0001104659-26-050310 | 20-F | XBRL Viewer

Print Document

EXCHANGEABLE NOTES - Additional information (Details) ¥ in Thousands, $ in Thousands			1 Months Ended								12 Months Ended
	Sep. 29, 2024 CNY (¥)	Feb. 22, 2024 USD ($) shares	Apr. 30, 2025 USD ($)	Apr. 30, 2025 CNY (¥)	Jan. 31, 2025 USD ($)	Jan. 31, 2025 CNY (¥)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CNY (¥)	Dec. 31, 2022 CNY (¥)	Sep. 30, 2021 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022
EXCHANGEABLE NOTES
Loan term																	5 years
Payment for redemption of exchangeable notes													$ (365,994)
Issuance of exchangeable notes											$ 1,404,766		1,033,046		$ 481,176
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Payment for redemption of exchangeable notes		$ 365,994
Number of shares agreed to be issued following the settlement of debt \| shares		36,597,038
Issuance of exchangeable notes		$ 361,262
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Maximum Exchangeable Notes entitled to issue \| ¥										¥ 3,000,000
Interest rate										3.00%
Loan term										1 year
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Interest rate									110.00%								110.00%
Loan term									5 years
Issuance of exchangeable notes \| ¥									¥ 500,000
Maximum extension term of each tranche									1 year
Outstanding principal and interests at maturity \| ¥												¥ 0		¥ 0		¥ 0
Kingway Exchangeable Note
EXCHANGEABLE NOTES
Loan term	5 years
Issuance of exchangeable notes			$ 13,932	¥ 100,000	$ 13,910	¥ 100,000	$ 28,541	¥ 200,000
Outstanding principal and interests at maturity											$ 0		$ 0
Principal amount of debt \| ¥	¥ 600,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-term investments (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Long-term investments
Investment securities - related party			$ 1,811	$ 2,221
Equity method investments			10,625	7,499
Equity security without readily determinable fair values using the measurement alternative - related party			35,568
Total			48,004	9,720
Impairment charge of equity method investments			0	$ 0	$ 0
Group impairment charges			$ 0
Chongqing Qianli
Long-term investments
Equity interest owned by subsidiary (in percent)			5.00%
Wuxi InfiMotion
Long-term investments
Total consideration	$ 58,671	¥ 420,000

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Terms and redemption rights (Details) ¥ in Thousands, $ in Thousands				3 Months Ended	6 Months Ended
	Mar. 22, 2022 shares	Mar. 18, 2022 USD ($) shares	Mar. 18, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Jul. 31, 2022 USD ($) shares
Pre-A Investor B
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares)		5,332,827	5,332,827
Cash consideration		$ 23,650	¥ 150,000
Series Pre-A Preferred Shares \| Pre-A Investor A
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares)					35,552,179
Aggregate consideration \| $					$ 153,126
Series Pre-A Preferred Shares \| Pre-A Investor B
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares redesignated from ordinary shares	5,332,827
Series A Redeemable Convertible Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares)				27,343,520
Aggregate consideration \| $				$ 187,734

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY, EQUIPMENT AND SOFTWARE, NET

Schedule of property, equipment and software, net


		As of December 31,
		2025		2024
		US$		US$
Buildings and facilities		22,617		8,354
Machinery and R&D equipment		21,361		30,010
Molds and tooling		124,378		140,689
Motor vehicles		23,222		43,980
Office and electronic equipment		29,045		28,412
Purchased software		64,321		73,342
Leasehold improvements		31,201		47,467
Property, equipment and software		316,145		372,254
Less: Accumulated depreciation		(156,686)		(122,905)
Construction in progress (i)		67,432		67,098
Property, equipment and software, net		226,891		316,447

(i)Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.

