Which markets are already selling the Eletre?
Company has started deliveries of the Eletre to new markets, including the Gulf Cooperation Council region, New Zealand, India, and Egypt, following deliveries in Southeast Asia. Production orders for the Eletre have begun for new markets such as Australia, Japan, and Korea. Company also started deliveries of the Emeya in Europe and is taking reservations for the Emeya in the Gulf Cooperation Council region, Japan, Korea, and Southeast Asia. The company managed to maintain an average selling price of over US$100,000 in the first half of 2024, despite faster-than-sector growth and intensified competition. Company has assessed evolving market conditions and uncertainties posed by new tariff policies in the U.S. and EU, and the company has revised its delivery target for 2024 to 12,000 units. Company launched the “Win26” plan, aiming to achieve positive EBITDA and positive operating cash flow in 2026 by further optimizing its internal processes and structures, implementing overall cost control measures, and recalibrating its product plans to cater to globally diversified markets. 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. Company is a luxury battery electric vehicle (BEV) manufacturer that designs, develops, and sells luxury lifestyle vehicles under the iconic British brand “Company.” With over seven decades of heritage and proven leadership in racetrack and road cars, the Company brand symbolizes market-leading standards in performance, design, and engineering. The first lifestyle production vehicle, Eletre, is a new breed of pure electric SUV powered by Company’s proprietary 800-volt electric powertrain architecture (EPA). Deliveries of the Eletre commenced in China and Europe in 2023. Planning is underway for deliveries to the U.S. and the rest of the world. The second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of the Emeya began in March 2024. In addition to the Eletre and Emeya, Company plans to launch two additional fully electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV sports car in 2026. Company also plans to upgrade its models on an ongoing basis.
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. Company has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict Company's future revenues and appropriately budget for its expenses, and the company may have limited insight into trends that may emerge and affect its business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new models for the global market using the Wuhan manufacturing facility. In line with Person A’s desire to sell more cars, and after an initial awkward period being sold through normal Company dealers, they were marketed through a special dealer network. Up to 15 cars were built each week, promoted with glamorous advertising. This was far in excess of the level of any previous Seven model, scuppering the theory that the S4 was a sales flop. However, it is true that sales never remotely reached the 2000-per-year mark at which Person A had been aiming. Export markets did not respond with the expected enthusiasm, and the USA market was never exploited due to Federal emissions and safety laws. Person A left Company Racing in April 1971 to be replaced by Person B, whose task it was to wind down Company Racing. As a result, production of the Seven transferred across to the main Company Cars facility in late 1971 where it sat uncomfortably with the Elan. Person C’s plans to push Company up-market were already in place, and the Seven was rather too stark a reminder of the firm’s origins. Person C had already decided to axe the model, but it stayed on in production until the large stock of chassis and parts had been used up. Sales of battery electric vehicle lifestyle models Company started to deliver battery electric vehicle (BEV) lifestyle models to customers in March 2023. In certain countries, Company sells BEV lifestyle models together with a number of bundled products and services. In those cases, the contracts with the customers include multiple distinct goods and services which are accounted for as separate performance obligations, including a household charging pile or charging card with a specified spending amount (at the option of the customers), a premium version of the intelligent driving system and its subsequent upgrades, unlimited free battery charging in specified supercharging stations operated by Company for a specified period, a lifetime warranty, maintenance services for a specified period, and lifetime vehicle internet connection services. The transaction price is allocated to each performance obligation based on the relative standalone selling price, and the allocated price is recognized as revenue as follows: i. Revenue from the Eletre is recognized at a point in time when control of the Eletre is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle. ii. 