What are the ESG achievements of Company?
The driving change commitment includes significant reduction in carbon emissions throughout the business, substantial elimination of waste, driving efficient and sustainable use of resources in both operations and supply chains, and protecting and preserving natural environments. Counterparty A’s manufacturing plant adopted a water reuse system that replenishes the water volume of Company Lake by recycling roof rainwater. The lake water will be treated and used for greening, flushing, and landscaping. ● Inspiring the next generation. To help engage the next generation of Company colleagues, Company leverages its unique global appeal and stimulates the ambitions of the next generation, especially in the creative science, technology, engineering, art, and mathematics subjects. Company helps carry out educational outreach programs and works with communities outside the core business to provide support and stability within those environments. Company also adopts and aligns its strategy to external frameworks including the UN Global Compact, including commitments to transparent, responsible, and ethical business management. Company released its first annual ESG Report on October 25, 2023, which documented its ESG strategy and highlighted its 2022 ESG achievements as part of Company’s advancement into an intelligent and sustainable luxury mobility provider under the brand’s Vision80 strategy. The strategy focuses on six key fields: Nature Positive, Climate Neutrality, Sustainable Supply Chain, Inclusion and Equality, Community Commitment, and Transparent Governance. Company joined the United Nations Global Compact (UNGC) in May 2023 and has set targets aligned with the United Nations Sustainable Development Goals (SDGs) for each field, embedding actionable frameworks into its operations to achieve the global goals. In June 2024, Company was recognized by the Global Zero Carbon City Pioneer Awards at the 2024 Shanghai International Carbon Neutrality Expo for its innovation and exceptional commitment to sustainability and responsible business practices. Additionally, Company was nominated as a finalist in the business and operations transformation categories at the Reuters Sustainability Awards 2024, demonstrating global recognition of its holistic approach to sustainability. Company has worked with Counterparty A to carry out a series of energy-saving and emission reduction measures at Counterparty A’s manufacturing plant, including adopting the design of a dry box spray room, the establishment of photovoltaic power generation, waste gas incineration, rainwater collection, water reuse, waste heat utilization, and other green facilities. The photovoltaic power generation system at Counterparty A’s manufacturing plant has a capacity of over 16 million kWh. Company also targets to achieve carbon neutrality (Scope 1, 2, and 3) by 2038. Scope 1 and 2 refer to emissions that are owned or controlled by Company, whereas Scope 3 emissions are those that occur from sources not owned or controlled by Company but as a consequence of its activities. The driving change commitment includes significant reduction in carbon emissions throughout the business, substantial elimination of waste, driving efficient and sustainable use of resources in both operations and supply chains, and protecting and preserving natural environments. Counterparty A’s manufacturing plant adopted a water reuse system that replenishes the water volume of Company Lake by recycling roof rainwater. The lake water will be treated and used for greening, flushing, and landscaping. ● Inspiring the next generation. Being at the forefront of electrification and decarbonization, Company leads the electrification transformation of the luxury car segment and adheres to the highest international ESG standards with an ESG rating of A- by SynTao Green Finance, which awarded A- and above ranking to only 7% of listed companies in its radar. The photovoltaic power generation system at Company Global Smart Factory generated more than 9,800 MWh in 2023. Company also targets to achieve carbon neutrality across the entire value chain by 2038. Company believes its commitment to sustainability will resonate with customers who share the same values and vision. Luxury retailing experience and omni-channel sales model. Company adopts a digital-first, omni-channel sales model that uses digital channels and physical retail services to provide a seamless and unified experience to customers. The Company App offers customizable services on the digital platform, providing great flexibility and scalability in response to market and customer requirements. In addition, Company adopts a direct sales model and has established co-partnership programs with leading automotive dealers across all regions. Company believes such arrangements can help the company expand quickly while maintaining customer intimacy. Global, experienced, and visionary leadership. For parts requiring special designs, Company reviews design proposals and chooses largely based on design-related factors. However, in certain cases, Company has limited choices given its scale, such as battery cell