Schedule of allocation of depreciation expenses on property, equipment and software


		Year Ended December 31,
		2025		2024		2023
		US$		US$		US$
Cost of revenues		28,225		27,124		16,111
Research and development expenses		3,237		7,158		3,238
Selling and marketing expenses		7,753		22,984		18,350
General and administrative expenses		15,525		19,222		17,258
Total		54,740		76,488		54,957

CONVERTIBLE NOTES - Subsidiary Convertible Note (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
CONVERTIBLE NOTES
Term of the debt instrument			5 years
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember
Subsidiary Convertible Note
CONVERTIBLE NOTES
Term of the debt instrument			7 years
Aggregate principal amount of loan			¥ 500,000
Variable interest rate			79.80%
Debt instrument conversion price per share			¥ 135
Number of shares represented for 1 RMB registered capital			1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

WARRANT LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Warrant liabilities
Proceeds from exercise of public warrant		$ 5,700
Sponsor Warrants \| LCA Acquisition sponsor LP
Warrant liabilities
Number of warrants issued	5,486,784
Public Warrants Liability \| Public shareholders
Warrant liabilities
Number of warrants issued	9,550,246

DESCRIPTION OF BUSINESS AND ORGANIZATION

12 Months Ended

Dec. 31, 2025

DESCRIPTION OF BUSINESS AND ORGANIZATION

DESCRIPTION OF BUSINESS AND ORGANIZATION

1.	DESCRIPTION OF BUSINESS AND ORGANIZATION

(a)	Description of business

Lotus Technology Inc. (“the Company”), an exempted company with limited liability, was incorporated in Cayman Islands on August 9, 2021. The Company, through its consolidated subsidiaries (collectively, “the Group”) and historically its consolidated variable interest entity (the “VIE”) and VIE’s subsidiaries, is primarily engaged in the design, develop, and sales of luxury lifestyle battery electric vehicles (“EV”) under the “Lotus” brand (“Lotus EV business”) and the Group is also a distributor that sells luxury sports cars under the “Lotus” brand (“Lotus sports car business”) across the world. The Group also provides other sales and ancillary services to customers.

(b)	Merger and recapitalization

On February 22, 2024 (the “Closing Date”), the Company consummated its merger with LCAA pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among LCAA, the Company, a Cayman Islands exempted company, Lotus Temp Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 1”), and Lotus EV Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company ( “Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into LCAA (the “First Merger”), with LCAA surviving the First Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the First Merger, “Surviving Entity 1”) and the shareholders of LCAA becoming shareholders of the Company, and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger Transaction” or “Business Combination”).

Upon the consummation of the Merger Transaction,

(i)All ordinary shares of the Company held by all existing shareholders of the Company before the Merger Transaction were recapitalized into 474,621,603 ordinary shares using recapitalization factor of 0.2215 (“Recapitalization Factor”). All applicable share and per share amounts in the consolidated financial statements have been retrospectively adjusted to reflect the effects of the recapitalization (“Recapitalization”);

(ii)All the preferred shares of the Company that were issued and outstanding immediately prior to the effective time of the First Merger were converted to the Company’s ordinary share on a one-for-one basis (the “Preferred Share Conversion”) and recapitalized into 68,228,526 ordinary shares using the Recapitalization Factor. All applicable share and per share amounts in the consolidated financial statements have been retrospectively adjusted to reflect the effects of the Recapitalization;

(iii)94,277,279 ordinary shares were issued to a number of investors (the “PIPE Investors”) and the holders of Class A ordinary shares of LCAA for a total consideration of US$858,495 (the “PIPE Investments”), among which,

50,000,000 ordinary shares were issued to Meritz for a total consideration of US$500,000, concurrent with the issuance of put option and call options as mentioned in Note 13;

35,849,458 ordinary shares were issued to other PIPE Investors, among which, 12,750,000 ordinary shares were issued to Lotus Technology International Investment Limited (“LTIIL”), and 12,250,000 ordinary shares were issued to Etika Automotive SDN BHD (“Etika”);