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. Company offers slightly different Eletre, Eletre S, and Eletre R models (namely, the Eletre L+, the Eletre S+, and the Eletre R+) tailored to the China market. Efficient aerodynamics have historically been at the heart of the Company brand. A significant element of the exterior design of the Eletre is porosity, which essentially allows air to flow through the vehicle as opposed to being pushed around it, reducing air resistance and delivering a more efficient journey in terms of improved vehicle range, speed, performance, and design aesthetics. The Eletre’s interior brings a comfortable and luxurious feeling to passengers, incorporating highly durable materials and an immersive infotainment system. The Eletre is equipped with a 15.1-inch high-definition OLED screen that works in tandem with the digital passenger display and provides access to its advanced infotainment system. Information is displayed to the driver via a head-up display (HUD) featuring augmented reality (AR) technology. Voice control is enabled through advanced speech recognition technology. Compliance with the scheme involves ensuring that the vehicle meets performance standards in Great Britain and can be sold on the Great Britain market. The GB Type Approval Scheme is mandatory for vehicles to be sold in Great Britain from February 1, 2024. Up until February 1, 2024, manufacturers had the option of using the Provisional GB Type Approval Scheme to obtain approval in Great Britain. Under the provisional scheme, manufacturers already in possession of an EU type approval under the Whole Vehicle Type Approval referenced above can obtain type approval in the U.K. by providing the Vehicle Certification Agency with: (i) a list of type approvals for vehicle types they intend to place on the market in Great Britain, and (ii) the corresponding EU type approval certificates. As of the date of this prospectus, Company has acquired U.K. type approval for the Eletre and Emeya. Information is displayed to the driver via a head-up display (HUD) featuring augmented reality (AR) technology. Voice control is enabled through advanced speech recognition technology. Company Hyper OS is an operating system powering the advanced digital cockpit cabin installed in the Eletre, enabling Company to create next-generation real-time 3D digital mapping and graphing experiences. Company Hyper OS includes two Qualcomm 8155 System-on-Chips to provide accelerated graphic rendering and higher data transmission speeds. The Eletre will also debut a next-generation digital head unit, which is expected to provide fully customizable displays, hosted on an advanced driver information module. The Eletre is equipped with the latest connectivity technology, including 5G compatibility, which enables the performance and features of the vehicle to be continually updated and enhanced via over-the-air (OTA) updates. Eletre owners can connect to the vehicle via a smartphone app and access driving logs, vehicle and charge status, remote features, location services, and other functionalities. The Eletre also comes with navigation services, including EV routing, EV range assistant, and predictive routing, and provides a series of safety functions. [Table Level]
- Table Title: Sales Figures by Vehicle Type
- Table Summary: The table provides sales figures for different vehicle types from January to September for the years 2024 and 2023, along with the year-over-year percentage change. It categorizes the sales into "Lifestyle SUV and Sedan" and "Sportscars," then displays a total for both categories.
- Context: The table reflects the growth in vehicle sales for Company in the first nine months of 2024, highlighting a significant increase compared to the same period in 2023. This is part of Company's broader strategy to expand and innovate in the car market, including advancements in electric vehicle technology and strategic partnerships.
- Special Notes: The percentage change is labeled as the year-over-year change (YoY).

[Row Level]
- Row 1: Sales of "Lifestyle SUV and Sedan" for January to September 2024 were 3,983 units, compared to 1,762 units in the same period of 2023, reflecting a 126% increase year-over-year.
- Row 2: "Sportscars" sales for January to September 2024 amounted to 3,634 units, an increase from 1,459 units in 2023, showing a 149% year-over-year growth.
- Row 3: The total sales for both categories from January to September 2024 reached 7,617 units, up from 3,221 units in 2023, which is a 136% year-over-year increase. 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. [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 has a limited operating history, and its ability to develop, manufacture, and deliver automobiles of high quality and appeal to customers, on schedule, and on a large scale is unproven and still evolving. Company's electric vehicle (EV) business was founded in 2018. The company's first vehicle model, the Eletre, was launched in 2022. There is limited historical basis for making judgments on the demand for Company's vehicles or the company's ability to develop, manufacture, and deliver vehicles, or its profitability in the future. It is difficult to predict future revenues and appropriately budget for expenses, and Company may have limited insight into trends that may emerge and affect the business. The sustainability of Company's business depends, in large part, on the company's ability to timely execute its plan to develop, manufacture, and deliver on a large scale automobiles of high quality and appeal to customers. Company has entered into an agreement with Counterparty A to manufacture its new BEV lifestyle models for the global market using the Wuhan manufacturing facility. Emeya Emeya (Type 133), a four-door luxury and performance vehicle, is Company's second lifestyle vehicle and first hyper grand tourer (hyper-GT) vehicle. Emeya is also one of the world’s most advanced electric hyper-GT vehicles. Subsidiary B has developed a Global Commercial Platform for the sales and distribution of its vehicles and sports cars. As of June 30, 2024, Subsidiary B had 207 stores in its global distribution network. Luxury Retailing Experience for Customers Aiming to provide a future-proof, luxurious customer experience, Company adopts a digital-first, omni-channel sales model for the Eletre, Emeya, and future models to establish and develop direct relationships with customers, covering the entire spectrum of customer experience, both physically and virtually. However, the global luxury BEV market is currently underserved, with only approximately 10 existing luxury BEV models, compared to over 100 internal combustion engine (ICE) luxury models, leaving consumers with limited choices. