What are the sales figures for Company from January to October 2024?
New York – November 12, 2024 – Company. (“Company” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its vehicle delivery results for the first ten months of 2024. Company. continues to achieve top-rate growth among traditional luxury car brands, delivering 8,631 vehicles in the first ten months of 2024. Europe and China continued to be the major markets for Company, with each region contributing about 35% and 25% of the total deliveries, respectively. In October, Company. started an open beta test for its urban NOA (Navigate on Autopilot) in key cities. Certain over-the-air updates of intelligent driving, including highway assistant driving functions, were launched in Europe. As previously announced, Subsidiary A, Company's intelligent driving arm, provides intelligent driving solutions with global coverage to both Company-brand intelligent vehicles and other global leading auto conglomerates such as Counterparty A, Counterparty B, and a top Japanese Tier-one supplier. In October, Company. was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry. Note 1: Invoiced deliveries, including commissioned deliveries in the US market.
(All amounts in thousands)  

Short-term borrowings from third parties amounted to $703,130 as of September 30, 2024, and $226,772 as of December 31, 2023. Accounts payable to third parties were $56,425 on September 30, 2024, compared to $20,123 on December 31, 2023. Accounts payable to related parties totaled $492,599 as of September 30, 2024, and were $340,419 as of December 31, 2023. Contract liabilities to third parties were reported as $48,390 on September 30, 2024, and $44,184 on December 31, 2023. Operating lease liabilities owed to third parties stood at $12,423 as of September 30, 2024, while they were $16,760 on December 31, 2023. Third-party accrued expenses and other current liabilities amounted to $366,762 on September 30, 2024; comparatively, these were $419,422 on December 31, 2023. Accrued expenses and other current liabilities to related parties were $231,067 on September 30, 2024, and $290,686 on December 31, 2023. As of September 30, 2024, there were no exchangeable notes, while as of December 31, 2023, $378,638 were noted. Mandatorily redeemable ordinary shares accounted for $105,440 on September 30, 2024, and showed no amount by December 31, 2023. Company's subsidiaries in the U.K., Netherlands, and Germany are subject to value-added tax (VAT). Revenues from sales of products and provision of services are generally subject to VAT at the rate of 20% for Company's U.K. subsidiaries, 21% for Company's Netherlands subsidiaries, and 19% for Company's Germany subsidiaries, and payable after netting input VAT on purchases. Company's subsidiaries in the U.K., Netherlands, and Germany are also subject to income tax. The maximum applicable income tax rates in the U.K. are 25% for the period from January to June 2024, 19% for the period from January to March 2023, 25% for the period from April to December 2023, 19% for 2022, and 19% for 2021. The maximum applicable income tax rate in the Netherlands is 25.8% for the six months ended June 30, 2024, and for the years 2023, 2022, and 2021. In the first nine months of 2024, Company achieved a 105% year-on-year increase in topline growth, attributed to growing deliveries. Sales of goods reached $624 million, reflecting a 104% year-on-year increase. Service revenues also surged by 129% year-on-year, totaling $29 million and making up 4.4% of total revenue, an increase from 3.9% in the same period of 2023. Proactive inventory management strategies resulted in a temporary impact on gross margin, but this was partially offset by the growth of the high-margin intelligent driving business. The gross margin of sales of goods declined to 7% for the first nine months of 2024, compared to 10% in the same period of 2023, mainly due to destocking. However, the gross margin of service revenues saw an increase to 55% from 28% during the same period, driven by high-margin technology-related income. The company focused on optimizing operations and organizational structures to improve efficiency while maintaining customer experience. Recently, Company disclosed the output of its intelligent driving solutions to multiple automakers. As the intelligent driving business continues to develop, Company expects this business to contribute significantly to high profit revenue and drive rapid growth in its overall performance. [Table Level]
- Table Title: Breakdown of Revenues by Type
- Table Summary: The table provides a detailed breakdown of revenues by type for the years ended December 31, 2023, 2022, and 2021. It includes data on sales of goods and services revenues, expressed in thousands of US dollars and percentages of total revenues.
- Context: The table is part of a report discussing Company's diverse revenue streams, including sales of vehicles, parts, tools, and services such as automotive design and development.
- Special Notes: The numbers are presented in thousands, except for percentages.

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

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

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

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

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

Row 6: For the year ended December 31, 2021, services revenues reached US$3,318, comprising 90.0% of the total revenue. Company's total revenues increased by US$669.5 million from US$9.6 million for the year ended December 31, 2022, to US$679.0 million for the year ended December 31, 2023, primarily due to the ramp-up of sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$659.0 million from US$1.2 million for the year ended December 31, 2022, to US$660.2 million for the year ended December 31, 2023, due to the increase in sales from battery electric vehicle (BEV) lifestyle models of US$465.3 million, sports cars of US$183.3 million, and auto parts and peripheral products of US$10.4 million. Service revenues. [Table Level]

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

[Row Level]

Row 1: In 2023, sales of goods amounted to $660,158; in 2022, they were $1,186; and in 2021, they were $369.

Row 2: Service revenues were $18,850 in 2023, $8,371 in 2022, and $3,318 in 2021.

Row 3: Total revenues reached $679,008 in 2023, while in 2022, they were $9,557, and $3,687 in 2021.

Row 4: The cost of goods sold in 2023 was $564,741, in 2022 was $948, and in 2021 was $331.

Row 5: Cost of services accounted for $12,086 in 2023, $6,302 in 2022, and $2,799 in 2021.

Row 6: Total cost of revenues was $576,827 in 2023, $7,250 in 2022, and $3,130 in 2021.

Row 7: Gross profit was $102,181 in 2023, $2,307 in 2022, and $557 in 2021.

Row 8: Research and development expenses amounted to $368,729 in 2023, $445,844 in 2022, and $511,364 in 2021.

Row 9: Selling and marketing expenses were $328,935 in 2023, $151,331 in 2022, and $38,066 in 2021.

Row 10: General and administrative expenses in 2023 were $144,533, in 2022 were $148,369, and in 2021 were $54,763.

Row 11: Government grants provided $4,077 in 2023, $55,824 in 2022, and $490,694 in 2021.

Row 12: Total operating expenses were $838,120 in 2023, $689,720 in 2022, and $113,499 in 2021.

Row 13: Operating loss for 2023 was $735,939, for 2022 was $687,413, and for 2021 was $112,942.

Row 14: Interest expenses incurred were $10,200 in 2023, $8,542 in 2022, and $3,615 in 2021.

Row 15: Interest income was $9,204 in 2023, $12,188 in 2022, and $6,219 in 2021.

Row 16: Investment (loss) income, net, was $1,162 in 2023, $3,246 in 2022, and $2,229 in 2021.

Row 17: Share of results of equity method investments generated a loss of $1,048 in 2023, $2,762 in 2022, and $0 in 2021.

Row 18: Foreign currency exchange gains (losses), net, included a gain of $42 in 2023, a loss of $11,505 in 2022, and a gain of $798 in 2021.

Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes, and convertible notes, excluding instrument-specific credit risk, resulted in a loss of $7,531 in 2023, $22,991 in 2022, and $1,367 in 2021.

Row 20: Changes in fair values of put option liabilities led to a loss of $2,508 in 2023, with no data for 2022 and 2021.

Row 21: Loss before income taxes was $749,142 in 2023, $724,271 in 2022, and $108,678 in 2021.

Row 22: Income tax expense was $1,113 in 2023, $292 in 2022, and $1,853 in 2021.

Row 23: Net loss totaled $750,255 in 2023, $724,563 in 2022, and $110,531 in 2021. *[Table Level]
- Table Title: Financial Overview of Mezzanine Equity and Shareholders' Deficit
- Table Summary: The table presents a comparison of mezzanine equity and shareholders' deficit for Company as of September 30, 2024, and December 31, 2023. It details specific equity and deficit amounts and calculates total liabilities, mezzanine equity, and shareholders' deficit.
- Context: This financial summary is from a press release involving forward-looking statements. All figures are in thousands of US dollars.
- Special Notes: The amounts listed in the table are in thousands. Notably, no figures are provided for the Series Pre-A and Series A Redeemable Convertible Preferred Shares in 2024.