8,427,821 ordinary shares were issued to then holders of Class A ordinary shares of LCAA, including 1,265,103 Class A ordinary shares of LCAA held by public shareholders and 7,087,718 Class A ordinary share of LCAA held by LCA Acquisition Sponsor LP (the “Sponsor”) and 75,000 Class A ordinary shares of LCAA held by the directors and officers of LCAA, among which all or a portion of (as reasonably determined by the Company in good faith) 20% of the ordinary shares, i.e. 1,417,544 ordinary shares held by the Sponsor will remain unvested upon the consummation of the Merger Transaction and become vested upon each occurrence of (a) the commencement or official announcement of any business collaboration facilitated by Sponsor or its affiliates (including, without limitation, in connection with product development, marketing, customer engagement, retail space, and technology infrastructure development), or (b) an approved commitment to invest in the Company or one of its subsidiaries by an investor introduced or facilitated by Sponsor or its affiliate, in each case, within eighteen months following the Closing Date. As of December 31, 2025, 1,417,544 ordinary shares remained unvested;

(iv)36,597,038 ordinary shares were issued to Wuhan Lotus Technology Limited Company (“WFOE”), holder of the exchangeable notes, following the settlement of the outstanding principal amount;

(v)577,456 and 2,433,912 ordinary shares, totally 3,011,368 ordinary shares, were issued to Momenta Global Limited and a number of Pre-IPO convertible notes investors, respectively, pursuant to the conversion of Momenta Note and Pre-IPO notes as mentioned in Note 15;

(vi)9,550,246 warrants were issued to the then public shareholders of LCAA in exchange for the warrants held by public shareholders of LCAA (the “Public Warrants”), and 5,486,784 warrants were issued to the Sponsor in exchange for warrants held by the Sponsor (the “Sponsor Warrants”). Each Public Warrant and Sponsor Warrant can be exercised at an exercise price of US$11.50 in exchange for one ordinary share of the Company. 495,724 warrants were excised during the year ended December 31, 2024.

Pursuant to the Mergers above stated, LCAA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of the Company represented a continuation of its operations with the Mergers treated as the equivalent of the Company issuing shares for the net assets of LCAA, accompanied by a recapitalization. The net assets of the Company are stated at historical cost, with no goodwill or other intangible assets recorded.

The ordinary shares of the Company and the Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “LOT” and “LOTWW”, respectively, on February 23, 2024.

(c)	History of the Group

The Group’s Lotus EV business, founded in 2018, was carried out by Zhejiang Geely Holding Group (“Geely Holding”) through its subsidiaries, including Wuhan Lotus Cars Co., Ltd. (“Wuhan Lotus Cars”) and the Lotus EV business unit of Ningbo Geely Automobile Research & Development Co., Ltd. (“Ningbo Geely R&D”) incorporated in the People’s Republic of China (“PRC”), Lotus Tech Creative Centre Limited (“Lotus Tech UK”) incorporated in United Kingdom (“UK”) and Lotus Tech Innovation Centre GmbH (“Lotus GmbH”) incorporated in Germany, which were all ultimately controlled by Mr. Li Shufu.

On August 9, 2021, the Company was incorporated as a limited liability company in the Cayman Islands, and Lotus Advanced Technology Limited Partnership (“Founders Offshore Vehicle”) subscribed for 191,981,772 ordinary shares on August 9, 2021. On July 30, 2021, Ming Jun Holdings Limited owned by Mr. Li Shufu, Yin Qing Holdings Limited, Xing Rong Holdings Limited and Jing Can Holdings Limited (the “Four Core Investors”) in the Founders Offshore Vehicle signed an agreement (later joined by State Rainbow Investments Limited and Radiant Field Investments Limited) under which Yin Qing Holdings Limited, Xing Rong Holdings Limited, Jing Can Holdings Limited, State Rainbow Investments Limited and Radiant Field Investments Limited agreed to act in concert with Ming Jun Holdings Limited. Therefore, Mr. Li Shufu has the majority voting right and controlled the Founders Offshore Vehicle.

On December 29, 2020, Geely Holding and Ningbo Juhe Yinqing Enterprise Management Consulting Partnership (Limited Partnership) (“Founders Onshore Vehicle”) incorporated WFOE. WFOE was 60% owned by Geely Holding and 40% owned by Founders Onshore Vehicle. Both Geely Holding and Founders Onshore Vehicle are controlled by Mr. Li Shufu.