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors and targeting to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. Company launched its first fully electric Hyper-SUV, Eletre, in 2022. Beginning with Eletre, all new car rollouts will be BEV models. Company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt Electrical Performance Architecture, or EPA, which is a newly debuted self-developed BEV platform initially based on the same foundation of Sustainable Experience Architecture, the world’s first open-source BEV architecture. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. In addition to Eletre and Emeya, Company plans to launch two additional fully-electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV sportscar in 2026. Company believes that its R&D capability is one of its key competitive strengths. Drawn from Company brand sports car design heritage, deep automotive expertise, and next-generation technologies, Company's proprietary 800-volt EPA is a high-performance platform for luxury electric vehicles, which was developed over five years of R&D efforts. The platform features supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. Such superior design enables Company to quickly roll out new models and ramp up production with competitive performance attributes and achieve economies of scale. Aside from the EPA, Company has developed a leading Advanced Driver Assistance System (ADAS) with fully embedded Level 4-ready hardware capabilities enabled by the world’s first deployable LiDAR system and proprietary software system. Company's five wholly-owned R&D facilities spanning the U.K., Germany, and China demonstrate a seamless collaboration among highly experienced and dedicated Company teams to support its world-class R&D capabilities. Company's global sales digital platform provides a full suite of luxury retailing experiences, including a virtual showroom for the brand and its products, an inquiry, order, purchasing, and customization platform, and a reservation system for test drives, product delivery, aftersales services, among others. Company also creates online forums in various geographic markets for customers to engage, search, communicate, and interact. Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. Customers can also reserve test-driving sessions and have access to the digital payment system, aftersales services, and software updates. Master Distribution Agreement with Subsidiary B Pursuant to the Distribution Agreement entered into by and between Subsidiary B, the entity carrying out Subsidiary B’s sportscar manufacturing operations, and Subsidiary A, 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 vehicles, parts, and certain tools, and to provide aftersales services, branding, marketing, and public relations for such vehicles, parts, and tools distributed by Subsidiary B. 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 Company International Limited 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 Eletre, Emeya, 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 Evija (battery electric vehicle sports car) and Emira (internal combustion engine sports car). The company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury OEMs. Company commenced deliveries of Eletre in 2023. The company's second lifestyle production vehicle, Emeya, was launched in September 2023, and Company began deliveries of Emeya in March 2024. In addition to Eletre and Emeya, Company plans to introduce two new models in the near future. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA, which is a newly debuted self-developed BEV platform initially based on the same foundation of Sustainable Experience Architecture, the world’s first open-source BEV architecture. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury OEMs. Company commenced deliveries of Eletre in China and Europe in 2023, and planning is underway for deliveries to the U.S. and the rest of the world. Company's second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of Emeya began in March 2024. Under the provisional scheme, manufacturers already in possession of an EU type approval under the Whole Vehicle Type Approval referenced above can obtain type approval in the United Kingdom by providing the Vehicle Certification Agency with: (i) a list of type approvals for vehicle types they intend to place on the market in Great Britain, and (ii) the corresponding EU type approval certificates. As of the date of this prospectus, Company has acquired United Kingdom type approval for the Eletre, and the type approval for the Emeya is in process. The Eletre is the first of Company's new breed of pure electric SUVs. It is the company's first lifestyle vehicle, which aims to set the standard for future lifestyle vehicles. The five-seater (four-seater as optional) measures 5,103 millimeters in length with a 3,019-millimeter wheelbase, providing customers with a spacious and comfortable riding experience. The Eletre comes with five standard drive modes, switchable by adjusting the front and rear wheel steering, damper settings, chassis control system, propulsion strategies, and accelerator pedal response. Efficient aerodynamics have historically been at the heart of the Company brand. A significant element of the exterior design of the Eletre is porosity, which essentially allows air to flow through the vehicle as opposed to being pushed around it, reducing air resistance and delivering a more efficient journey in terms of improved vehicle range, speed, performance, and design aesthetics. The Eletre’s interior