*[Row Level]
- Row 1: As of December 31, 2023, the Series Pre-A Redeemable Convertible Preferred Shares are valued at $184,509, while this figure is not available for September 30, 2024.
- Row 2: For December 31, 2023, the Series A Redeemable Convertible Preferred Shares are recorded as $199,021, with no corresponding figure in 2024.
- Row 3: The Total Mezzanine Equity is $383,530 as of December 31, 2023, with no data available for September 30, 2024.
- Row 4: Ordinary Shares are valued at $7 for September 30, 2024, increasing from $21 on December 31, 2023.
- Row 5: Additional Paid-In Capital as of September 30, 2024, stands at $1,857,225, compared to $358,187 for December 31, 2023.
- Row 6: The Accumulated Other Comprehensive Income is $25,615 on September 30, 2024, marginally increasing from $25,267 on December 31, 2023.
- Row 7: The Accumulated Deficit increased to $(2,253,891) by September 30, 2024, from $(1,588,773) at the end of 2023.
- Row 8: Total Shareholders' Deficit Attributable to Ordinary Shareholders is $(371,044) as of September 30, 2024, compared to $(1,205,298) as of December 31, 2023.
- Row 9: Noncontrolling Interests show a deficit of $(6,529) for September 30, 2024, slightly larger than $(5,404) for December 31, 2023.
- Row 10: The Total Shareholders' Deficit is $(377,573) as of September 30, 2024, compared with $(1,210,702) by December 31, 2023.
- Row 11: The Total Liabilities, Mezzanine Equity, and Shareholders' Deficit sum up to $2,587,224 on September 30, 2024, against $1,584,678 on December 31, 2023. 2.1 First Amended and Restated Agreement and Plan of Merger, dated as of October 11, 2023, by and among Company., Subsidiary A, Subsidiary B, and Counterparty A (incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4 (File No. 333-275001) filed with the SEC on October 16, 2023)  
3.1 Sixth Amended and Restated Memorandum and Articles of Association of Company., as currently in effect (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-1 (File No. 333-279108) filed with the SEC on May 3, 2024)  
4.1 Specimen American Depositary Receipt (included as Exhibit A to Exhibit 4.2)  
4.2 Deposit Agreement, dated as of January 29, 2024, by and among Company., the depositary named therein, and holders and beneficial owners of the American Depositary Shares (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form F-1 (File No. 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. [Table Level]
- Table Title: Cost of Revenues for the Year Ended December 31
- Table Summary: The table summarizes the cost of revenues for the years 2023 and 2022, detailing specific categories such as the cost of goods sold and cost of services. It shows both the absolute values and the changes in costs over these years, along with percentage changes.
- Context: The data shows a significant increase in costs corresponding to Company's growing sales volumes, particularly in vehicle products and associated services.
- Special Notes: All values are listed in thousands of US dollars. Percentages indicate the rate of change compared to the previous year.

[Row Level]
Row 1: The "Cost of goods sold" amounted to US$564,741,000 in 2023, up from US$948,000 in 2022, representing an increase of US$563,793,000 or 59,471.8%.
Row 2: The "Cost of services" was US$12,086,000 in 2023, compared to US$6,302,000 in 2022, which is an increase of US$5,784,000 or 91.8%.
Row 3: The "Total" cost of revenues reached US$576,827,000 in 2023, rising from US$7,250,000 in 2022, marking an increase of US$569,577,000 or 7,856.2%. Company's total revenues increased by US$268.1 million from US$130.0 million for the six months ended June 30, 2023, to US$398.1 million for the six months ended June 30, 2024, primarily due to the increase in sales volume of battery electric vehicle (BEV) lifestyle models and the increase in sales from the distribution of Company-brand sports cars, auto parts, and peripheral products, as well as intelligent driving solutions and other automotive design and development services provided to original equipment manufacturer (OEM) customers. Sales of goods. Company's sales of goods revenue increased by US$258.0 million from US$124.9 million for the six months ended June 30, 2023, to US$382.9 million for the six months ended June 30, 2024, due to the increase in sales of battery electric vehicle (BEV) lifestyle models by US$190.2 million, sports cars by US$53.6 million, and auto parts and peripheral products by US$14.3 million. Service revenues. In the first nine months of 2024, Company Robotics reported a revenue of $19 million, which represents a year-over-year growth of 217%. The revenue from other customers soared to $11 million, marking a 450% increase as the external customer base expanded. Additionally, the revenue from Company itself grew to $8 million, reflecting a 100% year-over-year growth. The recognized revenue mix for the first nine months of 2024 comprised 58% from other customers and 42% from Company. The contract value distribution by region for the same period revealed that 70% originated from China, while Europe and the rest of the world (ROW) accounted for the remaining 30%. On February 22, 2024 (the “Closing Date”), Company consummated its merger with Counterparty A pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among Counterparty A, Company, a Cayman Islands exempted company, Subsidiary A, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 1”), and Subsidiary B, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 2”). [Table Level]
- Table Title: Consolidated Balance Sheets Data
- Table Summary: This table presents the selected consolidated balance sheet data for Company as of June 30, 2024, and December 31 for the years 2023 and 2022. It includes data on total current assets, total non-current assets, total current liabilities, total non-current liabilities, and total liabilities.
- Context: The table is part of the consolidated and combined financial statements prepared in accordance with U.S. GAAP, which have been audited or derived from unaudited condensed consolidated financial statements.
- Special Notes: All values are presented in thousands of US dollars.

[Row Level]
Row 1: As of June 30, 2024, total current assets were $1,279,213, compared to $883,712 as of December 31, 2023, and $823,463 as of December 31, 2022.

Row 2: Total non-current assets amounted to $1,227,041 as of June 30, 2024, while they were $700,966 as of December 31, 2023, and $548,489 as of December 31, 2022.

Row 3: The total assets stood at $2,506,254 as of June 30, 2024, reflecting an increase from $1,584,678 as of December 31, 2023, and $1,371,952 as of December 31, 2022.

Row 4: Total current liabilities were $1,840,454 as of June 30, 2024, compared to $1,757,281 as of December 31, 2023, and $932,879 as of December 31, 2022.

Row 5: As of June 30, 2024, total non-current liabilities were $839,881, while they were $654,569 as of December 31, 2023, and $523,679 as of December 31, 2022.

Row 6: The total liabilities as of June 30, 2024, were reported at $2,680,335, compared to $2,411,850 as of December 31, 2023, and $1,456,558 as of December 31, 2022. [Table Level]
- Table Title: Revenue Breakdown for the Years Ended December 31, 2022 and 2021
- Table Summary: The table provides a detailed breakdown of revenues for the years ended December 31, 2022 and 2021. The table includes sales of goods and service revenues, along with the changes in revenue amounts and percentages between the two years.
- Context: Company experienced an increase in total revenues due to sales from the distribution of Company-brand sports cars, auto parts, and automotive services.
- Special Notes: All financial figures are presented in thousands of US dollars, except for percentages.

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

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

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

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

Row 5: Total revenues for 2022 reached US$9,557 thousand, an increase of US$5,870 thousand or 159.2% from the previous year’s total of US$3,687 thousand. [Table Level]
- Table Title: Consolidated and Combined Cash Flows
- Table Summary: The table outlines the cash flow activities of Company. for the six months ended June 30, 2024, and 2023, as well as for the years ended December 31, 2023, 2022, and 2021. It includes details on operating, investing, and financing activities, as well as the changes in cash due to exchange rate fluctuations, and summarizes the net changes in cash and restricted cash over these periods.
- Context: The financial data is derived from both audited and unaudited consolidated and combined financial statements, intended to provide insights into past performance that may not necessarily predict future results.
- Special Notes: All amounts are in thousands of US dollars. Differences in cash due to exchange rate changes are accounted for.

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

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

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

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

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

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

Row 7: At the end of the period, cash and restricted cash amounted to US$643,815 as of June 30, 2024, and US$729,027 for 2023. At year-end, these amounts were US$427,135 in 2023, US$739,533 in 2022, and US$531,452 in 2021. [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: The table presents the financial performance of Company., showing net loss, adjusted net loss, interest expenses, interest income, income tax expenses, share-based compensation expenses, depreciation, and adjusted EBITDA for the nine and three months ended September 30, 2024, and 2023. It distinguishes between GAAP and non-GAAP results.
- Context: The surrounding context includes a forward-looking statement disclaimer relevant for investors and highlights that this is unaudited financial data in thousands, except for share-based metrics.
- Special Notes: All amounts are in thousands of US dollars, and share-based compensation expenses note a tax effect of nil.