packages, so in such circumstances, Company typically partners with suppliers that it believes to be well-positioned to meet its needs. In addition, when part suppliers are selected, Company has established certain environmental guidelines in accordance with its ESG strategies and goals. Company has operations across the UK, the EU, and China. The company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class research and development in next-generation automobility technologies such as electrification, digitalization, and more. For more information about Company, please visit [website]. Company achieved significant operational efficiency in 2024 by reducing operating expenses for four consecutive quarters. This focus on streamlining operations contributed to their robust performance throughout the year. The company also made notable progress in ESG (Environmental, Social, and Governance) achievements. Company was highly commended at the Reuters Sustainability Awards 2024, leading the electric vehicle industry within the Reuters Vision 2045 Campaign. Additionally, Company won the 2024 EUCCC Sustainable Business Award and the Green Apple Award for its excellent environmental practices. Further underscoring its commitment to sustainability, Company presented a sustainable supplier management case during the Shanghai Climate Week 2024. This was part of the Climate Tech in Focus Report, slated for release at COP29. To help engage the next generation of Company colleagues, Company leverages its unique global appeal and stimulates the ambitions of the next generation, especially in the creative science, technology, engineering, art, and mathematics subjects. Company helps carry out educational outreach programs and works with communities outside the core business to provide support and stability within those environments. Company also adopts and aligns its strategy to external frameworks including the UN Global Compact, including commitments to transparent, responsible, and ethical business management. Company released its first annual ESG Report on October 25, 2023, which documented its ESG strategy and highlighted its 2022 ESG achievements as part of Company’s advancement into a fully electric, intelligent, and sustainable luxury mobility provider under the brand’s Vision80 strategy. The strategy focuses on six key fields: Nature Positive, Climate Neutrality, Sustainable Supply Chain, Inclusion and Equality, Community Commitment, and Transparent Governance. Company joined the United Nations Global Compact (UNGC) in May 2023 and has set targets aligned with the United Nations Sustainable Development Goals (SDGs) for each field, embedding actionable frameworks into its operations to achieve the global goals. Through the plant's automated system, the manufacturing process parameters and parts information are monitored for process control and traceability. Guided by the same principle of the Company brand and in collaboration with Subsidiary B, the new Environmental, Social and Governance (ESG) Charter formalizes the activities that Company has been carrying out. As Company transforms rapidly to become a global pioneer of electric performance vehicles, the company recognizes its responsibility to do so in ways that lead the industry in minimizing its impact on the environment, benefiting society and the planet as a whole. ● Focus on electric vehicles. The Eletre, the latest model in Company's new generation of vehicles, marks the company's transition to a broader line-up of electric vehicles. Guided by the same principle of the Company brand and in collaboration with Subsidiary B, the new Environmental, Social and Governance (ESG) Charter formalizes the activities that Company has been carrying out. As Company transforms rapidly to become a global pioneer of electric performance vehicles, the company recognizes its responsibility to do so in ways that lead the industry in minimizing its impact on the environment, benefiting society and the planet as a whole. ● All electric. The first of Company's core Environmental, Social and Governance (ESG) commitments is that, throughout the Company product line, all future new mainstream vehicles from Company and from Subsidiary B will be fully electric. The latest of Company's new generation of vehicles marks the company's transition to a full line-up of electric vehicles. ● Carbon-neutral sustainable development. Company plans to achieve its goal of becoming a carbon-neutral company through sustainability in the design of products. Manufacturing sustainability is of high importance to Company. Minimizing environmental impacts is one of the most important targets of the manufacturing plant from the very beginning. Carbon-neutral sustainable development. Company plans to achieve its goal of becoming a carbon-neutral company through sustainability in the design of products. Manufacturing sustainability is of high importance to Company. Minimizing environmental impacts is one of the most important targets of the manufacturing plant from the very beginning. Company has worked with Counterparty A to carry out a series of energy-saving and emission reduction measures at Counterparty A’s manufacturing plant, including adopting the design of a dry box spray room, the establishment of photovoltaic power generation, waste gas incineration, rainwater collection, water reuse, waste heat utilization, and other green facilities. The photovoltaic power generation system at Company Global Smart Factory generated more than 9,800 MWh in 2023. Company also targets to achieve carbon neutrality across the entire value chain by 2038. Scope 1 and 2 refer to emissions that are owned or controlled by Company, whereas Scope 3 emissions are those that occur from sources not owned or controlled by Company but as a consequence of its activities.
