Fund in September 2021. Such pledge was terminated in April 2024 following the listing of Company's securities on Nasdaq pursuant to the terms of the pledge. Company maintains various insurance policies to safeguard the company against risks and unexpected events. Company maintains property insurance, public liability insurance, commercial general liability insurance, employer’s liability insurance, driver’s liability insurance, and inland transit insurance. In addition to providing social security insurance for employees as required by applicable laws, Company also provides supplemental commercial medical insurance for employees. Company does not maintain business interruption insurance or key-man insurance. Company believes that its insurance coverage is adequate to cover key assets, facilities, and liabilities. Company may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of its business. Company is currently not a party to any material legal or administrative proceedings. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial costs and diversion of Company's resources, including management's time and attention. This section sets forth a summary of the most significant rules and regulations that affect Company's business activities in China. Investments in China by foreign investors and foreign-invested enterprises are regulated by (i) the 2021 Negative List, which was jointly promulgated by the Ministry of Commerce and the National Development and Reform Commission (NDRC) on December 27, 2021, and became effective on January 1, 2022, and (ii) the Catalog of Industries for Encouraged Foreign Investment (2022 Version), or the 2022 Encouraged Catalog, which was jointly promulgated by the Ministry of Commerce and NDRC on October 26, 2022, and became effective on January 1, 2023. The 2022 Encouraged Catalog and the 2021 Negative List outline the industries and economic activities in which foreign investment in China is encouraged, restricted, or prohibited. Company has established offices in various cities in China and Europe. As of December 31, 2023, Company had leased premises as summarized below and under operating lease agreements from independent third parties. Company believes that its existing facilities are generally adequate to meet its current needs, but expects to seek additional space as needed to accommodate future growth. 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: Summary of Leased Premises
- Table Summary: The table details the leased premises of Company across various cities in China and Europe as of December 31, 2023. It includes location details, approximate building sizes in square meters, primary uses of the buildings, and lease terms in years.
- Context: Company leases these premises through operating leases from independent third parties to support its operational needs. Some locations include offices, experience stores, and Company centers, with varying lease terms.
- Special Notes: Sizes are listed in square meters, and lease terms show ranges for certain locations.

[Row Level]
Row 1: In Shanghai, China, Company leases a building of approximately 26,745 square meters for office use, a Company center, and an experience store, with a lease term ranging from 1 to 10 years.

Row 2: The Wuhan, China premises are approximately 18,423 square meters, serving as an office, Company center, and experience store, with lease terms from 1 to over 10 years.

Row 3: In Ningbo, China, Company operates an office in a building roughly 9,389 square meters, with a lease lasting 5 years.

Row 4: The Hangzhou, China location, used as an office and VIP room, spans about 8,319 square meters, leased for 1 to 3 years.

Row 5: Beijing, China's premises cover 4,803 square meters, used as a Company center and experience store, with a lease term of 2.5 to 8.5 years.

Row 6: In London, U.K., the building is 2,197 square meters and used solely as an office, with lease terms ranging from less than 1 year to 10 years.

Row 7: The Coventry, U.K. location consists of 2,700 square meters for office use, leased for 5 years.

Row 8: Paris, France features a 2,596 square meters premises used as an experience store, Company center, and office, with a 6 to 10-year lease.

Row 9: In Amsterdam, Netherlands, the office spans approximately 2,795 square meters, with lease terms of 6.5 to 15 years.

Row 10: The Houten, Netherlands facility, totaling 802 square meters, is used as a Company center and office, leased for 5 to 10 years.

Row 11: Oslo, Norway's premises are 1,170 square meters used as an experience store and fulfillment center, with lease terms of 2 to 8 years.

Row 12: The Munich, Germany location is roughly 475 square meters for use as an office, experience store, and fulfillment center, leased for less than 1 year to 2 years.

Row 13: Frankfurt, Germany's premises, spanning 7,551 square meters, include an office and workshop, with lease terms ranging from 10 to 12 years.

Row 14: In Gothenburg, Sweden, Company has an office occupying 40 square meters with a lease of less than 1 year.

