| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | vi | | | |
| | | | | 1 | | | |
| | | | | 15 | | | |
| | | | | 17 | | | |
| | | | | 76 | | | |
| | | | | 77 | | | |
| | | | | 92 | | | |
| | | | | 93 | | | |
| | | | | 94 | | | |
| | | | | 111 | | | |
| | | | | 146 | | | |
| | | | | 175 | | | |
| | | | | 182 | | | |
| | | | | 184 | | | |
| | | | | 188 | | | |
| | | | | 196 | | | |
| | | | | 208 | | | |
| | | | | 218 | | | |
| | | | | 224 | | | |
| | | | | 229 | | | |
| | | | | 230 | | | |
| | | | | 231 | | | |
| | | | | 232 | | | |
| | | | | 233 | | | |
| | | | | F-1 | | |
| | |
1H 2024
|
| |
1H 2023
|
| |
% Change (YoY)
|
| |||||||||
Lifestyle SUV and Sedan
|
| | | | 2,389 | | | | | | 871 | | | | | | 174% | | |
Sportscars
|
| | | | 2,484 | | | | | | 568 | | | | | | 337% | | |
Total
|
| | |
|
4,873
|
| | | |
|
1,439
|
| | | |
|
239%
|
| |
| | |
1H 2024
|
| |
1H 2024%
|
| |
1H 2023
|
| |
1H 2023%
|
| ||||||||||||
Europe
|
| | | | 1,459 | | | | | | 30% | | | | | | 89 | | | | | | 6% | | |
China
|
| | | | 1,208 | | | | | | 25% | | | | | | 965 | | | | | | 67% | | |
North America
|
| | | | 1,278 | | | | | | 26% | | | | | | — | | | | | | — | | |
Rest of the World
|
| | | | 928 | | | | | | 19% | | | | | | 385 | | | | | | 27% | | |
Total
|
| | |
|
4,873
|
| | | |
|
100%
|
| | | |
|
1,439
|
| | | |
|
100%
|
| |
| | |
As of June 30, 2024
|
| |||
| | |
(US$ in thousands)
|
| |||
Cash
|
| | | | 268,781 | | |
Restricted cash
|
| | | | 375,034 | | |
| | | | | | | |
Total shareholders’ deficit
|
| | | | (174,081) | | |
Debt | | | | | | | |
Short-term borrowings – third parties
|
| | | | 518,479 | | |
Convertible notes – current
|
| | | | 110,661 | | |
Put option liabilities – current
|
| | | | 437 | | |
Put option liabilities – non current
|
| | | | 175,214 | | |
Warrant liabilities – non current
|
| | | | 5,549 | | |
Convertible notes – non current
|
| | | | 75,970 | | |
Exchangeable notes – non current
|
| | | | 77,087 | | |
Total capitalization*
|
| | | | 789,316 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Sales of goods
|
| | | | 382,893 | | | | | | 124,854 | | | | | | 660,158 | | | | | | 1,186 | | | | | | 369 | | |
Service revenues
|
| | | | 15,222 | | | | | | 5,181 | | | | | | 18,850 | | | | | | 8,371 | | | | | | 3,318 | | |
Total revenues
|
| | | | 398,115 | | | | | | 130,035 | | | | | | 679,008 | | | | | | 9,557 | | | | | | 3,687 | | |
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cost of goods sold
|
| | | | (340,882) | | | | | | (119,557) | | | | | | (564,741) | | | | | | (948) | | | | | | (331) | | |
Cost of services
|
| | | | (6,321) | | | | | | (4,351) | | | | | | (12,086) | | | | | | (6,302) | | | | | | (2,799) | | |
Total cost of revenues
|
| | | | (347,203) | | | | | | (123,908) | | | | | | (576,827) | | | | | | (7,250) | | | | | | (3,130) | | |
Gross profit
|
| | | | 50,912 | | | | | | 6,127 | | | | | | 102,181 | | | | | | 2,307 | | | | | | 557 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Research and development expenses
|
| | | | (174,854) | | | | | | (152,548) | | | | | | (368,729) | | | | | | (445,844) | | | | | | (511,364) | | |
Selling and marketing expenses
|
| | | | (204,274) | | | | | | (118,236) | | | | | | (328,935) | | | | | | (151,331) | | | | | | (38,066) | | |
General and administrative expenses
|
| | | | (111,978) | | | | | | (80,417) | | | | | | (144,533) | | | | | | (148,369) | | | | | | (54,763) | | |
Government grants
|
| | | | 2,488 | | | | | | 662 | | | | | | 4,077 | | | | | | 55,824 | | | | | | 490,694 | | |
Total operating expenses
|
| | | | (488,618) | | | | | | (350,539) | | | | | | (838,120) | | | | | | (689,720) | | | | | | (113,499) | | |
Operating loss
|
| | | | (437,706) | | | | | | (344,412) | | | | | | (735,939) | | | | | | (687,413) | | | | | | (112,942) | | |
Interest expenses
|
| | | | (11,708) | | | | | | (3,470) | | | | | | (10,200) | | | | | | (8,542) | | | | | | (3,615) | | |
Interest income
|
| | | | 8,658 | | | | | | 5,848 | | | | | | 9,204 | | | | | | 12,188 | | | | | | 6,219 | | |
Investment income (loss), net
|
| | | | 3,496 | | | | | | 2,770 | | | | | | (1,162) | | | | | | (3,246) | | | | | | 2,229 | | |
Share of results of equity method investments
|
| | | | 359 | | | | | | (626) | | | | | | (1,048) | | | | | | (2,762) | | | | | | — | | |
Foreign currency exchange (losses) gains net
|
| | | | (4,429) | | | | | | (3,619) | | | | | | 42 | | | | | | (11,505) | | | | | | 798 | | |
Changes in fair values of mandatorily redeemable
noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk |
| | | | 8,801 | | | | | | (12,758) | | | | | | (7,531) | | | | | | (22,991) | | | | | | (1,367) | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Changes in fair values of warrant liabilities
|
| | | | 6,317 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Changes in fair values of put option liabilities
|
| | | | (33,685) | | | | | | 3,307 | | | | | | (2,508) | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | | (459,897) | | | | | | (352,960) | | | | | | (749,142) | | | | | | (724,271) | | | | | | (108,678) | | |
Income tax benefit (expense)
|
| | | | (355) | | | | | | 18 | | | | | | (1,113) | | | | | | (292) | | | | | | (1,853) | | |
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
|
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||
| | |
2024
|
| |
2023
|
| |
2022
|
| |||||||||
| | |
US$
(in thousands) |
| |||||||||||||||
Total current assets
|
| | | | 1,279,213 | | | | | | 883,712 | | | | | | 823,463 | | |
Total non-current assets
|
| | | | 1,227,041 | | | | | | 700,966 | | | | | | 548,489 | | |
Total assets
|
| | | | 2,506,254 | | | | | | 1,584,678 | | | | | | 1,371,952 | | |
Total current liabilities
|
| | | | 1,840,454 | | | | | | 1,757,281 | | | | | | 932,879 | | |
Total non-current liabilities
|
| | | | 839,881 | | | | | | 654,569 | | | | | | 523,679 | | |
Total liabilities
|
| | | | 2,680,335 | | | | | | 2,411,850 | | | | | | 1,456,558 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net cash used in operating activities
|
| | | | (468,361) | | | | | | (303,700) | | | | | | (386,932) | | | | | | (351,419) | | | | | | (126,505) | | |
Net cash (used in) provided by investing
activities |
| | | | (542,860) | | | | | | (103,733) | | | | | | (197,985) | | | | | | (149,414) | | | | | | 244,476 | | |
Net cash provided by financing activities
|
| | | | 1,248,800 | | | | | | 415,283 | | | | | | 284,708 | | | | | | 758,131 | | | | | | 364,853 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | (20,899) | | | | | | (18,356) | | | | | | (12,189) | | | | | | (49,217) | | | | | | 2,943 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 216,680 | | | | | | (10,506) | | | | | | (312,398) | | | | | | 208,081 | | | | | | 485,767 | | |
Cash and restricted cash at the beginning of the year/period
|
| | | | 427,135 | | | | | | 739,533 | | | | | | 739,533 | | | | | | 531,452 | | | | | | 45,685 | | |
Cash and restricted cash at the end of the year/period
|
| | | | 643,815 | | | | | | 729,027 | | | | | | 427,135 | | | | | | 739,533 | | | | | | 531,452 | | |
| | |
Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Lotus
Technology Inc. |
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
Revenues
|
| | | | — | | | | | | 174,789 | | | | | | — | | | | | | 679,342 | | | | | | (175,123)(1) | | | | | | 679,008 | | |
Cost of revenues
|
| | | | — | | | | | | (24,667) | | | | | | — | | | | | | (577,215) | | | | | | 25,055(1) | | | | | | (576,827) | | |
Gross profit
|
| | | | — | | | | | | 150,122 | | | | | | — | | | | | | 102,127 | | | | | | (150,068) | | | | | | 102,181 | | |
Total operating expenses
|
| | | | (2,983) | | | | | | (84,055) | | | | | | (15,396) | | | | | | (885,754) | | | | | | 150,068(1) | | | | | | (838,120) | | |
Operating loss
|
| | | | (2,983) | | | | | | 66,067 | | | | | | (15,396) | | | | | | (783,627) | | | | | | — | | | | | | (735,939) | | |
Interest expenses
|
| | | | — | | | | | | (4,908) | | | | | | (30) | | | | | | (16,516) | | | | | | 11,254(2) | | | | | | (10,200) | | |
Interest income
|
| | | | 6,979 | | | | | | 8,108 | | | | | | 551 | | | | | | 4,820 | | | | | | (11,254)(2) | | | | | | 9,204 | | |
Investment income (loss), net
|
| | | | (5,084) | | | | | | — | | | | | | (1,010) | | | | | | 4,932 | | | | | | — | | | | | | (1,162) | | |
Share of results of equity method investments
|
| | | | — | | | | | | (1) | | | | | | — | | | | | | (1,047) | | | | | | — | | | | | | (1,048) | | |
Foreign currency exchange gains (losses), net
|
| | | | (171) | | | | | | (240) | | | | | | 1 | | | | | | 452 | | | | | | — | | | | | | 42 | | |
Changes in fair values of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk |
| | | | (616) | | | | | | (738) | | | | | | (1,497) | | | | | | (4,680) | | | | | | — | | | | | | (7,531) | | |
Changes in fair values of put options liabilities
|
| | | | (2,508) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,508) | | |
(Gain)/loss on the Restructuring
|
| | | | — | | | | | | — | | | | | | (56,752) | | | | | | 56,752 | | | | | | — | | | | | | — | | |
Share of losses from consolidated
entities |
| | | | (737,618) | | | | | | — | | | | | | — | | | | | | — | | | | | | 737,618(3) | | | | | | — | | |
Profit (loss) before income taxes
|
| | | | (742,001) | | | | | | 68,288 | | | | | | (74,133) | | | | | | (738,914) | | | | | | 737,618 | | | | | | (749,142) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | (1,109) | | | | | | — | | | | | | (1,113) | | |
Net profit (loss)
|
| | | | (742,001) | | | | | | 68,288 | | | | | | (74,137) | | | | | | (740,023) | | | | | | 737,618 | | | | | | (750,255) | | |
Less: Net loss attributable to noncontrolling interests
|
| | | | — | | | | | | — | | | | | | (2,401) | | | | | | (5,853) | | | | | | — | | | | | | (8,254) | | |
Net profit (loss) attributable to ordinary shareholders
|
| | | | (742,001) | | | | | | 68,288 | | | | | | (71,736) | | | | | | (734,170) | | | | | | 737,618 | | | | | | (742,001) | | |
Net profit (loss)
|
| | | | (742,001) | | | | | | 68,288 | | | | | | (74,137) | | | | | | (740,023) | | | | | | 737,618 | | | | | | (750,255) | | |
Fair value changes of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes |
| | | | (8,650) | | | | | | (272) | | | | | | — | | | | | | (8,378) | | | | | | 8,650(3) | | | | | | (8,650) | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | 16,210 | | | | | | 1,556 | | | | | | 1,173 | | | | | | 7,475 | | | | | | (10,204)(3) | | | | | | 16,210 | | |
Total other comprehensive income (loss)
|
| | | | 7,560 | | | | | | 1,284 | | | | | | 1,173 | | | | | | (903) | | | | | | (1,554) | | | | | | 7,560 | | |
Less: Total comprehensive loss attributable
to noncontrolling interests |
| | | | — | | | | | | — | | | | | | (2,297) | | | | | | (5,957) | | | | | | — | | | | | | (8,254) | | |
Total comprehensive income (loss) attributable to ordinary shareholders
|
| | | | (734,441) | | | | | | 69,572 | | | | | | (70,667) | | | | | | (734,969) | | | | | | 736,064 | | | | | | (734,441) | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
Revenues
|
| | | | — | | | | | | 44,517 | | | | | | — | | | | | | 13,876 | | | | | | (48,836)(1) | | | | | | 9,557 | | |
Cost of revenues
|
| | | | — | | | | | | (24,645) | | | | | | — | | | | | | (11,010) | | | | | | 28,405(1) | | | | | | (7,250) | | |
Gross profit
|
| | | | — | | | | | | 19,872 | | | | | | — | | | | | | 2,866 | | | | | | (20,431) | | | | | | 2,307 | | |
Total operating expenses
|
| | | | (11,127) | | | | | | (131,238) | | | | | | (42,609) | | | | | | (525,177) | | | | | | 20,431(1) | | | | | | (689,720) | | |
Operating loss
|
| | | | (11,127) | | | | | | (111,366) | | | | | | (42,609) | | | | | | (522,311) | | | | | | — | | | | | | (687,413) | | |
Interest expenses
|
| | | | — | | | | | | (8,135) | | | | | | — | | | | | | (730) | | | | | | 323(2) | | | | | | (8,542) | | |
Interest income
|
| | | | 2,839 | | | | | | 6,977 | | | | | | 1,006 | | | | | | 1,689 | | | | | | (323)(2) | | | | | | 12,188 | | |
Investment income (loss), net
|
| | | | (4,242) | | | | | | — | | | | | | 996 | | | | | | — | | | | | | — | | | | | | (3,246) | | |
Share of results of equity method investments
|
| | | | — | | | | | | — | | | | | | (1,821) | | | | | | (941) | | | | | | — | | | | | | (2,762) | | |
Foreign currency exchange gains (losses), net
|
| | | | (13,068) | | | | | | (511) | | | | | | (101) | | | | | | 2,175 | | | | | | — | | | | | | (11,505) | | |
Changes in fair values of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk |
| | | | — | | | | | | (13,162) | | | | | | (9,829) | | | | | | — | | | | | | — | | | | | | (22,991) | | |
Share of losses from consolidated entities
|
| | | | (698,323) | | | | | | — | | | | | | — | | | | | | — | | | | | | 698,323(3) | | | | | | — | | |
Loss before income taxes
|
| | | | (723,921) | | | | | | (126,197) | | | | | | (52,358) | | | | | | (520,118) | | | | | | 698,323 | | | | | | (724,271) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | (73) | | | | | | (219) | | | | | | — | | | | | | (292) | | |
Net loss
|
| | | | (723,921) | | | | | | (126,197) | | | | | | (52,431) | | | | | | (520,337) | | | | | | 698,323 | | | | | | (724,563) | | |
Less: Net loss attributable to noncontrolling
interests |
| | | | — | | | | | | — | | | | | | (642) | | | | | | — | | | | | | — | | | | | | (642) | | |
Net loss attributable to ordinary
shareholders |
| | | | (723,921) | | | | | | (126,197) | | | | | | (51,789) | | | | | | (520,337) | | | | | | 698,323 | | | | | | (723,921) | | |
Net loss
|
| | | | (723,921) | | | | | | (126,197) | | | | | | (52,431) | | | | | | (520,337) | | | | | | 698,323 | | | | | | (724,563) | | |
Fair value changes of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes |
| | | | (893) | | | | | | (33) | | | | | | (860) | | | | | | — | | | | | | 893(3) | | | | | | (893) | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | 18,669 | | | | | | (1,668) | | | | | | (943) | | | | | | 2,221 | | | | | | 390(3) | | | | | | 18,669 | | |
Total other comprehensive income (loss)
|
| | | | 17,776 | | | | | | (1,701) | | | | | | (1,803) | | | | | | 2,221 | | | | | | 1,283 | | | | | | 17,776 | | |
Less: Total comprehensive loss attributable to noncontrolling interests
|
| | | | — | | | | | | — | | | | | | (642) | | | | | | — | | | | | | — | | | | | | (642) | | |
Total comprehensive loss attributable to ordinary shareholders
|
| | | | (706,145) | | | | | | (127,898) | | | | | | (53,592) | | | | | | (518,116) | | | | | | 699,606 | | | | | | (706,145) | | |
| | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
Revenues
|
| | | | — | | | | | | 15,720 | | | | | | — | | | | | | 4,623 | | | | | | (16,656)(1) | | | | | | 3,687 | | |
Cost of revenues
|
| | | | — | | | | | | (14,739) | | | | | | — | | | | | | (4,221) | | | | | | 15,830(1) | | | | | | (3,130) | | |
Gross profit
|
| | | | — | | | | | | 981 | | | | | | — | | | | | | 402 | | | | | | (826) | | | | | | 557 | | |
Total operating expenses
|
| | | | (263) | | | | | | (56,892) | | | | | | (7,914) | | | | | | (49,256) | | | | | | 826(1) | | | | | | (113,499) | | |
Operating loss
|
| | | | (263) | | | | | | (55,911) | | | | | | (7,914) | | | | | | (48,854) | | | | | | — | | | | | | (112,942) | | |
Interest expenses
|
| | | | — | | | | | | (3,391) | | | | | | — | | | | | | (224) | | | | | | — | | | | | | (3,615) | | |
Interest income
|
| | | | — | | | | | | 4,497 | | | | | | 330 | | | | | | 1,392 | | | | | | — | | | | | | 6,219 | | |
Investment income
|
| | | | — | | | | | | 2,229 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,229 | | |
Foreign currency exchange gains (losses), net
|
| | | | 2,124 | | | | | | (1,328) | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 798 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk.
|
| | | | — | | | | | | (1,065) | | | | | | (302) | | | | | | — | | | | | | — | | | | | | (1,367) | | |
Share of losses of combined
entities |
| | | | (112,392) | | | | | | — | | | | | | — | | | | | | — | | | | | | 112,392(3) | | | | | | — | | |
Loss before income taxes
|
| | | | (110,531) | | | | | | (54,969) | | | | | | (7,886) | | | | | | (47,684) | | | | | | 112,392 | | | | | | (108,678) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | (851) | | | | | | (1,002) | | | | | | — | | | | | | (1,853) | | |
Net loss
|
| | | | (110,531) | | | | | | (54,969) | | | | | | (8,737) | | | | | | (48,686) | | | | | | 112,392 | | | | | | (110,531) | | |
Fair value changes of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes |
| | | | 119 | | | | | | 132 | | | | | | (13) | | | | | | — | | | | | | (119)(3) | | | | | | 119 | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | (843) | | | | | | 1,090 | | | | | | 833 | | | | | | (1,579) | | | | | | (344)(3) | | | | | | (843) | | |
Total other comprehensive income (loss)
|
| | | | (724) | | | | | | 1,222 | | | | | | 820 | | | | | | (1,579) | | | | | | (463) | | | | | | (724) | | |
Total comprehensive loss
|
| | | | (111,255) | | | | | | (53,747) | | | | | | (7,917) | | | | | | (50,265) | | | | | | 111,929 | | | | | | (111,255) | | |
| | |
As of December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Lotus
Technology Inc. |
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 33,888 | | | | | | 151,125 | | | | | | — | | | | | | 233,928 | | | | | | — | | | | | | 418,941 | | |
Restricted cash
|
| | | | — | | | | | | 7,061 | | | | | | — | | | | | | 812 | | | | | | — | | | | | | 7,873 | | |
Accounts receivable – third parties, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 76,664 | | | | | | — | | | | | | 76,664 | | |
Accounts receivable – related parties, net
|
| | | | — | | | | | | 775 | | | | | | — | | | | | | 21,655 | | | | | | — | | | | | | 22,430 | | |
Inventories
|
| | | | — | | | | | | — | | | | | | — | | | | | | 265,190 | | | | | | — | | | | | | 265,190 | | |
Prepayments and other current assets – third parties, net
|
| | | | 1,687 | | | | | | 925 | | | | | | — | | | | | | 61,258 | | | | | | — | | | | | | 63,870 | | |
Prepayments and other current assets – related parties, net
|
| | | | — | | | | | | 3 | | | | | | — | | | | | | 28,741 | | | | | | — | | | | | | 28,744 | | |
Amounts due from inter-companies
|
| | | | 46,087 | | | | | | 469,019 | | | | | | — | | | | | | 211,807 | | | | | | (726,913)(1) | | | | | | — | | |
Total current assets
|
| | | | 81,662 | | | | | | 628,908 | | | | | | — | | | | | | 900,055 | | | | | | (726,913) | | | | | | 883,712 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | — | | | | | | 321 | | | | | | — | | | | | | 321 | | |
Investment securities – related parties
|
| | | | 3,326 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,326 | | |
Property, equipment and software, net
|
| | | | — | | | | | | 105,851 | | | | | | — | | | | | | 248,766 | | | | | | — | | | | | | 354,617 | | |
Intangible assets
|
| | | | — | | | | | | 41 | | | | | | — | | | | | | 116,319 | | | | | | — | | | | | | 116,360 | | |
Operating lease right-of-use assets
|
| | | | — | | | | | | 75,758 | | | | | | — | | | | | | 97,345 | | | | | | — | | | | | | 173,103 | | |
Other non-current assets – third parties
|
| | | | — | | | | | | 1,100 | | | | | | — | | | | | | 49,433 | | | | | | — | | | | | | 50,533 | | |
Other non-current assets – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,706 | | | | | | — | | | | | | 2,706 | | |
Investments in consolidated entities
|
| | | | — | | | | | | 278,648 | | | | | | — | | | | | | 205,957 | | | | | | (484,605)(2) | | | | | | — | | |
Total non-current assets
|
| | | | 3,326 | | | | | | 461,398 | | | | | | — | | | | | | 720,847 | | | | | | (484,605) | | | | | | 700,966 | | |
Total assets
|
| | | | 84,988 | | | | | | 1,090,306 | | | | | | — | | | | | | 1,620,902 | | | | | | (1,211,518) | | | | | | 1,584,678 | | |
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ EQUITY |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings – third parties
|
| | | | — | | | | | | 75,624 | | | | | | — | | | | | | 151,148 | | | | | | — | | | | | | 226,772 | | |
Accounts payable – third parties
|
| | | | — | | | | | | 18 | | | | | | — | | | | | | 20,105 | | | | | | — | | | | | | 20,123 | | |
Accounts payable – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 340,419 | | | | | | — | | | | | | 340,419 | | |
Contract liabilities – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 44,184 | | | | | | — | | | | | | 44,184 | | |
Operating lease liabilities – third parties
|
| | | | — | | | | | | 4,454 | | | | | | — | | | | | | 12,306 | | | | | | — | | | | | | 16,760 | | |
Accrued expenses and other current liabilities – third parties
|
| | | | 714 | | | | | | 99,466 | | | | | | — | | | | | | 319,242 | | | | | | — | | | | | | 419,422 | | |
Accrued expenses and other current liabilities – related parties
|
| | | | — | | | | | | 4,504 | | | | | | — | | | | | | 286,182 | | | | | | — | | | | | | 290,686 | | |
Exchangeable notes
|
| | | | — | | | | | | 378,638 | | | | | | — | | | | | | — | | | | | | — | | | | | | 378,638 | | |
Convertible notes
|
| | | | 20,277 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,277 | | |
Amounts due to inter-companies
|
| | | | — | | | | | | 115,079 | | | | | | — | | | | | | 611,834 | | | | | | (726,913)(1) | | | | | | — | | |
Total current liabilities
|
| | | | 20,991 | | | | | | 677,783 | | | | | | — | | | | | | 1,785,420 | | | | | | (726,913) | | | | | | 1,757,281 | | |
| | |
As of December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Lotus
Technology Inc. |
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract liabilities – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,245 | | | | | | — | | | | | | 6,245 | | |
Operating lease liabilities – third parties
|
| | | | — | | | | | | 39,815 | | | | | | — | | | | | | 52,114 | | | | | | — | | | | | | 91,929 | | |
Operating lease liabilities – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,064 | | | | | | — | | | | | | 12,064 | | |
Put option liabilities
|
| | | | 11,884 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,884 | | |
Exchangeable notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 75,678 | | | | | | — | | | | | | 75,678 | | |
Convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 81,635 | | | | | | — | | | | | | 81,635 | | |
Deferred tax liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Deferred income
|
| | | | — | | | | | | 268,259 | | | | | | — | | | | | | 1,838 | | | | | | — | | | | | | 270,097 | | |
Other non-current liabilities – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 103,403 | | | | | | — | | | | | | 103,403 | | |
Other non-current liabilities – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,634 | | | | | | — | | | | | | 1,634 | | |
Share of losses in excess of investments
in consolidated entities |
| | | | 873,881 | | | | | | — | | | | | | — | | | | | | — | | | | | | (873,881)(2) | | | | | | — | | |
Total non-current liabilities
|
| | | | 885,765 | | | | | | 308,074 | | | | | | — | | | | | | 334,611 | | | | | | (873,881) | | | | | | 654,569 | | |
Total liabilities
|
| | | | 906,756 | | | | | | 985,857 | | | | | | — | | | | | | 2,120,031 | | | | | | (1,600,794) | | | | | | 2,411,850 | | |
Total mezzanine equity
|
| | | | 383,530 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 383,530 | | |
SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares
|
| | | | 21 | | | | | | 160,651 | | | | | | — | | | | | | 251,376 | | | | | | (412,027)(2) | | | | | | 21 | | |
Additional paid-in capital
|
| | | | 358,187 | | | | | | 56,776 | | | | | | — | | | | | | 700,734 | | | | | | (757,510)(2) | | | | | | 358,187 | | |
Accumulated other comprehensive income
|
| | | | 25,267 | | | | | | 793 | | | | | | — | | | | | | 1,027 | | | | | | (1,820)(2) | | | | | | 25,267 | | |