brings a comfortable and luxurious feeling to passengers, configuring highly durable materials and an immersive infotainment system. The Eletre is equipped with a 15.1-inch high-definition OLED screen that works in tandem with the digital passenger display and provides access to its advanced infotainment system. Company brings customers a luxury retailing experience through a digital-first, omni-channel sales model to establish and develop direct relationships with customers, covering the entire spectrum of customer experience, both physically and virtually. Company operates premium stores in high-footfall locations, providing personalized and exclusive services to create a luxurious purchasing experience for customers. The global sales digital platform provides a full suite of luxury retailing experiences, including a virtual showroom of the Company brand and products, an inquiry, order, purchasing, and customization platform, and a reservation system for test driving, product delivery, aftersales services, among others. Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. In addition to the fully digitalized online retail model supported by the Company App, Company adopts a direct sales model and has established co-partnership programs with some of the leading automotive dealers across all regions to expand its presence rapidly in an asset-light manner. As part of the Company brand’s philosophy of “born British and raised globally,” Company has developed a global sales and distribution network. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors and targeting to become the first traditional luxury auto brand to achieve a 100% BEV product portfolio by 2027. Company launched its first fully electric Hyper-SUV, the Eletre, in 2022. Beginning with the Eletre, all new car rollouts will be BEV models. Company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA, which is a newly debuted self-developed BEV platform initially based on the same foundation of Sustainable Experience Architecture, the world’s first open-source BEV architecture. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. The global luxury battery electric vehicle (BEV) market, as defined by BEVs with a manufacturer's suggested retail price (MSRP) of over US$80,000, is expected to grow rapidly. However, the global luxury BEV market is currently underserved, with only approximately 10 existing luxury BEV models, compared to over 100 internal combustion engine (ICE) luxury models, leaving consumers with limited choices. As an early mover in the global luxury BEV market, Company is leading the electrification transformation of this fast-growing luxury car segment, launching its E-segment BEV model years ahead of competitors. Company launched its first fully electric Hyper-SUV, the Eletre, in 2022. The company expects to capture market share and realize first mover advantages by addressing unfilled demands in the current market. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt EPA. Combining its technologically advanced platform with cutting-edge design, Eletre delivers leading performance in acceleration, driving range, and charging speed. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum of 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. 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. 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 Hyper OS is an operating system powering the advanced digital cockpit cabin installed in the Eletre, enabling Company to create next-generation real-time 3D digital mapping and graphing experiences. Company Hyper OS includes two Qualcomm 8155 System-on-Chips to provide accelerated graphic rendering and higher data transmission speeds. The Eletre will also debut a next-generation digital head unit, which is expected to provide fully customizable displays, hosted on an advanced driver information module. The Eletre is equipped with the latest connectivity technology, including 5G compatibility, which enables the performance and features of the vehicle to be continually updated and enhanced via over-the-air (OTA) updates. Eletre owners can connect to the vehicle via a smartphone app and access driving logs, vehicle and charge status, remote features, location services, and other functionalities. The Eletre also comes with navigation services, including EV routing, EV range assistant, and predictive routing, and provides a series of safety functions. In addition to standard safety features, the Eletre includes collision mitigation support (front and rear), traffic sign information, front and rear cross traffic alert, children presence detection, lane departure warning, and emergency rescue call. On September 12th, Company launched the Eletre Carbon in North America, with the manufacturer's suggested retail price starting from $229,900. This vehicle represents a high-performance variant specifically tailored for the North American market. The Eletre Carbon is expected to begin deliveries in the first half of 2025. This launch underscores Company's strategy of expanding its market reach with customizable, high-performance vehicles. New York – Oct 17, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its preliminary vehicle delivery results for the first nine months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 7,543 vehicles in the first nine months of 2024, representing a year-on-year increase of 134%. Global allocation in terms of deliveries remained well-distributed, with Europe, China, North America, and the Rest of the World regions each contributing about 20-35% of the total deliveries. In the third quarter of 2024, the Emeya (GT, Sedan) was delivered to Europe, whilst the Eletre (SUV) reached markets including the GCC, Japan, and