On September 24, 2021, Etika, through its subsidiary in Hong Kong, Lotus Advanced Technology Limited (“Lotus HK”), subscribed for 33.33% equity interest in WFOE, while Geely Holding and Founders Onshore Vehicle subscribed disproportionally. Upon the closing, Geely Holding, Etika, and Founders Onshore Vehicle held 22.22%, 33.33% and 44.45%, respectively, equity interest in WFOE.

On November 11, 2021, the Company issued 143,986,329 ordinary shares to Etika through exchange of 100% equity interest in Lotus HK held by Etika. Lotus HK also acquired all the equity interest in WFOE held by Geely Holding and Founders Onshore Vehicle on December 15, 2021.

On November 11, 2021, the Company issued 95,990,886 ordinary shares to LTIIL, ultimately 100% owned by Geely Holding.

Through a series of reorganization steps (the “Reorganization”), including transferring the assets and employees in the Lotus EV business unit of Ningbo Geely R&D into Wuhan Lotus Cars and transferring the equity of Wuhan Lotus Cars to the WFOE, the Company gained control over WFOE through Lotus HK on December 15, 2021. The equity interests of Lotus Tech UK and Lotus GmbH were also transferred to the Group on December 29, 2021 and June 24, 2022, respectively.

On November 4, 2021, the Group entered into trademark licenses agreements with a related party, Group Lotus Limited, a wholly owned subsidiary of Lotus Group International Limited (“LGIL”), which is ultimately controlled by Mr. Li Shufu. Pursuant to this agreement, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group issued 47,995,443 ordinary shares as consideration for such trademark licenses.

The above Reorganization was completed on June 24, 2022. The Reorganization consists of transferring the Lotus EV business to the Group. Before and after the Reorganization, the Lotus EV business was ultimately controlled by Mr. Li Shufu. Accordingly, the Reorganization is accounted for under common control transaction. Therefore, the accompanying consolidated financial statements include the assets, liabilities, revenue, expenses and cash flows of Lotus EV business for the periods presented and were prepared as if the corporate structure of the Group after the Reorganization had been in existence throughout the periods presented.

On January 31, 2023, the Group entered into a distribution agreement with Lotus Cars Limited (“LCL”), a wholly owned subsidiary of LGIL and ultimately controlled by the controlling shareholder of the Company, pursuant to which, the Group was appointed as the exclusive global distributor (excluding in the United States of America) to distribute certain models of vehicles produced by LCL and to provide after-sale services and brand, marketing and public relations for such vehicles.

(d)	VIE Reorganization

Historically, the Group conducted its value-added telecommunication services operation in Chinese mainland through VIE and VIE’s subsidiaries, with which WFOE, the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Ningbo Lotus Venture Capital Co., Ltd (“Ningbo Lotus”), formerly named as Sanya Lotus Venture Capital Co., Ltd., and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023.

The Group concludes that the Restructuring does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results.

(e)

VIE

Prior to the Restructuring as described in Note 1(d), the Company’s subsidiary, WFOE has entered into contractual arrangements with Wuhan Lotus E-commerce Co., Ltd. (“VIE”) and their respective shareholders, through which, the Company exercises control over the operations of the VIE and the VIE’s subsidiaries (collectively the “VIEs”). The VIEs are primarily engaged in the provision of value-added telecommunication services.

The equity interests of the VIE are legally held by Mr. Li Shufu, Mr. Feng Qingfeng, Mr. Li Donghui and Mr. Liu Bin, who acted as the nominee equity holders of the VIE on behalf of the WFOE. On August 9, 2021, the Company’s wholly owned subsidiary, WFOE, the VIE and the VIE’s nominee equity holders entered into a contractual agreement, which was replaced by a series of contractual arrangements entered into by and among the WFOE, the VIE and the nominee equity holders on March 8, 2022, including (i) Exclusive Consulting and Service Agreement, (ii) Exclusive Purchase Option Agreement, (iii) Equity Pledge Agreement, (iv) Powers of Attorney and (v) Spousal Consent Letters.