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. The core principles and Company DNA at the heart of Company come from more than 70 years of sports car design and engineering. The concepts of aerodynamics and lightweight sports car design are highly distinguished and have been an essential part of the Company brand’s ethos. Since its inception, Team Company has won multiple Formula 1 championships, including 6 “FIA Formula 1 Drivers’ World Championships,” 7 “FIA Formula 1 Constructors’ World Championships,” and 81 “FIA Formula 1 Grand Prix Wins.” The Company brand was also awarded “Luxury Brand of the Year” at the prestigious “Luxury Briefing Awards 2019,” while the Evija received a “2020 MUSE Global Design Award.” Proprietary next-generation technology built on world-class research and development capabilities. Company has consistently been a technological pioneer in the automotive industry over the past seven decades. The exceptional technologies of Company are demonstrated by its proprietary 800-volt EPA architecture, which entails supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. For example, Company has designed 17 kinds of welding processes to realize lightweight vehicle mass production. The lightweight design enables BEV models to have faster straight-line acceleration, increased range, and extraordinary handling. Company has a dedicated global team to support its R&D activities with a sizable scale and comprehensive functionalities, covering all major technological perspectives. The company's approach to innovation demonstrates an interconnected global collaboration among highly experienced and dedicated Company teams across Europe and China, each with different technological focuses. Company's research and development efforts are focusing on the development of key EV technologies while benefiting from the technological support from the Counterparty A Holding ecosystem. Company intends to continually develop cutting-edge technologies, including its 800-volt EPA architecture and hardware, algorithms, and software system to enhance the competitiveness of its vehicles. Company also plans to monetize its R&D capabilities by licensing its intellectual properties and software via subscriptions to other luxury auto brands. Since its inception, Team Company has won multiple Formula 1 championships, including 6 “FIA Formula 1 Drivers’ World Championships,” 7 “FIA Formula 1 Constructors’ World Championships,” and 81 “FIA Formula 1 Grand Prix Wins.” The Company brand was also awarded “Luxury Brand of the Year” at the prestigious “Luxury Briefing Awards 2019,” while the Evija received a “2020 MUSE Global Design Award.” Proprietary next-generation technology built on world-class research and development capabilities. Company has consistently been a technological pioneer in the automotive industry over the past seven decades. The company's exceptional technologies are demonstrated by its proprietary 800-volt EPA architecture, which entails supercharging capabilities, high energy conservation, and high-speed data transmission, with high adaptability that can accommodate varying battery sizes, motors, and component layouts across vehicle classes. Additionally, Company possesses leading Advanced Driver Assistance Systems (ADAS) technology with fully embedded Level 4-ready hardware capability, enabled by the world’s first deployable LiDAR system, five 360° perception coverage, and a self-developed software system for cognition, decision-making, design, and control algorithms. The operating system, Company Hyper OS, utilizes technology to create real-time 3D content for passengers. [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. 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. [Table Level]  
- Table Title: Analysis of Operating Expenses and Government Grants  
- Table Summary: The table provides a comparison of Company's operating expenses and government grants for the years ended December 31, 2021, and 2022. It details the changes in financial figures in US dollars and percentages, highlighting notable trends across different categories of expenses and grants.  
- Context: Before the table, it is noted that the increase in cost of revenues was due to higher sales and services, leading to increased gross profit and margin. After the table, research and development expenses are discussed in detail, noting a significant decrease.  
- Special Notes: Values are presented in thousands, with changes also shown as percentages. Negative values are enclosed in parentheses.  