[Row Level]
For Nine Months Ended September 30, 2024:
- Row 1: The net loss was $666,520,000.
- Row 2: Share-based compensation expenses, net of tax effect of nil, were $33,565,000.
- Row 3: The adjusted net loss was $632,955,000.
- Row 4: Interest expenses were $20,557,000.
- Row 5: Interest income was $(15,276,000).
- Row 6: Income tax expenses were $1,155,000.
- Row 7: Share-based compensation expenses were $33,565,000.
- Row 8: Depreciation amounted to $63,153,000.
- Row 9: The adjusted EBITDA was $(563,366,000).

For Nine Months Ended September 30, 2023:
- Row 1: The net loss was $526,524,000.
- Row 2: Share-based compensation expenses, net of tax effect of nil, are not applicable.
- Row 3: The adjusted net loss was $526,524,000.
- Row 4: Interest expenses were $7,367,000.
- Row 5: Interest income was $(7,258,000).
- Row 6: Income tax expenses were $1,350,000.
- Row 7: Share-based compensation expenses are not applicable.
- Row 8: Depreciation amounted to $38,650,000.
- Row 9: The adjusted EBITDA was $(486,415,000).

For Three Months Ended September 30, 2024:
- Row 1: The net loss was $206,268,000.
- Row 2: Share-based compensation expenses, net of tax effect of nil, were $(2,329,000).
- Row 3: The adjusted net loss was $208,597,000.
- Row 4: Interest expenses were $8,849,000.
- Row 5: Interest income was $(6,618,000).
- Row 6: Income tax expenses were $800,000.
- Row 7: Share-based compensation expenses were $(2,329,000).
- Row 8: Depreciation amounted to $23,867,000.
- Row 9: The adjusted EBITDA was $(181,699,000).

For Three Months Ended September 30, 2023:
- Row 1: The net loss was $173,582,000.
- Row 2: Share-based compensation expenses, net of tax effect of nil, are not applicable.
- Row 3: The adjusted net loss was $173,582,000.
- Row 4: Interest expenses were $3,897,000.
- Row 5: Interest income was $(1,410,000).
- Row 6: Income tax expenses were $1,368,000.
- Row 7: Share-based compensation expenses are not applicable.
- Row 8: Depreciation amounted to $16,009,000.
- Row 9: The adjusted EBITDA was $(153,718,000). [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. Company's cost of revenues increased by US$569.6 million from US$7.3 million for the year ended December 31, 2022, to US$576.8 million for the year ended December 31, 2023. The increase in cost of revenues was primarily due to the increased revenues in vehicle sales. This increase was attributable to the rise in cost of sales from vehicle products of US$553.0 million, auto parts and peripheral products of US$10.8 million, and automotive design and development services provided to OEM customers of US$5.8 million. (All amounts in thousands, except for share and per share) As a result of the foregoing, Company's gross profits increased from US$6.1 million for the six months ended June 30, 2023, to US$50.9 million for the six months ended June 30, 2024. Company's gross margin increased from 4.7% for the six months ended June 30, 2023, to 12.8% for the six months ended June 30, 2024, primarily due to (i) the cost reduction per vehicle and increased average selling price of vehicles sold; and (ii) the increase in income from intelligent driving solutions, commission service fees, and other automotive design and development services to OEM customers, which carry higher margins. Company's historical results for any prior period are not necessarily indicative of results expected in any future period. The financial data set forth below should be read in conjunction with, and is qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the consolidated and combined financial statements and notes thereto included elsewhere in this prospectus. [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. For the three months ended September 30, 2024, Company reported revenue of $254.7 million, compared to $187.9 million in the same period in 2023. The cost of revenues was $246.5 million, resulting in a gross profit of $8.2 million, down from $27.6 million in the prior year. Operating expenses included research and development costs of $52.7 million and selling and marketing expenses of $55.5 million. General and administrative expenses amounted to $63.4 million. Government grants contributed $3.3 million, bringing total operating expenses to $168.2 million, a reduction from $191.1 million in 2023. The operating loss for the quarter was $160 million, slightly lower than the $163.5 million loss in the same period last year. Interest expenses increased to $8.8 million, while interest income rose to $6.6 million. Net investment income was $7.3 million. Foreign currency exchange gains were reported at $19.4 million, while changes in the fair value of liabilities contributed to additional financial impacts. [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. [Table Level]
- Table Title: Revenue Breakdown for Different Periods
- Table Summary: The table provides a detailed breakdown of revenue sources for Company across different financial periods, including both sales of goods and service revenues. It shows the amount in US dollars and the percentage contributions for both the six months ended June 30 and the years ended December 31 from 2021 to 2024.
- Context: The context discusses Company's operations as a global distributor for Company Cars and their sources of revenue, which include sales of automotive products and services. Their cost structure and revenue generation strategies are further elaborated upon, highlighting the importance of product distribution and service delivery.
- Special Notes: The financial figures represented in the table are in thousands, except for percentages.

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

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

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

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

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

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

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

Row 8: Total revenues for 2021 stood at $3,687, making up 100% of the total revenues. [Table Level]  
- Table Title: Revenue Analysis for Jan-Sep 2024 vs. Jan-Sep 2023  
- Table Summary: The table presents a comparative analysis of revenue generated from two customer segments, illustrating the change from January to September in 2024 compared to the same period in 2023. It highlights the year-on-year percentage change in revenue for each segment.  
- Context: The table is situated in a discussion about Company's technological advancements and strategic partnerships, emphasizing a rapid growth in revenue driven largely by innovative driving solutions and technologies.  
- Special Notes: The table includes a footnote marked "(A)" next to "from Company", but the details of the footnote are not provided in the image.  

[Row Level]  
- Row 1: Total revenue from January to September 2024 was 19 units, compared to 6 units in the same period of 2023, reflecting a 217% year-on-year increase.  
- Row 2: Revenue from Company in January to September 2024 was 8 units, up from 4 units in 2023, marking a 100% increase.  
- Row 3: Revenue from other customers in January to September 2024 reached 11 units, a significant rise from 2 units in the same months of 2023, resulting in a 450% increase. The following tables present Company's selected consolidated and combined financial data. Company prepares its consolidated and combined financial statements in accordance with U.S. GAAP. The selected consolidated and combined statements of comprehensive loss data for the years ended December 31, 2023, 2022, and 2021, the selected consolidated balance sheets data as of December 31, 2023, and 2022, and the selected consolidated and combined statements of cash flows data for the years ended December 31, 2023, 2022, and 2021 have been derived from Company's audited consolidated and combined financial statements for the years ended December 31, 2023, 2022, and 2021, which are included elsewhere in this prospectus. The selected consolidated statements of comprehensive loss data for the six months ended June 30, 2024, and 2023, the selected consolidated balance sheets data as of June 30, 2024, and the selected consolidated statements of cash flows data for the six months ended June 30, 2024, and 2023 have been derived from Company's unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and 2023, which are included elsewhere in this prospectus. How was Company's performance in the first half of the year? Total revenue for the first half of 2024 was $398 million, representing a year-on-year increase of 206%. Company's Average Selling Price (ASP) remained above $100,000, achieving growth far exceeding the industry and luxury car segment. Company's gross margin for the first half of this year was 13%, compared to 5% in the same period of 2023.

In the first half of 2024, Company achieved total product deliveries of 4,873 units, a 239% year-on-year increase, making it the fastest-growing brand among traditional luxury car brands. Global deliveries were balanced, with the four major markets (Europe, China, North America, and Rest of World) each contributing 20-30% of deliveries.

In the first half of 2024, as Company began collaborating with several leading automotive brands by providing intelligent driving solutions and technology development services, technology-related revenue started to expand. With the continued increase in cumulative deliveries of lifestyle vehicles equipped with advanced hardware, the potential for generating paid software subscription revenue continues to grow.