The above agreements are collectively referred to as VIE Arrangements. Through the VIE Arrangements, the nominee equity holders of the VIE had granted all their legal rights including voting rights and disposition rights of their equity interests in the VIE to the WFOE. The nominee equity holders of the VIE did not participate in income and loss and did not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the VIE was considered a variable interest entity.

Because the WFOE has (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the right to receive benefits of the VIE that could potentially be significant to the VIE. Thus, WFOE is the primary beneficiary of the VIE.

Under the terms of the VIE Arrangements, the Company, through the WFOE has (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the Exclusive Consulting and Service Agreement; (ii) the right to unconditionally receive all dividends or interest declared by the VIE and all of the assets of the VIE; (iii) the right to receive the benefits of the VIE through its exclusive option to acquire 100% of the equity interests in the VIE, to the extent permitted under respective laws and regulations. Accordingly, the financial statements of the VIE are included in the Company’s consolidated financial statements.

Under the terms of the VIE Arrangements, the VIE’s nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to the Company through WFOE. All of the deficit (net liabilities) and net loss of the VIEs are attributed to the Company through WFOE.

The principal terms of the VIE Arrangements are as follows:

Exclusive Consulting and Service Agreement

Pursuant to the Exclusive Consulting and Service Agreement, WFOE has agreed to provide to the VIE with comprehensive consulting services and other services, including but not limited to licensing to VIE intellectual property rights legally owned by WFOE; development, installation, maintenance and update of website, apps, network and system involved in VIE’s business; providing VIE with software and software technology and solutions; technical support and training for employees of VIE; assisting VIE in market research, business planning and strategies; providing marketing and promotion services, customer management, finance management and other related services. VIE and VIE’s subsidiaries (together as VIEs) shall pay WFOE service fees at the amount of 100% of the total consolidated profit of VIEs, after deduction of any accumulated deficit of the VIEs in respect of the preceding financial year(s), necessary operating costs, expenses and taxes. Notwithstanding the foregoing, the WFOE may adjust the amount of the services fee according to services provided by WFOE to VIEs, the VIE’s operational conditions and development needs. The WFOE shall calculate the service fee on a quarterly basis and issue a corresponding invoice to the VIEs. The VIEs must make the payment to the WFOE within ten business days of receiving such invoice. In addition, absent the prior written consent of the WFOE, during the term of the Exclusive Consulting and Service Agreement, with respect to the services provided under the Exclusive Consulting and Service Agreement, the VIEs shall not accept the same or any similar services provided by any third party. The Exclusive Consulting and Service Agreement also provides that the WFOE has the exclusive proprietary rights to and interests in any and all intellectual property rights developed and created by the VIEs during the performance of the Exclusive Consulting and Service Agreement. The Exclusive Consulting and Service Agreement shall remain in effect permanently unless otherwise terminated by the WFOE. During the term of the Exclusive Consulting and Service Agreement, VIE shall not terminate the agreement for whatsoever reasons.

Exclusive Purchase Option Agreement

Under the Exclusive Purchase Option Agreement, the nominee equity holders of VIE irrevocably and exclusively granted WFOE or its designee an option to purchase their equity interest in VIE at the price equal to the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE should refund any amount that is paid by the WFOE or its designee in connection with the purchased equity interest in a way permitted by PRC law. The nominee equity holders of VIE also granted WFOE or its designee an option to purchase all or a portion of the assets of VIE for the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE agreed not to transfer or mortgage any equity interest in or dispose of or cause the management to dispose of any assets of VIE without the prior written consent of WFOE. The Exclusive Purchase Option Agreement shall remain in effect until all of the equity interests held by the nominee equity holders of VIE and all of the assets in VIE have been acquired by WFOE or its designee.