Accumulated deficit
|
| | | | (1,588,773) | | | | | | (113,771) | | | | | | — | | | | | | (1,446,862) | | | | | | 1,560,633(2) | | | | | | (1,588,773) | | |
Total shareholders’ equity (deficit) attributable to ordinary shareholders
|
| | | | (1,205,298) | | | | | | 104,449 | | | | | | — | | | | | | (493,725) | | | | | | 389,276 | | | | | | (1,205,298) | | |
Noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,404) | | | | | | — | | | | | | (5,404) | | |
Total shareholders’ equity (deficit)
|
| | | | (1,205,298) | | | | | | 104,449 | | | | | | — | | | | | | (499,129) | | | | | | 389,276 | | | | | | (1,210,702) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 84,988 | | | | | | 1,090,306 | | | | | | — | | | | | | 1,620,902 | | | | | | (1,211,518) | | | | | | 1,584,678 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 353,107 | | | | | | 148,949 | | | | | | 156,571 | | | | | | 77,978 | | | | | | — | | | | | | 736,605 | | |
Restricted cash
|
| | | | — | | | | | | 1,955 | | | | | | — | | | | | | 437 | | | | | | — | | | | | | 2,392 | | |
Accounts receivable – related parties, net of nil allowance for doubtful accounts
|
| | | | — | | | | | | 788 | | | | | | — | | | | | | 7,757 | | | | | | — | | | | | | 8,545 | | |
Inventories
|
| | | | — | | | | | | — | | | | | | 108 | | | | | | 22,595 | | | | | | — | | | | | | 22,703 | | |
Prepayments and other current assets – third parties
|
| | | | — | | | | | | 7,598 | | | | | | 2,313 | | | | | | 34,575 | | | | | | — | | | | | | 44,486 | | |
Prepayments and other current assets – related parties
|
| | | | — | | | | | | 69 | | | | | | — | | | | | | 8,663 | | | | | | — | | | | | | 8,732 | | |
Amounts due from inter- companies
|
| | | | 6,089 | | | | | | 112,833 | | | | | | — | | | | | | 5,387 | | | | | | (124,309)(1) | | | | | | — | | |
Total current assets
|
| | | | 359,196 | | | | | | 272,192 | | | | | | 158,992 | | | | | | 157,392 | | | | | | (124,309) | | | | | | 823,463 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | — | | | | | | 536 | | | | | | — | | | | | | 536 | | |
Investment securities – related
parties |
| | | | 8,411 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,411 | | |
Property, equipment and software,
net |
| | | | — | | | | | | 100,876 | | | | | | 14,189 | | | | | | 138,406 | | | | | | — | | | | | | 253,471 | | |
Intangible assets
|
| | | | — | | | | | | 42 | | | | | | — | | | | | | 116,322 | | | | | | — | | | | | | 116,364 | | |
Operating lease right-of-use assets
|
| | | | — | | | | | | 84,972 | | | | | | 12,388 | | | | | | 61,364 | | | | | | — | | | | | | 158,724 | | |
Other non-current assets
|
| | | | — | | | | | | 1,484 | | | | | | 1,122 | | | | | | 8,377 | | | | | | — | | | | | | 10,983 | | |
Investments in consolidated entities
|
| | | | — | | | | | | 230,015 | | | | | | — | | | | | | 116,385 | | | | | | (346,400)(2) | | | | | | — | | |
Total non-current assets
|
| | | | 8,411 | | | | | | 417,389 | | | | | | 27,699 | | | | | | 441,390 | | | | | | (346,400) | | | | | | 548,489 | | |
Total assets
|
| | | | 367,607 | | | | | | 689,581 | | | | | | 186,691 | | | | | | 598,782 | | | | | | (470,709) | | | | | | 1,371,952 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings – third
parties |
| | | | — | | | | | | — | | | | | | — | | | | | | 28,748 | | | | | | — | | | | | | 28,748 | | |
Accounts payable – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,466 | | | | | | — | | | | | | 1,466 | | |
Accounts payable – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,770 | | | | | | — | | | | | | 5,770 | | |
Contract liabilities – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,843 | | | | | | — | | | | | | 7,843 | | |
Operating lease liabilities – third
parties |
| | | | — | | | | | | 4,848 | | | | | | 716 | | | | | | 10,251 | | | | | | — | | | | | | 15,815 | | |
Accrued expenses and other current liabilities – third parties
|
| | | | — | | | | | | 65,886 | | | | | | 35,254 | | | | | | 222,159 | | | | | | — | | | | | | 323,299 | | |
Accrued expenses and other current liabilities – related parties
|
| | | | — | | | | | | 8,098 | | | | | | 801 | | | | | | 174,338 | | | | | | — | | | | | | 183,237 | | |
Exchangeable notes
|
| | | | — | | | | | | 355,320 | | | | | | — | | | | | | — | | | | | | — | | | | | | 355,320 | | |
Mandatorily redeemable noncontrolling
interest |
| | | | — | | | | | | — | | | | | | 11,381 | | | | | | — | | | | | | — | | | | | | 11,381 | | |
Amounts due to inter-companies
|
| | | | — | | | | | | 2,415 | | | | | | 10,551 | | | | | | 111,343 | | | | | | (124,309)(1) | | | | | | — | | |
Total current liabilities
|
| | | | — | | | | | | 436,567 | | | | | | 58,703 | | | | | | 561,918 | | | | | | (124,309) | | | | | | 932,879 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
US$
(in thousands) |
| |||||||||||||||||||||||||||||||||
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating lease liabilities – third
parties |
| | | | — | | | | | | 46,391 | | | | | | 1,662 | | | | | | 50,910 | | | | | | — | | | | | | 98,963 | | |
Exchangeable notes
|
| | | | — | | | | | | — | | | | | | 71,792 | | | | | | — | | | | | | — | | | | | | 71,792 | | |
Convertible notes
|
| | | | — | | | | | | — | | | | | | 76,770 | | | | | | — | | | | | | — | | | | | | 76,770 | | |
Deferred tax liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | 126 | | | | | | — | | | | | | 126 | | |
Deferred income
|
| | | | — | | | | | | 258,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | 258,450 | | |
Other non-current liabilities – third parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 15,824 | | | | | | — | | | | | | 15,824 | | |
Other non-current liabilities – related parties
|
| | | | — | | | | | | 170 | | | | | | — | | | | | | 1,584 | | | | | | — | | | | | | 1,754 | | |
Share of losses in excess of investments
in consolidated entities |
| | | | 451,571 | | | | | | — | | | | | | — | | | | | | — | | | | | | (451,571)(2) | | | | | | — | | |
Total non-current liabilities
|
| | | | 451,571 | | | | | | 305,011 | | | | | | 150,224 | | | | | | 68,444 | | | | | | (451,571) | | | | | | 523,679 | | |
Total liabilities
|
| | | | 451,571 | | | | | | 741,578 | | | | | | 208,927 | | | | | | 630,362 | | | | | | (575,880) | | | | | | 1,456,558 | | |
Total mezzanine equity
|
| | | | 368,409 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 368,409 | | |
SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares
|
| | | | 21 | | | | | | 85,009 | | | | | | 155 | | | | | | 233,149 | | | | | | (318,313)(2) | | | | | | 21 | | |
Additional paid-in capital
|
| | | | 403,103 | | | | | | 45,547 | | | | | | 39,951 | | | | | | 313,752 | | | | | | (399,250)(2) | | | | | | 403,103 | | |
Receivable from shareholders
|
| | | | (26,447) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,447) | | |
Accumulated other comprehensive income (loss)
|
| | | | 17,707 | | | | | | (491) | | | | | | (1,173) | | | | | | 1,930 | | | | | | (266)(2) | | | | | | 17,707 | | |
Accumulated deficit
|
| | | | (846,757) | | | | | | (182,062) | | | | | | (60,527) | | | | | | (580,411) | | | | | | 823,000(2) | | | | | | (846,757) | | |
Total shareholders’ deficit attributable to
ordinary shareholders |
| | | | (452,373) | | | | | | (51,997) | | | | | | (21,594) | | | | | | (31,580) | | | | | | 105,171 | | | | | | (452,373) | | |
Noncontrolling interests
|
| | | | — | | | | | | — | | | | | | (642) | | | | | | — | | | | | | — | | | | | | (642) | | |
Total shareholders’ deficit
|
| | | | (452,373) | | | | | | (51,997) | | | | | | (22,236) | | | | | | (31,580) | | | | | | 105,171 | | | | | | (453,015) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 367,607 | | | | | | 689,581 | | | | | | 186,691 | | | | | | 598,782 | | | | | | (470,709) | | | | | | 1,371,952 | | |
| | |
Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Lotus
Technology Inc. |
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash generated from (used in) operating
activities |
| | | | 3,127 | | | | | | (49,744) | | | | | | (8,281) | | | | | | (332,034) | | | | | | — | | | | | | (386,932) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments for purchases of property, equipment and software and intangible assets
|
| | | | — | | | | | | (51,656) | | | | | | — | | | | | | (162,058) | | | | | | — | | | | | | (213,714) | | |
Proceeds from disposal of property, equipment and software
|
| | | | — | | | | | | 4,184 | | | | | | — | | | | | | 933 | | | | | | — | | | | | | 5,117 | | |
Payments for purchases of short-term investments
|
| | | | — | | | | | | — | | | | | | (38,254) | | | | | | — | | | | | | — | | | | | | (38,254) | | |
Proceeds from sales of short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 37,428 | | | | | | — | | | | | | 37,428 | | |
Receipt of government grant related to assets
|
| | | | — | | | | | | 16,345 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,345 | | |
Payments for investments in equity investees
|
| | | | — | | | | | | (2) | | | | | | (146) | | | | | | (4,911) | | | | | | — | | | | | | (5,059) | | |
Proceeds from disposal of a subsidiary, net
of cash disposed |
| | | | — | | | | | | — | | | | | | — | | | | | | 1,379 | | | | | | — | | | | | | 1,379 | | |
Loans to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,227) | | | | | | — | | | | | | (1,227) | | |
Loans to intercompanies
|
| | | | (231,578) | | | | | | (316,713) | | | | | | — | | | | | | (180,466) | | | | | | 728,757(1) | | | | | | — | | |
Proceeds from collection of loans from intercompanies
|
| | | | 186,148 | | | | | | 150,870 | | | | | | — | | | | | | 71,849 | | | | | | (408,867)(4) | | | | | | — | | |
Cash contribution to consolidated
entities |
| | | | (302,267) | | | | | | (22,347) | | | | | | — | | | | | | (89,408) | | | | | | 414,022(3) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (347,697) | | | | | | (219,319) | | | | | | (38,400) | | | | | | (326,481) | | | | | | 733,912 | | | | | | (197,985) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from settlement of receivable from shareholders
|
| | | | 7,514 | | | | | | — | | | | | | 18,625 | | | | | | — | | | | | | — | | | | | | 26,139 | | |
Proceeds from issuance of convertible notes
|
| | | | 25,297 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,297 | | |
Proceeds from issuance of exchangeable notes
|
| | | | — | | | | | | 27,883 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,883 | | |
Repayment of mandatorily redeemable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,554) | | | | | | — | | | | | | (11,554) | | |
Payment for redemption of convertible notes
|
| | | | (5,648) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,648) | | |
Receipts of refundable deposits in connection with the Private Investment in Public Equity (“PIPE”)
investments |
| | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | |
Capital contributions by noncontrolling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,460 | | | | | | — | | | | | | 4,460 | | |
| | |
Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||
| | |
Lotus
Technology Inc. |
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Proceeds from bank loans
|
| | | | — | | | | | | 182,497 | | | | | | — | | | | | | 298,679 | | | | | | — | | | | | | 481,176 | | |
Repayments for bank loans
|
| | | | — | | | | | | (102,736) | | | | | | — | | | | | | (170,161) | | | | | | — | | | | | | (272,897) | | |
Payments to a noncontrolling interest in the liquidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | (148) | | | | | | — | | | | | | — | | | | | | (148) | | |
Proceeds from loans borrowed from intercompanies
|
| | | | — | | | | | | 180,466 | | | | | | — | | | | | | 548,291 | | | | | | (728,757)(1) | | | | | | — | | |
Repayments for loans borrowed from intercompanies
|
| | | | — | | | | | | (71,849) | | | | | | — | | | | | | (337,018) | | | | | | 408,867(4) | | | | | | — | | |
Cash contributed by the respective parent companies
|
| | | | — | | | | | | 89,408 | | | | | | — | | | | | | 324,614 | | | | | | (414,022)(3) | | | | | | — | | |
Cash transfer due to the Restructuring
|
| | | | — | | | | | | (32,715) | | | | | | (125,794) | | | | | | 158,509 | | | | | | —(5) | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | 27,163 | | | | | | 282,954 | | | | | | (107,317) | | | | | | 815,820 | | | | | | (733,912) | | | | | | 284,708 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | (1,812) | | | | | | (6,610) | | | | | | (2,573) | | | | | | (1,194) | | | | | | — | | | | | | (12,189) | | |
Net (decrease) increase in cash and restricted cash
|
| | | | (319,219) | | | | | | 7,281 | | | | | | (156,571) | | | | | | 156,111 | | | | | | — | | | | | | (312,398) | | |
Cash and restricted cash at the beginning of the year
|
| | | | 353,107 | | | | | | 150,904 | | | | | | 156,571 | | | | | | 78,951 | | | | | | — | | | | | | 739,533 | | |
Cash and restricted cash at the end of the year
|
| | | | 33,888 | | | | | | 158,185 | | | | | | — | | | | | | 235,062 | | | | | | — | | | | | | 427,135 | | |
|
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash generated from (used in) operating activities
|
| | | | 2,682 | | | | | | (144,423) | | | | | | (8,869) | | | | | | (200,809) | | | | | | — | | | | | | (351,419) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments for purchases of property, equipment and software and intangible assets
|
| | | | — | | | | | | (71,839) | | | | | | (2,635) | | | | | | (58,871) | | | | | | — | | | | | | (133,345) | | |
Proceeds from disposal of property, equipment and software
|
| | | | — | | | | | | 33 | | | | | | — | | | | | | 1,038 | | | | | | — | | | | | | 1,071 | | |
Payments for purchases of short-term
investments |
| | | | (10,000) | | | | | | — | | | | | | (290,662) | | | | | | — | | | | | | — | | | | | | (300,662) | | |
Proceeds from sales of short-term investments
|
| | | | — | | | | | | — | | | | | | 289,587 | | | | | | — | | | | | | — | | | | | | 289,587 | | |
Payment upon settlement of derivative instruments
|
| | | | (2,652) | | | | | | 2,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | (641) | | |
Payments for investments in equity investees
|
| | | | — | | | | | | — | | | | | | (1,920) | | | | | | (1,194) | | | | | | — | | | | | | (3,114) | | |
Loans to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,310) | | | | | | — | | | | | | (2,310) | | |
Loans to intercompanies
|
| | | | (5,876) | | | | | | (49,602) | | | | | | — | | | | | | — | | | | | | 55,478(1) | | | | | | — | | |
Proceeds from collection of advances
from an intercompany |
| | | | — | | | | | | 10,611 | | | | | | — | | | | | | — | | | | | | (10,611)(2) | | | | | | — | | |
Cash contribution to consolidated entities
|
| | | | (94,688) | | | | | | (137,200) | | | | | | — | | | | | | — | | | | | | 231,888(3) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (113,216) | | | | | | (245,986) | | | | | | (5,630) | | | | | | (61,337) | | | | | | 276,755 | | | | | | (149,414) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from settlement of receivable from shareholders
|
| | | | 74,638 | | | | | | — | | | | | | 1,509 | | | | | | — | | | | | | — | | | | | | 76,147 | | |
Proceeds from issuance of Series Pre-A Preferred Shares
|
| | | | 129,681 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 129,681 | | |
Proceeds from issuance of Series A Preferred Shares
|
| | | | 187,734 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 187,734 | | |
Repayment of exchangeable notes for
issuance of Series A Preferred Shares |
| | | | — | | | | | | (57,430) | | | | | | — | | | | | | — | | | | | | — | | | | | | (57,430) | | |
Proceeds from issuance of convertible
notes |
| | | | — | | | | | | — | | | | | | 75,037 | | | | | | — | | | | | | — | | | | | | 75,037 | | |
Proceeds from issuance of exchangeable notes
|
| | | | — | | | | | | 307,172 | | | | | | 71,792 | | | | | | — | | | | | | — | | | | | | 378,964 | | |
Receipt of refundable deposits in connection with the issuance of Series A Preferred Shares
|
| | | | — | | | | | | 28,945 | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,945 | | |
Repayment of refundable deposits in connection with the issuance of Series A Preferred Shares
|
| | | | — | | | | | | (28,628) | | | | | | — | | | | | | — | | | | | | — | | | | | | (28,628) | | |
Consideration payment in connection
with reorganization |
| | | | — | | | | | | — | | | | | | — | | | | | | (50,794) | | | | | | — | | | | | | (50,794) | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Capital contribution by noncontrolling interests
|
| | | | — | | | | | | — | | | | | | 149 | | | | | | — | | | | | | — | | | | | | 149 | | |
Repayment of loans from a related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,844) | | | | | | — | | | | | | (9,844) | | |
Proceeds from bank loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 28,170 | | | | | | — | | | | | | 28,170 | | |
Proceeds from loans borrowed from intercompanies
|
| | | | — | | | | | | — | | | | | | — | | | | | | 55,478 | | | | | | (55,478)(1) | | | | | | — | | |
Repayment of advances from an intercompany
|
| | | | — | | | | | | — | | | | | | (10,611) | | | | | | — | | | | | | 10,611(2) | | | | | | — | | |
Cash contributed by the respective parent companies
|
| | | | — | | | | | | — | | | | | | — | | | | | | 231,888 | | | | | | (231,888)(3) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 392,053 | | | | | | 250,059 | | | | | | 137,876 | | | | | | 254,898 | | | | | | (276,755) | | | | | | 758,131 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | (10,161) | | | | | | (17,008) | | | | | | (15,900) | | | | | | (6,148) | | | | | | — | | | | | | (49,217) | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 271,358 | | | | | | (157,358) | | | | | | 107,477 | | | | | | (13,396) | | | | | | — | | | | | | 208,081 | | |
Cash and restricted cash at the beginning of the year
|
| | | | 81,749 | | | | | | 308,350 | | | | | | 49,094 | | | | | | 92,259 | | | | | | — | | | | | | 531,452 | | |
Cash and restricted cash at the end of the year
|
| | | | 353,107 | | | | | | 150,992 | | | | | | 156,571 | | | | | | 78,863 | | | | | | — | | | | | | 739,533 | | |
|
| | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
LTC
|
| |
WFOE
|
| |
The former
VIE and its subsidiaries |
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | (997) | | | | | | (77,377) | | | | | | (7,993) | | | | | | (40,138) | | | | | | — | | | | | | (126,505) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payments for purchases of property, equipment and software and intangible assets
|
| | | | — | | | | | | (13,845) | | | | | | — | | | | | | (20,745) | | | | | | — | | | | | | (34,590) | | |
Proceeds from disposal of property, equipment
and software |
| | | | — | | | | | | 14 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | |
Receipt of government grant related to
assets |
| | | | — | | | | | | 279,052 | | | | | | — | | | | | | — | | | | | | — | | | | | | 279,052 | | |
Advances to an intercompany
|
| | | | — | | | | | | (11,055) | | | | | | — | | | | | | — | | | | | | 11,055(2) | | | | | | — | | |
Cash contribution to consolidated entities
|
| | | | — | | | | | | (108,898) | | | | | | — | | | | | | — | | | | | | 108,898(3) | | | | | | — | | |
Net cash provided by (used in) investing activities
|
| | | | — | | | | | | 145,268 | | | | | | — | | | | | | (20,745) | | | | | | 119,953 | | | | | | 244,476 | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of ordinary shares
|
| | | | 58,631 | | | | | | 100,690 | | | | | | 38,597 | | | | | | — | | | | | | — | | | | | | 197,918 | | |
Proceeds from issuance of convertible notes
|
| | | | 23,445 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,445 | | |
Proceeds from issuance of exchangeable
notes |
| | | | — | | | | | | 125,039 | | | | | | — | | | | | | — | | | | | | — | | | | | | 125,039 | | |
Proceeds from issuance of mandatorily redeemable noncontrolling interest
|
| | | | — | | | | | | — | | | | | | 6,299 | | | | | | — | | | | | | — | | | | | | 6,299 | | |
Capital contribution from shareholders
|
| | | | — | | | | | | 15,695 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,695 | | |
Dividends paid to a shareholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,880) | | | | | | — | | | | | | (1,880) | | |
Consideration payment in connection with reorganization
|
| | | | — | | | | | | (1,663) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,663) | | |
Proceeds from advances from an
intercompany |
| | | | — | | | | | | — | | | | | | 11,055 | | | | | | — | | | | | | (11,055)(2) | | | | | | — | | |
Cash contributed by the respective parent company
|
| | | | — | | | | | | — | | | | | | — | | | | | | 108,898 | | | | | | (108,898)(3) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 82,076 | | | | | | 239,761 | | | | | | 55,951 | | | | | | 107,018 | | | | | | (119,953) | | | | | | 364,853 | | |
Effect of exchange rate changes on cash
|
| | | | 670 | | | | | | 698 | | | | | | 1,136 | | | | | | 439 | | | | | | — | | | | | | 2,943 | | |
Net increase in cash and restricted cash
|
| | | | 81,749 | | | | | | 308,350 | | | | | | 49,094 | | | | | | 46,574 | | | | | | — | | | | | | 485,767 | | |
Cash and restricted cash at the beginning of the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 45,685 | | | | | | — | | | | | | 45,685 | | |
Cash and restricted cash at the end of the
year |
| | | | 81,749 | | | | | | 308,350 | | | | | | 49,094 | | | | | | 92,259 | | | | | | — | | | | | | 531,452 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years
Ended December 31, |
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||||||||
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
Share-based compensation expenses
|
| | | | 35,894 | | | | | | — | | | | | | — | | | | | | 10,625 | | | | | | — | | |
Adjusted net loss
|
| | | | (424,358) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (713,938) | | | | | | (110,531) | | |
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
Interest expenses
|
| | | | 11,708 | | | | | | 3,470 | | | | | | 10,200 | | | | | | 8,542 | | | | | | 3,615 | | |
Interest income
|
| | | | (8,658) | | | | | | (5,848) | | | | | | (9,204) | | | | | | (12,188) | | | | | | (6,219) | | |
Income tax expense (benefit)
|
| | | | 355 | | | | | | (18) | | | | | | 1,113 | | | | | | 292 | | | | | | 1,853 | | |
Share-based compensation expenses
|
| | | | 35,894 | | | | | | — | | | | | | — | | | | | | 10,625 | | | | | | — | | |
Depreciation
|
| | | | 39,286 | | | | | | 22,641 | | | | | | (54,957) | | | | | | 12,790 | | | | | | 2,056 | | |
Adjusted EBITDA
|
| | | | (381,667) | | | | | | (332,697) | | | | | | (693,189) | | | | | | (704,502) | | | | | | (109,226) | | |
| | |
As of June 30, 2024
|
| |||||||||
| | |
Number
|
| |
%
|
| ||||||
Functions: | | | | | | | | | | | | | |
Research and development
|
| | | | 1,631 | | | | | | 54.6 | | |
Marketing and sales
|
| | | | 755 | | | | | | 25.3 | | |
Supply chain
|
| | | | 204 | | | | | | 6.8 | | |
Functional support
|
| | | | 399 | | | | | | 13.3 | | |
Total
|
| | | | 2,989 | | | | | | 100.0 | | |
Location
|
| |
Approximate Size
(Building) in Square Meters |
| |
Primary Use
|
| |
Lease Term (years)
|
| |||
Shanghai, China
|
| | | | 26,745 | | | |
Office, Lotus center, Experience store
|
| | 1 to 10 years | |
Wuhan, China
|
| | | | 18,123 | | | |
Office, Lotus center, Experience store
|
| | 1 to over 10 years | |
Ningbo, China
|
| | | | 9,389 | | | | Office | | | 5 years | |
Hangzhou, China
|
| | | | 14,725 | | | | Office, VIP room | | | 1 to 3 years | |
Beijing, China
|
| | | | 3,911 | | | |
Lotus center, Experience store
|
| | 2.5 to 8.5 years | |
London, U.K.
|
| | | | 1,732 | | | | Office | | | 10 years | |
Coventry, UK.