Company launched the Person A Bespoke Service, offering personalized options, designer customization, limited editions, and exclusive customization to meet the growing demands of its customers. The delivery of customized models is expected to further enhance the brand's luxury positioning and benefit Company's long-term profit margins. As a result of the foregoing, Company's net loss increased by US\$25.7 million from US\$724.6 million for the year ended December 31, 2022, to US\$750.3 million for the year ended December 31, 2023. What is the reason for the company's sales forecast adjustment?Based on Company's prudent assessment of the global macro market environment and the uncertainty of tariffs, Company has adjusted the delivery forecast for 2024 to 12,000 units. [Table Level]
- Table Title: Inventories
- Table Summary: This table details the inventory components for Company as of June 30, 2024, and December 31, 2023. It includes values for products available for sale, raw materials, and goods in transit, showing a total inventory balance for each date.
- Context: This table is part of the notes to the unaudited condensed consolidated financial statements of Company, designed to provide insights into inventory levels at specific dates.
- Special Notes: All amounts are presented in thousands of US dollars.

[Row Level]
- Row 1: As of June 30, 2024, the value of products available for sale was US$340,142, compared to US$246,419 as of December 31, 2023.
- Row 2: Raw materials were valued at US$1,233 as of June 30, 2024, with no recorded value as of December 31, 2023.
- Row 3: Goods in transit were valued at US$43,825 as of June 30, 2024, increasing from US$18,771 as of December 31, 2023.
- Row 4: The total inventory as of June 30, 2024, amounted to US$385,200, up from US$265,190 as of December 31, 2023. The Group’s revenues are disaggregated by product and service lines as follows: [Table Level]  
- Table Title: Liabilities, Mezzanine Equity and Shareholders' Deficit  
- Table Summary: This table provides a detailed breakdown of Company's liabilities as of September 30, 2024, and December 31, 2023. It categorizes liabilities into current and non-current, listing specific financial obligations to third parties and related parties.  
- Context: The surrounding context indicates financial results tied to forward-looking statements from Company, focusing on potential risks and forecasts. The numbers are reported in thousands.  
- Special Notes: All amounts are in thousands, and the table helps in understanding the financial position regarding liabilities.  

[Row Level]  
Row 1: Short-term borrowings from third parties amounted to $703,130 as of September 30, 2024, and $226,772 as of December 31, 2023.  

Row 2: Accounts payable to third parties were $56,425 on September 30, 2024, compared to $20,123 on December 31, 2023.  

Row 3: Accounts payable to related parties totaled $492,599 as of September 30, 2024, and were $340,419 as of December 31, 2023.  

Row 4: Contract liabilities to third parties were reported as $48,390 on September 30, 2024, and $44,184 on December 31, 2023.  

Row 5: Operating lease liabilities owed to third parties stood at $12,423 as of September 30, 2024, while they were $16,760 on December 31, 2023.  

Row 6: Third-party accrued expenses and other current liabilities amounted to $366,762 on September 30, 2024; comparatively, these were $419,422 on December 31, 2023.  

Row 7: Accrued expenses and other current liabilities to related parties were $231,067 on September 30, 2024, and $290,686 on December 31, 2023.  

Row 8: As of September 30, 2024, there were no exchangeable notes, while as of December 31, 2023, $378,638 were noted.  

Row 9: Mandatorily redeemable ordinary shares accounted for $105,440 on September 30, 2024, and showed no amount by December 31, 2023.  

Row 10: Convertible notes due to related parties were $113,701 as of September 30, 2024, with no amount reported as of December 31, 2023.  

Row 11: Convertible notes to third parties had no value as of September 30, 2024, but were $20,277 on December 31, 2023.  

Row 12: Put option liabilities to related parties were $18 as of September 30, 2024, and non-existent by December 31, 2023.  

Row 13: Total current liabilities were $2,129,955 on September 30, 2024, versus $1,757,281 on December 31, 2023.  

Row 14: Contract liabilities to third parties under non-current liabilities were $7,645 as of September 30, 2024, and $6,245 at the end of 2023.  

Row 15: Non-current operating lease liabilities to third parties were $72,295 as of September 30, 2024, compared to $91,929 on December 31, 2023.  

Row 16: Non-current operating lease liabilities to related parties totaled $11,648 on September 30, 2024, and $12,064 on December 31, 2023.  

Row 17: Put option liabilities to third parties were $135,864 on September 30, 2024, with $11,884 listed as of December 31, 2023.  

Row 18: Put option liabilities to related parties were $4,489 on September 30, 2024, with no amount as of December 31, 2023.  

Row 19: Exchangeable notes were $107,423 on September 30, 2024, and $75,678 at the end of 2023.  

Row 20: Convertible notes to third parties were $78,009 as of September 30, 2024, and $81,635 on December 31, 2023.  

Row 21: Deferred income in non-current liabilities was $301,541 at the end of September 2024 and $270,097 on December 31, 2023.  

Row 22: Other non-current liabilities to third parties were $114,348 on September 30, 2024, as opposed to $103,403 on December 31, 2023.  

Row 23: Other non-current liabilities to related parties were $1,580 on September 30, 2024, compared to $1,634 in December 2023.  

Row 24: Total non-current liabilities equaled $834,842 as of September 30, 2024, and were $654,569 at the end of 2023.  

Row 25: Total liabilities were $2,964,797 on September 30, 2024, while these were $2,411,850 on December 31, 2023. Convertible notes to third parties were $78,009 as of September 30, 2024, and $81,635 on December 31, 2023. Deferred income in non-current liabilities was $301,541 at the end of September 2024 and $270,097 on December 31, 2023. Other non-current liabilities to third parties were $114,348 on September 30, 2024, as opposed to $103,403 on December 31, 2023. Other non-current liabilities to related parties were $1,580 on September 30, 2024, compared to $1,634 in December 2023. Total non-current liabilities equaled $834,842 as of September 30, 2024, and were $654,569 at the end of 2023. Total liabilities were $2,964,797 on September 30, 2024, while these were $2,411,850 on December 31, 2023. Company's service revenue increased by US$10.5 million from US$8.4 million for the year ended December 31, 2022, to US$18.9 million for the year ended December 31, 2023, primarily due to the increase in automotive design and development services provided to OEM customers of US$5.8 million and extended and aftersales services revenue for battery electric vehicle (BEV) lifestyle models and sports cars of US$4.7 million. (All amounts in thousands) 

As of September 30, 2024, cash assets amount to $191,300, while on December 31, 2023, the amount was $418,941. Restricted cash is reported at $465,064 on September 30, 2024, compared to $7,873 on December 31, 2023. Accounts receivable from third parties are shown at $94,503 for September 30, 2024, and $76,664 for December 31, 2023. Accounts receivable from related parties stand at $56,638 as of September 30, 2024, versus $22,430 as of December 31, 2023. Inventories are measured at $320,834 on September 30, 2024, and $265,190 on December 31, 2023. Prepayments and other current assets from third parties are listed as $107,905 on September 30, 2024, and $63,870 on December 31, 2023. Prepayments and other current assets from related parties are recorded at $57,716 for September 30, 2024, and $28,744 for December 31, 2023. The total current assets sum up to $1,293,960 for September 30, 2024, and $883,712 for December 31, 2023. Non-current restricted cash is $1,542 on September 30, 2024, compared to $321 on December 31, 2023. Investment securities related to parties amount to $2,011 on September 30, 2024, and $3,326 on December 31, 2023. In addition, in rendering the foregoing opinions, Company's legal team has assumed that: (a) Company (i) is, and as of January 31, 2023, October 11, 2023, and February 22, 2024, was, duly incorporated and is validly existing and in good standing, (ii) has, and as of January 31, 2023, October 11, 2023, and February 22, 2024, had, requisite legal status and legal capacity under the laws of the jurisdiction of its organization, and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents; Company has, and as of January 31, 2023, October 11, 2023, and February 22, 2024, had the corporate power and authority to execute, deliver, and perform all its obligations under each of the Transaction Documents. (c) each of the Transaction Documents has been duly authorized, executed, and delivered by all requisite corporate action on the part of Company; Convertible notes due to related parties were $113,701 as of September 30, 2024, with no amount reported as of December 31, 2023. Convertible notes to third parties had no value as of September 30, 2024, but were $20,277 on December 31, 2023. Put option liabilities to related parties were $18 as of September 30, 2024, and non-existent by December 31, 2023. Total current liabilities were $2,129,955 on September 30, 2024, versus $1,757,281 on December 31, 2023. Contract liabilities to third parties under non-current liabilities were $7,645 as of September 30, 2024, and $6,245 at the end of 2023. Non-current operating lease liabilities to third parties were $72,295 as of September 30, 2024, compared to $91,929 on December 31, 2023. Non-current operating lease liabilities to related parties totaled $11,648 on September 30, 2024, and $12,064 on December 31, 2023. Put option liabilities to third parties were $135,864 on September 30, 2024, with $11,884 listed as of December 31, 2023. Put option liabilities to related parties were $4,489 on September 30, 2024, with no amount as of December 31, 2023. Exchangeable notes were $107,423 on September 30, 2024, and $75,678 at the end of 2023. [Table Level]  
- Table Title: Revenues Disaggregated by Product and Service Lines for Six Months Ended June 30, 2024 and 2023  
- Table Summary: This table provides a detailed breakdown of Company's revenues by product and service lines for the six months ended June 30, 2024, and 2023. It differentiates between sales to third parties and related parties, including specific categories like battery electric vehicle (BEV) lifestyle models, sports cars, and research and development (R&D) services.  
- Context: The revenues are part of a broader financial statement analysis, detailing disaggregated revenues by region and noting influences on earnings such as dilutive shares and contract liabilities.  
- Special Notes: All amounts are presented in thousands of US dollars, with footnotes clarifying certain categories. Footnote (1) and (2) correspond to other services provided to third parties and related parties, respectively.  