[Row Level]  
Row 1: In 2022, research and development expenses were US$445,844, a decrease of US$65,520 or 12.8% compared to US$511,364 in 2021.  

Row 2: Selling and marketing expenses rose significantly by US$113,265 or 297.5%, from US$38,066 in 2021 to US$151,331 in 2022.  

Row 3: General and administrative expenses increased by US$93,606 or 170.9%, reaching US$148,369 in 2022 compared to US$54,763 in 2021.  

Row 4: Government grants decreased by US$434,870 or 88.6%, from US$490,694 in 2021 to US$55,824 in 2022.  

Row 5: The total change in operating expenses and government grants was an increase of US$576,221 or 507.7%, with total expenses going from US$113,499 in 2021 to US$689,720 in 2022. 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 wholly-owned R&D facilities across Europe and China demonstrate a seamless collaboration among highly experienced and dedicated Company teams to support its world-class R&D capabilities. Company 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 its 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, and aftersales services, among others. Customers are offered a wide range of options for customization, including exterior, interior, and other functions and features. The following tables present Company's selected consolidated and combined financial data. Company prepares its consolidated and combined financial statements in accordance with U.S. GAAP. The selected consolidated and combined statements of comprehensive loss data for the years ended December 31, 2023, 2022, and 2021, the selected consolidated and combined balance sheets data as of December 31, 2023, and 2022, and the selected consolidated and combined statements of cash flows data for the years ended December 31, 2023, 2022, and 2021 have been derived from Company's audited consolidated and combined financial statements for the years ended December 31, 2023, 2022, and 2021, which are included elsewhere in this prospectus. Company's historical results for any prior period are not necessarily indicative of results expected in any future period. The financial data set forth below should be read in conjunction with, and is qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the consolidated and combined financial statements and notes thereto included elsewhere in this prospectus. Company plans to launch a well-balanced portfolio of new models with exceptional performance in the coming years to broaden its customer base, in particular high net worth individuals and the tech-savvy younger generations, and expand its product breadth. Company plans to introduce two new models in the near future. Company also intends to upgrade its models to equip its vehicles with innovative technology and design. Focus on sustainability and lead in electrification. As a leader in the electrification transformation of the luxury car segment, Company has launched its E-segment battery electric vehicle (BEV) model years ahead of its competitors and plans to continue launching its other BEV models. As part of its sustainability commitment, Company aims to achieve carbon neutrality by 2038. Company expects to continue focusing on sustainability leadership through waste reduction and the ongoing adoption of renewable energy and recyclable materials. In addition, Company launched the “Win26” plan, aiming to achieve positive EBITDA in 2026 by further optimizing its internal processes and structures, implementing overall cost measures, and recalibrating its product plans to cater to globally diversified markets. To enhance the connectivity functions within the vehicle, Company has onboarded 5G high-speed mobile networks for external downloads and gigabit ethernet for efficient internal connections among vehicle modules. The Bluetooth 5.2 and ultra-wideband digital keys serve as critical supplements to vehicle connectivity functions for high-quality data transfer. Engineering Design The lightweight vehicle design and vehicle aerodynamics are the most noteworthy engineering features of Company's BEV models. Company also provides engineering design consultancy services to external OEMs. ● Aerodynamic efficiency. Company has proprietary and patented technologies related to aerodynamics, including wedge-shaped car designs, air intakes, and airfoils, and the electric vehicle portfolio inherits the aerodynamics design heritage. For example, the unique porosity design can reduce the low drag coefficient of the Eletre to 0.26, making it easier to pass through the surrounding air. In addition, the active rear spoiler and active air intake grille designs enable the Eletre to achieve considerable vehicle downforce for optimal stability at high speeds. ● Lightweight vehicle design. The “lightweight” design philosophy is key to Company's heritage, and