|
| | | | 3,800 | | | | Office | | | Less than 1 year | |
Paris, France
|
| | | | 2,596 | | | |
Experience store, Lotus center, Office
|
| | 6 to 10 years | |
Amsterdam, Netherlands
|
| | | | 2,795 | | | | Office | | | 6.5 to 15 years | |
Houten, Netherlands
|
| | | | 802 | | | | Lotus center, Office | | | 5 to 10 years | |
Oslo, Norway
|
| | | | 1,170 | | | |
Experience store, Fulfillment Center
|
| | 2 to 8 years | |
Munich, Germany
|
| | | | 475 | | | |
Office, Experience store,
Fulfillment Center |
| |
Less than 1 year to 2 years
|
|
Frankfurt (Raunheim), Germany
|
| | | | 7,551 | | | | Office, Workshop | | | 10 to 12 years | |
Gothenburg, Sweden
|
| | | | 40 | | | | Office | | | Less than 1 year | |
Milan, Italy
|
| | | | 40 | | | | Office | | | Less than 1 year | |
Singapore, SG
|
| | | | 18 | | | | Office | | | Less than 1 year | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods
|
| | | | 382,893 | | | | | | 96.2 | | | | | | 124,854 | | | | | | 96.0 | | | | | | 660,158 | | | | | | 97.2 | | | | | | 1,186 | | | | | | 12.4 | | | | | | 369 | | | | | | 10.0 | | |
Services revenues
|
| | | | 15,222 | | | | | | 3.8 | | | | | | 5,181 | | | | | | 4.0 | | | | | | 18,850 | | | | | | 2.8 | | | | | | 8,371 | | | | | | 87.6 | | | | | | 3,318 | | | | | | 90.0 | | |
Total | | | | | 398,115 | | | | | | 100.0 | | | | | | 130,035 | | | | | | 100.0 | | | | | | 679,008 | | | | | | 100.0 | | | | | | 9,557 | | | | | | 100.0 | | | | | | 3,687 | | | | | | 100.0 | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | (340,882) | | | | | | 98.2 | | | | | | (119,557) | | | | | | 96.5 | | | | | | (564,741) | | | | | | 97.9 | | | | | | (948) | | | | | | 13.1 | | | | | | (331) | | | | | | 10.6 | | |
Cost of services
|
| | | | (6,321) | | | | | | 1.8 | | | | | | (4,351) | | | | | | 3.5 | | | | | | (12,086) | | | | | | 2.1 | | | | | | (6,302) | | | | | | 86.9 | | | | | | (2,799) | | | | | | 89.4 | | |
Total | | | | | (347,203) | | | | | | 100.0 | | | | | | (123,908) | | | | | | 100.0 | | | | | | (576,827) | | | | | | 100.0 | | | | | | (7,250) | | | | | | 100.0 | | | | | | (3,130) | | | | | | 100.0 | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||
Gross profit
|
| | | | 50,912 | | | | | | 6,127 | | | | | | 102,181 | | | | | | 2,307 | | | | | | 557 | | |
Gross margin (%)
|
| | | | 12.8 | | | | | | 4.7 | | | | | | 15.0 | | | | | | 24.1 | | | | | | 15.1 | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | (174,854) | | | | | | 35.8 | | | | | | (152,548) | | | | | | 43.5 | | | | | | (368,729) | | | | | | 44.0 | | | | | | (445,844) | | | | | | 64.6 | | | | | | (511,364) | | | | | | 450.5 | | |
Selling and marketing expenses
|
| | | | (204,274) | | | | | | 41.8 | | | | | | (118,236) | | | | | | 33.7 | | | | | | (328,935) | | | | | | 39.2 | | | | | | (151,331) | | | | | | 22.0 | | | | | | (38,066) | | | | | | 33.5 | | |
General and administrative expenses
|
| | | | (111,978) | | | | | | 22.9 | | | | | | (80,417) | | | | | | 22.9 | | | | | | (144,533) | | | | | | 17.2 | | | | | | (148,369) | | | | | | 21.5 | | | | | | (54,763) | | | | | | 48.3 | | |
Government grants
|
| | | | 2,488 | | | | | | (0.5) | | | | | | 662 | | | | | | (0.1) | | | | | | 4,077 | | | | | | (0.4) | | | | | | 55,824 | | | | | | (8.1) | | | | | | 490,694 | | | | | | (432.3) | | |
Total | | | | | (488,618) | | | | | | 100.0 | | | | | | (350,539) | | | | | | 100.0 | | | | | | (838,120) | | | | | | 100.0 | | | | | | (689,720) | | | | | | 100.0 | | | | | | (113,499) | | | | | | 100.0 | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods
|
| | | | 382,893 | | | | | | 124,854 | | | | | | 660,158 | | | | | | 1,186 | | | | | | 369 | | |
Service revenues
|
| | | | 15,222 | | | | | | 5,181 | | | | | | 18,850 | | | | | | 8,371 | | | | | | 3,318 | | |
Total revenues
|
| | | | 398,115 | | | | | | 130,035 | | | | | | 679,008 | | | | | | 9,557 | | | | | | 3,687 | | |
Cost of revenues
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | (340,882) | | | | | | (119,557) | | | | | | (564,741) | | | | | | (948) | | | | | | (331) | | |
Cost of services
|
| | | | (6,321) | | | | | | (4,351) | | | | | | (12,086) | | | | | | (6,302) | | | | | | (2,799) | | |
Total cost of revenues
|
| | | | (347,203) | | | | | | (123,908) | | | | | | (576,827) | | | | | | (7,250) | | | | | | (3,130) | | |
Gross profit
|
| | | | 50,912 | | | | | | 6,127 | | | | | | 102,181 | | | | | | 2,307 | | | | | | 557 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | (174,854) | | | | | | (152,548) | | | | | | (368,729) | | | | | | (445,844) | | | | | | (511,364) | | |
Selling and marketing expenses
|
| | | | (204,274) | | | | | | (118,236) | | | | | | (328,935) | | | | | | (151,331) | | | | | | (38,066) | | |
General and administrative expenses
|
| | | | (111,978) | | | | | | (80,417) | | | | | | (144,533) | | | | | | (148,369) | | | | | | (54,763) | | |
Government grants
|
| | | | 2,488 | | | | | | 662 | | | | | | 4,077 | | | | | | 55,824 | | | | | | 490,694 | | |
Total operating expenses
|
| | | | (488,618) | | | | | | (350,539) | | | | | | (838,120) | | | | | | (689,720) | | | | | | (113,499) | | |
Operating loss
|
| | | | (437,706) | | | | | | (344,412) | | | | | | (735,939) | | | | | | (687,413) | | | | | | (112,942) | | |
Interest expenses
|
| | | | (11,708) | | | | | | (3,470) | | | | | | (10,200) | | | | | | (8,542) | | | | | | (3,615) | | |
Interest income
|
| | | | 8,658 | | | | | | 5,848 | | | | | | 9,204 | | | | | | 12,188 | | | | | | 6,219 | | |
Investment (loss) income, net
|
| | | | 3,496 | | | | | | 2,770 | | | | | | (1,162) | | | | | | (3,246) | | | | | | 2,229 | | |
Share of results of equity method investments
|
| | | | 359 | | | | | | (626) | | | | | | (1,048) | | | | | | (2,762) | | | | | | — | | |
Foreign currency exchange gains (losses), net
|
| | | | (4,429) | | | | | | (3,619) | | | | | | 42 | | | | | | (11,505) | | | | | | 798 | | |
Changes in fair values of mandatorily
redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk |
| | | | 8,801 | | | | | | (12,758) | | | | | | (7,531) | | | | | | (22,991) | | | | | | (1,367) | | |
Changes in fair values of warrant liabilities
|
| | | | 6,317 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Changes in fair values of put option liabilities
|
| | | | (33,685) | | | | | | 3,307 | | | | | | (2,508) | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | | (459,897) | | | | | | (352,960) | | | | | | (749,142) | | | | | | (724,271) | | | | | | (108,678) | | |
Income tax (expense)/benefit
|
| | | | (355) | | | | | | 18 | | | | | | (1,113) | | | | | | (292) | | | | | | (1,853) | | |
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| | ||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| | |||||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| | |||||||||||||||||
| | |
(in thousands)
|
| ||||||||||||||||||||||||||||||
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | | | ||
Share-based compensation expenses
|
| | | | 35,894 | | | | | | — | | | | | | — | | | | | | 10,625 | | | | | | — | | | | ||
Adjusted net loss
|
| | | | (424,358) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (713,938) | | | | | | (110,531) | | | | ||
Net loss
|
| | | | (460,252) | | | | | | (352,942) | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | | | ||
Interest expenses
|
| | | | 11,708 | | | | | | 3,470 | | | | | | 10,200 | | | | | | 8,542 | | | | | | 3,615 | | | | ||
Interest income
|
| | | | (8,658) | | | | | | (5,848) | | | | | | (9,204) | | | | | | (12,188) | | | | | | (6,219) | | | | ||
Income tax expense (benefit)
|
| | | | 355 | | | | | | (18) | | | | | | 1,113 | | | | | | 292 | | | | | | 1,853 | | | | ||
Share-based compensation expenses
|
| | | | 35,894 | | | | | | — | | | | | | — | | | | | | 10,625 | | | | | | — | | | | ||
Depreciation
|
| | | | 39,286 | | | | | | 22,641 | | | | | | 54,957 | | | | | | 12,790 | | | | | | 2,056 | | | | ||
Adjusted EBITDA
|
| | | | (381,667) | | | | | | (332,697) | | | | | | (693,189) | | | | | | (704,502) | | | | | | (109,226) | | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Sales of goods
|
| | | | 382,893 | | | | | | 124,854 | | | | | | 258,039 | | | | | | 206.7% | | |
BEV lifestyle models
|
| | | | 263,384 | | | | | | 73,226 | | | | | | 190,158 | | | | | | 259.7% | | |
Sports cars
|
| | | | 102,709 | | | | | | 49,146 | | | | | | 53,563 | | | | | | 109.0% | | |
Others
|
| | | | 16,800 | | | | | | 2,482 | | | | | | 14,318 | | | | | | 576.9% | | |
Service revenues
|
| | | |
15,222
|
| | | | |
5,181
|
| | | | |
10,041
|
| | | | |
193.8%
|
| |
Total Revenues
|
| | | |
398,115
|
| | | | |
130,035
|
| | | | |
268,080
|
| | | | |
206.2%
|
| |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | (340,882) | | | | | | (119,557) | | | | | | (221,325) | | | | | | 185.1 | | |
Cost of services
|
| | | | (6,321) | | | | | | (4,351) | | | | | | (1,970) | | | | | | 45.3 | | |
Total
|
| | | | (347,203) | | | | | | (123,908) | | | | | | (223,295) | | | | | | 180.2 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Gross profit
|
| | | | 50,912 | | | | | | 6,127 | | | | | | 44,785 | | | | | | 730.9 | | |
Gross margin (%)
|
| | | | 12.8 | | | | | | 4.7 | | | | | | — | | | | | | — | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | (174,854) | | | | | | (152,548) | | | | | | (22,306) | | | | | | 14.6 | | |
Selling and marketing expenses
|
| | | | (204,274) | | | | | | (118,236) | | | | | | (86,038) | | | | | | 72.8 | | |
General and administrative expenses
|
| | | | (111,978) | | | | | | (80,417) | | | | | | (31,561) | | | | | | 39.2 | | |
Government grants
|
| | | | 2,488 | | | | | | 662 | | | | | | 1,826 | | | | | | 275.8 | | |
Total
|
| | | | (488,618) | | | | | | (350,539) | | | | | | (138,079) | | | | | | 39.4 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Sales of goods | | | | | 660,158 | | | | | | 1,186 | | | | | | 658,972 | | | | | | 55,562.6 | | |
BEV lifestyle models
|
| | | | 465,265 | | | | | | — | | | | | | 465,265 | | | | | | — | | |
Sports cars
|
| | | | 184,111 | | | | | | 828 | | | | | | 183,283 | | | | | | 22,135.6 | | |
Others
|
| | | | 10,782 | | | | | | 358 | | | | | | 10,424 | | | | | | 2,911.7 | | |
Service revenues
|
| | | | 18,850 | | | | | | 8,371 | | | | | | 10,479 | | | | | | 125.2 | | |
Total Revenues
|
| | | | 679,008 | | | | | | 9,557 | | | | | | 669,451 | | | | | | 7,004.8 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | (564,741) | | | | | | (948) | | | | | | 563,793 | | | | | | 59,471.8 | | |
Cost of services
|
| | | | (12,086) | | | | | | (6,302) | | | | | | 5,784 | | | | | | 91.8 | | |
Total
|
| | | | (576,827) | | | | | | (7,250) | | | | | | 569,577 | | | | | | 7,856.2 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Gross profit
|
| | | | 102,181 | | | | | | 2,307 | | | | | | 99,874 | | | | | | 42.3 | | |
Gross margin (%)
|
| | | | 15.0 | | | | | | 24.1 | | | | | | — | | | | | | — | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | (368,729) | | | | | | (445,844) | | | | | | (77,115) | | | | | | (17.3) | | |
Selling and marketing expenses
|
| | | | (328,935) | | | | | | (151,331) | | | | | | 177,604 | | | | | | 117.4 | | |
General and administrative expenses
|
| | | | (144,533) | | | | | | (148,369) | | | | | | (3,836) | | | | | | (2.6) | | |
Government grants
|
| | | | 4,077 | | | | | | 55,824 | | | | | | (51,747) | | | | | | (92.7) | | |
Total
|
| | | | (838,120) | | | | | | (689,720) | | | | | | 148,400 | | | | | | 21.5 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Sales of goods
|
| | | | 1,186 | | | | | | 369 | | | | | | 817 | | | | | | 221.4 | | |
Vehicles
|
| | | | 828 | | | | | | 369 | | | | | | 459 | | | | | | 124.4 | | |
Others
|
| | | | 358 | | | | | | — | | | | | | 358 | | | | | | — | | |
Service revenues
|
| | | | 8,371 | | | | | | 3,318 | | | | | | 5,053 | | | | | | 152.3 | | |
Total Revenues
|
| | | | 9,557 | | | | | | 3,687 | | | | | | 5,870 | | | | | | 159.2 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | (948) | | | | | | (331) | | | | | | 617 | | | | | | 186.4 | | |
Cost of services
|
| | | | (6,302) | | | | | | (2,799) | | | | | | 3,503 | | | | | | 125.2 | | |
Total | | | | | (7,250) | | | | | | (3,130) | | | | | | 4,120 | | | | | | 131.6 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Gross profit
|
| | | | 2,307 | | | | | | 557 | | | | | | 1,750 | | | | | | 314.2 | | |
Gross margin (%)
|
| | | | 24.1 | | | | | | 15.1 | | | | | | — | | | | | | — | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | (445,844) | | | | | | (511,364) | | | | | | (65,520) | | | | | | (12.8) | | |
Selling and marketing expenses
|
| | | | (151,331) | | | | | | (38,066) | | | | | | 113,265 | | | | | | 297.5 | | |
General and administrative expenses
|
| | | | (148,369) | | | | | | (54,763) | | | | | | 93,606 | | | | | | 170.9 | | |
Government grants
|
| | | | 55,824 | | | | | | 490,694 | | | | | | (434,870) | | | | | | (88.6) | | |
Total | | | | | (689,720) | | | | | | (113,499) | | | | | | 576,221 | | | | | | 507.7 | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Summary Consolidated and Combined Cash Flow Data
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Net cash used in operating activities
|
| | | | (468,361) | | | | | | (303,700) | | | | | | (386,932) | | | | | | (351,419) | | | | | | (126,505) | | |
Net cash (used in) provided by investing activities
|
| | | | (542,860) | | | | | | (103,733) | | | | | | (197,985) | | | | | | (149,414) | | | | | | 244,476 | | |
Net cash provided by financing activities
|
| | | | 1,248,800 | | | | | | 415,283 | | | | | | 284,708 | | | | | | 758,131 | | | | | | 364,853 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | (20,899) | | | | | | (18,356) | | | | | | (12,189) | | | | | | (49,217) | | | | | | 2,943 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 216,680 | | | | | | (10,506) | | | | | | (312,398) | | | | | | 208,081 | | | | | | 485,767 | | |
Cash and restricted cash at the beginning of the year/period
|
| | | | 427,135 | | | | | | 739,533 | | | | | | 739,533 | | | | | | 531,452 | | | | | | 45,685 | | |
Cash and restricted cash at the end of the year/period
|
| | | | 643,815 | | | | | | 729,027 | | | | | | 427,135 | | | | | | 739,533 | | | | | | 531,452 | | |
| | | | | | | | |
Payment Due by Period
|
| |||||||||
| | |
Total
|
| |
Within One
Year |
| |
More Than
One Year |
| |||||||||
| | |
(US$ in thousands)
|
| |||||||||||||||
Operating lease obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 141,583 | | | | | | 22,023 | | | | | | 119,560 | | |
Purchase commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 89,004 | | | | | | 89,004 | | | | | | — | | |
Capital expenditure commitment
|
| | | | 12,086 | | | | | | 12,077 | | | | | | 9 | | |
Convertible notes(i)
|
| | | | 216,604 | | | | | | 126,802 | | | | | | 89,802 | | |
Exchangeable notes(ii)
|
| | | | 85,242 | | | | | | — | | | | | | 85,242 | | |
Meritz put option(iii)
|
| | | | 711,914 | | | | | | — | | | | | | 711,914 | | |
Total | | | | | 1,256,433 | | | | | | 249,906 | | | | | | 1,006,527 | | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Daniel Donghui Li | | |
54
|
| | Chairman of the Board of Directors | |
Qingfeng Feng | | |
51
|
| | Director and Chief Executive Officer | |
Alexious Kuen Long Lee | | |
48
|
| | Director and Chief Financial Officer | |
Ooi Teik Huat | | |
64
|
| | Director | |
Ning Yu | | |
53
|
| | Director | |
Ada Yunfeng Yan | | |
55
|
| | Independent Director | |
Anish Melwani | | |
46
|
| | Independent Director | |
Name
|
| |
Number of
Class A Ordinary Shares Underlying Options |
| |
Exercise
Price (US$/Share) |
| |
Date of Grant
|
| |
Date of Expiration
|
| |||
Anish Melwani
|
| | | | * | | | |
2.89
|
| |
June 1, 2024
|
| |
September 11, 2032
|
|
| | |
Ordinary Shares
|
| |
% of Beneficial
Ownership/Voting Power |
| ||||||
Directors and Executive Officers(1): | | | | | | | | | | | | | |
Daniel Donghui Li(2)
|
| | | | 14,398,660 | | | | | | 2.1% | | |
Qingfeng Feng(3)
|
| | | | 57,061,196 | | | | | | 8.4% | | |
Alexious Kuen Long Lee
|
| | | | * | | | | | | * | | |
Ooi Teik Huat
|
| | | | — | | | | | | — | | |
Ning Yu
|
| | | | — | | | | | | — | | |
Ada Yunfeng Yan
|
| | | | — | | | | | | — | | |
Anish Melwani
|
| | | | * | | | | | | * | | |
All Directors and Executive Officers as a Group
|
| | |
|
72,819,517
|
| | | | | 10.8% | | |
5.0% Shareholders: | | | | | | | | | | | | | |
Lotus Advanced Technology Limited Partnership(4)
|
| | | | 186,648,945 | | | | | | 27.6% | | |
Etika(5) | | | | | 156,236,329 | | | | | | 23.1% | | |
Lotus Technology International Investment Limited(6)
|
| | | | 108,740,886 | | | | | | 16.1% | | |
Meritz(7) | | | | | 50,000,000 | | | | | | 7.4% | | |
Lotus Group International Limited(8)
|
| | | | 47,995,443 | | | | | | 7.1% | | |
HUBEI CHANGJIANG JINGKAI AUTOMOBILE INDUSTRY INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP)(9)
|
| | | | 44,997,886 | | | | | | 6.6% | | |
| | |
Securities beneficially owned
prior to this offering |
| |
Securities to be sold in
this offering |
| |
Securities beneficially owned
after this offering(3) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder
|
| |
Ordinary
Shares(1) |
| |
%(1)
|
| |
Warrants(2)
|
| |
%(2)
|
| |
Ordinary
Shares(1) |
| |
Warrants(2)
|
| |
Ordinary
Shares(1) |
| |
%(1)
|
| |
Warrants(2)
|
| |
%(2)
|
| ||||||||||||||||||||||||||||||
Lotus Advanced Technology Limited Partnership(4)
|
| | | | 186,648,945 | | | | | | 27.6 | | | | | | — | | | | | | — | | | | | | 186,648,945 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lotus Technology International Investment Limited(5)
|
| | | | 108,740,886 | | | | | | 16.1 | | | | | | — | | | | | | — | | | | | | 108,740,886 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Etika Automotive Sdn. Bhd.(6)
|
| | | | 156,236,329 | | | | | | 23.1 | | | | | | — | | | | | | — | | | | | | 156,236,329 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lotus Group International
Limited(7) |
| | | | 47,995,443 | | | | | | 7.1 | | | | | | — | | | | | | — | | | | | | 47,995,443 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mission Purple L.P.(8)
|
| | | | 22,144,919 | | | | | | 3.3 | | | | | | — | | | | | | — | | | | | | 22,144,919 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mission Bloom Limited(9)
|
| | | | 13,407,260 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | 13,407,260 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HSG Growth V Holdco B, Ltd. (10)
|
| | | | 5,332,827 | | | | | | * | | | | | | — | | | | | | — | | | | | | 5,332,827 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Skymacro Resources Limited(11)
|
| | | | 3,523,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 3,523,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HUBEI CHANGJIANG JINGKAI AUTOMOBILE INDUSTRY INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP)(12)
|
| | | | 44,997,886 | | | | | | 6.6 | | | | | | — | | | | | | — | | | | | | 44,997,886 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Northpole GLY 3 LP(13)
|
| | | | 2,818,400 | | | | | | * | | | | | | — | | | | | | — | | | | | | 2,818,400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Northpole GLY 5 LP(14)
|
| | | | 954,789 | | | | | | * | | | | | | — | | | | | | — | | | | | | 954,789 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hangzhou Fuyang Investment Development Co., Ltd.(15)
|
| | | | 4,200,424 | | | | | | * | | | | | | — | | | | | | — | | | | | | 4,200,424 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ningbo Shangchuang Equity Investment Partnership (Limited Partnership)(16)
|
| | | | 13,956,759 | | | | | | 2.1 | | | | | | — | | | | | | — | | | | | | 13,956,759 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ataraxia Holding Limited(17)
|
| | | | 105,874 | | | | | | * | | | | | | — | | | | | | — | | | | | | 105,874 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HONG KONG XINWEI INVESTMENTS LIMITED(18)
|
| | | | 311,047 | | | | | | * | | | | | | — | | | | | | — | | | | | | 311,047 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HCH Company Limited(19)
|
| | | | 340,620 | | | | | | * | | | | | | — | | | | | | — | | | | | | 340,620 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Momenta Global Limited(20)
|
| | | | 577,456 | | | | | | * | | | | | | — | | | | | | — | | | | | | 577,456 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JYS Family Limited(21)
|
| | | | 721,582 | | | | | | * | | | | | | — | | | | | | — | | | | | | 721,582 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Xiamen C&D Lifude Equity Investment Partnership (Limited Partnership)(22)
|
| | | | 1,011,132 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,011,132 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wallan Investments(23)
|
| | | | 1,500,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hangzhou Linan Guorui Business Management Co., Ltd.(24)
|
| | | | 2,782,415 | | | | | | * | | | | | | — | | | | | | — | | | | | | 2,782,415 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meritz Securities Co., Ltd.(25)
|
| | | | 50,000,000 | | | | | | 7.4 | | | | | | — | | | | | | — | | | | | | 50,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sanford Martin Litvack(26)
|
| | | | 25,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Frank N. Newman(27)
|
| | | | 25,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anish Melwani(28)
|
| | | | 25,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LCA Acquisition Sponsor, LP(29)
|
| | | | 7,087,718 | | | | | | 1.0 | | | | | | 5,486,784 | | | | | | 36.5 | | | | | | 7,087,718 | | | | | | 5,486,784 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Service
|
| |
Fees
|
|
|
•
To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash)
|
| | Up to US$0.05 per ADS issued | |
|
•
Cancellation of ADSs, including in the case of termination of the deposit agreement
|
| | Up to US$0.05 per ADS cancelled | |
|
•
Distribution of cash dividends
|
| | Up to US$0.05 per ADS held | |
|
•
Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements
|
| | Up to US$0.05 per ADS held | |
|
•
Distribution of ADSs pursuant to exercise of rights.
|
| | Up to US$0.05 per ADS held | |
|
•
Distribution of securities other than ADSs or rights to purchase additional ADSs
|
| | Up to US$0.05 per ADS held | |
|
•
Depositary services
|
| |
Up to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank
|
|
|
If we:
|
| |
Then:
|
|
|
Change the nominal or par value of our ordinary shares
|
| |
The cash, shares or other securities received by the depositary will become deposited securities.
|
|
|
Reclassify, split up or consolidate any of the deposited securities
|
| |
Each ADS will automatically represent its equal share of the new deposited securities.
|
|
|
Distribute securities on the ordinary shares that are not distributed to you, or recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action
|
| |
The depositary may distribute some or all of the cash, shares or other securities it received. It may also deliver new ADSs or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.