Row 15: Milan, Italy also features a 40 square meters office, with a lease term of less than 1 year. Company and Subsidiary B have entered into a Distribution Agreement pursuant to which a subsidiary of Company is appointed as the global distributor for Subsidiary B. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including Eletre, Emeya, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as Evija (BEV sports car) and Emira (ICE sports car). Company believes this is the most efficient approach to market Company cars and promote the Company brand globally. As of June 30, 2024, Company had 207 stores in its global distribution network, and plans to continue expanding its retail network. In 2023 and the six months ended June 30, 2024, Company delivered a total of 6,970 and 4,873 vehicles, respectively, consisting of lifestyle vehicles and Company-brand sports cars that were distributed through Subsidiary A. The following summarizes Company's Group revenues by geographic areas (based on the locations of customers): Company has established offices in various cities in China and Europe. As of June 30, 2024, Company had leased premises as summarized below and under operating lease agreements from independent third parties. Company believes that its existing facilities are generally adequate to meet its current needs, but it expects to seek additional space as needed to accommodate future growth. [Table Level]
- Table Title: Contract Liabilities Breakdown
- Table Summary: The table shows the breakdown of current and non-current contract liabilities of Company. as of December 31, 2023, and 2022. It includes details on liabilities to third parties and related parties, providing insights into changes over the two-year period.
- Context: Prior to the table, the context discusses Company.'s financial treatment of convertible notes and share options which are contingent on future conditions. Afterward, there is an explanation of how contract liabilities, particularly up-front payments for vehicles or services, are accounted for in the financial statements.
- Special Notes: Amounts are in thousands of US dollars. The item marked with an asterisk (*) is included in accrued expenses and other current liabilities related to related parties.

[Row Level]
Row 1: The current contract liabilities to third parties as of December 31, 2023, are US$44,184, marking an increase from US$7,843 recorded in 2022.

Row 2: The current contract liabilities to related parties as of December 31, 2023, are US$1, a decrease from US$8 in 2022.

Row 3: The non-current contract liabilities to third parties as of December 31, 2023, amount to US$6,245. There were no such liabilities recorded in 2022.

Row 4: The total contract liabilities, combining both current and non-current, are US$50,430 as of December 31, 2023, compared to US$7,851 in 2022. This item is included in accrued expenses and other current liabilities related to related parties in the consolidated balance sheets of Company as of December 31, 2023, and 2022. Among the balance of contract liabilities of US$7,851 as of December 31, 2022, US$5,438 was recognized as revenue during the year ended December 31, 2023. The contract liabilities relate to up-front payments from Company's customers for the purchase of vehicles or services in advance of the transfer of control of the products and services under the contract. Amounts that are expected to be recognized as revenue within one year are included as current contract liabilities, with the remaining balance recognized as other non-current liabilities. The Group expects that US$333,985 of the transaction price allocated to unsatisfied performance obligations as of December 31, 2023, will be recognized as revenue within one year. The remaining US$12,067 will be recognized over the remaining contract periods of 1 to 10 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of contracts with an original expected duration of one year or less. [Table Level]
- Table Title: Vehicle Deliveries by Model Type and Region for 1H 2024
- Table Summary: The table presents vehicle deliveries for Company during the first half of 2024, broken down by model types and regions. It includes comparative data from 2023 and highlights percentage changes year-on-year.
- Context: Prior context discusses the regulatory challenges Company might face in China, which could impact its operations and securities offerings. It also mentions recent achievements in delivery growth.
- Special Notes: (1) “Deliveries” represent invoiced deliveries, including commissioned deliveries in the U.S. market.

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

**Region:**
- Row 4: In Europe, there were 1,459 units delivered in 1H 2024, compared to 89 units in 1H 2023, which is a 30% share of total 2024 deliveries.
- Row 5: Deliveries in China were 1,208 units in 1H 2024, up from 965 units in 1H 2023, holding a 25% share in 2024.
- Row 6: North America had 1,278 units delivered in 1H 2024, accounting for 26% of 2024 deliveries, with no data from 1H 2023 for comparison.
- Row 7: The Rest of the World saw 928 units delivered in 1H 2024, an increase from 385 units in 1H 2023, making up 19% in 2024.
- Row 8: The total for all regions reached 4,873 units in 1H 2024, up from 1,439 units in 1H 2023, with each region contributing between 19% to 30% of the deliveries. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the company. [Table Level]
- Table Title: Employee Distribution by Function as of December 31, 2023
- Table Summary: The table presents the number and percentage of employees within various functional areas of Company as of December 31, 2023. It details how the total workforce is allocated across different functions such as Research and Development, Marketing and Sales, Supply Chain, and Functional Support.
- Context: Company has developed a competitive edge through advanced technologies and a scalable business model, with a focus on research and development. Company has grown its workforce from approximately 2,300 employees in 2021 to 3,180 in 2023.
- Special Notes: Numbers are presented alongside their corresponding percentages to demonstrate the distribution of employees across functions. The sum of percentages totals 100%, representing the complete workforce.