Equity Pledge Agreement

Under the Equity Pledge Agreement, the nominee equity holders of VIE pledged their respective equity interest in VIE to WFOE to guarantee the performance of contractual obligations and the payment of debts under the Exclusive Consulting and Service Agreement the nominee equity holders of VIE further agreed not to transfer or pledge their equity interests in VIE without the prior written consent of WFOE. The Equity Pledge Agreement will remain binding until all the contractual obligations of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully performed and all the outstanding debts of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully paid, or all of their equity interests in VIE have been acquired by WFOE or its designee. Registration of the equity pledge with competent PRC regulatory authority has been completed.

Powers of Attorney

Pursuant to the Powers of Attorney entered into by each of the nominee equity holders of VIE, the nominee equity holders of VIE unconditionally and irrevocably appointed the directors of WFOE’s direct or indirect shareholder(s) or WFOE’s other designated persons as their sole attorney-in-fact to exercise all equity holder rights, including, but not limited to, the right to attend shareholders’ meetings of the VIEs and sign any shareholders resolutions of the meetings on behalf of the nominee equity holder, to exercise all shareholders’ rights in accordance with the PRC laws and regulations and the articles of association of the VIEs, including but not limited to the shareholders’ voting rights, the rights to sale, transfer, pledge or disposal of all or any part of the equity interests in VIE, to appoint the legal representative, director, supervisor and other senior management personnel of VIE, the right to sign any document, meeting minutes and file documents with the competent PRC regulatory authority and the voting rights with respect to VIE’s bankruptcy. The powers of attorney will remain effective until such nominee equity holders cease to be nominee equity holders of the VIE or the WFOE notifies the nominee equity holder of VIE to terminate the relevant powers of attorney.

Spousal Consent Letters

The spouses of each of nominee equity holders signed Spousal Consent Letters. Under the Spousal Consent Letters, the signing spouse unconditionally and irrevocably agreed that the equity interest in VIE which is held by and registered under the name of her spouse will be disposed of pursuant to the abovementioned Equity Pledge Agreement, Exclusive Purchase Option Agreement, Exclusive Consulting and Service Agreement and Powers of Attorney. Moreover, the spouse confirmed she has no rights, and will not assert in the future any right, over the equity interests in VIE held by her spouse. In addition, in the event that the spouse obtains any equity interest in VIE held by her spouse for any reason, she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by her spouse, as may be amended from time to time.

The Company relies on the VIE Arrangements to operate and control VIEs. All of the VIE Arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration under PRC laws. Accordingly, these agreements would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Company’s ability to enforce these VIE Arrangements.

In the opinion of management, based on the legal opinion obtained from the Company’s PRC legal counsel, the above VIE Arrangements were legally binding and enforceable and did not violate current PRC laws and regulations.

The Company’s involvement with the VIEs under the VIE Arrangements affected the Company’s consolidated financial position, consolidated results of operations and cash flows as indicated below.

Pursuant to the Restructuring, the Group ceased to consolidate the VIEs on June 30, 2023. The following consolidated revenues, net loss and cash flow information of the Group’s VIEs for period between January 1, 2023 and the completion of the Restructuring have been included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions among the VIEs.


		From January 1, 2023
		to the completion of
		the Restructuring
		US$
Revenues		—
Net loss ⁽ⁱ⁾		(74,137)
Net cash used in operating activities ⁽ⁱⁱ⁾		(8,281)
Net cash used in investing activities		(38,400)
Net cash used in financing activities ⁽ⁱⁱⁱ⁾		(107,317)
Effect of exchange rate changes on cash		(2,573)
Net decrease in cash		(156,571)
Cash at beginning of the period		156,571
Cash at end of the period		—

(i)	Net loss includes other expenses of US$56,752 arising from the transfer of VIE’s assets and liabilities to a subsidiary of WFOE for period between January 1, 2023 and the completion of the Restructuring, which were eliminated upon consolidation.

(ii)	Net cash used in operating activities includes amounts of US$88,423 paid to the Company’s subsidiaries and amounts of US$86,697 provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, which were eliminated upon consolidation.

(iii)

Net cash used in financing activities includes amounts of US$158,509 paid to the Company’s subsidiaries and amounts of US$32,715 provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, which were eliminated upon consolidation.