[Row Level]  
Row 1: Sales of goods to third parties for BEV lifestyle models amounted to $262,849 in 2024, increasing from $72,790 in 2023.  

Row 2: Sales of sports cars to third parties were $102,618 in 2024, up from $49,146 in 2023.  

Row 3: Other sales to third parties reached $15,096 in 2024 compared to $2,111 in 2023.  

Row 4: The subtotal for sales of goods to third parties was $380,563 in 2024, significantly higher than $124,047 in 2023.  

Row 5: Sales of goods to related parties for BEV lifestyle models were $535 in 2024 and $436 in 2023.  

Row 6: Sales of sports cars to related parties were $91 in 2024, with no sales in 2023.  

Row 7: Other sales to related parties were $1,704 in 2024 versus $371 in 2023.  

Row 8: The subtotal for sales of goods to related parties was $2,330 in 2024, compared to $807 in 2023.  

Row 9: The total subtotal for sales of goods, combining third parties and related parties, was $382,893 in 2024 and $124,854 in 2023.  

Row 10: Services provided to third parties for R&D amounted to $56 in 2024, with no corresponding revenue in 2023.  

Row 11: Other services to third parties were valued at $4,504 in 2024, compared to $160 in 2023.  

Row 12: The subtotal for services to third parties was $4,560 in 2024 and $160 in 2023.  

Row 13: Services provided to related parties for R&D were $6,366 in 2024, increasing from $4,983 in 2023.  

Row 14: Other services to related parties were $4,296 in 2024 versus $38 in 2023.  

Row 15: The subtotal for services to related parties was $10,662 in 2024, compared to $5,021 in 2023.  

Row 16: The total subtotal for all services, combining third parties and related parties, was $15,222 in 2024 and $5,181 in 2023.  

Row 17: The total revenues amounted to $398,115 in 2024, rising from $130,035 in 2023. Company's general and administrative expenses increased by US$31.6 million from US$80.4 million for the six months ended June 30, 2023, to US$112.0 million for the six months ended June 30, 2024, primarily due to (i) the incurrence of share-based compensation of US$12.7 million for the six months ended June 30, 2024, (ii) the incurrence of professional services fees of US$4.6 million and other administrative expenses of US$9.2 million in conjunction with Company's business growth, and (iii) the increase in labor costs of US$5.0 million in association with Company's expanded business operation functionalities. Government grants. Company's government grants income increased by US$1.8 million from US$0.7 million for the six months ended June 30, 2023, to US$2.5 million for the six months ended June 30, 2024, primarily due to the increase in government subsidies received in 2024. Company. (“the Company”), an exempted company with limited liability, was incorporated in the Cayman Islands on August 9, 2021. The Company, through its wholly owned subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively, “the Group”), is primarily engaged in the design, development, and sale of luxury battery electric lifestyle vehicles (“BEV lifestyle models”) under the “Company” brand (“Company BEV business”). The Group is also a distributor that sells luxury sports cars under the “Company” brand (“Company sports car business”) across the world. Additionally, the Group provides other sales and ancillary services to customers. On February 22, 2024 (the “Closing Date”), Company consummated its merger with Counterparty A pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among Counterparty A, Company, a Cayman Islands exempted company, Subsidiary A, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 1”), and Subsidiary B, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 2”). Company recorded a loss in changes in fair values of put option liabilities of US$2.5 million for the year ended December 31, 2023. As a result of the foregoing, Company's loss before income taxes for the year ended December 31, 2023, was US$749.1 million, an increase of US$24.9 million from US$724.3 million for the year ended December 31, 2022. Some of Company's subsidiaries are subject to income tax for their taxable income in 2023. The effective income tax rate for the years ended December 31, 2023, and 2022 was negative 0.15% and negative 0.04%, respectively. The effective income tax rate for the years ended December 31, 2023, and 2022 differs from the applicable statutory income tax rate, primarily due to the recognition of a full valuation allowance for deferred income tax assets of loss-making entities. [Table Level]
- Table Title: Geographic Revenue Distribution
- Table Summary: The table presents the revenues of Company from various geographic locations for the six-month periods ending June 30, 2024, and 2023. It highlights the revenue distribution across different countries and regions, showing significant increases in certain areas over the previous year.
- Context: The table is part of Company's unaudited condensed consolidated financial statements and provides a breakdown of revenues by geographic area, detailing how customer locations contribute to sales figures.
- Special Notes: All figures are represented in thousands of US dollars (US$). There are disclaimers regarding the calculation of loss per share which is related to put options.

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

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

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

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

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

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

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

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

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

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

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

Row 12: The total revenue for the six months ending June 30, 2024, was US$398,115, a substantial increase from US$130,035 in 2023. Other than the ordinary cash requirements for operations, Company's material cash requirements as of June 30, 2024, and any subsequent interim period primarily include the operating lease obligation, purchase commitments, and capital expenditures. Company's operating lease obligation consists of non-cancellable operating lease agreements for certain offices, warehouses, retail and service locations, equipment, and vehicles worldwide. As of June 30, 2024, Company's operating lease obligation was US$141.6 million. Company's purchase commitment consists of future purchase commitments related to the acquisition of BEV lifestyle models, Company-brand sports cars, research and development services, and other operating expenses. As of June 30, 2024, Company's purchase commitment was US$89.0 million. Company's capital expenditures are incurred for the purchase of property, equipment, software, and intangible assets. Company's total capital expenditures were US$49.5 million and US$113.2 million for the six months ended June 30, 2024, and 2023, respectively. Company's total capital expenditures were US$213.7 million, US$133.3 million, and US$34.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. Company will continue to make capital expenditures to meet the needs of its business operations. Company's service revenue increased by US$10.0 million from US$5.2 million for the six months ended June 30, 2023, to US$15.2 million for the six months ended June 30, 2024, primarily due to the increase in commission service fees and other services of US$5.0 million, income from intelligent driving solutions and extended services of US$3.2 million, and income from automotive design and development services provided to OEM customers of US$1.8 million. Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss  
(cont’d) (All amounts in thousands, except for share and per share) [Table Level]  
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss  
- Table Summary: This table presents Company.'s unaudited condensed consolidated statements of comprehensive loss for the nine months ended September 30, 2023, and 2024. It details net loss and other comprehensive income components, including adjustments for foreign currency translation and non-controlling interests. The financial data provide insights into Company.'s financial performance over this period.  
- Special Notes: All amounts are presented in thousands, except for share and per share data. The analysis involves both GAAP and Non-GAAP financial results.  