the company continues to innovate in the use of materials and in designing new processes to reduce the vehicle's weight. Affordable green technologies. The green credentials of the technology on show in the Eco Elise were analyzed throughout the lifecycle of the car. A green gear change display was integrated into the dashboard to promote greener driving, as well as a weight reduction program, illustrating the holistic approach taken. The energy expended to manufacture the car was re-evaluated, working to the 3R's - Reduce, Reuse, and Recycle. Person A, CEO of Subsidiary A, commented, "This Eco Elise is a great example of the advanced and affordable green technologies Company has been developing. We are at the cutting edge of environmental technology and are determined to push forward with our green agenda. The Company brand values of lightweight, fuel efficient, and high performance are more relevant today than they ever have been." The green materials sourced for the Eco Elise were carefully studied to ensure that each reduced the environmental impact of the vehicle. The life of the components was analyzed during the production stage, in-use, and at the end of the vehicle’s life. The technology used aimed to offer lower emissions of both solvents and CO2 in the vehicle’s lifecycle, with reductions in energy consumed during manufacture. Company intends to continuously develop and enhance proprietary cutting-edge technologies, including its 800-volt EPA architecture and hardware, algorithm, and software systems to enhance the competitiveness of its vehicles, supported by continuous R&D investment. All of Company's proprietary technologies are built with the principle of “For the Drivers,” while inheriting its unique design language and philosophy. Company is in the process of transforming from a British sports car company to a global pioneer of high-performance lifestyle electric vehicles and has set high quality and safety standards for and makes continuous improvements on its vehicles and technologies, including its sensory hardware and ADAS software. Company also plans to monetize its R&D capabilities by licensing its intellectual properties to other luxury auto brands and providing ADAS software subscriptions to its customers. Continue to launch new models and upgrade existing models. The successful launches of new models are critical for Company to continue capturing market share in the luxury battery electric vehicle (BEV) market and strengthening its leadership position. Company'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: 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. 2008. With the announcement "Company Elise Trackday Warrior Turns Eco Warrior," the Eco Elise was displayed in the Greener Driving Pavilion at the British Motor Show in July 2008. The project displayed a range of affordable green technologies that were intended to be feasible as well as production viable in the near term future, and focused on developments in sustainable materials, cleaner manufacturing processes, renewable energy generation, reducing carbon miles, efficient driving techniques, and of course, vehicle weight reduction. Capitalising on great strides forward in green technology, the Eco Elise project promoted a different perspective on "green," one which did not revolve solely around tailpipe CO2. This holistic approach was keeping within the progressive Company culture, driving Company to become the world’s green automotive consultancy. Sustainable materials, hemp, eco wool, and sisal were developed for body panels and trim, and combined with hi-tech water-based paint solutions, showcased new affordable green technologies. The green credentials of the technology on show in the Eco Elise were analyzed throughout the lifecycle of the car. A green gear change display was integrated into the dashboard to promote greener driving, as well as a weight reduction program, illustrating the holistic approach taken. [Table Level]
- Table Title: Consolidated and Combined Cash Flows
- Table Summary: The table outlines the cash flow activities of Company for the six months ended June 30, 2024, and 2023, as well as for the years ended December 31, 2023, 2022, and 2021. It includes details on operating, investing, and financing activities, as well as the changes in cash due to exchange rate fluctuations, and summarizes the net changes in cash and restricted cash over these periods.
- Context: The financial data is derived from both audited and unaudited consolidated and combined financial statements, intended to provide insights into past performance that may not necessarily predict future results.
- Special Notes: All amounts are in thousands of US dollars. Differences in cash due to exchange rate changes are accounted for.