[Row Level]
Row 1: "As of December 31, 2023, the Research and Development function employed 1,802 individuals, comprising 56.7% of the total workforce."
Row 2: "The Marketing and Sales function had 690 employees, accounting for 21.7% of the total workforce as of December 31, 2023."
Row 3: "The Supply Chain function included 239 employees, which represented 7.5% of the total workforce as of December 31, 2023."
Row 4: "Functional Support had 449 employees, making up 14.1% of the workforce as of December 31, 2023."
Row 5: "The total number of employees was 3,180, with this figure encompassing 100% of Company’s workforce as of December 31, 2023." How is the company's overseas expansion situation? As a legendary brand with a history of 76 years, Company has a high reputation in the global market. The company currently has over 200 sales outlets in key global locations. The company's global deliveries were balanced, with the four major markets (Europe, China, North America, and Rest of World) each contributing 20-30% of deliveries. The company's lifestyle vehicles (Eletre and Emeya) are gradually entering new markets. After delivery in Southeast Asia, the Eletre SUV has started delivery in markets such as the Middle East, New Zealand, India, and Egypt. Eletre SUV production orders have commenced in Australia, Japan, and South Korea. The Emeya GT sedan has started delivery in Europe and has been pre-ordered in the Middle East, Northeast Asia, and Southeast Asia. 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, Company Robotics, 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. Company currently provides 4 products to the market through 200 stores around the world, 2 models and delivery. The delivery cycle is 3-6 months, depending on customs clearance and transportation conditions in different markets. The two trams are produced by the Wuhan factory. Except for the Chinese mainland market, the delivery cycle is also 3-6 months. In mainland China, the delivery time is shorter due to its transportation advantages. [Table Level]
- Table Title: Geographic Revenue Distribution
- Table Summary: The table presents the revenues of Company from various geographic locations for the six-month periods ending June 30, 2024, and 2023. It highlights the revenue distribution across different countries and regions, showing significant increases in certain areas over the previous year.
- Context: The table is part of Company's unaudited condensed consolidated financial statements and provides a breakdown of revenues by geographic area, detailing how customer locations contribute to sales figures.
- Special Notes: All figures are represented in thousands of US dollars (US$). There are disclaimers regarding the calculation of loss per share which is related to put options.

[Row Level]
Row 1: For the six months ended June 30, 2024, the revenue from the Chinese mainland was US$138,210, a significant increase from US$93,013 in 2023.

Row 2: The United Kingdom contributed US$69,728 in 2024, showing a marked increase compared to US$7,396 in 2023.

Row 3: Thailand generated US$24,594 in revenue for 2024, up from US$248 in 2023, reflecting substantial growth.

Row 4: In 2024, Malaysia's revenue was US$23,652, a rise from US$1,040 reported in 2023.

Row 5: Revenue from Belgium was US$21,155 in 2024, with no corresponding figure reported for 2023.

Row 6: Italy contributed US$17,522 in 2024, while there was no reported revenue for 2023.

Row 7: Japanese revenue reached US$16,943 in 2024, slightly up from US$16,217 in 2023.

Row 8: Revenue from Germany was US$14,951 in 2024, with no prior year data available.

Row 9: The Netherlands showed US$11,145 in revenue for 2024, not reported in 2023.

Row 10: France generated US$10,553 in 2024, without a reported figure for 2023.

Row 11: Other regions collectively contributed US$49,662 in revenue in 2024, compared to US$12,121 in 2023.

Row 12: The total revenue for the six months ending June 30, 2024, was US$398,115, a substantial increase from US$130,035 in 2023.