|
|
|
SEC registration fee
|
| | | US$ | 614,249.28 | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accountants’ fees and expenses
|
| | | US$ | 35,079 | | |
|
Printing expenses
|
| | | | * | | |
|
Miscellaneous costs
|
| | | | * | | |
|
Total
|
| | | | * | | |
| | | | | F-2 | | | |
| Consolidated and Combined Financial Statements: | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-9 | | | |
| | | | | F-11 – F-80 | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-81 | | | |
| | | | | F-83 | | | |
| | | | | F-84 | | | |
| | | | | F-86 | | | |
| | | | | F-87 – F-120 | | |
| | | | | |
As of December 31,
|
| |||||||||
| | |
Note
|
| |
2023
|
| |
2022
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash
|
| |
2(e)
|
| | | | 418,941 | | | | | | 736,605 | | |
Restricted cash
|
| |
2(f)
|
| | | | 7,873 | | | | | | 2,392 | | |
Accounts receivable – third parties, net
|
| |
3
|
| | | | 76,664 | | | | | | 111 | | |
Accounts receivable – related parties, net
|
| |
29
|
| | | | 22,430 | | | | | | 8,545 | | |
Inventories
|
| |
4
|
| | | | 265,190 | | | | | | 22,703 | | |
Prepayments and other current assets – third parties, net
|
| |
5
|
| | | | 63,870 | | | | | | 44,375 | | |
Prepayments and other current assets – related parties, net
|
| |
29
|
| | | | 28,744 | | | | | | 8,732 | | |
Total current assets
|
| | | | | | | 883,712 | | | | | | 823,463 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Restricted cash
|
| |
2(f)
|
| | | | 321 | | | | | | 536 | | |
Investment securities – related parties
|
| |
29
|
| | | | 3,326 | | | | | | 8,411 | | |
Property, equipment and software, net
|
| |
6
|
| | | | 354,617 | | | | | | 253,471 | | |
Intangible assets
|
| |
7
|
| | | | 116,360 | | | | | | 116,364 | | |
Operating lease right-of-use assets
|
| |
8
|
| | | | 173,103 | | | | | | 158,724 | | |
Other non-current assets – third parties
|
| |
9
|
| | | | 50,533 | | | | | | 10,983 | | |
Other non-current assets – related parties
|
| |
29
|
| | | | 2,706 | | | | | | — | | |
Total non-current assets
|
| | | | | | | 700,966 | | | | | | 548,489 | | |
Total assets
|
| | | | | | | 1,584,678 | | | | | | 1,371,952 | | |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Short-term borrowings – third parties
|
| |
10
|
| | | | 226,772 | | | | | | 28,748 | | |
Accounts payable – third parties
|
| | | | | | | 20,123 | | | | | | 1,466 | | |
Accounts payable – related parties
|
| |
29
|
| | | | 340,419 | | | | | | 5,770 | | |
Contract liabilities – third parties
|
| |
25
|
| | | | 44,184 | | | | | | 7,843 | | |
Operating lease liabilities – third parties (including operating lease liabilities – third parties of VIEs without recourse to the Company of nil and US$716 as of December 31, 2023 and 2022, respectively)
|
| |
8
|
| | | | 16,760 | | | | | | 15,815 | | |
Accrued expenses and other current liabilities – third parties (including accrued expenses and other current liabilities – third parties of VIEs without recourse to the Company of nil and US$35,254 as of December 31, 2023 and 2022, respectively)
|
| |
11
|
| | | | 419,422 | | | | | | 323,299 | | |
Accrued expenses and other current liabilities – related parties (including accrued
expenses and other current liabilities – related parties of VIEs without recourse to the Company of nil and US$801 as of December 31, 2023 and 2022, respectively) |
| |
29
|
| | | | 290,686 | | | | | | 183,237 | | |
Exchangeable notes
|
| |
14
|
| | | | 378,638 | | | | | | 355,320 | | |
Convertible notes
|
| |
15
|
| | | | 20,277 | | | | | | — | | |
Mandatorily redeemable noncontrolling interest (including mandatorily redeemable noncontrolling interest of VIEs without recourse to the Company of nil and US$11,381 as of December 31, 2023 and 2022, respectively)
|
| |
18
|
| | | | — | | | | | | 11,381 | | |
Total current liabilities
|
| | | | | | | 1,757,281 | | | | | | 932,879 | | |
| | | | | |
As of December 31,
|
| |||||||||
| | |
Note
|
| |
2023
|
| |
2022
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Non-current liabilities | | | | | | | | | | | | | | | | |
Contract liabilities – third parties
|
| |
25
|
| | | | 6,245 | | | | | | — | | |
Operating lease liabilities – third parties (including operating lease liabilities – third parties of VIEs without recourse to the Company of nil and US$1,662 as of December 31, 2023 and 2022, respectively)
|
| |
8
|
| | | | 91,929 | | | | | | 98,963 | | |
Operating lease liabilities – related parties (including operating lease liabilities – third
parties of VIEs without recourse to the Company of nil and nil as of December 31, 2023 and 2022, respectively) |
| |
8
|
| | | | 12,064 | | | | | | 170 | | |
Put option liabilities
|
| |
12
|
| | | | 11,884 | | | | | | — | | |
Exchangeable notes
|
| |
14
|
| | | | 75,678 | | | | | | 71,792 | | |
Convertible notes
|
| |
15
|
| | | | 81,635 | | | | | | 76,770 | | |
Deferred tax liabilities
|
| |
23
|
| | | | — | | | | | | 126 | | |
Deferred income
|
| |
16
|
| | | | 270,097 | | | | | | 258,450 | | |
Other non-current liabilities – third parties
|
| |
19
|
| | | | 103,403 | | | | | | 15,824 | | |
Other non-current liabilities – related parties
|
| |
29
|
| | | | 1,634 | | | | | | 1,584 | | |
Total non-current liabilities
|
| | | | | | | 654,569 | | | | | | 523,679 | | |
Total liabilities
|
| | | | | | | 2,411,850 | | | | | | 1,456,558 | | |
Commitments and contingencies (note 28) | | | | | | | | | | | | | | | | |
MEZZANINE EQUITY | | | | | | | | | | | | | | | | |
Series Pre-A Redeemable Convertible Preferred Shares (US$0.00001 par value per share, 40,885,006 shares authorized, issued and outstanding as of December 31, 2023 and 2022; Redemption value of US$184,509 and US$174,429 as of December 31, 2023 and 2022; Liquidation preference of US$184,509 and US$174,429 as of December 31, 2023 and 2022)(1)
|
| |
17
|
| | | | 184,509 | | | | | | 177,284 | | |
Series A Redeemable Convertible Preferred Shares (US$0.00001 par value per share,
27,343,520 shares authorized, issued and outstanding as of December 31, 2023 and 2022; Redemption value of US$199,021 and US$187,441 as of December 31, 2023 and 2022; Liquidation preference of US$200,971 and US$189,424 as of December 31, 2023 and 2022)(1) |
| |
17
|
| | | | 199,021 | | | | | | 191,125 | | |
Total mezzanine equity
|
| | | | | | | 383,530 | | | | | | 368,409 | | |
SHAREHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.00001 par value per share, 5,000,000,000 shares authorized as
of December 31, 2023 and 2022; 474,621,603 shares issued and outstanding as of December 31, 2023 and 2022)(1) |
| |
20
|
| | | | 21 | | | | | | 21 | | |
Additional paid-in capital
|
| | | | | | | 358,187 | | | | | | 403,103 | | |
Receivable from shareholders
|
| | | | | | | — | | | | | | (26,447) | | |
Accumulated other comprehensive income
|
| | | | | | | 25,267 | | | | | | 17,707 | | |
Accumulated deficit
|
| | | | | | | (1,588,773) | | | | | | (846,757) | | |
Total shareholders’ deficit attributable to ordinary shareholders
|
| | | | | | | (1,205,298) | | | | | | (452,373) | | |
Noncontrolling interests
|
| | | | | | | (5,404) | | | | | | (642) | | |
Total shareholders’ deficit
|
| | | | | | | (1,210,702) | | | | | | (453,015) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | | | | 1,584,678 | | | | | | 1,371,952 | | |
|
| | | | | |
Year ended December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | | | | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Revenues:
|
| |
25
|
| | | | | | | | | | | | | | | | | | |
Sales of goods (including related parties amounts of US$3,432, US$23 and nil for the years ended December 31, 2023, 2022 and 2021, respectively)
|
| | | | | | | 660,158 | | | | | | 1,186 | | | | | | 369 | | |
Service revenues (including related parties amounts of US$12,573, US$8,344 and US$3,280 for the years ended December 31, 2023, 2022 and 2021, respectively)
|
| | | | | | | 18,850 | | | | | | 8,371 | | | | | | 3,318 | | |
Total revenues
|
| | | | | | | 679,008 | | | | | | 9,557 | | | | | | 3,687 | | |
Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold (including related parties amounts of US$549,893, US$839 and US$331 for the years ended December 31, 2023, 2022 and 2021, respectively)
|
| | | | | | | (564,741) | | | | | | (948) | | | | | | (331) | | |
Cost of services
|
| | | | | | | (12,086) | | | | | | (6,302) | | | | | | (2,799) | | |
Total cost of revenues
|
| | | | | | | (576,827) | | | | | | (7,250) | | | | | | (3,130) | | |
Gross profit
|
| | | | | | | 102,181 | | | | | | 2,307 | | | | | | 557 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses (including related parties amounts of US$135,334, US$167,028 and US$345,655 for the years ended December 31, 2023, 2022 and 2021, respectively)
|
| | | | | | | (368,729) | | | | | | (445,844) | | | | | | (511,364) | | |
Selling and marketing expenses (including related parties amounts of US$40,531, US$6,964
and US$763 for the years ended December 31, 2023, 2022 and 2021, respectively) |
| | | | | | | (328,935) | | | | | | (151,331) | | | | | | (38,066) | | |
General and administrative expenses (including related parties amounts of US$13,085, US$12,034 and US$2,782 for the years ended December 31, 2023, 2022 and 2021, respectively)
|
| | | | | | | (144,533) | | | | | | (148,369) | | | | | | (54,763) | | |
Government grants
|
| |
2(z), 16
|
| | | | 4,077 | | | | | | 55,824 | | | | | | 490,694 | | |
Total operating expenses
|
| | | | | | | (838,120) | | | | | | (689,720) | | | | | | (113,499) | | |
Operating loss
|
| | | | | | | (735,939) | | | | | | (687,413) | | | | | | (112,942) | | |
Interest expenses
|
| | | | | | | (10,200) | | | | | | (8,542) | | | | | | (3,615) | | |
Interest income
|
| | | | | | | 9,204 | | | | | | 12,188 | | | | | | 6,219 | | |
Investment (loss) income, net
|
| | | | | | | (1,162) | | | | | | (3,246) | | | | | | 2,229 | | |
Share of results of equity method investments
|
| | | | | | | (1,048) | | | | | | (2,762) | | | | | | — | | |
Foreign currency exchange gains (losses), net
|
| | | | | | | 42 | | | | | | (11,505) | | | | | | 798 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk
|
| | | | | | | (7,531) | | | | | | (22,991) | | | | | | (1,367) | | |
Changes in fair values of put option liabilities
|
| | | | | | | (2,508) | | | | | | — | | | | | | — | | |
Loss before income taxes
|
| | | | | | | (749,142) | | | | | | (724,271) | | | | | | (108,678) | | |
Income tax expense
|
| |
23
|
| | | | (1,113) | | | | | | (292) | | | | | | (1,853) | | |
Net loss
|
| | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
Less: Net loss attributable to noncontrolling interests
|
| | | | | | | (8,254) | | | | | | (642) | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | | | | (742,001) | | | | | | (723,921) | | | | | | (110,531) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | | | | (15,121) | | | | | | (910) | | | | | | — | | |
Net loss available to ordinary shareholders
|
| | | | | | | (757,122) | | | | | | (724,831) | | | | | | (110,531) | | |
Loss per ordinary share(1) | | | | | | | | | | | | | | | | | | | | | | |
− Basic and diluted
|
| |
24
|
| | | | (1.60) | | | | | | (1.52) | | | | | | (0.33) | | |
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share(1)
|
| | | | | | | | | | | | | | | | | | | | | |
− Basic and diluted
|
| | | | | | | 474,621,603 | | | | | | 475,805,054 | | | | | | 334,127,181 | | |
Net loss
|
| | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | (8,650) | | | | | | (893) | | | | | | 119 | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | | | | 16,210 | | | | | | 18,669 | | | | | | (843) | | |
Total other comprehensive income (loss)
|
| | | | | | | 7,560 | | | | | | 17,776 | | | | | | (724) | | |
Total comprehensive loss
|
| | | | | | | (742,695) | | | | | | (706,787) | | | | | | (111,255) | | |
Less: Total comprehensive loss attributable to noncontrolling interests
|
| | | | | | | (8,254) | | | | | | (642) | | | | | | — | | |
Total comprehensive loss attributable to ordinary shareholders
|
| | | | | | | (734,441) | | | | | | (706,145) | | | | | | (111,255) | | |
| | |
Note
|
| |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Receivable
from shareholders |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity (deficit) attributable to ordinary shareholders |
| |
Noncontrolling
interests |
| |
Total
shareholders’ equity (deficit) |
| ||||||||||||||||||||||||||||||
| | | | | |
Number of shares(1)
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||||||||||||||
Balance as of December 31, 2022
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 403,103 | | | | | | (26,447) | | | | | | 17,707 | | | | | | (846,757) | | | | | | (452,373) | | | | | | (642) | | | | | | (453,015) | | |
Cumulative effect of adoption of new accounting standard
|
| |
2(j)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(15)
|
| | | | | (15) | | | | | | — | | | | | | (15) | | |
Balance as of January 1, 2023
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 403,103 | | | | | | (26,447) | | | | | | 17,707 | | | | | | (846,772) | | | | | | (452,388) | | | | | | (642) | | | | | | (453,030) | | |
Net loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (742,001) | | | | | | (742,001) | | | | | | (8,254) | | | | | | (750,255) | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,650) | | | | | | — | | | | | | (8,650) | | | | | | — | | | | | | (8,650) | | |
Foreign currency translation adjustment, net of
nil income taxes |
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,210 | | | | | | — | | | | | | 16,210 | | | | | | — | | | | | | 16,210 | | |
Total comprehensive loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,560 | | | | | | (742,001) | | | | | | (734,441) | | | | | | (8,254) | | | | | | (742,695) | | |
Settlement of receivable from shareholders
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,447 | | | | | | — | | | | | | — | | | | | | 26,447 | | | | | | — | | | | | | 26,447 | | |
Shareholder contribution related to the issuance of exchangeable notes
|
| |
14
|
| | | | — | | | | | | — | | | | | | 909 | | | | | | — | | | | | | — | | | | | | — | | | | | | 909 | | | | | | — | | | | | | 909 | | |
Deemed distribution to shareholders
|
| |
12, 21
|
| | | | — | | | | | | — | | | | | | (31,672) | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,672) | | | | | | — | | | | | | (31,672) | | |
Accretion of Redeemable Convertible Preferred
Shares |
| |
17
|
| | |
|
—
|
| | | | | — | | | | | | (15,121) | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,121) | | | | | | — | | | | | | (15,121) | | |
Contribution from non-controlling shareholders
|
| |
22
|
| | |
|
—
|
| | | | | — | | | | | | 968 | | | | | | — | | | | | | — | | | | | | — | | | | | | 968 | | | | | | 3,492 | | | | | | 4,460 | | |
Balance as of December 31, 2023
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 358,187 | | | | | | — | | | | | | 25,267 | | | | | | (1,588,773) | | | | | | (1,205,298) | | | | | | (5,404) | | | | | | (1,210,702) | | |
| | |
Note
|
| |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Receivable
from shareholders |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity (deficit) attributable to ordinary shareholders |
| |
Noncontrolling
interests |
| |
Total
shareholders’ equity (deficit) |
| ||||||||||||||||||||||||||||||
| | | | | |
Number of shares(1)
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | | | | 479,954,430 | | | | | | 22 | | | | | | 424,414 | | | | | | (106,210) | | | | | | (69) | | | | | | (122,836) | | | | | | 195,321 | | | | | | — | | | | | | 195,321 | | |
Net loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (723,921) | | | | | | (723,921) | | | | | | (642) | | | | | | (724,563) | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (893) | | | | | | — | | | | | | (893) | | | | | | — | | | | | | (893) | | |
Foreign currency translation adjustment, net of
nil income taxes |
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,669 | | | | | | — | | | | | | 18,669 | | | | | | — | | | | | | 18,669 | | |
Total comprehensive loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
17,776
|
| | | |
|
(723,921)
|
| | | |
|
(706,145)
|
| | | |
|
(642)
|
| | | |
|
(706,787)
|
| |
Settlement of receivable from shareholders
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 79,763 | | | | | | — | | | | | | — | | | | | | 79,763 | | | | | | — | | | | | | 79,763 | | |
Re-designation of ordinary shares to Series Pre-A Preferred Shares
|
| |
17
|
| | | | (5,332,827) | | | | | | (1) | | | | | | (13,024) | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,025) | | | | | | — | | | | | | (13,025) | | |
Shareholder contribution related to the issuance of exchangeable notes
|
| |
14
|
| | | | — | | | | | | — | | | | | | 8,135 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,135 | | | | | | — | | | | | | 8,135 | | |
Deemed distribution arising from reorganization under common control
|
| | | | | | | — | | | | | | — | | | | | | (15,512) | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,512) | | | | | | — | | | | | | (15,512) | | |
Accretion of Redeemable Convertible Preferred
Shares |
| |
17
|
| | | | — | | | | | | — | | | | | | (910) | | | | | | — | | | | | | — | | | | | | — | | | | | | (910) | | | | | | — | | | | | | (910) | | |
Contribution from a non-controlling shareholder
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 149 | | | | | | 149 | | |
Liquidation of a subsidiary
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (149) | | | | | | (149) | | |
Balance as of December 31, 2022
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 403,103 | | | | | | (26,447) | | | | | | 17,707 | | | | | | (846,757) | | | | | | (452,373) | | | | | | (642) | | | | | | (453,015) | | |
|
| | |
Note
|
| |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Receivable
from shareholders |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity (deficit) attributable to ordinary shareholders |
| |
Noncontrolling
interests |
| |
Total
shareholders’ equity (deficit) |
| ||||||||||||||||||||||||||||||
| | | | | |
Number of shares(1)
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||||||||||||||
Balance as of January 1, 2021
|
| | | | | | | — | | | | | | — | | | | | | 25,877 | | | | | | — | | | | | | 655 | | | | | | (10,425) | | | | | | 16,107 | | | | | | — | | | | | | 16,107 | | |
Net loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (110,531) | | | | | | (110,531) | | | | | | — | | | | | | (110,531) | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 119 | | | | | | — | | | | | | 119 | | | | | | — | | | | | | 119 | | |
Foreign currency translation adjustment, net of
nil income taxes |
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (843) | | | | | | — | | | | | | (843) | | | | | | — | | | | | | (843) | | |
Total comprehensive loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (724) | | | | | | (110,531) | | | | | | (111,255) | | | | | | — | | | | | | (111,255) | | |
Issuance of ordinary shares
|
| | | | | | | 479,954,430 | | | | | | 22 | | | | | | 417,958 | | | | | | (106,210) | | | | | | — | | | | | | — | | | | | | 311,770 | | | | | | — | | | | | | 311,770 | | |
Shareholder contribution in connection with the issuance of exchangeable notes
|
| |
14
|
| | | | — | | | | | | — | | | | | | 3,391 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,391 | | | | | | — | | | | | | 3,391 | | |
Capital contribution from shareholders
|
| | | | | | | — | | | | | | — | | | | | | 15,695 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,695 | | | | | | — | | | | | | 15,695 | | |
Dividends paid to a shareholder
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,880) | | | | | | (1,880) | | | | | | — | | | | | | (1,880) | | |
Deemed distribution arising from reorganization under common control
|
| | | | | | | — | | | | | | — | | | | | | (38,507) | | | | | | — | | | | | | — | | | | | | — | | | | | | (38,507) | | | | | | — | | | | | | (38,507) | | |
Balance as of December 31, 2021
|
| | | | | | | 479,954,430 | | | | | | 22 | | | | | | 424,414 | | | | | | (106,210) | | | | | | (69) | | | | | | (122,836) | | | | | | 195,321 | | | | | | — | | | | | | 195,321 | | |
|
| | | | | |
Year ended December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | | | | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | | | | (750,255) | | | | | | (724,563) | | | | | | (110,531) | | |
Adjustments to reconcile net loss to net cash used in operating activities
|
| | | | | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | | | | 54,957 | | | | | | 12,790 | | | | | | 2,056 | | |
Reduction in the carrying amount of operating lease right-of-use assets
|
| | | | | | | 20,056 | | | | | | 15,413 | | | | | | 5,638 | | |
Investment loss (income), net
|
| | | | | | | 1,162 | | | | | | 3,246 | | | | | | (2,229) | | |
Share of results of equity method investments
|
| | | | | | | 1,048 | | | | | | 2,762 | | | | | | — | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk
|
| | | | | | | 7,531 | | | | | | 22,991 | | | | | | 1,367 | | |
Changes in fair values of put options
|
| | | | | | | 2,508 | | | | | | — | | | | | | — | | |
Share-based compensation expense
|
| | | | | | | — | | | | | | 10,625 | | | | | | — | | |
Deferred income tax expense
|
| | | | | | | (126) | | | | | | — | | | | | | 216 | | |
Non-cash interest expenses
|
| | | | | | | 1,620 | | | | | | 8,167 | | | | | | 3,615 | | |
Amortization of deferred income relating to government grants
|
| | | | | | | — | | | | | | (54,954) | | | | | | (490,461) | | |
Expected credit loss expenses
|
| | | | | | | 389 | | | | | | — | | | | | | — | | |
Warranty expenses
|
| | | | | | | 8,492 | | | | | | — | | | | | | — | | |
Net unrealized foreign currency exchange losses (gains)
|
| | | | | | | 1,466 | | | | | | 10,192 | | | | | | (694) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | | | |
Accounts receivable – third parties
|
| | | | | | | (75,265) | | | | | | (111) | | | | | | — | | |
Accounts receivable – related parties
|
| | | | | | | (14,356) | | | | | | (2,976) | | | | | | (89) | | |
Inventories
|
| | | | | | | (235,074) | | | | | | (21,628) | | | | | | (1,960) | | |
Prepayments and other current assets – third parties
|
| | | | | | | (20,268) | | | | | | 1,705 | | | | | | (41,369) | | |
Prepayments and other current assets – related parties
|
| | | | | | | (18,880) | | | | | | 405,176 | | | | | | 83,160 | | |
Other non-current assets – third parties
|
| | | | | | | (34,248) | | | | | | (2,044) | | | | | | (8,028) | | |
Other non-current assets – related parties
|
| | | | | | | (2,706) | | | | | | — | | | | | | — | | |
Accounts payable – third parties
|
| | | | | | | 21,067 | | | | | | 1,583 | | | | | | — | | |
Accounts payable – related parties
|
| | | | | | | 335,307 | | | | | | 5,975 | | | | | | — | | |
Contract liabilities – third parties
|
| | | | | | | 42,393 | | | | | | 6,286 | | | | | | 1,934 | | |
Accrued expenses and other current liabilities – third parties
|
| | | | | | | 124,094 | | | | | | 145,857 | | | | | | 84,713 | | |
Accrued expenses and other current liabilities – related parties
|
| | | | | | | 89,876 | | | | | | (201,088) | | | | | | 401,327 | | |
Operating lease liabilities
|
| | | | | | | (29,357) | | | | | | (14,610) | | | | | | (55,421) | | |
Other non-current liabilities – third parties
|
| | | | | | | 81,728 | | | | | | 16,147 | | | | | | 251 | | |
Other non-current liabilities – related parties
|
| | | | | | | (91) | | | | | | 1,640 | | | | | | — | | |
Net cash used in operating activities
|
| | | | | | | (386,932) | | | | | | (351,419) | | | | | | (126,505) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | |
Payments for purchases of property, equipment and software and intangible assets
|
| | | | | | | (213,714) | | | | | | (133,345) | | | | | | (34,590) | | |
Proceeds from disposal of property, equipment and software
|
| | | | | | | 5,117 | | | | | | 1,071 | | | | | | 14 | | |
Payments for purchases of short-term investments
|
| | | | | | | (38,254) | | | | | | (300,662) | | | | | | — | | |
Proceeds from sales of short-term investments
|
| | | | | | | 37,428 | | | | | | 289,587 | | | | | | — | | |
Payments upon settlement of derivative instruments
|
| | | | | | | — | | | | | | (641) | | | | | | — | | |
Receipts of government grants related to assets
|
| | | | | | | 16,345 | | | | | | — | | | | | | 279,052 | | |
Payments for investments in equity investees
|
| | | | | | | (5,059) | | | | | | (3,114) | | | | | | — | | |
Proceeds from disposal of a subsidiary, net of cash disposed
|
| |
1(f)
|
| | | | 1,379 | | | | | | — | | | | | | — | | |
Loans to related parties
|
| | | | | | | (1,227) | | | | | | (2,310) | | | | | | — | | |
Net cash provided by (used in) investing activities
|
| | | | | | | (197,985) | | | | | | (149,414) | | | | | | 244,476 | | |
| | | | | |
Year ended December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | | | | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Financing activities: | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of ordinary shares
|
| | | | | | | — | | | | | | — | | | | | | 197,918 | | |