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

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

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

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

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

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

Row 7: At the end of the period, cash and restricted cash amounted to US$643,815 as of June 30, 2024, and US$729,027 for 2023. At year-end, these amounts were US$427,135 in 2023, US$739,533 in 2022, and US$531,452 in 2021. Company has a 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. 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: 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. Counterparty A Holding, a global mobility technology group with a proven track record in seeding BEV brands, has successfully incubated and revitalized a series of world-renowned brands with attractive financial profiles, including Volvo, Polestar, LYNK&CO., and Zeekr. Positioned as the only Counterparty A Holding-affiliated brand with sports car DNA, Company has received comprehensive support from Counterparty A Holding in manufacturing, supply chain, research and development (R&D), logistics infrastructure, and human capital, and is in the process of transforming from a British sports car company to a global pioneer of high-performance electric vehicles to bridge the gap between traditional sports cars and a new generation of electric vehicles. Eletre is a luxury lifestyle E-segment SUV powered by Company's 800-volt Electrical Performance Architecture, or 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. This Code applies to all directors, officers, employees, and consultants of Company, whether they work for Company on a full-time, part-time, consultative, or temporary basis (each, an “employee” and collectively, the “employees”). Certain provisions of the Code apply specifically to the chief executive officer, chief financial officer, other executive officers, senior vice presidents, vice presidents, and other members of the management of Company who have reached a certain level of seniority (each, a “senior employee,” and collectively, the “senior employees”). Certain provisions of the Code apply to relevant third parties in assistance with Company’s business. As Company’s highest governing body overseeing environmental, social, and governance (“ESG”) matters, the Board monitors and supervises business ethics pertaining to ESG matters. The Board of Directors of Company (the “Board”) has appointed the Chief Financial Officer as the Compliance Officer for Company (the “Compliance Officer”). If employees have any questions regarding the Code or would like to report any violation of the Code, please contact the Compliance Officer via email, report via Company’s “Compliance Reporting Platform,” or through other channels of communication. 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 is a pioneering luxury battery electric vehicle (BEV) maker that designs and develops luxury lifestyle vehicles (non-sports car vehicles for daily usage) under the iconic British brand “Company” and sells all Company-branded cars. With over seven decades of racing heritage and proven leadership in the automotive industry, the Company brand symbolizes market-leading standards in performance, design, and engineering. Fusing proprietary next-generation technology built on world-class research and development capabilities and an asset-light model empowered by Counterparty A, Company is breaking new ground in electrification, digitization, and intelligence. The Company brand was founded in the U.K. in 1948 and has since established itself as a high-performance sports car brand with innovative engineering and cutting-edge technologies, renowned for its superior aerodynamics and lightweight design. The Company brand was born out of legendary success on the racetrack, including 13 FIA Formula 1 world titles and many other championship honors. In 2017, Counterparty A acquired a 51% stake in Subsidiary A and further positioned the company as a luxury lifestyle battery electric vehicle (BEV) maker. Company is a leading global intelligent and luxury mobility provider that designs and develops luxury lifestyle vehicles (non-sports car vehicles for daily usage) under the iconic British brand “Company” and sells all Company-branded cars. With over seven decades of racing heritage and proven leadership in the automotive industry, the Company brand symbolizes market-leading standards in performance, design, and engineering. Fusing proprietary next-generation technology built on world-class research and development capabilities and an asset-light model empowered by Counterparty A, Company is breaking new ground in electrification, digitization, and intelligence. The Company brand was founded in the U.K. in 1948 and has since established itself as a high-performance sports car brand with innovative engineering and cutting-edge technologies, renowned for its superior aerodynamics and lightweight design. The Company brand was born out of legendary success on the racetrack, including 13 FIA Formula 1 world titles and many other championship honors. In 2017, Counterparty A acquired a 51% stake in Subsidiary A and further positioned the company as a luxury lifestyle battery electric vehicle (BEV) maker. [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). What is the gross margin outlook and reasons? Specific measures include: Maintain luxury positioning and a unified pricing strategy to protect brand value, continuously enhance brand desirability and used vehicle value. ◼ Company will adjust product plans (such as high-performance special editions, limited editions, etc.) to cater to diverse global markets. ◼ Optimize operations and organizational structure to achieve cost initiatives while ensuring a premium customer experience. Company operates in an industry that is subject to extensive sustainability and environmental-related regulations, which have become more stringent over time and are expected to become more extensive in the future. The laws and regulations to which Company is or may become subject govern, among other things: water use; air emissions; use of recycled materials; energy sources; the storage, handling, treatment, transportation, and disposal of hazardous materials; the protection of the environment, natural resources, and endangered species; responsible mineral sourcing; due diligence transparency; environmental reporting; and the remediation of environmental contamination. Compliance with such laws and regulations at an international, regional, national, state, provincial, and local level is and will be an important aspect of Company's ability to continue operations. Many countries have announced a requirement for the sale of zero-emission vehicles only within proscribed timeframes, some as early as 2035, and Company, as an electric vehicle developer, aims to comply with these requirements across its entire upcoming product portfolio as it expands. All vehicle manufacturers are required to comply with the applicable emission regulations in each jurisdiction in which they operate. [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. The environmental impact of the vehicle was analyzed, focusing on the life of the components during the production stage, in-use, and at the end of the vehicle's life. The technology used aimed to offer lower emissions of both solvents and CO2 throughout the vehicle's lifecycle, with reductions in energy consumed during manufacture. The renewable materials incorporated into the project provided natural, biodegradable, and engineering materials, illustrating Company' capability to utilize new, advanced materials, as well as the flexibility of their manufacturing facilities. Cleaner manufacturing processes were also sought, such as utilizing the latest water-based paint technology to reduce emissions of solvents from the paint shop. Solar panels were integrated into the hard top to help power the electrical systems and provide a means of renewable energy generation. 