Korea. In September, Company. revealed the Eletre Carbon, a high-performance variant tailored for the North American market with a starting price of $229,900. The deliveries of the Eletre Carbon are expected to commence in the first half of 2025. Deliveries of bespoke and collection versions of both the Eletre (SUV) and the Emeya (GT, Sedan) also commenced in the third quarter. Company offers three different versions of Eletre, namely, Eletre, Eletre S, and Eletre R, to satisfy the various demands of customers. Eletre R, in particular, generates a maximum 905 horsepower (hp) and can accelerate from 0 to 100 km/h in 2.95 seconds. Its 112-kWh battery pack offers a maximum WLTP range of 490 km and can be recharged from 10% to 80% in less than 20 minutes. While offering unrivaled performance, Eletre comes at a better value-for-money proposition — with an average MSRP higher than US$100,000 — compared to traditional luxury original equipment manufacturers (OEMs). Deliveries of Eletre commenced in China and Europe in 2023. Planning is underway for deliveries to the U.S. and the rest of the world. Company's second lifestyle production vehicle, Emeya, was launched in September 2023, and deliveries of Emeya began in March 2024. In addition to Eletre and Emeya, Company plans to launch two additional fully electric vehicles in the near future, including a D-segment SUV in 2025 and a BEV sports car in 2026. Powered by Company's high-power dual motor, Emeya can deliver an acceleration from zero to 100 km per hour in 2.8 seconds, making it one of the fastest electric GTs in the world. Equipped with Company's supercharging feature, Emeya can reach a range of 150 km with five minutes of charging time and boost up to 80% capacity within 18 minutes of charging time using a 350 kW direct current fast charger. In addition, Emeya has been meticulously designed with the latest sustainable materials to reduce the carbon footprint of its production. Company commenced deliveries of Emeya in China in March 2024 and expects to commence deliveries in Europe in the second half of 2024. The average MSRP of Emeya exceeds US$100,000. Company expects the annual sales volume of Emeya to be between 30,000 and 40,000 units starting from 2028. Future Models Company and Subsidiary A have entered into the Distribution Agreement pursuant to which a subsidiary of Company will be appointed as the global distributor for Subsidiary A. As such, Company has established a Global Commercial Platform to distribute Company branded vehicle models, including Eletre, Emeya, and future BEV models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary A, 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 December 31, 2023, Company had 215 stores in its global distribution network, and plans to expand its retail network to over 300 stores by 2025. Company launched the Eletre in 2022 and commenced deliveries of the Eletre in China and Europe in 2023. Company launched the Emeya in September 2023 and began deliveries in China in March 2024, expecting to begin deliveries in Europe in the second half of 2024. Company also started deliveries of the Evija in 2024. In addition, Company expects to launch new vehicle models in the near future as the company ramps up its business. Automobile manufacturers often experience delays in the design, manufacture, and commercial release of new vehicle models. Company plans to target a broader market with its future vehicles, and to the extent the company needs to delay the launch of its vehicles, its growth prospects could be adversely affected as it may fail to grow its market share. Company also plans to periodically perform facelifts or refresh existing models, which could also be subject to delays. Furthermore, Company relies on third-party suppliers for the provision and development of many of the key components and materials used in its vehicles. The Distribution Agreement also provides that each year Company and Subsidiary B will prepare business plans and annual targets taking into account historical sales figures, forecast demand, national, regional, and local trends, and Subsidiary B’s production capacity for the vehicles. Additionally, pursuant to the Distribution Agreement, existing stores and dealers of Subsidiary B are transferred to Company. As of June 30, 2024, Company had 207 stores in its global distribution network. Major vehicle models under the Distribution Agreement include Model A, Model B, and future lifestyle models, as well as certain sports car models that were or will be developed and manufactured by Subsidiary B, such as Model C (BEV sports car) and Model D (ICE sports car). In addition to standard safety features, the Eletre includes collision mitigation support (front and rear), traffic sign information, front and rear cross traffic alert, children presence detection, lane departure warning, and emergency rescue call. While customers may be able to cancel their orders, the deposit payment is typically non-refundable, except under specific conditions. See “Risk Factors   —   Risks Relating to Our Business and Industry   —   Company has received a limited number of orders for the Eletre, some of which may be cancelled by customers despite their deposit payment and online confirmation.” Company expects the annual sales volume of the Eletre to be between 40,000 to 50,000 units starting from 2026. Emeya Emeya (Type 133), a four-door luxury and performance vehicle, is Company's second lifestyle vehicle and first hyper grand tourer (hyper-GT) vehicle. Emeya is also one of the world’s most advanced electric hyper-GT vehicles. Emeya is developed based on the same advanced EPA architecture and adopts the same strong aerodynamics and intelligent driving system as the Eletre.