Proceeds from settlement of receivable from shareholders
|
| | | | | | | 26,139 | | | | | | 76,147 | | | | | | | | |
Proceeds from issuance of Series Pre-A Preferred Shares
|
| |
17
|
| | | | — | | | | | | 129,681 | | | | | | — | | |
Proceeds from issuance of Series A Preferred Shares
|
| |
17
|
| | | | — | | | | | | 187,734 | | | | | | — | | |
Repayment of exchangeable notes for issuance of Series A Preferred Shares
|
| |
17
|
| | | | — | | | | | | (57,430) | | | | | | — | | |
Proceeds from issuance of convertible notes
|
| |
15
|
| | | | 25,297 | | | | | | 75,037 | | | | | | 23,445 | | |
Proceeds from issuance of exchangeable notes
|
| |
14
|
| | | | 27,883 | | | | | | 378,964 | | | | | | 125,039 | | |
Proceeds from issuance of mandatorily redeemable noncontrolling interest
|
| |
18
|
| | | | — | | | | | | — | | | | | | 6,299 | | |
Repayment of mandatorily redeemable noncontrolling interest
|
| |
18
|
| | | | (11,554) | | | | | | — | | | | | | — | | |
Receipts of refundable deposits in connection with the issuance of Series A Preferred
Shares |
| | | | | | | — | | | | | | 28,945 | | | | | | — | | |
Repayments of refundable deposits in connection with the issuance of Series A Preferred Shares
|
| | | | | | | — | | | | | | (28,628) | | | | | | — | | |
Payment for redemption of convertible notes
|
| |
15
|
| | | | (5,648) | | | | | | — | | | | | | — | | |
Receipts of refundable deposits in connection with the Private Investment in Public Equity (“PIPE”) investments
|
| |
13
|
| | | | 10,000 | | | | | | — | | | | | | — | | |
Capital contributions from shareholders
|
| | | | | | | — | | | | | | — | | | | | | 15,695 | | |
Dividends paid to a shareholder
|
| | | | | | | — | | | | | | — | | | | | | (1,880) | | |
Consideration payment in connection with reorganization
|
| | | | | | | — | | | | | | (50,794) | | | | | | (1,663) | | |
Capital contributions by noncontrolling interests
|
| | | | | | | 4,460 | | | | | | 149 | | | | | | — | | |
Repayments of loans to a related party
|
| | | | | | | — | | | | | | (9,844) | | | | | | — | | |
Proceeds from bank loans
|
| |
10
|
| | | | 481,176 | | | | | | 28,170 | | | | | | — | | |
Repayments of bank loans
|
| |
10
|
| | | | (272,897) | | | | | | — | | | | | | — | | |
Payments to a noncontrolling interest in the liquidation of a subsidiary
|
| | | | | | | (148) | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | | | | 284,708 | | | | | | 758,131 | | | | | | 364,853 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | | | | (12,189) | | | | | | (49,217) | | | | | | 2,943 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | | | | (312,398) | | | | | | 208,081 | | | | | | 485,767 | | |
Cash and restricted cash at beginning of the year
|
| | | | | | | 739,533 | | | | | | 531,452 | | | | | | 45,685 | | |
Cash and restricted cash at end of the year
|
| | | | | | | 427,135 | | | | | | 739,533 | | | | | | 531,452 | | |
Reconciliation of cash and restricted cash: | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | | | | 418,941 | | | | | | 736,605 | | | | | | 531,452 | | |
Restricted cash, current
|
| | | | | | | 7,873 | | | | | | 2,392 | | | | |
|
—
|
| |
Restricted cash, non-current
|
| | | | | | | 321 | | | | | | 536 | | | | |
|
—
|
| |
Total cash and restricted cash
|
| | | | | | | 427,135 | | | | | | 739,533 | | | | | | 531,452 | | |
Supplemental information | | | | | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | | | | | 8,086 | | | | | | 471 | | | | | | — | | |
Income taxes paid
|
| | | | | | | 1,152 | | | | | | 1,763 | | | | | | 62 | | |
Income taxes refund
|
| | | | | | | (45) | | | | | | (131) | | | | | | (30) | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities
|
| | | | | | | 71,064 | | | | | | 108,045 | | | | | | 18,321 | | |
Purchase of intangible assets through issuance of ordinary shares
|
| |
7
|
| | | | — | | | | | | — | | | | | | 116,041 | | |
Payable arising from reorganization under common control
|
| | | | | | | — | | | | | | — | | | | | | 36,844 | | |
Issuance of Series Pre-A Preferred Shares through conversion of a convertible note
|
| |
17
|
| | | | — | | | | | | 23,445 | | | | | | — | | |
Re-designation of ordinary shares into of Series Pre-A Preferred Shares
|
| |
17
|
| | | | — | | | | | | 23,650 | | | | | | — | | |
Accretion of Redeemable Convertible Preferred Shares
|
| |
17
|
| | | | 15,121 | | | | | | 910 | | | | | | — | | |
Investment securities obtained through conversion of a convertible note
|
| |
26
|
| | | | — | | | | | | 11,316 | | | | | | — | | |
Payable arising from a distribution agreement
|
| |
21
|
| | | | 22,296 | | | | | | — | | | | | | — | | |
Issuance of put option liabilities
|
| |
12
|
| | | | 9,376 | | | | | | — | | | | | | — | | |
Payable arising from deferred listing expenses
|
| | | | | | | 1,613 | | | | | | — | | | | | | — | | |
| | |
As of December 31,
2022 |
| |||
| | |
US$
|
| |||
Cash
|
| | | | 156,571 | | |
Inventories
|
| | | | 108 | | |
Prepayments and other current assets – third parties
|
| | | | 2,313 | | |
Total current assets
|
| | | | 158,992 | | |
Property, equipment and software, net
|
| | | | 14,189 | | |
Operating lease right-of-use assets
|
| | | | 12,388 | | |
Other non-current assets
|
| | | | 1,122 | | |
Total assets
|
| | | | 186,691 | | |
Amounts due to inter-companies(i)
|
| | | | 10,551 | | |
Operating lease liabilities – third parties
|
| | | | 716 | | |
Accrued expenses and other current liabilities – third parties
|
| | | | 35,254 | | |
Accrued expenses and other current liabilities – related parties
|
| | | | 801 | | |
Mandatorily redeemable noncontrolling interest
|
| | | | 11,381 | | |
Total current liabilities
|
| | | | 58,703 | | |
Operating lease liabilities – third parties
|
| | | | 1,662 | | |
Exchangeable notes(ii)
|
| | | | 71,792 | | |
Convertible notes(ii)
|
| | | | 76,770 | | |
Total liabilities
|
| | | | 208,927 | | |
| | |
From January 1, 2023
to the completion of the Restructuring |
| |
Year ended
December 31, 2022 |
| |
Year ended
December 31, 2021 |
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Revenues
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss(i)
|
| | | | (74,137) | | | | | | (52,431) | | | | | | (8,737) | | |
Net cash used in operating activities(ii)
|
| | | | (8,281) | | | | | | (8,869) | | | | | | (7,993) | | |
Net cash used in investing activities
|
| | | | (38,400) | | | | | | (5,630) | | | | | | — | | |
Net cash(used in) provided by financing activities(iii)
|
| | | | (107,317) | | | | | | 137,876 | | | | | | 55,951 | | |
Effect of exchange rate changes on cash
|
| | | | (2,573) | | | | | | (15,900) | | | | | | 1,136 | | |
Net decrease in cash
|
| | | | (156,571) | | | | | | 107,477 | | | | | | 49,094 | | |
Cash at beginning of the period/year
|
| | | | 156,571 | | | | | | 49,094 | | | | | | — | | |
Cash at end of the period/year
|
| | | | — | | | | | | 156,571 | | | | | | 49,094 | | |
| | |
US$
|
| |||
Cash
|
| | | | 6 | | |
Inventories
|
| | | | 158 | | |
Accounts receivable
|
| | | | 1,131 | | |
Prepayments and other current assets
|
| | | | 1,279 | | |
Property, equipment and software, net
|
| | | | 2,784 | | |
Operating lease right-of-use assets
|
| | | | 5,585 | | |
Other non-current assets
|
| | | | 510 | | |
Short-term borrowings
|
| | | | (2,365) | | |
Accounts payable
|
| | | | (1,298) | | |
Accrued expenses and other current liabilities
|
| | | | (4,684) | | |
Operating lease liabilities
|
| | | | (5,409) | | |
Net liabilities
|
| | | | (2,303) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash balances include deposits in: | | | | | | | | | | | | | |
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
− Denominated in Chinese Renminbi (“RMB”)
|
| | | | 381,890 | | | | | | 547,301 | | |
− Denominated in United States Dollars (“US$”)
|
| | | | 7,232 | | | | | | 165,068 | | |
− Denominated in Great Britain Pound (“GBP”)
|
| | | | 127 | | | | | | 2,984 | | |
− Denominated in Euro Dollar (“EUR”)
|
| | | | 361 | | | | | | 347 | | |
Total cash balances held at the PRC financial institutions
|
| | | | 389,610 | | | | | | 715,700 | | |
Financial institutions in United Kingdom (“UK”) | | | | | | | | | | | | | |
− Denominated in GBP
|
| | | | 11,871 | | | | | | 5,778 | | |
− Denominated in USD
|
| | | | 794 | | | | | | — | | |
− Denominated in EUR
|
| | | | 4,969 | | | | | | — | | |
− Denominated in RMB
|
| | | | 161 | | | | | | — | | |
Total cash balances held at UK financial institutions
|
| | | | 17,795 | | | | | | 5,778 | | |
Financial institutions in Netherlands | | | | | | | | | | | | | |
− Denominated in GBP
|
| | | | 11 | | | | | | 18 | | |
− Denominated in EUR
|
| | | | 5,035 | | | | | | 8,899 | | |
− Denominated in other currencies
|
| | | | 58 | | | | | | — | | |
Total cash balances held at Netherlands financial institutions
|
| | | | 5,104 | | | | | | 8,917 | | |
Financial institutions in Germany | | | | | | | | | | | | | |
− Denominated in EUR
|
| | | | 2,149 | | | | | | 5,347 | | |
Total cash balances held at German financial institutions
|
| | | | 2,149 | | | | | | 5,347 | | |
Total cash balances held at financial institutions in other jurisdictions
|
| | | | 4,283 | | | | | | 862 | | |
Total cash balances held at financial institutions
|
| | | | 418,941 | | | | | | 736,604 | | |
Cash on hand
|
| | | | — | | | | | | 1 | | |
Total cash balances
|
| | | | 418,941 | | | | | | 736,605 | | |
|
Machinery and R&D equipment
|
| |
3 – 10 years
|
|
|
Molds and tooling
|
| |
5 – 10 years
|
|
|
Motor vehicles
|
| |
2 – 5 years
|
|
|
Office and electronic equipment
|
| |
3 – 5 years
|
|
|
Purchased software
|
| |
3 – 10 years
|
|
|
Leasehold improvements
|
| |
The shorter of estimated useful
life of the assets and lease terms |
|
| | |
Year Ended
December 31, 2023 |
| |||
Warranty at beginning of the year
|
| | | | — | | |
Additions
|
| | | | 8,492 | | |
Utilization
|
| | | | (1,499) | | |
Foreign currency translation adjustment
|
| | | | 29 | | |
Accrued warranty at end of the year
|
| | |
|
7,022
|
| |
Including: Current portion of warranty
|
| | | | 483 | | |
Non-current portion of warranty
|
| | | | 6,539 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
proportion of total accounts
receivable balance |
| |||||||||
Geely Group
|
| | | | 22.09% | | | | | | 95.00% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
proportion of total costs and expenses
|
| |||||||||||||||
Geely Group
|
| | | | 74.95% | | | | | | 39.28% | | | | | | 74.96% | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
proportion of total payables balance
|
| |||||||||
Geely Group
|
| | | | 65.96% | | | | | | 38.29% | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable-third parties
|
| | | | 77,047 | | | | | | 111 | | |
Less: Allowance for credit losses
|
| | | | (383) | | | | | | — | | |
Total | | | | | 76,664 | | | | | | 111 | | |
| | |
US$
|
| |||
Balance as of December 31, 2022
|
| | | | — | | |
Impact of adoption of ASC 326
|
| | | | 1 | | |
Balance as of January 1, 2023
|
| | | | 1 | | |
Provisions
|
| | | | 374 | | |
Foreign currency translation adjustment
|
| | | | 8 | | |
Balance as of December 31, 2023
|
| | | | 383 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Products available for sale
|
| | | | 246,419 | | | | | | 13,714 | | |
Goods in transit
|
| | | | 18,771 | | | | | | 8,989 | | |
Total | | | | | 265,190 | | | | | | 22,703 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deductible VAT
|
| | | | 41,066 | | | | | | 36,508 | | |
Prepayments to third-party suppliers
|
| | | | 11,280 | | | | | | 2,446 | | |
Deposits
|
| | | | 3,995 | | | | | | 3,747 | | |
Deferred listing expenses
|
| | | | 1,686 | | | | | | — | | |
Others
|
| | | | 5,850 | | | | | | 1,674 | | |
Less: Allowance for credit losses(i)
|
| | | | (7) | | | | | | — | | |
Total | | | | | 63,870 | | | | | | 44,375 | | |
| | |
US$
|
| |||
Balance as of December 31, 2022
|
| | | | — | | |
Impact of adoption of ASC 326
|
| | | | 2 | | |
Balance as of January 1, 2023
|
| | | | 2 | | |
Provisions
|
| | | | 4 | | |
Foreign currency translation adjustment
|
| | | | 1 | | |
Balance as of December 31, 2023
|
| | | | 7 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Machinery and R&D equipment
|
| | | | 26,551 | | | | | | 16,997 | | |
Molds and tooling
|
| | | | 84,367 | | | | | | 79,963 | | |
Motor vehicles
|
| | | | 50,935 | | | | | | 15,586 | | |
Office and electronic equipment
|
| | | | 32,325 | | | | | | 17,271 | | |
Purchased software
|
| | | | 68,422 | | | | | | 49,905 | | |
Leasehold improvements
|
| | | | 35,506 | | | | | | 22,431 | | |
Property, equipment and software
|
| | | | 298,106 | | | | | | 202,153 | | |
Less: Accumulated depreciation
|
| | | | (66,258) | | | | | | (15,455) | | |
Construction in progress(i)
|
| | | | 122,769 | | | | | | 66,773 | | |
Property, equipment and software, net
|
| | | | 354,617 | | | | | | 253,471 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Cost of revenues
|
| | | | 16,111 | | | | | | 38 | | | | | | 25 | | |
Research and development expenses
|
| | | | 3,238 | | | | | | 2,681 | | | | | | 1,626 | | |
Selling and marketing expenses
|
| | | | 18,350 | | | | | | 5,476 | | | | | | 61 | | |
General and administrative expenses
|
| | | | 17,258 | | | | | | 4,595 | | | | | | 344 | | |
Total depreciation expenses
|
| | | | 54,957 | | | | | | 12,790 | | | | | | 2,056 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Trademark licenses with indefinite useful lives
|
| | | | 116,083 | | | | | | 116,083 | | |
License plates with indefinite useful lives
|
| | | | 277 | | | | | | 281 | | |
Intangible assets
|
| | | | 116,360 | | | | | | 116,364 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Operating lease cost
|
| | | | 27,815 | | | | | | 21,701 | | | | | | 6,389 | | |
Short-term lease cost
|
| | | | 4,288 | | | | | | 2,595 | | | | | | 847 | | |
Variable lease cost
|
| | | | 141 | | | | | | 49 | | | | | | 231 | | |
Total | | | | | 32,244 | | | | | | 24,345 | | | | | | 7,467 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | | | | | | | |
Operating cash outflows from operating leases*
|
| | | | 34,752 | | | | | | 16,085 | | | | | | 56,024 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | | | | | | | | | | | | | | | | |
Operating leases
|
| | | | 42,707 | | | | | | 76,584 | | | | | | 56,610 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Operating Leases | | | | | | | | | | | | | |
Operating lease right-of-use assets*
|
| | | | 173,103 | | | | | | 158,724 | | |
Total operating lease assets
|
| | | | 173,103 | | | | | | 158,724 | | |
Operating lease liabilities, current | | | | | | | | | | | | | |
− Operating lease liabilities-third parties
|
| | | | 16,760 | | | | | | 15,815 | | |
− Operating lease liabilities-related parties**
|
| | | | 840 | | | | | | 13 | | |
Operating lease liabilities, non-current | | | | | | | | | | | | | |
− Operating lease liabilities-third parties
|
| | | | 91,929 | | | | | | 98,963 | | |
− Operating lease liabilities-related parties
|
| | | | 12,064 | | | | | | 170 | | |
Total operating lease liabilities
|
| | | | 121,593 | | | | | | 114,961 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Weighted-average remaining lease term | | | | | | | | | | | | | | | | | | | |
Operating leases
|
| |
8.01 years
|
| |
8.37 years
|
| |
7.36 years
|
| |||||||||
Weighted-average discount rate | | | | | | | | | | | | | | | | | | | |
Operating leases
|
| | | | 6.60% | | | | | | 6.99% | | | | | | 5.74% | | |
| | |
As of
December 31, 2023 |
| |||
| | |
US$
|
| |||
2024
|
| | | | 23,902 | | |
2025
|
| | | | 20,884 | | |
2026
|
| | | | 19,482 | | |
2027
|
| | | | 17,137 | | |
2028
|
| | | | 16,001 | | |
Thereafter
|
| | | | 55,092 | | |
Total undiscounted lease payments
|
| | | | 152,498 | | |
Less: imputed interest
|
| | | | (30,905) | | |
Total lease liabilities
|
| | | | 121,593 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deposits for long-term operating leases
|
| | | | 3,288 | | | | | | 3,486 | | |
Prepayments for purchases of property, equipment and software
|
| | | | 920 | | | | | | 1,442 | | |
Deductible VAT
|
| | | | 41,859 | | | | | | 5,815 | | |
Equity investment(i)
|
| | | | 4,466 | | | | | | 240 | | |
Total | | | | | 50,533 | | | | | | 10,983 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Borrowings from banks
|
| | |
|
226,772
|
| | | |
|
28,748
|
| |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accrued salaries and benefits
|
| | | | 68,160 | | | | | | 46,362 | | |
Payables for R&D expenses
|
| | | | 75,578 | | | | | | 83,261 | | |
Payables for marketing events
|
| | | | 48,190 | | | | | | 47,729 | | |
Payables for purchase of property, equipment and software
|
| | | | 51,278 | | | | | | 88,286 | | |
Refundable deposits from customers
|
| | | | 27,007 | | | | | | 3,410 | | |
Deposits from third parties(i)
|
| | | | 19,608 | | | | | | 4,684 | | |
VAT and other taxes payables
|
| | | | 23,190 | | | | | | 4,843 | | |
Payables for service fees
|
| | | | 33,229 | | | | | | 21,176 | | |
Bank acceptance notes and letter of credit
|
| | | | 38,290 | | | | | | 11,025 | | |
Refundable deposits in connection with the PIPE investments
|
| | | | 9,699 | | | | | | — | | |
Others
|
| | | | 25,193 | | | | | | 12,523 | | |
Total | | | | | 419,422 | | | | | | 323,299 | | |
| | |
US$
|
| |||
Balance as of December 31, 2022
|
| | | | — | | |
Issuance of put options
|
| | | | 9,376 | | |
Change in fair values
|
| | | | 2,508 | | |
Balance as of December 31, 2023
|
| | | | 11,884 | | |
| | |
As of
December 31, 2023 |
| |||
Risk-free interest rate
|
| | | | 4.87% | | |
Expected volatility
|
| | | | 26.33% | | |
Expected dividend yield
|
| | | | 0.00% | | |
Remaining term
|
| |
1.5 years
|
| |||
Probability of exercise condition
|
| | | | 50.00% | | |
Fair value of underlying ordinary share of LGIL
|
| |
US$0.81
|
|
| | |
WFOE
Exchangeable Notes |
| |
Lightning
Speed Exchangeable Notes |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Balance as of January 1, 2021
|
| | | | — | | | | | | — | | | | | | — | | |
Issuance of exchangeable notes
|
| | | | 125,039 | | | | | | — | | | | | | 125,039 | | |
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk
|
| | | | 1,065 | | | | | | — | | | | | | 1,065 | | |
Changes in fair values of exchangeable notes due to the instrument-specific credit risk
|
| | | | (132) | | | | | | — | | | | | | (132) | | |
Foreign currency translation adjustment
|
| | | | 448 | | | | | | — | | | | | | 448 | | |
Balance as of December 31, 2021
|
| | | | 126,420 | | | | | | — | | | | | | 126,420 | | |
Issuance of exchangeable notes
|
| | | | 307,172 | | | | | | 71,792 | | | | | | 378,964 | | |
Exchange to Series A redeemable convertible preferred shares (note 17)
|
| | | | (60,419) | | | | | | — | | | | | | (60,419) | | |
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk
|
| | | | 13,162 | | | | | | — | | | | | | 13,162 | | |
Changes in fair values of exchangeable notes due to the instrument-specific credit risk
|
| | | | 33 | | | | | | — | | | | | | 33 | | |
Foreign currency translation adjustment
|
| | | | (31,048) | | | | | | — | | | | | | (31,048) | | |
Balance as of December 31, 2022
|
| | | | 355,320 | | | | | | 71,792 | | | | | | 427,112 | | |
Issuance of exchangeable notes
|
| | | | 27,883 | | | | | | — | | | | | | 27,883 | | |
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk
|
| | | | 737 | | | | | | 3,711 | | | | | | 4,448 | | |
Changes in fair values of exchangeable notes due to the instrument-specific credit risk
|
| | | | 272 | | | | | | 1,398 | | | | | | 1,670 | | |
Foreign currency translation adjustment
|
| | | | (5,574) | | | | | | (1,223) | | | | | | (6,797) | | |
Balance as of December 31, 2023
|
| | | | 378,638 | | | | | | 75,678 | | | | | | 454,316 | | |
– Current portion
|
| | | | 378,638 | | | | | | — | | | | | | 378,638 | | |
– Non-current portion
|
| | | | — | | | | | | 75,678 | | | | | | 75,678 | | |
| | |
As of December 31,
|
| |||
| | |
2023
|
| |
2022
|
|
Risk-free interest rate
|
| |
1.75%
|
| |
2.07%
|
|
Discount rate
|
| |
20.00%
|
| |
20.00%
|
|
Probability of conversion
|
| |
90.00%
|
| |
50.00% – 75.00%
|
|
Bond yields
|
| |
3.27% – 4.06%
|
| |
7.35% – 7.76%
|
|
Probability of occurrence of Qualified IPO
|
| |
90.00%
|
| |
45.00%
|
|
| | |
As of December 31,
|
| |||
| | |
2023
|
| |
2022
|
|
Risk-free interest rates
|
| |
2.08% – 2.29%
|
| |
2.40% – 2.60%
|
|
Probability of conversion
|
| |
75.00%
|
| |
75.00%
|
|
Bond yield
|
| |
4.03%
|
| |
7.11%
|
|
| | |
Series
Pre-A Note |
| |
Subsidiary
Convertible Note |
| |
2023
Convertible Notes |
| |
Total
|
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Balance as of January 1, 2021
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Issuance of convertible notes
|
| | | | 23,445 | | | | | | — | | | | | | | | | | | | 23,445 | | |
Balance as of December 31, 2021
|
| | | | 23,445 | | | | | | — | | | | | | — | | | | | | 23,445 | | |
Issuance of convertible notes
|
| | | | — | | | | | | 75,037 | | | | | | — | | | | | | 75,037 | | |
Conversion to Series Pre-A redeemable convertible preferred shares (note 17)
|
| | | | (23,445) | | | | | | — | | | | | | — | | | | | | (23,445) | | |
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk
|
| | | | — | | | | | | 4,264 | | | | | | — | | | | | | 4,264 | | |
Changes in fair values of convertible notes due to the instrument-specific credit risk
|
| | | | — | | | | | | 890 | | | | | | — | | | | | | 890 | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (3,421) | | | | | | — | | | | | | (3,421) | | |
Balance as of December 31, 2022
|
| | | | — | | | | | | 76,770 | | | | | | — | | | | | | 76,770 | | |
Issuance of convertible notes
|
| | | | — | | | | | | — | | | | | | 25,297 | | | | | | 25,297 | | |
Partial redemption of convertible notes
|
| | | | — | | | | | | — | | | | | | (5,648) | | | | | | (5,648) | | |
Interest paid
|
| | | | — | | | | | | (3,072) | | | | | | — | | | | | | (3,072) | | |
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk
|
| | | | — | | | | | | 2,376 | | | | | | 616 | | | | | | 2,992 | | |
Changes in fair values of convertible notes due to the instrument-specific credit risk
|
| | | | — | | | | | | 6,951 | | | | | | 12 | | | | | | 6,963 | | |
Foreign currency translation adjustment
|
| | | | — | | | | | | (1,390) | | | | | | — | | | | | | (1,390) | | |
Balance as of December 31, 2023
|
| | | | — | | | | | | 81,635 | | | | | | 20,277 | | | | | | 101,912 | | |
– Current portion
|
| | | | — | | | | | | — | | | | | | 20,277 | | | | | | 20,277 | | |
– Non-current portion
|
| | | | — | | | | | | 81,635 | | | | | | — | | | | | | 81,635 | | |
| | |
As of
December 31, 2021 |
| |||
Risk-free interest rate
|
| | | | 2.28% | | |
Probability of conversion
|
| | | | 75.00% | | |
Bond yield
|
| | | | 5.89% | | |
| | |
As of December 31,
|
| |||
| | |
2023
|
| |
2022
|
|
Risk-free interest rates
|
| |
2.40%
|
| |
2.52% – 2.73%
|
|
Probability of conversion
|
| |
10.00%
|
| |
12.00%
|
|
Bond yields
|
| |
4.85% – 5.84%
|
| |
6.88% – 8.92%
|
|
| | |
As of December 31,
2023 |
|
Risk-free interest rate
|
| |
5.51% – 5.52%
|
|
Probability of conversion
|
| |
90.00%
|
|
Bond yields
|
| |
7.01% – 8.47%
|
|
| | |
Asset-related
subsidy |
| |
R&D-related
subsidy |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Balance as of January 1, 2021
|
| | | | — | | | | | | 541,592 | | | | | | 541,592 | | |
Government grants received during the year
|
| | | | 279,052 | | | | | | — | | | | | | 279,052 | | |
Recognized as income during the year
|
| | | | — | | | | | | (490,461) | | | | | | (490,461) | | |
Foreign currency translation adjustment
|
| | | | 3,270 | | | | | | 6,843 | | | | | | 10,113 | | |
Balance as of December 31, 2021
|
| | | | 282,322 | | | | | | 57,974 | | | | | | 340,296 | | |
Recognized as income during the year
|
| | | | — | | | | | | (54,954) | | | | | | (54,954) | | |
Foreign currency translation adjustment
|
| | | | (23,872) | | | | | | (3,020) | | | | | | (26,892) | | |
Balance as of December 31, 2022
|
| | | | 258,450 | | | | | | — | | | | | | 258,450 | | |
Subsidy received during the year
|
| | | | 16,345 | | | | | | — | | | | | | 16,345 | | |
Recognized as income during the year
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign currency translation adjustment
|
| | | | (4,698) | | | | | | — | | | | | | (4,698) | | |
Balance as of December 31, 2023
|
| | | | 270,097 | | | | | | — | | | | | | 270,097 | | |
| | |
Series Pre-A
Preferred Shares |
| |
Series A
Preferred Shares |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
US$
|
| |
Shares
|
| |
US$
|
| |
Shares
|
| |
US$
|
| ||||||||||||||||||
Balance as of January 1, 2021 and 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of preferred shares
|
| | | | 35,552,179 | | | | | | 153,126 | | | | | | 27,343,520 | | | | | | 190,723 | | | | | | 62,895,699 | | | | | | 343,849 | | |
Re-designation of ordinary shares
into preferred shares |
| | | | 5,332,827 | | | | | | 23,650 | | | | | | — | | | | | | — | | | | | | 5,332,827 | | | | | | 23,650 | | |
Accretion of redeemable convertible preferred shares
|