[Row Level]  
Row 1: The net loss for the nine months ended September 30, 2024, is reported as $(666,520) thousand, compared to $(526,524) thousand for the same period in 2023.  
Row 2: The fair value changes of mandatorily redeemable noncontrolling interest and notes, net of nil income taxes, show an income of $230 thousand for 2024 and a loss of $(585) thousand for 2023.  
Row 3: Foreign currency translation adjustment, net of nil income taxes, is $118 thousand for 2024 and $24,077 thousand for 2023.  
Row 4: Total other comprehensive income stands at $348 thousand for 2024 and $23,492 thousand for 2023.  
Row 5: Total comprehensive loss for 2024 is $(666,172) thousand, compared to $(503,032) thousand in 2023.  
Row 6: The total comprehensive loss attributable to noncontrolling interests is $(1,402) thousand for 2024, compared to $(7,587) thousand for 2023.  
Row 7: Total comprehensive loss attributable to ordinary shareholders is $(664,770) thousand for 2024, compared to $(495,445) thousand for 2023. [Table Level]
- Table Title: Consolidated and Combined Statements of Cash Flows
- Table Summary: This table presents the cash flow activities of Company and its subsidiaries for the fiscal years ended December 31, 2023, 2022, and 2021. It details cash flows from operating, investing, and financing activities, along with the impact of exchange rate changes and the net change in cash and restricted cash over these years.
- Context: The table is part of a broader financial analysis and should be interpreted alongside the management's discussion, analysis of financial condition, results of operation, and the accompanying notes to the consolidated and combined financial statements.
- Special Notes: Amounts for the year 2022 are in thousands of US dollars.

[Row Level]
- Row 1: For the year 2023, net cash used in operating activities amounted to $(386,932). In 2022, this figure was $(351,419) (in thousands), while in 2021, it was $(126,505).
- Row 2: The net cash used in investing activities was $(197,985) in 2023, compared to $(149,414) in 2022 (in thousands), and $244,476 in 2021.
- Row 3: Net cash provided by financing activities reached $284,708 in 2023, $758,131 (in thousands) in 2022, and $364,853 in 2021.
- Row 4: The effect of exchange rate changes on cash and restricted cash was $(12,189) in 2023, $(49,217) in 2022 (in thousands), and $2,943 in 2021.
- Row 5: The net decrease in cash and restricted cash stood at $(312,398) for 2023, $208,081 (in thousands) for 2022, and $485,767 for 2021.
- Row 6: Cash and restricted cash at the beginning of the year was $739,533 in 2023, $531,452 in 2022 (in thousands), and $45,685 in 2021.
- Row 7: Cash and restricted cash at the end of the year totaled $427,135 in 2023, $739,533 in 2022, and $531,452 in 2021 (with 2022 figures in thousands). [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: The table presents the unaudited condensed consolidated statements of comprehensive loss for Company. for the three-month periods ending September 30, 2024, and September 30, 2023. It includes detailed financial metrics such as revenues, costs, operating expenses, and net loss attributable to ordinary shareholders, with all amounts expressed in thousands of US dollars.
- Context: The surrounding text emphasizes that the content may include forward-looking statements with inherent risks. All financial information is recent as of the release date.
- Special Notes: Amounts are provided in thousands. The loss per ordinary share is specified for both basic and diluted shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Row 29: The weighted average number of ordinary shares outstanding, used in computing the net loss per ordinary share, was 675,897,690 in 2024, compared to 474,621,603 in 2023. [Table Level]  
- Table Title: Consolidated and Combined Balance Sheets Data  
- Table Summary: The table presents selected financial data showing the total current assets, non-current assets, total assets, current liabilities, non-current liabilities, and total liabilities as of December 31, 2023, and 2022. This data is measured in thousands of U.S. dollars and derived from audited financial statements, reflecting Company's financial position.  
- Context: This table forms part of the consolidated and combined financial data prepared according to U.S. GAAP. It should be read alongside management discussions and detailed financial statements included in the prospectus.  
- Special Notes: All values are presented in thousands of U.S. dollars.  

[Row Level]  
Row 1: As of December 31, 2023, the total current assets were $883,712 thousand, compared to $823,463 thousand in 2022, indicating an increase in current assets over the year.  
Row 2: For the year ending December 31, 2023, the total non-current assets amounted to $700,966 thousand, rising from $548,489 thousand in 2022.  
Row 3: The total assets as of December 31, 2023, reached $1,584,678 thousand, up from $1,371,952 thousand in the previous year.  
Row 4: Total current liabilities were reported as $1,757,281 thousand for December 31, 2023, showing an increase from $932,879 thousand in 2022.  
Row 5: The total non-current liabilities were $654,569 thousand at the end of 2023, compared to $523,679 thousand in 2022.  
Row 6: Total liabilities as of December 31, 2023, were $2,411,850 thousand, significantly higher than the $1,456,558 thousand reported in 2022. Over 7,600 vehicles were delivered in the first nine months of 2024, a year-on-year increase of 136%. Total revenue reached $653 million, more than doubling year-on-year. Revenue from the intelligent driving business generated from customers other than Company surged to $11 million, with a year-on-year growth of 450%. Company launched Hyper Hybrid EV technology that provides high performance with a combined range of over 1,100 kilometers. New York – Nov 21, 2024 – Company. (“Company Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and first nine months ended September 30, 2024. [Table Level]
- Table Title: Company. Financial Performance for the Nine Months Ended September 30
- Table Summary: The table presents a detailed breakdown of Company.'s financial performance for the nine months ended September 30, 2024, compared to the same period in 2023. It includes revenues, costs, operating expenses, and net loss figures. Key financial metrics like gross profit, operating loss, and net loss per ordinary share are highlighted.
- Context: The table is part of a press release that includes forward-looking statements according to the U.S. Private Securities Litigation Reform Act of 1995. It's meant to communicate financial results subject to risks and uncertainties.
- Special Notes: All amounts are in thousands of US dollars, except for share and per share data. A footnote indicates the loss per ordinary share is calculated using basic and diluted shares.

[Row Level]
Row 1: Revenues from sales of goods for 2024 are $624,249, an increase from $305,480 in 2023.
Row 2: Service revenues in 2024 amount to $28,574, up from $12,461 in 2023.
Row 3: Total revenues for 2024 are reported at $652,823, compared to $317,941 in 2023.
Row 4: Cost of goods sold for 2024 is $580,820, compared to $275,246 in 2023.
Row 5: Cost of services in 2024 is $12,888, rising from $8,947 in 2023.
Row 6: Total cost of revenues for 2024 is $593,708, compared to $284,193 in 2023.
Row 7: Gross profit for 2024 is $59,115, up from $33,748 in 2023.
Row 8: Research and development expenses for 2024 are $227,525, slightly lower than $234,547 in 2023.
Row 9: Selling and marketing expenses for 2024 climb to $259,804, from $191,231 in 2023.
Row 10: General and administrative expenses in 2024 sum up to $175,342, compared to $118,203 in 2023.
Row 11: Government grants for 2024 are $5,811, more than double the $2,357 reported in 2023.
Row 12: Total operating expenses for 2024 total $656,860, a rise from $541,624 in 2023.
Row 13: Operating loss for 2024 is $597,745, up from $507,876 in 2023.
Row 14: Interest expenses for 2024 are $20,557, an increase from $7,367 in 2023.
Row 15: Interest income in 2024 is $15,276, up from $7,258 in 2023.
Row 16: Net investment income for 2024 is $10,799, compared to a loss of $1,309 in 2023.
Row 17: Share of results of equity method investments for 2024 records a loss of $39, compared to a loss of $648 in 2023.
Row 18: Foreign currency exchange gains, net for 2024 are $14,963, up from $883 in 2023.
Row 19: Changes in fair values of mandatorily redeemable noncontrolling interest in 2024 are $3,917, compared to a loss of $15,395 in 2023.
Row 20: Changes in fair values of warrant liabilities are $7,377 for 2024 and not applicable in 2023.
Row 21: Loss before income taxes for 2024 is $665,365, broader than the $525,174 in 2023.
Row 22: Income tax expense for 2024 is $1,155, slightly lower than $1,350 in 2023.
Row 23: Net loss for 2024 is $666,520, versus $526,524 in 2023.
Row 24: Net loss attributable to noncontrolling interests for 2024 is $1,402, compared to a small loss of $7,651 in 2023.
Row 25: Net loss attributable to ordinary shareholders for 2024 is $665,118, broader than $518,873 in 2023.
Row 26: Accretion of Redeemable Convertible Preferred Shares in 2024 is $2,979, a decrease from $5,063 in 2023.
Row 27: Net loss available to ordinary shareholders for 2024 is $668,097, compared to $523,936 in 2023.
Row 28: Loss per ordinary share for 2024 is $1.05, similar to the $1.10 in 2023.
Row 29: Weighted average number of ordinary shares outstanding (basic and diluted) for 2024 is 636,737,124, compared to 474,621,603 in 2023. In the first nine months of 2024, Company delivered 7,617 vehicles, which marks a 136% increase from the 3,221 units delivered during the same period in 2023. Revenue reached $653 million, representing a 105% year-on-year increase compared to $318 million in 2023. The cost of revenues also rose significantly by 109%, totaling $594 million compared to $284 million the previous year. As a result, gross profit was $59 million, up 75% from $34 million in 2023. However, the gross profit margin decreased to 9% from 11% in the previous year. For the third quarter of 2024, 2,744 vehicles were delivered, a 54% increase from 1,782 in the same quarter of 2023. Revenue in Q3 2024 was $255 million, a 36% increase over $188 million in Q3 2023. The cost of revenues for this quarter was $247 million, up 54% compared to $160 million in Q3 2023. [Table Level]
- Table Title: Company. Unaudited Condensed Consolidated Statements of Comprehensive Loss
- Table Summary: This table presents the unaudited condensed consolidated statements of comprehensive loss for Company. for the three months ended September 30, 2024, and September 30, 2023. It includes details of net loss, other comprehensive income or loss, and total comprehensive loss attributable to ordinary shareholders.
- Context: The table appears within a press release containing forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
- Special Notes: All amounts in the table are expressed in thousands of US dollars.