Eco Elise Type 111:
- Horsepower: 232 [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. [Table Level]
- Table Title: Financial Performance Metrics
- Table Summary: The table presents adjusted net loss and adjusted EBITDA for varying periods. It provides a year-on-year comparison for specific financial metrics including net loss, interest expenses, interest income, income tax expense, share-based compensation expenses, and depreciation, expressed in thousands of US dollars.
- Context: The surrounding context emphasizes the need to evaluate adjusted net loss and adjusted EBITDA alongside comparable GAAP measures and other complete financial information. Company's revenue growth is highlighted as a key performance driver.
- Special Notes: All values are in thousands of US dollars. Share-based compensation expenses are significant and highlighted for the periods specified.

[Row Level]

Row 1: For the six months ended June 30, 2024, the net loss was $(460,252) thousand, compared to $(352,942) thousand for the same period in 2023. For the year ended December 31, 2023, the net loss was $(750,255) thousand, compared to $(724,563) thousand in 2022, and $(110,531) thousand in 2021.

Row 2: Share-based compensation expenses were $35,894 thousand for the six months ended June 30, 2024, and there were no expenses in 2023. For the year ended December 31, 2023, share-based compensation expenses were not listed, but they were $10,625 thousand in 2022 and none in 2021.

Row 3: The adjusted net loss was $(424,358) thousand for the six months ended June 30, 2024, compared to $(352,942) thousand in 2023. For the year ended December 31, the adjusted net loss was $(750,255) thousand in 2023, $(713,938) thousand in 2022, and $(110,531) thousand in 2021.

Row 4: Net loss figures repeat here with $(460,252) thousand for June 30, 2024, and $(352,942) thousand for 2023, and $(750,255) thousand, $(724,563) thousand, and $(110,531) thousand for December 31 years 2023, 2022, and 2021 respectively.

Row 5: Interest expenses stood at $11,708 thousand for the six months ended June 30, 2024, compared to $3,470 thousand in 2023. For the year ending December 31, the expenses were $10,200 thousand in 2023, $8,542 thousand in 2022, and $3,615 thousand in 2021.

Row 6: Interest income was $(8,658) thousand for the six months ending June 30, 2024, compared to $(5,848) thousand in 2023. Interest income was $(9,204) thousand for the year ending 2023, $(12,188) thousand for 2022, and $(6,219) thousand for 2021.

Row 7: The income tax expense was $355 thousand for the six months ended June 30, 2024, compared to $(18) thousand in 2023. For full years, there was $1,113 thousand tax in 2023, $292 thousand in 2022, and $1,853 thousand in 2021.

Row 8: Share-based compensation was $35,894 thousand for the six months ended June 30, 2024, with no expenses in 2023. December 31 year-end figures were missing for 2023 but were $10,625 thousand in 2022 and none in 2021.

Row 9: Depreciation expense was $39,286 thousand for June 30, 2024, compared to $22,641 thousand in 2023. Depreciation expense was $54,957 thousand for year-end 2023, $12,790 thousand for 2022, and $2,056 thousand for 2021.

Row 10: Adjusted EBITDA showed a negative $(381,667) thousand for the six months ended June 30, 2024, compared to $(332,697) thousand in 2023. For the year ended December 31, adjusted EBITDA was $(693,189) thousand in 2023, $(704,502) thousand in 2022, and $(109,226) thousand in 2021. [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 $(109,226) for 2021. [Table Level]
- **Table Title**: Results of Operations for the Years Ended December 31
- **Table Summary**: The table presents a detailed breakdown of Company's financial performance for the years 2023, 2022, and 2021, including revenues, costs, operating expenses, and net income metrics. It highlights significant figures such as total revenues, cost of sales, operating expenses, and net loss across these years.
- **Context**: Company's subsidiaries in the U.K., Netherlands, and Germany are subject to varying maximum income tax rates. Non-GAAP measures like adjusted net loss and adjusted EBITDA provide insights into financial and operational performance.
- **Special Notes**: All figures are in thousands of US dollars (US$).