| | | | — | | | | | | 508 | | | | | | — | | | | | | 402 | | | | | | — | | | | | | 910 | | |
Balance as of December 31, 2022
|
| | | | 40,885,006 | | | | | | 177,284 | | | | | | 27,343,520 | | | | | | 191,125 | | | | | | 68,228,526 | | | | | | 368,409 | | |
Accretion of redeemable convertible preferred shares
|
| | | | — | | | | | | 7,225 | | | | | | — | | | | | | 7,896 | | | | | | — | | | | | | 15,121 | | |
Balance as of December 31, 2023
|
| | | | 40,885,006 | | | | | | 184,509 | | | | | | 27,343,520 | | | | | | 199,021 | | | | | | 68,228,526 | | | | | | 383,530 | | |
| | |
October 11, 2022 –
before modification |
| |
October 11, 2022 –
after modification |
|
Risk-free interest rate
|
| |
2.45%
|
| |
2.52%
|
|
Expected volatility
|
| |
61.52%
|
| |
60.26%
|
|
Expected dividend yield
|
| |
0.00%
|
| |
0.00%
|
|
Expected terms
|
| |
2.22 – 4.39 years
|
| |
2.22 – 5.00 years
|
|
Fair value of ordinary share
|
| |
US$3.79
|
| |
US$3.66
|
|
| | |
US$
|
| |||
Balance as of January 1, 2021
|
| | | | — | | |
Issuance of mandatorily redeemable noncontrolling interest
|
| | | | 6,299 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk
|
| | | | 302 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk
|
| | | | 13 | | |
Foreign currency translation adjustment
|
| | | | (21) | | |
Balance as of December 31, 2021
|
| | | | 6,593 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk
|
| | | | 5,565 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk
|
| | | | (30) | | |
Foreign currency translation adjustment
|
| | | | (747) | | |
Balance as of December 31, 2022
|
| | | | 11,381 | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk
|
| | | | 108 | | |
Redemption of mandatorily redeemable noncontrolling interest
|
| | | | (11,554) | | |
Foreign currency translation adjustment
|
| | | | 65 | | |
Balance as of December 31, 2023
|
| | | | — | | |
| | |
As of December 31,
2022 |
|
Discount rate
|
| |
19.00%
|
|
Bond yields
|
| |
6.74% – 7.37%
|
|
Expected terms
|
| |
0.33 – 1.86
|
|
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deposits from third parties
|
| | | | 19,210 | | | | | | 15,824 | | |
Conditional and refundable government grants(i)
|
| | | | 77,654 | | | | | | — | | |
Warranty provision
|
| | | | 6,539 | | | | | | — | | |
Total | | | | | 103,403 | | | | | | 15,824 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Germany | | | | | | | | | | | | | | | | | | | |
– Corporation tax*
|
| | | | 15.825% | | | | | | 15.825% | | | | | | 15.825% | | |
– Trade tax*
|
| | | | 14.35% | | | | | | 14.35% | | | | | | 13.825% | | |
UK**
|
| | | | 25% | | | | | | 19% | | | | | | 19% | | |
Netherlands
|
| | | | 25.8% | | | | | | 25.8% | | | | | | 25.8% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
The PRC, excluding Hong Kong
|
| | | | (514,816) | | | | | | (652,302) | | | | | | (113,598) | | |
Germany
|
| | | | (5,370) | | | | | | 801 | | | | | | 2,060 | | |
UK
|
| | | | (166,174) | | | | | | 821 | | | | | | 2,415 | | |
Netherlands
|
| | | | (46,774) | | | | | | (47,710) | | | | | | (1,415) | | |
Cayman Islands
|
| | | | (4,383) | | | | | | (25,598) | | | | | | 1,860 | | |
Hong Kong
|
| | | | (1,859) | | | | | | 78 | | | | | | — | | |
Others
|
| | | | (9,766) | | | | | | (361) | | | | | | — | | |
Total | | | | | (749,142) | | | | | | (724,271) | | | | | | (108,678) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Current income tax expense | | | | | | | | | | | | | | | | | | | |
− The PRC, excluding Hong Kong
|
| | | | 727 | | | | | | 73 | | | | | | 852 | | |
− Germany
|
| | | | 332 | | | | | | 400 | | | | | | 603 | | |
− UK
|
| | | | — | | | | | | (187) | | | | | | 182 | | |
− Netherlands
|
| | | | — | | | | | | — | | | | | | — | | |
− Cayman Islands
|
| | | | — | | | | | | — | | | | | | — | | |
− Hong Kong
|
| | | | — | | | | | | — | | | | | | — | | |
− Others
|
| | | | 54 | | | | | | 6 | | | | | | — | | |
Total current tax provision
|
| | | | 1,113 | | | | | | 292 | | | | | | 1,637 | | |
Deferred income tax expense | | | | | | | | | | | | | | | | | | | |
− The PRC, excluding Hong Kong
|
| | | | — | | | | | | — | | | | | | — | | |
− Germany
|
| | | | — | | | | | | — | | | | | | — | | |
− UK
|
| | | | — | | | | | | — | | | | | | 216 | | |
− Netherlands
|
| | | | — | | | | | | — | | | | | | — | | |
− Cayman Islands
|
| | | | — | | | | | | — | | | | | | — | | |
− Hong Kong
|
| | | | — | | | | | | — | | | | | | — | | |
− Others
|
| | | | — | | | | | | — | | | | | | — | | |
Total deferred tax expense
|
| | | | — | | | | | | — | | | | | | 216 | | |
Total income tax expense
|
| | | | 1,113 | | | | | | 292 | | | | | | 1,853 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Computed expected income tax benefit at the PRC statutory tax rate of 25%
|
| | | | (187,286) | | | | | | (181,068) | | | | | | (27,170) | | |
Effect on tax rates in different tax jurisdiction
|
| | | | 824 | | | | | | 5,997 | | | | | | (373) | | |
Preferential tax rate impact
|
| | | | (423) | | | | | | — | | | | | | — | | |
Tax effect of non-deductible expenses
|
| | | | 2,474 | | | | | | 480 | | | | | | 110 | | |
Tax effect of R&D expenses additional deduction
|
| | | | (17,732) | | | | | | (3,068) | | | | | | (134) | | |
Change in valuation allowance
|
| | | | 202,586 | | | | | | 177,715 | | | | | | 29,784 | | |
Tax filing difference
|
| | | | 663 | | | | | | — | | | | | | — | | |
Others
|
| | | | 7 | | | | | | 236 | | | | | | (364) | | |
Actual income tax expense
|
| | | | 1,113 | | | | | | 292 | | | | | | 1,853 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating losses carryforwards
|
| | | | 186,642 | | | | | | 78,971 | | |
Accrued expenses
|
| | | | 22,664 | | | | | | 23,271 | | |
Deferral of tax deduction of R&D expenses
|
| | | | 308,850 | | | | | | 263,384 | | |
Operating lease liabilities
|
| | | | 31,633 | | | | | | 29,201 | | |
Exchangeable notes
|
| | | | 5,061 | | | | | | 3,532 | | |
Mandatorily redeemable noncontrolling interest
|
| | | | — | | | | | | 1,463 | | |
Convertible notes
|
| | | | 3,620 | | | | | | 1,289 | | |
Deferral of tax deduction of advertising expenses
|
| | | | 10,054 | | | | | | 6,404 | | |
Property, equipment and software
|
| | | | 2,908 | | | | | | 364 | | |
Equity investments
|
| | | | 843 | | | | | | 667 | | |
Deferred revenue
|
| | | | 19,102 | | | | | | 1,619 | | |
Total gross deferred tax assets
|
| | | | 591,377 | | | | | | 410,165 | | |
Valuation allowance on deferred tax assets
|
| | | | (390,737) | | | | | | (202,715) | | |
Deferred tax assets, net of valuation allowance
|
| | | | 200,640 | | | | | | 207,450 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Property, equipment and software
|
| | | | (3,430) | | | | | | (285) | | |
Derivative assets
|
| | | | (17) | | | | | | — | | |
Government grants
|
| | | | (155,717) | | | | | | (178,090) | | |
Operating lease right-of-use assets
|
| | | | (41,476) | | | | | | (29,201) | | |
Total deferred tax liabilities
|
| | | | (200,640) | | | | | | (207,576) | | |
Net deferred tax liabilities
|
| | | | — | | | | | | (126) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deferred tax assets
|
| | | | — | | | | | | — | | |
Deferred tax liabilities
|
| | | | — | | | | | | (126) | | |
Net deferred tax liabilities
|
| | | | — | | | | | | (126) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Balance at the beginning of the year
|
| | | | 202,715 | | | | | | 32,914 | | | | | | 3,130 | | |
Addition
|
| | | | 215,886 | | | | | | 177,715 | | | | | | 29,784 | | |
Deduction
|
| | | | (25,934) | | | | | | — | | | | | | — | | |
Effect of foreign currency translation
|
| | | | (1,930) | | | | | | (7,914) | | | | | | — | | |
Balance at the end of the year
|
| | | | 390,737 | | | | | | 202,715 | | | | | | 32,914 | | |
Year ending December 31,
|
| |
Amount
|
| |||
| | |
US$
|
| |||
2026
|
| | | | 43,523 | | |
2027
|
| | | | 151,292 | | |
2028
|
| | | | 275,898 | | |
Total | | | | | 470,713 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss attributable to ordinary shareholders
|
| | | | (742,001) | | | | | | (723,921) | | | | | | (110,531) | | |
Accretion of redeemable convertible preferred shares
|
| | | | (15,121) | | | | | | (910) | | | | | | — | | |
Numerator for basic and diluted net loss per ordinary share calculation
|
| | | | (757,122) | | | | | | (724,831) | | | | | | (110,531) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares, basic and diluted(1)
|
| | | | 474,621,603 | | | | | | 475,805,054 | | | | | | 334,127,181 | | |
Denominator for basic and diluted net loss per ordinary share calculation(1)
|
| | | | 474,621,603 | | | | | | 475,805,054 | | | | | | 334,127,181 | | |
Net loss per ordinary share attributable to ordinary shareholders
|
| | | | | | | | | | | | | | | | | | |
– Basic and diluted(1)
|
| | | | (1.60) | | | | | | (1.52) | | | | | | (0.33) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Redeemable convertible preferred shares (note 17)
|
| | | | 68,228,526 | | | | | | 68,228,526 | | | | | | — | | |
Exchangeable notes(i)
|
| | | | 36,709,165 | | | | | | 34,459,983 | | | | | | 12,547,642 | | |
Series Pre-A Note(ii)
|
| | | | — | | | | | | — | | | | | | 5,332,827 | | |
2023 Convertible notes(iii)
|
| | | | 2,029,407 | | | | | | — | | | | | | — | | |
Mandatorily redeemable noncontrolling interest(iv)
|
| | | | — | | | | | | 1,148,666 | | | | | | 627,382 | | |
Share options(v)
|
| | | | 10,073,233 | | | | | | 10,378,710 | | | | | | — | | |
Warrant(vi) | | | | | 711,044 | | | | | | 711,044 | | | | | | — | | |
Total | | | | | 117,751,375 | | | | | | 114,926,929 | | | | | | 18,507,851 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Service line | | | | | | | | | | | | | | | | | | | |
Sales of goods – third parties | | | | | | | | | | | | | | | | | | | |
– BEV lifestyle models
|
| | | | 464,172 | | | | | | — | | | | | | — | | |
– Sports cars
|
| | | | 183,160 | | | | | | 828 | | | | | | 369 | | |
– Others
|
| | | | 9,394 | | | | | | 335 | | | | | | — | | |
| | | | | 656,726 | | | | | | 1,163 | | | | | | 369 | | |
Sales of goods – related parties | | | | | | | | | | | | | | | | | | | |
– BEV lifestyle models
|
| | | | 1,093 | | | | | | — | | | | | | — | | |
– Sports cars
|
| | | | 951 | | | | | | — | | | | | | — | | |
– Others
|
| | | | 1,388 | | | | | | 23 | | | | | | — | | |
| | | | | 3,432 | | | | | | 23 | | | | | | — | | |
Subtotal
|
| | |
|
660,158
|
| | | |
|
1,186
|
| | | |
|
369
|
| |
Services | | | | | | | | | | | | | | | | | | | |
– related parties
|
| | | | 12,573 | | | | | | 8,344 | | | | | | 3,280 | | |
– third parties
|
| | | | 6,277 | | | | | | 27 | | | | | | 38 | | |
Subtotal
|
| | |
|
18,850
|
| | | |
|
8,371
|
| | | |
|
3,318
|
| |
Total revenues
|
| | | | 679,008 | | | | | | 9,557 | | | | | | 3,687 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Chinese mainland
|
| | | | 419,448 | | | | | | 8,816 | | | | | | 3,109 | | |
UK
|
| | | | 83,827 | | | | | | 437 | | | | | | 439 | | |
Japan
|
| | | | 26,390 | | | | | | — | | | | | | — | | |
Australia
|
| | | | 20,335 | | | | | | — | | | | | | — | | |
Belgium
|
| | | | 20,701 | | | | | | — | | | | | | — | | |
France
|
| | | | 16,341 | | | | | | — | | | | | | — | | |
Italy
|
| | | | 14,650 | | | | | | — | | | | | | — | | |
Germany
|
| | | | 15,904 | | | | | | — | | | | | | — | | |
Netherlands
|
| | | | 13,729 | | | | | | — | | | | | | — | | |
Others
|
| | | | 47,683 | | | | | | 304 | | | | | | 139 | | |
Revenues | | | | | 679,008 | | | | | | 9,557 | | | | | | 3,687 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Current liabilities | | | | | | | | | | | | | |
– Contract liabilities – third parties
|
| | | | 44,184 | | | | | | 7,843 | | |
– Contract liabilities – related parties*
|
| | | | 1 | | | | | | 8 | | |
Non-current liabilities | | | | | | | | | | | | | |
– Contract liabilities – third parties
|
| | | | 6,245 | | | | | | — | | |
Contract liabilities, current and non-current
|
| | | | 50,430 | | | | | | 7,851 | | |
| | | | | | | | |
Fair Value Measurement at Reporting Date Using
|
| |||||||||||||||
| | |
Fair Value as of
December 31, 2023 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 3,326 | | | | | | 3,326 | | | | | | — | | | | | | — | | |
Derivative asset
|
| | | | 67 | | | | | | — | | | | | | 67 | | | | | | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Put option liabilities
|
| | | | 11,884 | | | | | | — | | | | | | — | | | | | | 11,884 | | |
Convertible notes
|
| | | | 101,912 | | | | | | — | | | | | | — | | | | | | 101,912 | | |
Exchangeable notes
|
| | | | 454,316 | | | | | | — | | | | | | — | | | | | | 454,316 | | |
| | | | | | | | |
Fair Value Measurement at Reporting Date Using
|
| |||||||||||||||
| | |
Fair Value as of
December 31, 2022 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 8,411 | | | | | | 8,411 | | | | | | — | | | | | | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible notes
|
| | | | 76,770 | | | | | | — | | | | | | — | | | | | | 76,770 | | |
Exchangeable notes
|
| | | | 427,112 | | | | | | — | | | | | | — | | | | | | 427,112 | | |
Mandatorily redeemable noncontrolling interest
|
| | | | 11,381 | | | | | | — | | | | | | — | | | | | | 11,381 | | |
| | |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average grant-date fair value |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| | | | | | | |
US$
|
| |||||||||
Outstanding at January 1, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Granted
|
| | | | 10,378,710 | | | | | | 2.89 | | | | | | 1.90 | | | | | | | | | | | | | | |
Outstanding at December 31, 2022
|
| | | | 10,378,710 | | | | | | 2.89 | | | | | | 1.90 | | | | | | | | | | | | | | |
Granted
|
| | | | 775,561 | | | | | | 2.89 | | | | | | 4.83 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (1,081,038) | | | | | | 2.89 | | | | | | 2.21 | | | | | | | | | | | | | | |
Outstanding at December 31, 2023
|
| | | | 10,073,233 | | | | | | 2.89 | | | | | | 2.08 | | | | | | 8.82 | | | | | | 60,831 | | |
| | |
Years ended December 31,
|
| |||
Grant dates:
|
| |
2023
|
| |
2022
|
|
Risk-free interest rate(i)
|
| |
3.4% – 4.79%
|
| |
3.71% – 4.15%
|
|
Expected volatility(ii)
|
| |
54.06% – 54.48%
|
| |
56.13% – 56.32%
|
|
Expected dividend yield(iii)
|
| |
0.00%
|
| |
0.00%
|
|
Exercise multiple(iv)
|
| |
2.20 – 2.80
|
| |
2.20 – 2.80
|
|
Expected terms(v)
|
| |
10.00 years
|
| |
10.00 years
|
|
Fair value of underlying ordinary share(vi)
|
| |
US$5.91 – US$8.93
|
| |
US$3.61 – US$4.11
|
|
| | |
Less than
one year |
| |
More than
one year |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Purchase commitment
|
| | | | 179,490 | | | | | | 2,511 | | | | | | 182,001 | | |
| | |
Less than
one year |
| |
More than
one year |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Capital expenditure commitment(i)
|
| | | | 59,304 | | | | | | 264 | | | | | | 59,568 | | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Geely Holding | | | Entity controlled by the controlling shareholder of the Company | |
Ningbo Geely R&D | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) | | | Entity controlled by the controlling shareholder of the Company | |
LGIL | | | Entity controlled by the controlling shareholder of the Company | |
Founders Onshore Vehicle | | | Entity controlled by the controlling shareholder of the Company | |
Geely HK | | | Entity controlled by the controlling shareholder of the Company | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) | | | Entity controlled by the controlling shareholder of the Company | |
Ecarx | | | Entity controlled by the controlling shareholder of the Company | |
ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) | | | Entity controlled by the controlling shareholder of the Company | |
Hubei ECARX Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
LCL | | | Entity controlled by the controlling shareholder of the Company | |
Beijing Lotus Cars Sales Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Geely UK Limited | | | Entity controlled by the controlling shareholder of the Company | |
Volvo Car Corporation | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Jirun Automobile Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Automobile Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Xuanyu Human Resources Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Business Service Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
China Euro Vehicle Technology AB | | | Entity controlled by the controlling shareholder of the Company | |
Radar New Energy Automobile (Zhejiang) Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Geely Automobile Group Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Lynk & Co Sales Netherlands BV | | | Entity controlled by the controlling shareholder of the Company | |
Geely Automobile Research Institute (Ningbo) Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Polestar Automotive China Distribution Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Fenghua Souvenir Co.,Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Jisu procurement management Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Zhejiang Huanfu Technology Co.,Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Chengdu Jinluda Automobile Sales Service Co., Ltd. | | | Entity which is under significant influence of the Company | |
Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. | | | Entity which is under significant influence of the Company | |
Hubei Changjiang Chegu Industry Investment Fund Partnership | | | Entity which is under significant influence of the Company | |
Wuxi Stardrive Technology Co., Ltd. | | | Entity which is under significant influence of the Company | |
Zhejiang Xitumeng Digital Technology Co., Ltd. | | | Entity that the controlling shareholder of the Company has significant influence | |
Northpole GLY 3 LP | | | Entity controlled by one of the directors of the Company | |
Lotus Cars USA Inc. | | | Entity controlled by the controlling shareholder of the Company | |
Lynk & Co Investment Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Geely EVUN Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Jizhi Culture Creative Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Volvo Personvagnar Aktiebolag | | | Entity controlled by the controlling shareholder of the Company | |
RENAULT S.A.S | | | Entity that the controlling shareholder of the Company has significant influence | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Provision of services(i)
|
| | | | 12,573 | | | | | | 8,344 | | | | | | 3,280 | | |
Sales of goods(i)
|
| | | | 3,432 | | | | | | 23 | | | | | | — | | |
Payments on behalf of related parties((ii).a)
|
| | | | 4,022 | | | | | | 244 | | | | | | — | | |
Cash receipts by related parties on behalf of the Group((ii).a)
|
| | | | 3,695 | | | | | | — | | | | | | — | | |
Loans to related parties((ii).b)
|
| | | | 1,227 | | | | | | 2,310 | | | | | | — | | |
Interest income on loans due from related parties((ii).b)
|
| | | | 122 | | | | | | 24 | | | | | | — | | |
Purchase of products and services((iii).a)
|
| | | | 852,623 | | | | | | 44,347 | | | | | | 14,259 | | |
Purchase of products and services for R&D activities((iii).b)
|
| | | | 134,721 | | | | | | 167,012 | | | | | | 47,442 | | |
Purchase of equipment and software((iii).c)
|
| | | | 11,223 | | | | | | 42,798 | | | | | | 6,255 | | |
Payment by related parties on behalf of the Group((iii).d)
|
| | | | 14,514 | | | | | | 2,952 | | | | | | — | | |
Short-term lease cost((iii).e)
|
| | | | 765 | | | | | | 347 | | | | | | 243 | | |
Deposits received from related party suppliers((iii).f)
|
| | | | 251 | | | | | | 1,584 | | | | | | — | | |
Acquisition of the distribution right((iii).g)
|
| | | | 22,296 | | | | | | — | | | | | | — | | |
Interest expense on borrowing due to related parties(iv)
|
| | | | — | | | | | | 90 | | | | | | 220 | | |
Repayment of borrowing from related party(iv)
|
| | | | — | | | | | | 10,573 | | | | | | — | | |
Acquisition of right-of-use assets(v)
|
| | | | 12,166 | | | | | | 214 | | | | | | 1,333 | | |
Payment of lease liabilities(v)
|
| | | | 269 | | | | | | 98 | | | | | | 545 | | |
Purchase of Geely License(vi)
|
| | | | — | | | | | | — | | | | | | 288,948 | | |
Purchase of trademark licenses(vii)
|
| | | | — | | | | | | — | | | | | | 116,041 | | |
Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control(viii)
|
| | | | — | | | | | | 15,512 | | | | |
|
—
|
| |
Payment for purchase of a short-term investment(ix)
|
| | | | — | | | | | | 10,000 | | | | |
|
—
|
| |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable – related parties(i)
|
| | | | 22,430 | | | | | | 8,545 | | |
Contract liabilities – related parties*(i)
|
| | | | 1 | | | | | | 8 | | |
Prepayments and other current assets – related parties(ii)
|
| | | | 28,744 | | | | | | 8,732 | | |
Other non-current assets – related parties((ii).c)
|
| | | | 2,706 | | | | | | — | | |
Accounts payable-related parties((iii).a)
|
| | | | 340,419 | | | | | | 5,770 | | |
Accrued expenses and other current liabilities – related parties(iii)
|
| | | | 289,845 | | | | | | 183,216 | | |
Other non-current liabilities – related parties((iii).f)
|
| | | | 1,634 | | | | | | 1,584 | | |
Operating lease liabilities – related parties, current*(v)
|
| | | | 840 | | | | | | 13 | | |
Operating lease liabilities – related parties, non-current(v)
|
| | | | 12,064 | | | | | | 170 | | |
Investment securities – related parties(ix)
|
| | | | 3,326 | | | | | | 8,411 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | | 33,888 | | | | | | 353,107 | | |
Amounts due from inter-companies
|
| | | | 46,087 | | | | | | 6,089 | | |
Prepayments and other current assets – third parties
|
| | | | 1,687 | | | | | | — | | |
Total current assets
|
| | | | 81,662 | | | | | | 359,196 | | |
Non-current assets | | | | | | | | | | | | | |
Investment securities – related parties
|
| | | | 3,326 | | | | | | 8,411 | | |
Total non-current assets
|
| | | | 3,326 | | | | | | 8,411 | | |
Total assets
|
| | | | 84,988 | | | | | | 367,607 | | |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Convertible notes
|
| | | | 20,277 | | | | | | — | | |
Accrued expenses and other current liabilities – third parties
|
| | | | 714 | | | | | | — | | |
Total current liabilities
|
| | | | 20,991 | | | | | | — | | |
Non-current liabilities | | | | | | | | | | | | | |
Share of losses in excess of investments in subsidiaries and consolidated VIEs
|
| | | | 873,881 | | | | | | 451,571 | | |
Put option liabilities
|
| | | | 11,884 | | | | | | — | | |
Total non-current liabilities
|
| | | | 885,765 | | | | | | 451,571 | | |
Total liabilities
|
| | | | 906,756 | | | | | | 451,571 | | |
Total mezzanine equity
|
| | | | 383,530 | | | | | | 368,409 | | |
Shareholders’ equity (deficit) | | | | | | | | | | | | | |
Ordinary Shares
|
| | | | 21 | | | | | | 21 | | |
Additional paid-in capital
|
| | | | 358,187 | | | | | | 403,103 | | |
Receivable from shareholders
|
| | | | — | | | | | | (26,447) | | |
Accumulated other comprehensive income
|
| | | | 25,267 | | | | | | 17,707 | | |
Accumulated deficit
|
| | | | (1,588,773) | | | | | | (846,757) | | |
Total shareholders’ deficit
|
| | | | (1,205,298) | | | | | | (452,373) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 84,988 | | | | | | 367,607 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Total operating expenses
|
| | | | (2,983) | | | | | | (11,127) | | | | | | (263) | | |
Interest income
|
| | | | 6,979 | | | | | | 2,839 | | | | | | — | | |
Interest expenses
|
| | | | — | | | | | | — | | | | | | — | | |
Investment loss, net
|
| | | | (5,084) | | | | | | (4,242) | | | | | | — | | |
Foreign currency exchange gains (losses), net
|
| | | | (171) | | | | | | (13,068) | | | | | | 2,124 | | |
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk
|
| | | | (616) | | | | | | — | | | | | | — | | |
Changes in fair values of put option liabilities
|
| | | | (2,508) | | | | | | — | | | | | | — | | |
Share of losses from subsidiaries and consolidated VIEs
|
| | | | (737,618) | | | | | | (698,323) | | | | | | (112,392) | | |
Loss before income taxes
|
| | | | (742,001) | | | | | | (723,921) | | | | | | (110,531) | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (742,001) | | | | | | (723,921) | | | | | | (110,531) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | (8,650) | | | | | | (893) | | | | | | 119 | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | 16,210 | | | | | | 18,669 | | | | | | (843) | | |
Total comprehensive loss
|
| | | | (734,441) | | | | | | (706,145) | | | | | | (111,255) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Net cash generated from (used in) operating activities
|
| | | | 3,127 | | | | | | 2,682 | | | | | | (997) | | |
Net cash used in investing activities
|
| | | | (347,697) | | | | | | (113,216) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 27,163 | | | | | | 392,053 | | | | | | 82,076 | | |
Effect of exchange rate changes on cash
|
| | | | (1,812) | | | | | | (10,161) | | | | | | 670 | | |
Net increase in cash
|
| | | | (319,219) | | | | | | 271,358 | | | | | | 81,749 | | |
Cash at the beginning of the year