[Row Level]
- Row 1: For the three months ended September 30, 2024, the net loss was US$206,268, compared to US$173,582 for the three months ended September 30, 2023.
- Row 2: Fair value changes of mandatorily redeemable noncontrolling interest and similar items for September 30, 2024, were US$631, while September 30, 2023, registered US$974.
- Row 3: Foreign currency translation adjustment, net of nil income taxes, showed a loss of US$294 for September 30, 2024, and a loss of US$10,486 for September 30, 2023.
- Row 4: Total other comprehensive income for September 30, 2024, was reported as US$337, whereas a loss of US$9,512 was reported for September 30, 2023.
- Row 5: Total comprehensive loss for September 30, 2024, is indicated at US$205,931, in contrast to US$183,094 for September 30, 2023.
- Row 6: The loss attributable to noncontrolling interests for September 30, 2024, was US$469, compared to US$1,998 for September 30, 2023.
- Row 7: Total comprehensive loss attributable to ordinary shareholders was US$205,462 for the period ending September 30, 2024, while it stood at US$181,096 for the same period in 2023. Securities pledged to an investor are reported at $318,398 for September 30, 2024, with no corresponding amount for December 31, 2023. Loans receivable from a related party are $280,808 as of September 30, 2024, with none reported for December 31, 2023. Property, equipment, and software, net, are valued at $347,751 on September 30, 2024, and $354,617 on December 31, 2023. Intangible assets are valued at $116,520 on September 30, 2024, and $116,360 on December 31, 2023. Operating lease right-of-use assets are $149,079 on September 30, 2024, and $173,103 on December 31, 2023. Other non-current assets from third parties are reported at $74,420 for September 30, 2024, and $50,533 for December 31, 2023. Other non-current assets from related parties are $2,735 on September 30, 2024, compared to $2,706 on December 31, 2023. The total non-current assets are $1,293,264 for September 30, 2024, and $700,966 for December 31, 2023. The total assets amount to $2,587,224 as of September 30, 2024, compared to $1,584,678 as of December 31, 2023. This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential,” “forecast,” “plan,” “seek,” “future,” “propose,” or “continue,” or the negatives of these terms or variations of them or similar terminology, although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading “Risk Factors” in Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Contact Information for Investor Inquiries: ir@group-Company.com 1. DESCRIPTION OF BUSINESS AND ORGANIZATION On February 22, 2024 (the “Closing Date”), Company consummated its merger with Counterparty A pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among Counterparty A, Company, a Cayman Islands exempted company, Subsidiary A, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 1”), and Subsidiary B, a Cayman Islands exempted company and wholly-owned subsidiary of Company (“Merger Sub 2”). 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 achieved a 136% year-on-year increase in deliveries, maintaining its position as a top-performing luxury car brand among global competitors. The company delivered over 7,600 vehicles in the first nine months of 2024, making it the top seller among British luxury car brands. Four models were in delivery, each with an average Manufacturer’s Suggested Retail Price (MSRP) over $100,000. The current portfolio includes one SUV, one sedan, and two sportscars. Company maintained the MSRP above $100,000 throughout the first nine months of 2024, despite faster-than-sector growth and intensified competition. The intelligent driving business achieved a contract value of $130 million. Subsidiary A, the intelligent driving division, provided solutions to multiple global auto conglomerates, contributing significantly to this growth. Company's global expansion included entering over 10 new markets across the Gulf Cooperation Council (GCC) countries, Asia, and Oceania. The company introduced the Eletre Carbon, a high-performance variant tailored for the North American market, and also penetrated the fleet market for environmentally sustainable corporate clients in Europe. In the first nine months of 2024, Company delivered over 7,600 vehicles, marking a 136% increase compared to the same period in 2023, when 3,221 vehicles were delivered. The third quarter alone saw 2,744 vehicles delivered, a 54% increase over the 1,782 vehicles delivered in Q3 2023. Total revenue for the first nine months of 2024 amounted to $653 million, representing an impressive 105% year-on-year growth from the $318 million reported in the same period of 2023. In the third quarter of 2024, revenue was $255 million, showing a 36% increase from the $188 million in Q3 2023. The intelligent driving business showed remarkable growth, with revenue from external customers reaching $11 million, reflecting a year-on-year growth of 450%. Despite this, the gross profit margins declined, with Q3 2024 margins at 3%, down from 15% in Q3 2023. For the first nine months of 2024, the gross profit margin was 9%, compared to 11% in the same period of 2023. The vehicle delivery numbers presented above are derived from reports submitted by Company's business units. These numbers may differ slightly from the vehicle delivery numbers recorded in the financial accounting and reporting systems announced or to be announced by the company. [Table Level]
- Table Title: Financial Performance Summary
- Table Summary: This table presents the net loss, adjusted net loss, and adjusted EBITDA figures for the years ended December 31, 2021 to 2023. It includes detailed breakdowns of interest expenses, interest income, income tax expenses, share-based compensation expenses, and depreciation.
- Context: The table reflects financial performance measures that should be analyzed in conjunction with GAAP measures and other financial information to gain a full understanding of Company's fiscal health. It indicates a substantial year-over-year increase in total revenues due to various sales activities.
- Special Notes: Values are reported in US dollars and thousands (from 2022 onwards where specified).