[Row Level]
- **Row 1**: "In 2023, sales of goods amounted to US$ 660,158, compared to US$ 1,186 in 2022 and US$ 369 in 2021."
- **Row 2**: "Service revenues in 2023 were US$ 18,850, growing from US$ 8,371 in 2022 and US$ 3,318 in 2021."
- **Row 3**: "Total revenues for 2023 reached US$ 679,008, significantly higher than US$ 9,557 in 2022 and US$ 3,687 in 2021."
- **Row 4**: "The cost of goods sold in 2023 amounted to US$ 564,741, with US$ 948 in 2022 and US$ 331 in 2021."
- **Row 5**: "Cost of services was US$ 12,086 in 2023, decreasing from US$ 6,302 in 2022 and US$ 2,799 in 2021."
- **Row 6**: "Total cost of revenues for 2023 was US$ 576,827, while it was US$ 7,250 in 2022 and US$ 3,130 in 2021."
- **Row 7**: "Gross profit in 2023 equaled US$ 102,181, contrasting with US$ 2,307 in 2022 and US$ 557 in 2021."
- **Row 8**: "Research and development expenses were US$ 368,729 in 2023, compared to US$ 445,844 in 2022 and US$ 511,364 in 2021."
- **Row 9**: "Selling and marketing expenses reached US$ 328,935 in 2023, increasing from US$ 151,331 in 2022 and US$ 38,066 in 2021."
- **Row 10**: "General and administrative expenses were US$ 144,533 in 2023, compared to US$ 148,369 in 2022 and US$ 54,763 in 2021."
- **Row 11**: "Government grants amounted to US$ 4,077 in 2023, down from US$ 55,824 in 2022 and US$ 490,694 in 2021."
- **Row 12**: "Total operating expenses for 2023 were US$ 838,120, compared to US$ 689,720 in 2022 and US$ 113,499 in 2021."
- **Row 13**: "Operating loss in 2023 was US$ 735,939, compared to US$ 687,413 in 2022 and US$ 112,942 in 2021."
- **Row 14**: "Interest expenses were US$ 10,200 in 2023, compared to US$ 8,542 in 2022 and US$ 3,615 in 2021."
- **Row 15**: "Interest income in 2023 was US$ 9,204, an increase from US$ 12,188 in 2022 and US$ 6,219 in 2021."
- **Row 16**: "Net investment loss was US$ 1,162 in 2023, with losses of US$ 3,246 in 2022 and gains of US$ 2,229 in 2021."
- **Row 17**: "Foreign currency exchange losses were US$ 1,048 in 2023, compared to US$ 2,762 in 2022 and gains of US$ 798 in 2021."
- **Row 18**: "The change in fair value of liabilities was US$ 42 in 2023, compared to a loss of US$ 11,505 in 2022."
- **Row 19**: "Loss before income taxes in 2023 was US$ 749,142, compared to US$ 724,271 in 2022 and US$ 108,678 in 2021."
- **Row 20**: "Income tax expense was US$ 1,113 in 2023, compared to US$ 292 in 2022 and US$ 1,853 in 2021."
- **Row 21**: "The net loss in 2023 was US$ 750,255, compared to US$ 724,563 in 2022 and US$ 110,531 in 2021." What is the gross margin outlook and reasons? Company will achieve positive EIBTDA and cash flow by 2026 through tactical adjustments and a series of measures implemented through the Win26 program. [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. 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. 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. Deliveries of Eletre commenced in 2023. 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 introduce two new models in the near future. 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 Electrical Performance Architecture (EPA) is a high-performance platform for luxury electric vehicles, which was developed over five years of R&D efforts. The EPA 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. [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). [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. Company believes it benefits from a number of competitive advantages: Early mover in the luxury BEV market. Company is well positioned to capitalize on the rapid growth of the global luxury BEV market and address unmet demand by offering a portfolio of BEV models. Company operates at the “sweet-spot” within the luxury BEV segment by providing vehicles with a target price range between US$80,000 to US$149,000, which represents the largest volume contributor to the luxury BEV segment. Additionally, the global luxury BEV market is underserved due to limited availability of models. As an early mover in the luxury BEV market, Company has launched its E-segment BEV model years ahead of competitors and expects to continue launching its BEV models, anticipating significant early mover advantages in terms of electrification progress compared to other brands. Iconic brand with racing heritage. The core principles and Company's DNA at the heart of the company come from more than 70 years of sports car design and engineering. The concepts of aerodynamics and lightweight sports car design are highly distinguished and have been an essential part of the Company brand’s ethos.