|
| | | | 353,107 | | | | | | 81,749 | | | | | | — | | |
Cash at the end of the year
|
| | | | 33,888 | | | | | | 353,107 | | | | | | 81,749 | | |
| | |
Note
|
| |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash
|
| |
2(b)
|
| | | | 268,781 | | | | | | 418,941 | | |
Restricted cash
|
| |
2(b)
|
| | | | 373,887 | | | | | | 7,873 | | |
Accounts receivable – third parties, net
|
| |
3
|
| | | | 72,798 | | | | | | 76,664 | | |
Accounts receivable – related parties, net
|
| |
27
|
| | | | 19,674 | | | | | | 22,430 | | |
Inventories
|
| |
4
|
| | | | 385,200 | | | | | | 265,190 | | |
Prepayments and other current assets – third parties, net
|
| |
5
|
| | | | 118,492 | | | | | | 63,870 | | |
Prepayments and other current assets – related parties, net
|
| |
27
|
| | | | 40,381 | | | | | | 28,744 | | |
Total current assets
|
| | | | | | | 1,279,213 | | | | | | 883,712 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Restricted cash
|
| |
2(b)
|
| | | | 1,147 | | | | | | 321 | | |
Investment securities – related parties
|
| |
27
|
| | | | 2,168 | | | | | | 3,326 | | |
Securities pledged to an investor
|
| |
14
|
| | | | 310,477 | | | | | | — | | |
Loan receivable from a related party
|
| |
27
|
| | | | 224,042 | | | | | | — | | |
Property, equipment and software, net
|
| |
6
|
| | | | 345,336 | | | | | | 354,617 | | |
Intangible assets
|
| |
7
|
| | | | 116,526 | | | | | | 116,360 | | |
Operating lease right-of-use assets
|
| |
8
|
| | | | 158,864 | | | | | | 173,103 | | |
Other non-current assets – third parties
|
| |
9
|
| | | | 65,792 | | | | | | 50,533 | | |
Other non-current assets – related parties
|
| |
27
|
| | | | 2,689 | | | | | | 2,706 | | |
Total non-current assets
|
| | | | | | | 1,227,041 | | | | | | 700,966 | | |
Total assets
|
| | | | | | | 2,506,254 | | | | | | 1,584,678 | | |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Short-term borrowings – third parties
|
| |
10
|
| | | | 518,479 | | | | | | 226,772 | | |
Accounts payable – third parties
|
| | | | | | | 58,271 | | | | | | 20,123 | | |
Accounts payable – related parties
|
| |
27
|
| | | | 413,779 | | | | | | 340,419 | | |
Contract liabilities – third parties
|
| |
23
|
| | | | 50,054 | | | | | | 44,184 | | |
Operating lease liabilities – third parties
|
| |
8
|
| | | | 14,526 | | | | | | 16,760 | | |
Accrued expenses and other current liabilities – third parties
|
| |
11
|
| | | | 431,223 | | | | | | 419,422 | | |
Accrued expenses and other current liabilities – related parties
|
| |
27
|
| | | | 243,024 | | | | | | 290,686 | | |
Exchangeable notes
|
| |
15
|
| | | | — | | | | | | 378,638 | | |
Convertible notes – related parties
|
| |
16
|
| | | | 110,661 | | | | | | — | | |
Convertible notes – third parties
|
| | | | | | | — | | | | | | 20,277 | | |
Put option liabilities – related parties
|
| |
12
|
| | | | 437 | | | | | | — | | |
Total current liabilities
|
| | | | | | | 1,840,454 | | | | | | 1,757,281 | | |
| | |
Note
|
| |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Non-current liabilities | | | | | | | | | | | | | | | | |
Contract liabilities – third parties
|
| |
23
|
| | | | 7,024 | | | | | | 6,245 | | |
Operating lease liabilities – third parties
|
| |
8
|
| | | | 81,393 | | | | | | 91,929 | | |
Operating lease liabilities – related parties
|
| |
8
|
| | | | 11,314 | | | | | | 12,064 | | |
Put option liabilities – third parties
|
| |
12
|
| | | | 175,214 | | | | | | — | | |
Put option liabilities – related parties
|
| |
12
|
| | | | — | | | | | | 11,884 | | |
Warrant Liabilities
|
| |
13
|
| | | | 5,549 | | | | | | — | | |
Exchangeable notes
|
| |
15
|
| | | | 77,087 | | | | | | 75,678 | | |
Convertible notes – third parties
|
| |
16
|
| | | | 75,970 | | | | | | 81,635 | | |
Deferred income
|
| |
17
|
| | | | 296,489 | | | | | | 270,097 | | |
Other non-current liabilities – third parties
|
| |
19
|
| | | | 108,293 | | | | | | 103,403 | | |
Other non-current liabilities – related parties
|
| |
27
|
| | | | 1,548 | | | | | | 1,634 | | |
Total non-current liabilities
|
| | | | | | | 839,881 | | | | | | 654,569 | | |
Total liabilities
|
| | | | | | | 2,680,335 | | | | | | 2,411,850 | | |
Commitments and contingencies (note 26) | | | | | | | | | | | | | | | | |
MEZZANINE EQUITY | | | | | | | | | | | | | | | | |
Series Pre-A Redeemable Convertible Preferred Shares (US$0.00001 par value
per share, 40,885,006 shares authorized, issued and outstanding as of December 31, 2023; Redemption value and liquidation preference of US$184,509 as of December 31, 2023)(1) |
| |
18
|
| | | | — | | | | | | 184,509 | | |
Series A Redeemable Convertible Preferred Shares (US$0.00001 par value per
share, 27,343,520 shares authorized, issued and outstanding as of December 31, 2023; Redemption value of US$199,021 as of December 31, 2023; Liquidation preference of US$200,971 as of December 31, 2023)(1) |
| |
18
|
| | | | — | | | | | | 199,021 | | |
Total mezzanine equity
|
| | | | | | | — | | | | | | 383,530 | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.00001 par value per share, 5,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 677,231,538 and 474,621,603 shares issued and outstanding as of June 30, 2024 and December 31, 2023)(1)
|
| |
20
|
| | | | 7 | | | | | | 21 | | |
Additional paid-in capital
|
| | | | | | | 1,855,063 | | | | | | 358,187 | | |
Accumulated other comprehensive income
|
| | | | | | | 25,278 | | | | | | 25,267 | | |
Accumulated deficit
|
| | | | | | | (2,048,092) | | | | | | (1,588,773) | | |
Total shareholders’ deficit attributable to ordinary shareholders
|
| | | | | | | (167,744) | | | | | | (1,205,298) | | |
Noncontrolling interests
|
| | | | | | | (6,337) | | | | | | (5,404) | | |
Total shareholders’ deficit
|
| | | | | | | (174,081) | | | | | | (1,210,702) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | | | | 2,506,254 | | | | | | 1,584,678 | | |
|
| | | | | |
Six Months Ended June 30,
|
| |||||||||
| | |
Note
|
| |
2024
|
| |
2023
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Revenues:
|
| |
23
|
| | | | | | | | | | | | |
Sales of goods (including related parties amounts of US$2,330 and US$807 for the six months
ended June 30, 2024 and 2023, respectively) |
| | | | | | | 382,893 | | | | | | 124,854 | | |
Service revenues (including related parties amounts of US$10,662 and US$5,021 for the six months ended June 30, 2024 and 2023, respectively)
|
| | | | | | | 15,222 | | | | | | 5,181 | | |
Total revenues
|
| | | | | | | 398,115 | | | | | | 130,035 | | |
Cost of revenues: | | | | | | | | | | | | | | | | |
Cost of goods sold (including related parties amounts of US$326,187 and US$118,714 for the
six months ended June 30, 2024 and 2023, respectively) |
| | | | | | | (340,882) | | | | | | (119,557) | | |
Cost of services
|
| | | | | | | (6,321) | | | | | | (4,351) | | |
Total cost of revenues
|
| | | | | | | (347,203) | | | | | | (123,908) | | |
Gross profit
|
| | | | | | | 50,912 | | | | | | 6,127 | | |
Operating expenses: | | | | | | | | | | | | | | | | |
Research and development expenses (including related parties amounts of US$38,392 and US$40,405 for the six months ended June 30, 2024 and 2023, respectively)
|
| | | | | | | (174,854) | | | | | | (152,548) | | |
Selling and marketing expenses (including related parties amounts of US$27,853 and US$14,752
for the six months ended June 30, 2024 and 2023, respectively) |
| | | | | | | (204,274) | | | | | | (118,236) | | |
General and administrative expenses (including related parties amounts of US$2,422 and US$4,853 for the six months ended June 30, 2024 and 2023, respectively)
|
| | | | | | | (111,978) | | | | | | (80,417) | | |
Government grants
|
| | | | | | | 2,488 | | | | | | 662 | | |
Total operating expenses
|
| | | | | | | (488,618) | | | | | | (350,539) | | |
Operating loss
|
| | | | | | | (437,706) | | | | | | (344,412) | | |
Interest expenses
|
| | | | | | | (11,708) | | | | | | (3,470) | | |
Interest income (including related parties amounts of US$4,472 and nil for the six months ended
June 30, 2024 and 2023, respectively) |
| | | | | | | 8,658 | | | | | | 5,848 | | |
Investment income, net
|
| | | | | | | 3,496 | | | | | | 2,770 | | |
Share of results of equity method investments
|
| | | | | | | 359 | | | | | | (626) | | |
Foreign currency exchange losses, net
|
| | | | | | | (4,429) | | | | | | (3,619) | | |
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk
|
| | | | | | | 8,801 | | | | | | (12,758) | | |
Changes in fair values of warrant liabilities
|
| | | | | | | 6,317 | | | | | | — | | |
Changes in fair values of put option liabilities
|
| | | | | | | (33,685) | | | | | | 3,307 | | |
Loss before income taxes
|
| | | | | | | (459,897) | | | | | | (352,960) | | |
Income tax benefit (expense)
|
| |
21
|
| | | | (355) | | | | | | 18 | | |
Net loss
|
| | | | | | | (460,252) | | | | | | (352,942) | | |
Less: Net loss attributable to noncontrolling interests
|
| | | | | | | (933) | | | | | | (5,779) | | |
Net loss attributable to ordinary shareholders
|
| | | | | | | (459,319) | | | | | | (347,163) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | | | | (2,979) | | | | | | (258) | | |
Net loss available to ordinary shareholders
|
| | | | | | | (462,298) | | | | | | (347,421) | | |
Loss per ordinary share(1) | | | | | | | | | | | | | | | | |
− Basic and diluted
|
| |
22
|
| | | | (0.75) | | | | | | (0.74) | | |
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share(1)
|
| | | | | | | | | | | | | | | |
− Basic and diluted
|
| | | | | | | 616,941,673 | | | | | | 474,621,603 | | |
Net loss
|
| | | | | | | (460,252) | | | | | | (352,942) | | |
Other comprehensive income/(loss): | | | | | | | | | | | | | | | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | (401) | | | | | | (1,559) | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | | | | 412 | | | | | | 34,563 | | |
Total other comprehensive income
|
| | | | | | | 11 | | | | | | 33,004 | | |
Total comprehensive loss
|
| | | | | | | (460,241) | | | | | | (319,938) | | |
Less: Total comprehensive loss attributable to noncontrolling interests
|
| | | | | | | (933) | | | | | | (5,589) | | |
Total comprehensive loss attributable to ordinary shareholders
|
| | | | | | | (459,308) | | | | | | (314,349) | | |
| | |
Note
|
| |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive income |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity (deficit) attributable to ordinary shareholders |
| |
Noncontrolling
interests |
| |
Total
shareholders’ deficit |
| |||||||||||||||||||||||||||
| | | | | |
Number of shares(1)
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||||||||||||||
Balance as of January 1, 2024
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 358,187 | | | | | | 25,267 | | | | | | (1,588,773) | | | | | | (1,205,298) | | | | | | (5,404) | | | | | | (1,210,702) | | |
Net loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (459,319) | | | | | | (459,319) | | | | | | (933) | | | | | | (460,252) | | |
Fair value changes of exchangeable notes and convertible
notes due to instrument-specific credit risk, net of nil income taxes |
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (401) | | | | | | — | | | | | | (401) | | | | | | — | | | | | | (401) | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 412 | | | | | | — | | | | | | 412 | | | | | | — | | | | | | 412 | | |
Total comprehensive loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 11 | | | | | | (459,319) | | | | | | (459,308) | | | | | | (933) | | | | | | (460,241) | | |
Accretion of redeemable convertible preferred shares
|
| |
18
|
| | | | — | | | | | | — | | | | | | (2,979) | | | | | | — | | | | | | — | | | | | | (2,979) | | | | | | — | | | | | | (2,979) | | |
Recapitalization of ordinary shares
|
| | | | | | | — | | | | | | (16) | | | | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transaction costs of Merger and Private Investment in Public Equity (“PIPE”) Transactions and Meritz
|
| | | | | | | — | | | | | | — | | | | | | (54,084) | | | | | | — | | | | | | — | | | | | | (54,084) | | | | | | — | | | | | | (54,084) | | |
Share-based compensation
|
| |
25
|
| | | | — | | | | | | — | | | | | | 35,894 | | | | | | — | | | | | | — | | | | | | 35,894 | | | | | | — | | | | | | 35,894 | | |
Conversion of convertible notes to ordinary shares
|
| | | | | | | 3,011,368 | | | | | | —* | | | | | | 30,114 | | | | | | — | | | | | | — | | | | | | 30,114 | | | | | | — | | | | | | 30,114 | | |
Issuance of ordinary shares to PIPE investors and Meritz
|
| | | | | | | 85,849,458 | | | | | | 1 | | | | | | 728,412 | | | | | | — | | | | | | — | | | | | | 728,413 | | | | | | — | | | | | | 728,413 | | |
Conversion of exchangeable notes to ordinary shares
|
| | | | | | | 36,597,038 | | | | | | —* | | | | | | 365,970 | | | | | | — | | | | | | — | | | | | | 365,970 | | | | | | — | | | | | | 365,970 | | |
Conversion of redeemable convertible preferred shares to
ordinary shares |
| | | | | | | 68,228,526 | | | | | | 1 | | | | | | 386,508 | | | | | | — | | | | | | — | | | | | | 386,509 | | | | | | — | | | | | | 386,509 | | |
Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp (“LCAA”) shareholders and warrant holders
|
| | | | | | | 8,427,821 | | | | | | —* | | | | | | 1,050 | | | | | | — | | | | | | — | | | | | | 1,050 | | | | | | — | | | | | | 1,050 | | |
Exercise of public warrants
|
| |
13
|
| | | | 495,724 | | | | | | —* | | | | | | 5,975 | | | | | | — | | | | | | — | | | | | | 5,975 | | | | | | — | | | | | | 5,975 | | |
Balance as of June 30, 2024
|
| | | | | | | 677,231,538 | | | | | | 7 | | | | | | 1,855,063 | | | | | | 25,278 | | | | | | (2,048,092) | | | | | | (167,744) | | | | | | (6,337) | | | | | | (174,081) | | |
| | |
Note
|
| |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Receivable
from shareholders |
| |
Accumulated
other comprehensive income |
| |
Accumulated
deficit |
| |
Total
shareholders’ deficit attributable to ordinary shareholders |
| |
Noncontrolling
interests |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||||||||
| | | | | |
Number of shares(1)
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| |||||||||||||||||||||||||||
Balance as of December 31, 2022
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 403,103 | | | | | | (26,447) | | | | | | 17,707 | | | | | | (846,757) | | | | | | (452,373) | | | | | | (642) | | | | | | (453,015) | | |
Cumulative effect of adoption of new accounting standard
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (15) | | | | | | — | | | | | | (15) | | |
Balance as of January 1, 2023
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 403,103 | | | | | | (26,447) | | | | | | 17,707 | | | | | | (846,772) | | | | | | (452,388) | | | | | | (642) | | | | | | (453,030) | | |
Net loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (347,163) | | | | | | (347,163) | | | | | | (5,779) | | | | | | (352,942) | | |
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,559) | | | | | | — | | | | | | (1,559) | | | | | | — | | | | | | (1,559) | | |
Foreign currency translation adjustment, net of
nil income taxes |
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,373 | | | | | | — | | | | | | 34,373 | | | | | | 190 | | | | | | 34,563 | | |
Total comprehensive loss
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 32,814 | | | | | | (347,163) | | | | | | (314,349) | | | | | | (5,589) | | | | | | (319,938) | | |
Settlement of receivable from shareholders
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,447 | | | | | | — | | | | | | — | | | | | | 26,447 | | | | | | — | | | | | | 26,447 | | |
Deemed distribution to shareholders
|
| | | | | | | — | | | | | | — | | | | | | (31,672) | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,672) | | | | | | — | | | | | | (31,672) | | |
Accretion of redeemable convertible preferred shares
|
| | | | | | | — | | | | | | — | | | | | | (258) | | | | | | — | | | | | | — | | | | | | — | | | | | | (258) | | | | | | — | | | | | | (258) | | |
Balance as of June 30, 2023
|
| | | | | | | 474,621,603 | | | | | | 21 | | | | | | 371,173 | | | | | | — | | | | | | 50,521 | | | | | | (1,193,935) | | | | | | (772,220) | | | | | | (6,231) | | | | | | (778,451) | | |
| | | | | |
Six Months Ended June 30,
|
| |||||||||
| | |
Note
|
| |
2024
|
| |
2023
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Operating activities: | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | | | | (468,361) | | | | | | (303,700) | | |
Investing activities: | | | | | | | | | | | | | | | | |
Payments for purchases of property, equipment and software and intangible assets
|
| | | | | | | (49,510) | | | | | | (113,207) | | |
Proceeds from disposal of property, equipment and software
|
| | | | | | | 7,387 | | | | | | 312 | | |
Payments for purchases of short-term investments
|
| | | | | | | (48,150) | | | | | | (38,254) | | |
Proceeds from sales of short-term investments
|
| | | | | | | 48,257 | | | | | | 37,428 | | |
Receipts of government grants related to assets
|
| | | | | | | 28,063 | | | | | | 14,533 | | |
Payments for investments in equity investees
|
| | | | | | | (281) | | | | | | (5,059) | | |
Proceeds from disposal of a subsidiary, net of cash disposed
|
| | | | | | | — | | | | | | 1,379 | | |
Payments for purchases of securities pledged to an investor
|
| |
14
|
| | | | (500,000) | | | | | | — | | |
Proceeds from sales of securities pledged to an investor
|
| | | | | | | 189,630 | | | | | | — | | |
Proceeds from interest arising from securities pledged to an investor
|
| | | | | | | 4,469 | | | | | | — | | |
Loans to related parties
|
| |
27
|
| | | | (222,865) | | | | | | (865) | | |
Proceed from settlement of related party loans
|
| | | | | | | 140 | | | | | | — | | |
Net cash used in investing activities
|
| | | | | | | (542,860) | | | | | | (103,733) | | |
Financing activities: | | | | | | | | | | | | | | | | |
Proceeds from issuance of ordinary shares to PIPE investors and Meritz
|
| | | | | | | 858,495 | | | | | | — | | |
Payments of issuance costs
|
| | | | | | | (21,678) | | | | | | — | | |
Repayments of refundable deposits in connection with the PIPE investments
|
| | | | | | | (10,264) | | | | | | — | | |
Repayments to exchangeable notes holders
|
| |
15
|
| | | | (365,994) | | | | | | — | | |
Proceeds from issuance of ordinary shares to exchangeable notes holders
|
| | | | | | | 361,262 | | | | | | — | | |
Proceeds from settlement of receivables from shareholders
|
| | | | | | | — | | | | | | 26,139 | | |
Repayment of exchangeable notes for issuance of Series A Preferred Shares
|
| | | | | | | — | | | | | | (11,554) | | |
Proceeds from issuance of convertible notes
|
| |
16
|
| | | | 119,284 | | | | | | 22,297 | | |
Proceeds from issuance of ordinary shares from conversion of public warrants
|
| |
13
|
| | | | 5,700 | | | | | | — | | |
Proceeds from issuance of ordinary shares to shareholder of LCAA
|
| | | | | | | 13,191 | | | | | | — | | |
Receipts of refundable deposits in connection with the PIPE investments
|
| | | | | | | — | | | | | | 11,000 | | |
Proceeds from bank loans
|
| |
10
|
| | | | 439,922 | | | | | | 378,691 | | |
Repayments of bank loans
|
| |
10
|
| | | | (151,118) | | | | | | (11,142) | | |
Payments to a noncontrolling interest in the liquidation of a subsidiary
|
| | | | | | | — | | | | | | (148) | | |
Net cash provided by financing activities
|
| | | | | | | 1,248,800 | | | | | | 415,283 | | |
Effect of exchange rate changes on cash and restricted cash
|
| | | | | | | (20,899) | | | | | | (18,356) | | |
Net increase (decrease) in cash and restricted cash
|
| | | | | | | 216,680 | | | | | | (10,506) | | |
Cash and restricted cash at beginning of the period
|
| | | | | | | 427,135 | | | | | | 739,533 | | |
Cash and restricted cash at end of the period
|
| | | | | | | 643,815 | | | | | | 729,027 | | |
Reconciliation of cash and restricted cash: | | | | | | | | | | | | | | | | |
Cash
|
| | | | | | | 268,781 | | | | | | 548,286 | | |
Restricted cash, current
|
| | | | | | | 373,887 | | | | | | 180,049 | | |
Restricted cash, non-current
|
| | | | | | | 1,147 | | | | | | 692 | | |
Total cash and restricted cash
|
| | | | | | | 643,815 | | | | | | 729,027 | | |
Supplemental information | | | | | | | | | | | | | | | | |
Interest paid
|
| | | | | | | 6,915 | | | | | | 248 | | |
Income taxes paid
|
| | | | | | | 573 | | | | | | 524 | | |
Income taxes refund
|
| | | | | | | (13) | | | | | | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | |
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities
|
| | | | | | | 63,354 | | | | | | 73,073 | | |
Accretion of redeemable convertible preferred shares
|
| |
18
|
| | | | 2,979 | | | | | | 258 | | |
Payable arising from a distribution agreement
|
| | | | | | | — | | | | | | 22,296 | | |
Issuance of ordinary shares through conversion of convertible notes
|
| |
16
|
| | | | 30,114 | | | | | | — | | |
Issuance of ordinary shares through conversion of redeemable convertible preferred shares
|
| |
18
|
| | | | 386,509 | | | | | | — | | |
Issuance costs payable
|
| | | | | | | 32,406 | | | | | | — | | |
Issuance of put option liabilities
|
| | | | | | | — | | | | | | 9,376 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash balances include deposits in: | | | | | | | | | | | | | |
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
– Denominated in Chinese Renminbi (“RMB”)
|
| | | | 196,598 | | | | | | 381,890 | | |
– Denominated in United States Dollars (“US$”)
|
| | | | 43,156 | | | | | | 7,232 | | |
– Denominated in Great Britain Pound (“GBP”)
|
| | | | 255 | | | | | | 127 | | |
– Denominated in Euro Dollar (“EUR”)
|
| | | | 352 | | | | | | 361 | | |
Total cash balances held at the PRC financial institutions
|
| | | | 240,361 | | | | | | 389,610 | | |
Financial institutions in United Kingdom (“UK”) | | | | | | | | | | | | | |
– Denominated in GBP
|
| | | | 12,193 | | | | | | 11,871 | | |
– Denominated in USD
|
| | | | 1,980 | | | | | | 794 | | |
– Denominated in EUR
|
| | | | 52 | | | | | | 4,969 | | |
– Denominated in RMB
|
| | | | 255 | | | | | | 161 | | |
Total cash balances held at UK financial institutions
|
| | | | 14,480 | | | | | | 17,795 | | |
Financial institutions in Netherlands | | | | | | | | | | | | | |
– Denominated in GBP
|
| | | | 283 | | | | | | 11 | | |
– Denominated in EUR
|
| | | | 2,662 | | | | | | 5,035 | | |
– Denominated in other currencies
|
| | | | 18 | | | | | | 58 | | |
Total cash balances held at Netherlands financial institutions
|
| | | | 2,963 | | | | | | 5,104 | | |
Financial institutions in Germany | | | | | | | | | | | | | |
– Denominated in EUR
|
| | | | 2,952 | | | | | | 2,149 | | |
Total cash balances held at German financial institutions
|
| | | | 2,952 | | | | | | 2,149 | | |
Total cash balances held at financial institutions in other jurisdictions
|
| | | | 8,025 | | | | | | 4,283 | | |
Total cash balances held at financial institutions
|
| | | | 268,781 | | | | | | 418,941 | | |
Cash on hand
|
| | | | — | | | | | | — | | |
Total cash balances
|
| | | | 268,781 | | | | | | 418,941 | | |
| | |
Six Months
Ended June 30, 2024 |
| |||
| | |
US$
|
| |||
Warranty at beginning of the period
|
| | | | 7,022 | | |
Additions
|
| | | | 8,790 | | |
Utilization
|
| | | | (1,541) | | |
Foreign currency translation adjustment
|
| | | | (55) | | |
Accrued warranty at end of the period
|
| | |
|
14,216
|
| |
Including: Current portion of warranty
|
| | | | 2,259 | | |
Non-current portion of warranty
|
| | | | 11,957 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
proportion of total accounts receivable
balance |
| |||||||||
Geely Group
|
| | | | 14.84% | | | | | | 22.09% | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
proportion of total costs and expenses
|
| |||||||||
Geely Group
|
| | | | 69.70% | | | | | | 72.72% | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
proportion of total payables balance
|
| |||||||||
Geely Group
|
| | | | 59.49% | | | | | | 65.96% | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable-third parties
|
| | | | 73,481 | | | | | | 77,047 | | |
Less: Allowance for credit losses
|
| | | | (683) | | | | | | (383) | | |
Total | | | | | 72,798 | | | | | | 76,664 | | |
| | |
As of June 30,
2024 |
| |||
| | |
US$
|
| |||
Balance at the beginning of the period
|
| | | | 383 | | |
Provisions
|
| | | | 308 | | |
Foreign currency translation adjustment
|
| | | | (8) | | |
Balance at the end of the period
|
| | | | 683 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Products available for sale
|
| | | | 340,142 | | | | | | 246,419 | | |
Raw materials
|
| | | | 1,233 | | | | | | — | | |
Goods in transit
|
| | | | 43,825 | | | | | | 18,771 | | |
Total | | | | | 385,200 | | | | | | 265,190 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deductible VAT
|
| | | | 69,684 | | | | | | 41,066 | | |
Prepayments to third-party suppliers
|
| | | | 34,994 | | | | | | 11,280 | | |
Deposits
|
| | | | 4,975 | | | | | | 3,995 | | |
Deferred listing expenses
|
| | | | — | | | | | | 1,686 | | |
Others
|
| | | | 8,846 | | | | | | 5,850 | | |