[Row Level]
- Row 1: Net loss for the year 2023 was $(750,255), compared to $(724,563) for 2022, and $(110,531) for 2021.
- Row 2: Share-based compensation expenses were not applicable in 2023, amounted to $10,625 in 2022, and were not applicable in 2021.
- Row 3: Adjusted net loss for 2023 was $(750,255), while it was $(713,938) for 2022, and $(110,531) for 2021.
- Row 4: Restates net loss figures for 2023 as $(750,255), 2022 as $(724,563), and 2021 as $(110,531) for additional context.
- Row 5: Interest expenses were $10,200 in 2023, $8,542 in 2022, and $3,615 in 2021.
- Row 6: Interest income in 2023 was $(9,204), in 2022 was $(12,188), and in 2021 was $(6,219).
- Row 7: Income tax expense for 2023 was $1,113, compared to $292 for 2022, and $1,853 for 2021.
- Row 8: Share-based compensation expenses are reiterated as not applicable for 2023 and 2021, but were $10,625 in 2022.
- Row 9: Depreciation was $54,957 in 2023, $12,790 in 2022, and $2,056 in 2021.
- Row 10: Adjusted EBITDA was $(693,189) for 2023, $(704,502) for 2022, and $(109,226) for 2021. Deliveries of lifestyle vehicles saw a remarkable 126% year-on-year increase in the first nine months of 2024, constituting 52% of the total deliveries. Europe, being the home of the Company brand, demonstrated significant growth with a 372% year-on-year increase in vehicle deliveries during this period. The Rest of the World (ROW) region achieved a 110% year-on-year increase, as Company continued to expand into new markets. Furthermore, the company has surpassed 200 stores worldwide, with per-store sales steadily improving through operational optimization. The delivery breakdown for the first nine months of 2024 was 52% lifestyle vehicles and 48% sportscars. By region, deliveries were distributed as follows: Europe accounted for 35%, China for 25%, North America for 18%, and ROW for 22%. Regarding the store distribution, Europe held 34%, China had 25%, North America had 24%, and ROW had 17%. [Table Level]
- Table Title: Operating Expenses for Six Months Ended June 30, 2024 and 2023
- Table Summary: The table summarizes the operating expenses for Company, comparing figures for the six months ended June 30, 2024, to those for the same period in 2023. It highlights changes in research and development, selling and marketing, and general and administrative expenses, as well as the impact of government grants, showing both absolute changes and percentage change.
- Context: Company experienced a significant increase in gross profits and margins between June 30, 2023, and June 30, 2024, due to cost reductions and increased income from various services. There are accompanying increases in research and marketing expenses driven by factors like share-based compensation and global sales expansion.
- Special Notes: All monetary values are in thousands of US dollars, except for percentage changes indicated.

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

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

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

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

Row 5: The total operating expenses increased from US$350,539 thousand in 2023 to US$488,618 thousand in 2024, a total change of US$138,079 thousand, equating to an overall increase of 39.4%. Company. Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted Net Loss/Adjusted EBITDA) (All amounts in thousands) 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 (Model A and Model B) are gradually entering new markets. After delivery in Southeast Asia, the Model A SUV has started delivery in markets such as the Middle East, New Zealand, India, and Egypt. Model A SUV production orders have commenced in Australia, Japan, and South Korea. The Model B GT sedan has started delivery in Europe and has been pre-ordered in the Middle East, Northeast Asia, and Southeast Asia. [Table Level]
- Table Title: Company. Assets Overview
- Table Summary: This table presents a detailed comparison of Company.'s assets as of September 30, 2024, and December 31, 2023. It categorizes assets into current and non-current groups, providing a comprehensive view of each asset's value at two different times.
- Context: The table is presented in a press release containing forward-looking statements, emphasizing the inherent risks and uncertainties disclosed under "Risk Factors" in Company.'s filings. This is accompanied by a standard disclaimer about updating such statements only as required by law.
- Special Notes: All amounts are displayed in thousands, with specific columns representing US dollars for two different dates: September 30, 2024, and December 31, 2023.

[Row Level]
Row 1: As of September 30, 2024, cash assets amount to $191,300, while on December 31, 2023, the amount was $418,941.
Row 2: Restricted cash is reported at $465,064 on September 30, 2024, compared to $7,873 on December 31, 2023.
Row 3: Accounts receivable from third parties are shown at $94,503 for September 30, 2024, and $76,664 for December 31, 2023.
Row 4: Accounts receivable from related parties stand at $56,638 as of September 30, 2024, versus $22,430 as of December 31, 2023.
Row 5: Inventories are measured at $320,834 on September 30, 2024, and $265,190 on December 31, 2023.
Row 6: Prepayments and other current assets from third parties are listed as $107,905 on September 30, 2024, and $63,870 on December 31, 2023.
Row 7: Prepayments and other current assets from related parties are recorded at $57,716 for September 30, 2024, and $28,744 for December 31, 2023.
Row 8: The total current assets sum up to $1,293,960 for September 30, 2024, and $883,712 for December 31, 2023.
Row 9: Non-current restricted cash is $1,542 on September 30, 2024, compared to $321 on December 31, 2023.
Row 10: Investment securities related to parties amount to $2,011 on September 30, 2024, and $3,326 on December 31, 2023.
Row 11: Securities pledged to an investor are reported at $318,398 for September 30, 2024, with no corresponding amount for December 31, 2023.
Row 12: Loans receivable from a related party are $280,808 as of September 30, 2024, with none reported for December 31, 2023.
Row 13: Property, equipment, and software, net, are valued at $347,751 on September 30, 2024, and $354,617 on December 31, 2023.
Row 14: Intangible assets are valued at $116,520 on September 30, 2024, and $116,360 on December 31, 2023.
Row 15: Operating lease right-of-use assets are $149,079 on September 30, 2024, and $173,103 on December 31, 2023.
Row 16: Other non-current assets from third parties are reported at $74,420 for September 30, 2024, and $50,533 for December 31, 2023.
Row 17: Other non-current assets from related parties are $2,735 on September 30, 2024, compared to $2,706 on December 31, 2023.
Row 18: The total non-current assets are $1,293,264 for September 30, 2024, and $700,966 for December 31, 2023.
Row 19: The total assets amount to $2,587,224 as of September 30, 2024, compared to $1,584,678 as of December 31, 2023. Company has not been profitable since its inception. The company incurred a net loss of US\$460.3 million, US\$750.3 million, US\$724.6 million, and US\$110.5 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. In addition, Company had negative net cash flows from operating activities of US\$468.4 million, US\$386.9 million, US\$351.4 million, and US\$126.5 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. As of June 30, 2024, and as of December 31, 2023, 2022, and 2021, the company's accumulated deficit was US\$2.0 billion, US\$1.6 billion, US\$846.8 million, and US\$122.8 million, respectively. Company incurred capital expenditures of US\$49.5 million, US\$213.7 million, US\$133.3 million, and US\$34.6 million for the six months ended June 30, 2024, and in 2023, 2022, and 2021, respectively. Historically, Company relied principally on proceeds from the issuance of exchangeable notes, convertible notes, and related party borrowings to finance its operations and business expansion. The company will require additional liquidity to continue its operations over the next 12 months. Company is evaluating strategies to obtain the required additional funding for future operations. [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). Company's total revenues increased by US$5.9 million from US$3.7 million for the year ended December 31, 2021, to US$9.6 million for the year ended December 31, 2022, primarily due to sales from the distribution of Company-brand sports cars, auto parts, and automotive design and development services provided to Counterparty A. Sales of goods. Company's sales of goods revenue increased by US$0.8 million from US$0.4 million for the year ended December 31, 2021, to US$1.2 million for the year ended December 31, 2022, primarily due to the increase in sales from the distribution of historical Company-brand sports cars by US$0.4 million, and auto parts and peripheral products by US$0.4 million. Service revenues. Company's service revenue increased by US$5.1 million from US$3.3 million for the year ended December 31, 2021, to US$8.4 million for the year ended December 31, 2022, primarily due to an increase in automotive design and development services provided to Counterparty A. [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. Sales of goods. Company generates revenues by providing the following products:  
● Battery Electric Vehicle (BEV) lifestyle models developed by Company;  
● Company-brand sports cars developed by Subsidiary B;  
● auto parts; and  
● peripheral products.  

Services. Company generates revenues mainly by providing automotive design and development services to OEM customers and after-sales service. The following table sets forth a breakdown of revenues by type both in absolute amount and as a percentage of Company's revenues for the years indicated. Research and development expenses. Company's research and development expenses increased by US$22.3 million from US$152.5 million for the six months ended June 30, 2023, to US$174.9 million for the six months ended June 30, 2024, primarily due to the increase in share-based compensation expense of US$20.0 million. Selling and marketing expenses. Company's selling and marketing expenses increased by US$86.0 million from US$118.2 million for the six months ended June 30, 2023, to US$204.3 million for the six months ended June 30, 2024, primarily due to (i) the increase in marketing, promotion, and advertising-related expenses for the expansion of global sales of US$37.1 million, (ii) the increase in exhibition expenses, professional service fees, and other miscellaneous selling expenses of US$28.0 million; (iii) the increase in labor costs of US$12.1 million; (iv) the increase in depreciation of US$5.5 million; and (v) the increase in share-based compensation expense of US$3.3 million. General and administrative expenses.