Less: Allowance for credit losses(i)
|
| | | | (7) | | | | | | (7) | | |
Total | | | | | 118,492 | | | | | | 63,870 | | |
| | |
As of June 30,
2024 |
| |||
| | |
US$
|
| |||
Balance at the beginning of the period
|
| | | | 7 | | |
Provisions
|
| | | | 1 | | |
Foreign currency translation adjustment
|
| | | | (1) | | |
Balance at the end of the period
|
| | | | 7 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Machinery and R&D equipment
|
| | | | 28,367 | | | | | | 26,551 | | |
Molds and tooling
|
| | | | 137,855 | | | | | | 84,367 | | |
Motor vehicles
|
| | | | 49,461 | | | | | | 50,935 | | |
Office and electronic equipment
|
| | | | 34,607 | | | | | | 32,325 | | |
Purchased software
|
| | | | 71,827 | | | | | | 68,422 | | |
Leasehold improvements
|
| | | | 43,645 | | | | | | 35,506 | | |
Property, equipment and software
|
| | | | 365,762 | | | | | | 298,106 | | |
Less: Accumulated depreciation
|
| | | | (98,699) | | | | | | (66,258) | | |
Construction in progress(i)
|
| | | | 78,273 | | | | | | 122,769 | | |
Property, equipment and software, net
|
| | | | 345,336 | | | | | | 354,617 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Cost of revenues
|
| | | | 13,628 | | | | | | 7,115 | | |
Research and development expenses
|
| | | | 2,457 | | | | | | 1,240 | | |
Selling and marketing expenses
|
| | | | 13,282 | | | | | | 6,871 | | |
General and administrative expenses
|
| | | | 9,919 | | | | | | 7,415 | | |
Total depreciation expenses
|
| | | | 39,286 | | | | | | 22,641 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Trademark licenses with indefinite useful lives
|
| | | | 116,083 | | | | | | 116,083 | | |
License plates with indefinite useful lives
|
| | | | 275 | | | | | | 277 | | |
Others
|
| | | | 168 | | | | | | — | | |
Intangible assets
|
| | | | 116,526 | | | | | | 116,360 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Operating lease cost
|
| | | | 14,222 | | | | | | 13,334 | | |
Short-term lease cost
|
| | | | 1,431 | | | | | | 2,901 | | |
Variable lease cost
|
| | | | 83 | | | | | | 62 | | |
Total | | | | | 15,736 | | | | | | 16,297 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | |
Operating cash outflows from operating leases
|
| | | | 13,522 | | | | | | 21,051 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | | | | | | | | | | |
Operating leases
|
| | | | 2,640 | | | | | | 24,699 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Operating Leases | | | | | | | | | | | | | |
Operating lease right-of-use assets
|
| | | | 158,864 | | | | | | 173,103 | | |
Total operating lease assets
|
| | | | 158,864 | | | | | | 173,103 | | |
Operating lease liabilities, current | | | | | | | | | | | | | |
− Operating lease liabilities-third parties
|
| | | | 14,526 | | | | | | 16,760 | | |
− Operating lease liabilities-related parties*
|
| | | | 995 | | | | | | 840 | | |
Operating lease liabilities, non-current | | | | | | | | | | | | | |
− Operating lease liabilities-third parties
|
| | | | 81,393 | | | | | | 91,929 | | |
− Operating lease liabilities-related parties
|
| | | | 11,314 | | | | | | 12,064 | | |
Total operating lease liabilities
|
| | | | 108,228 | | | | | | 121,593 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Weighted-average remaining lease term | | | | | | | | | | | | | |
Operating leases
|
| |
7.78 years
|
| |
7.94 years
|
| ||||||
Weighted-average discount rate | | | | | | | | | | | | | |
Operating leases
|
| | | | 6.64% | | | | | | 6.93% | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deductible VAT
|
| | | | 54,808 | | | | | | 41,859 | | |
Deposits for long-term operating leases
|
| | | | 2,938 | | | | | | 3,288 | | |
Prepayments for purchases of property, equipment and software
|
| | | | 2,289 | | | | | | 920 | | |
Equity investments
|
| | | | 4,634 | | | | | | 4,466 | | |
Others
|
| | | | 1,123 | | | | | | — | | |
Total | | | | | 65,792 | | | | | | 50,533 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Borrowings from banks
|
| | | | 517,902 | | | | | | 226,772 | | |
Secured loans from a financial institution
|
| | | | 577 | | | | |
|
—
|
| |
Total | | | | | 518,479 | | | | | | 226,772 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accrued salaries and benefits
|
| | | | 61,300 | | | | | | 68,160 | | |
Payables for R&D expenses
|
| | | | 71,571 | | | | | | 75,578 | | |
Payables for marketing events
|
| | | | 62,520 | | | | | | 48,190 | | |
Payables for purchase of property, equipment and software
|
| | | | 58,457 | | | | | | 51,278 | | |
Refundable deposits from customers
|
| | | | 27,461 | | | | | | 27,007 | | |
Deposits from third parties(i)
|
| | | | 11,659 | | | | | | 19,608 | | |
VAT and other taxes payables
|
| | | | 18,736 | | | | | | 23,190 | | |
Payables for service fees
|
| | | | 87,727 | | | | | | 33,229 | | |
Bank acceptance notes and letter of credit
|
| | | | — | | | | | | 38,290 | | |
Refundable deposits in connection with the PIPE investments
|
| | | | — | | | | | | 9,699 | | |
Others
|
| | | | 31,792 | | | | | | 25,193 | | |
Total | | | | | 431,223 | | | | | | 419,422 | | |
| | |
Meritz put option
(Note 14) |
| |
LGIL put option
|
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Balance as of December 31, 2023
|
| | | | — | | | | | | 11,884 | | | | | | 11,884 | | |
Issuance of put options
|
| | | | 130,082 | | | | | | — | | | | | | 130,082 | | |
Change in fair values
|
| | | | 45,132 | | | | | | (11,447) | | | | | | 33,685 | | |
Balance as of June 30, 2024
|
| | | | 175,214 | | | | | | 437 | | | | | | 175,651 | | |
− Current portion
|
| | | | — | | | | | | 437 | | | | | | 437 | | |
− Non-current portion
|
| | | | 175,214 | | | | | | — | | | | | | 175,214 | | |
| | |
As of
June 30, 2024 |
| |
As of
December 31, 2023 |
| ||||||
Risk-free interest rate
|
| | | | 4.69% | | | | | | 4.87% | | |
Expected volatility
|
| | | | 23.80% | | | | | | 26.33% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Remaining term
|
| |
1 year
|
| |
1.5 years
|
| ||||||
Probability of exercise condition
|
| | | | 50.00% | | | | | | 50.00% | | |
Fair value of underlying ordinary share of LGIL
|
| |
US$0.44
|
| |
US$0.81
|
|
| | |
US$
|
| |||
Balance as of December 31, 2023
|
| | | | — | | |
Issuance of warrant liabilities
|
| | | | 12,141 | | |
Conversion to ordinary shares
|
| | | | (275) | | |
Change in fair values
|
| | | | (6,317) | | |
Balance as of June 30, 2024
|
| | | | 5,549 | | |
| | |
As of
June 30, 2024 |
| |||
Risk-free interest rate
|
| | | | 4.36% | | |
Dividend rate
|
| | | | 0.0% | | |
Expected term (years)
|
| |
4.65 years
|
| |||
Expected volatility
|
| | | | 20.05% | | |
Spot price
|
| |
US$6.62
|
|
| | |
As of
June 30, 2024 |
| |||
Risk-free interest rate
|
| | | | 4.59% | | |
Expected volatility
|
| | | | 53.79% | | |
Expected dividend yield
|
| | | | 0.00% | | |
Remaining term
|
| |
2.64 year
|
| |||
Probability of exercise condition
|
| | | | 50.00% | | |
| | |
WFOE
Exchangeable Notes |
| |
Lightning
Speed Exchangeable Notes |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Balance as of December 31, 2023
|
| | | | 378,638 | | | | | | 75,678 | | | | | | 454,316 | | |
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk
|
| | | | (11,509) | | | | | | 1,790 | | | | | | (9,719) | | |
Changes in fair values of exchangeable notes due to the instrument-
specific credit risk |
| | | | — | | | | | | 93 | | | | | | 93 | | |
Repayments
|
| | | | (365,994) | | | | | | — | | | | | | (365,994) | | |
Foreign currency translation adjustment
|
| | | | (1,135) | | | | | | (474) | | | | | | (1,609) | | |
Balance as of June 30, 2024
|
| | | | — | | | | | | 77,087 | | | | | | 77,087 | | |
– Current portion
|
| | | | — | | | | | | — | | | | | | — | | |
– Non-current portion
|
| | | | — | | | | | | 77,087 | | | | | | 77,087 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
|
Risk-free interest rates
|
| |
1.45% – 1.71%
|
| |
2. 08% – 2.29%
|
|
Probability of conversion
|
| |
75.00%
|
| |
75.00%
|
|
Bond yield
|
| |
3.42%
|
| |
4.03%
|
|
| | |
Subsidiary
Convertible Note |
| |
2023
Convertible Notes |
| |
2024
Convertible Notes |
| |
Total
|
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Balance as of December 31, 2023
|
| | | | 81,635 | | | | | | 20,277 | | | | | | — | | | | | | 101,912 | | |
Issuance of convertible notes
|
| | | | — | | | | | | 9,500 | | | | | | 109,784 | | | | | | 119,284 | | |
Interest paid
|
| | | | (5,357) | | | | | | — | | | | | | — | | | | | | (5,357) | | |
Changes in fair values of convertible notes, excluding impact
of instrument-specific credit risk |
| | | | (296) | | | | | | 337 | | | | | | 877 | | | | | | 918 | | |
Changes in fair values of convertible notes due to the instrument-specific credit risk
|
| | | | 493 | | | | | | — | | | | | | — | | | | | | 493 | | |
Conversion to ordinary shares
|
| | | | — | | | | | | (30,114) | | | | | | — | | | | | | (30,114) | | |
Foreign currency translation adjustment
|
| | | | (505) | | | | | | — | | | | | | — | | | | | | (505) | | |
Balance as of June 30, 2024
|
| | | | 75,970 | | | | | | — | | | | | | 110,661 | | | | | | 186,631 | | |
− Current portion
|
| | | | — | | | | | | — | | | | | | 110,661 | | | | | | 110,661 | | |
− Non-current portion
|
| | | | 75,970 | | | | | | — | | | | | | — | | | | | | 75,970 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
|
Risk-free interest rates
|
| |
1.93%
|
| |
2.40%
|
|
Probability of conversion
|
| |
10.00%
|
| |
10.00%
|
|
Bond yields
|
| |
4.80% – 5.17%
|
| |
4.85% – 5.84%
|
|
| | |
As of June 30,
2024 |
| |||
Risk-free interest rate
|
| | | | 5.04% | | |
Volatility
|
| | | | 48.64% | | |
Bond yield
|
| | | | 6.50% | | |
Dividend yield
|
| | | | 0% | | |
| | |
Asset-related
subsidy |
| |||
| | |
US$
|
| |||
Balance as of December 31, 2023
|
| | | | 270,097 | | |
Subsidy received during the year
|
| | | | 28,063 | | |
Foreign currency translation adjustment
|
| | | | (1,671) | | |
Balance as of June 30, 2024
|
| | | | 296,489 | | |
| | |
Series Pre-A
Preferred Shares |
| |
Series A
Preferred Shares |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
US$
|
| |
Shares
|
| |
US$
|
| |
Shares
|
| |
US$
|
| ||||||||||||||||||
Balance as of December 31, 2023
|
| | | | 40,885,006 | | | | | | 184,509 | | | | | | 27,343,520 | | | | | | 199,021 | | | | | | 68,228,526 | | | | | | 383,530 | | |
Accretion of redeemable convertible preferred
shares |
| | | | — | | | | | | 1,385 | | | | | | — | | | | | | 1,594 | | | | | | — | | | | | | 2,979 | | |
Conversion to ordinary
shares |
| | | | (40,885,006) | | | | | | (185,894) | | | | | | (27,343,520) | | | | | | (200,615) | | | | | | (68,228,526) | | | | | | (386,509) | | |
Balance as of June 30, 2024
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Deposits from third parties
|
| | | | 19,163 | | | | | | 19,210 | | |
Conditional and refundable government grants
|
| | | | 77,173 | | | | | | 77,654 | | |
Warranty provision
|
| | | | 11,957 | | | | | | 6,539 | | |
Total | | | | | 108,293 | | | | | | 103,403 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to ordinary shareholders
|
| | | | (459,319) | | | | | | (347,163) | | |
Accretion of redeemable convertible preferred shares
|
| | | | (2,979) | | | | | | (258) | | |
Numerator for basic and diluted net loss per ordinary share calculation
|
| | | | (462,298) | | | | | | (347,421) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of ordinary shares, basic and diluted(1)
|
| | | | 616,941,673 | | | | | | 474,621,603 | | |
Denominator for basic and diluted net loss per ordinary share calculation(1)
|
| | |
|
616,941,673
|
| | | | | 474,621,603 | | |
Net loss per ordinary share attributable to ordinary shareholders | | | | | | | | | | | | | |
− Basic and diluted
|
| | | | (0.75) | | | | | | (0.74) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Redeemable convertible preferred shares (note 18)
|
| | | | — | | | | | | 68,228,526 | | |
Exchangeable notes(i)
|
| | | | — | | | | | | 33,675,700 | | |
Share options(ii)
|
| | | | 15,622,994 | | | | | | 10,274,118 | | |
Warrant(iii) | | | | | — | | | | | | 711,044 | | |
2024 Convertible Notes(iv) (note 16)
|
| | | | 16,716,188 | | | | | | — | | |
2023 Convertible Notes(v) (note 16)
|
| | | | — | | | | | | 2,248,065 | | |
Meritz put option(vi)
|
| | | | 50,000,000 | | | | | | — | | |
Public Warrant (note 13)
|
| | | | 9,054,522 | | | | | | — | | |
Sponsor Warrant (note 13)
|
| | | | 5,486,784 | | | | | | — | | |
Total | | | | | 96,880,488 | | | | | | 115,137,453 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Sales of goods – third parties | | | | | | | | | | | | | |
– BEV lifestyle models
|
| | | | 262,849 | | | | | | 72,790 | | |
– Sports cars
|
| | | | 102,618 | | | | | | 49,146 | | |
− Others
|
| | | | 15,096 | | | | | | 2,111 | | |
| | | | | 380,563 | | | | | | 124,047 | | |
Sales of goods – related parties | | | | | | | | | | | | | |
– BEV lifestyle models
|
| | | | 535 | | | | | | 436 | | |
– Sports cars
|
| | | | 91 | | | | | | — | | |
− Others
|
| | | | 1,704 | | | | | | 371 | | |
| | | | | 2,330 | | | | | | 807 | | |
Subtotal
|
| | |
|
382,893
|
| | | |
|
124,854
|
| |
Services – third parties | | | | | | | | | | | | | |
– R&D service
|
| | | | 56 | | | | | | — | | |
– others(1)
|
| | | | 4,504 | | | | | | 160 | | |
| | | | | 4,560 | | | | | | 160 | | |
Services – related parties | | | | | | | | | | | | | |
– R&D service
|
| | | | 6,366 | | | | | | 4,983 | | |
– others(2)
|
| | | | 4,296 | | | | | | 38 | | |
| | | | | 10,662 | | | | | | 5,021 | | |
Subtotal
|
| | |
|
15,222
|
| | | |
|
5,181
|
| |
Total revenues
|
| | | | 398,115 | | | | | | 130,035 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Chinese mainland
|
| | | | 138,210 | | | | | | 93,013 | | |
UK
|
| | | | 69,728 | | | | | | 7,396 | | |
Thailand
|
| | | | 24,594 | | | | | | 248 | | |
Malaysia
|
| | | | 23,652 | | | | | | 1,040 | | |
Belgium
|
| | | | 21,155 | | | | | | — | | |
Italy
|
| | | | 17,522 | | | | | | — | | |
Japan
|
| | | | 16,943 | | | | | | 16,217 | | |
Germany
|
| | | | 14,951 | | | | | | — | | |
Netherlands
|
| | | | 11,145 | | | | | | — | | |
France
|
| | | | 10,553 | | | | | | — | | |
Others
|
| | | | 49,662 | | | | | | 12,121 | | |
Revenues | | | | | 398,115 | | | | | | 130,035 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Current liabilities | | | | | | | | | | | | | |
– Contract liabilities – third parties
|
| | | | 50,054 | | | | | | 44,184 | | |
– Contract liabilities – related parties*
|
| | | | 11,036 | | | | | | 1 | | |
Non-current liabilities | | | | | | | | | | | | | |
– Contract liabilities – third parties
|
| | | | 7,024 | | | | | | 6,245 | | |
Contract liabilities, current and non-current
|
| | | | 68,114 | | | | | | 50,430 | | |
| | | | | | | | |
Fair Value Measurement at Reporting Date Using
|
| |||||||||||||||
| | |
Fair Value as of
June 30, 2024 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 2,168 | | | | | | 2,168 | | | | | | — | | | | | | — | | |
Securities pledged to an investor
|
| | | | 310,477 | | | | | | 310,477 | | | | | | — | | | | | | — | | |
Derivative asset
|
| | | | 236 | | | | | | — | | | | | | 236 | | | | | | — | | |
Subtotal | | | | | 312,881 | | | | | | 312,645 | | | | | | 236 | | | | | | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Put option liabilities
|
| | | | 175,651 | | | | | | — | | | | | | — | | | | | | 175,651 | | |
Warrant liabilities – Public Warrants
|
| | | | 3,395 | | | | | | 3,395 | | | | | | — | | | | | | — | | |
Warrant liabilities – Sponsor Warrants
|
| | | | 2,154 | | | | | | — | | | | | | — | | | | | | 2,154 | | |
Convertible notes
|
| | | | 186,631 | | | | | | — | | | | | | — | | | | | | 186,631 | | |
Exchangeable notes
|
| | | | 77,087 | | | | | | — | | | | | | — | | | | | | 77,087 | | |
Subtotal | | | | | 444,918 | | | | | | 3,395 | | | | | | — | | | | | | 441,523 | | |
| | | | | | | | |
Fair Value Measurement at Reporting Date Using
|
| |||||||||||||||
| | |
Fair Value as of
December 31, 2023 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities
|
| | | | 3,326 | | | | | | 3,326 | | | | | | — | | | | | | — | | |
Derivative asset
|
| | | | 67 | | | | | | — | | | | | | 67 | | | | | | — | | |
Subtotal | | | | | 3,393 | | | | | | 3,326 | | | | | | 67 | | | | | | — | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Fair Value Measurement at Reporting Date
Using |
| |||||||||||||||
| | |
Fair Value as of
December 31, 2023 |
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
Put option liabilities
|
| | | | 11,884 | | | | | | — | | | | | | — | | | | | | 11,884 | | |
Convertible notes
|
| | | | 101,912 | | | | | | — | | | | | | — | | | | | | 101,912 | | |
Exchangeable notes
|
| | | | 454,316 | | | | | | — | | | | | | — | | | | | | 454,316 | | |
Subtotal | | | | | 568,112 | | | | | | — | | | | | | — | | | | | | 568,112 | | |
|
| | |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average grant-date fair value |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| | | | | | | |
US$
|
| |||||||||
Outstanding at December 31, 2023
|
| | | | 10,073,233 | | | | | | 2.89 | | | | | | 2.08 | | | | | | | | | | | | | | |
Granted
|
| | | | 6,184,901 | | | | | | 2.89 | | | | | | 3.20 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (635,140) | | | | | | 2.89 | | | | | | 2.21 | | | | | | | | | | | | | | |
Outstanding at June 30, 2024
|
| | | | 15,622,994 | | | | | | 2.89 | | | | | | 2.51 | | | | | | 8.86 | | | | | | 182,813 | | |
Vested and expected to vest as of June 30, 2024
|
| | | | 15,622,994 | | | | | | 2.89 | | | | | | 2.51 | | | | | | 8.86 | | | | | | 182,813 | | |
Exercisable as of June 30, 2024
|
| | | | 14,587,728 | | | | | | 2.89 | | | | | | 2.46 | | | | | | 8.87 | | | | | | 167,915 | | |
| | |
Six Months
Ended June 30, |
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Research and development expenses
|
| | | | 19,968 | | | | | | — | | |
Selling and marketing expenses
|
| | | | 3,252 | | | | | | — | | |
General and administrative expenses
|
| | | | 12,674 | | | | | | — | | |
| | | | | 35,894 | | | | | | — | | |
| | |
Six Months Ended June 30,
|
| |||
Grant dates:
|
| |
2024
|
| |
2023
|
|
Risk-free interest rate(i)
|
| |
4.46% – 4.58%
|
| |
3.4% – 4.79%
|
|
Expected volatility(ii)
|
| |
54.06% – 54.57%
|
| |
54.06% – 54.48%
|
|
Expected dividend yield(iii)
|
| |
0.00%
|
| |
0.00%
|
|
Exercise multiple(iv)
|
| |
2.20 – 2.80
|
| |
2.20 – 2.80
|
|
Expected terms(v)
|
| |
10.00 years
|
| |
10.00 years
|
|
Fair value of underlying ordinary share(vi)
|
| |
US$5.78 – US$9.81
|
| |
US$5.91 – US$8.93
|
|
| | |
Less than
one year |
| |
More than
one year |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Purchase commitment
|
| | | | 89,004 | | | | | | — | | | | | | 89,004 | | |
| | |
Less than
one year |
| |
More than
one year |
| |
Total
|
| |||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
Capital expenditure commitment(i)
|
| | | | 12,077 | | | | | | 9 | | | | | | 12,086 | | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Geely Holding | | | Entity controlled by the controlling shareholder of the Company | |
Ningbo Geely R&D | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) | | | Entity controlled by the controlling shareholder of the Company | |
LGIL | | | Entity controlled by the controlling shareholder of the Company | |
Founders Onshore Vehicle | | | Entity controlled by the controlling shareholder of the Company | |
Geely HK | | | Entity controlled by the controlling shareholder of the Company | |
Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) | | | Entity controlled by the controlling shareholder of the Company | |
Ecarx | | | Entity controlled by the controlling shareholder of the Company | |
ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) | | | Entity controlled by the controlling shareholder of the Company | |
Hubei ECARX Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
LCL | | | Entity controlled by the controlling shareholder of the Company | |
Beijing Lotus Cars Sales Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Geely UK Limited | | | Entity controlled by the controlling shareholder of the Company | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Volvo Car Corporation | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Jirun Automobile Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Automobile Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Xuanyu Human Resources Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Geely Business Service Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
China Euro Vehicle Technology AB | | | Entity controlled by the controlling shareholder of the Company | |
Radar New Energy Automobile (Zhejiang) Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Geely Automobile Group Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Lynk & Co Sales Netherlands BV | | | Entity controlled by the controlling shareholder of the Company | |
Geely Automobile Research Institute (Ningbo) Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Polestar Automotive China Distribution Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Fenghua Souvenir Co.,Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Jisu procurement management Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Huanfu Technology Co.,Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Chengdu Jinluda Automobile Sales Service Co., Ltd. | | | Entity which is under significant influence of the Company | |
Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. | | | Entity which is under significant influence of the Company | |
Hubei Changjiang Chegu Industry Investment Fund Partnership | | | Entity which is under significant influence of the Company | |
Wuxi Stardrive Technology Co., Ltd. | | | Entity which is under significant influence of the Company | |
Zhejiang Xitumeng Digital Technology Co., Ltd. | | | Entity that the controlling shareholder of the Company has significant influence | |
Northpole GLY 3 LP | | | Entity controlled by one of the directors of the Company | |
Lotus Cars USA Inc. | | | Entity controlled by the controlling shareholder of the Company | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Lynk & Co Investment Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hangzhou Geely EVUN Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Jizhi Culture Creative Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Volvo Personvagnar Aktiebolag | | | Entity controlled by the controlling shareholder of the Company | |
Shanghai Global Trading Corporation | | | Entity controlled by the controlling shareholder of the Company | |
Viridi E-Mobility (Ningbo) Co.,LTD | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Yaoning New Materials Technology Co., Ltd | | | Entity controlled by the controlling shareholder of the Company | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Provision of services(i)
|
| | | | 10,662 | | | | | | 5,021 | | |
Sales of goods(i)
|
| | | | 2,330 | | | | | | 807 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Purchase of products and services((iii).a)
|
| | | | 521,836 | | | | | | 264,440 | | |
Purchase of products and services for R&D activities((iii).b)
|
| | | | 38,311 | | | | | | 40,348 | | |
Payment of deposits((ii).f)
|
| | | | 1,126 | | | | | | — | | |
Purchase of equipment and software((iii).c)
|
| | | | 530 | | | | | | 3,943 | | |
Short-term lease cost((iii).e)
|
| | | | 474 | | | | | | 63 | | |
Loans to related parties((ii).b)
|
| | | | 222,865 | | | | | | 865 | | |
Proceed from settlement of related party loans((ii).b)
|
| | | | 140 | | | | | | — | | |
Interest income on loans due from related parties((ii).b)
|
| | | | 4,472 | | | | | | 57 | | |
Acquisition of right-of-use assets(iv)
|
| | | | — | | | | | | 8 | | |
Payment of lease liabilities(iv)
|
| | | | 828 | | | | | | 10 | | |
Payments on behalf of related parties((ii).a)
|
| | | | 648 | | | | | | 1,405 | | |
Payments by related parties on behalf of the Group((iii).d)
|
| | | | 3,316 | | | | | | 8,308 | | |
| | |
As of June 30,
2024 |
| |
As of December 31,
2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable – related parties(i)
|
| | | | 19,674 | | | | | | 22,430 | | |
Contract liabilities – related parties*(i)
|
| | | | 11,036 | | | | | | 1 | | |
Prepayments and other current assets – related parties(ii)
|
| | | | 40,381 | | | | | | 28,744 | | |
Other non-current assets – related parties((ii).c)
|
| | | | 2,689 | | | | | | 2,706 | | |
Accounts payable-related parties((iii).a)
|
| | | | 413,779 | | | | | | 340,419 | | |
Accrued expenses and other current liabilities – related parties(iii)
|
| | | | 230,993 | | | | | | 289,845 | | |
Other non-current liabilities – related parties((iii).f)
|
| | | | 1,548 | | | | | | 1,634 | | |
Operating lease liabilities – related parties, current*(iv)
|
| | | | 995 | | | | | | 840 | | |
Operating lease liabilities – related parties, non-current(iv)
|
| | | | 11,314 | | | | | | 12,064 | | |
Investment securities – related parties
|
| | | | 2,168 | | | | | | 3,326 | | |
Loans receivable from a related party((ii).b)
|
| | | | 224,042 | | | | | | — | | |