(f)	Disposal of a subsidiary

On September 27, 2024, the Company, through its subsidiary, disposed 80% equity interest of Lotus GmbH to Geely UK Limited, a subsidiary of Geely Holding, for cash consideration of US$12,157. The carrying amount of the net assets of Lotus GmbH on the disposal date was as follows:


		US$

Cash		5,276
Accounts receivable		865
Prepayments and other current assets		2,710
Amounts due from the Company and its subsidiaries		4,035
Property, equipment and software, net		8,494
Operating lease right-of-use assets		9,689
Accounts payable		(1,062)
Accrued expenses and other current liabilities		(6,290)
Operating lease liabilities		(9,758)
Net assets		13,959

The excess of cash consideration over the net assets derecognized of US$990 was recognized in additional paid-in capital in the consolidated balance sheet.

The Group concludes that the disposal does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results. The Group accounts for the remaining 20% equity interests as equity method investee in “Long-term investments” in the consolidated balance sheet as of December 31, 2024 and 2025.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net loss	$ (464,222)	$ (1,107,289)	$ (750,255)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	54,740	76,488	54,957
Reduction in the carrying amount of operating lease right-of-use assets	14,061	18,253	20,056
Investment (income) loss, net	(10,740)	(14,232)	1,162
Share of results of equity method investments	(1,987)	171	1,048
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	28,319	285,423	10,039
Share-based compensation expense	2,274	31,930
Deferred income tax expense	687		(126)
Non-cash interest expenses	12,907	14,784	1,620
Non-cash interest income	(21,225)	(13,415)
Amortization of deferred income relating to government grants	(60)	(25)
Expected credit loss (reversal) accrual	(4,818)	5,815	389
Warranty expenses	21,003	21,852	8,492
Commission fee for Westwood subscription commitment		3,500
Impairment of long-lived assets	51,800	0	0
Non-cash other operating income	(33,019)
Net unrealized foreign currency exchange losses	1,640	496	1,466
Changes in operating assets and liabilities:
Inventories	81,235	69,675	(235,074)
Operating lease liabilities	(17,138)	(16,351)	(29,357)
Net cash used in operating activities	(333,907)	(848,520)	(386,932)
Investing activities:
Payments for purchases of property, equipment and software and intangible assets	(79,432)	(57,337)	(213,714)
Proceeds from disposal of property, equipment and software	20,237	6,539	5,117
Payments for purchases of short-term investments		(48,150)	(38,254)
Proceeds from sales of short-term investments		48,257	37,428
Proceeds from settlement of derivative instruments	740	239
Receipts of government grants related to assets	11,331	28,135	16,345
Payments for investments in equity investees		(414)	(5,059)
Disposal of a subsidiary, net of cash disposed	(371)	6,788	1,379
Payments for purchases of securities pledged to an investor		(500,000)
Proceeds from sales of securities pledged to an investor	326,891	189,630
Proceeds from investment income arising from securities pledged to an investor		8,936
Loans to related parties	(60,722)	(262,203)	(1,227)
Proceed from settlement of related party loans		140
Disposal of equity investment under common control	58,885
Net cash provided by (used in) investing activities	277,559	(579,440)	(197,985)
Financing activities:
Payments of cash collateral to Meritz		(76,469)
Payment for settlement of Meritz	(512,925)
Payment for redemption of exchangeable notes		(365,994)
Proceeds from issuance of ordinary shares to exchangeable notes holders		361,262
Proceeds from issuance of exchangeable notes	27,842	28,541	27,883
Proceeds from exercise of public warrant		5,700
Proceeds from settlement of receivable from shareholders			26,139
Proceeds from issuance of convertible notes	199,263	119,284	25,297
Repayment of mandatorily redeemable noncontrolling interest			(11,554)
Repayments of refundable deposits in connection with PIPE investments		(10,264)
Payment for redemption of convertible notes	(119,263)		(5,648)
Receipts of refundable deposits in connection with PIPE investments			10,000
Capital contributions by noncontrolling interests		404	4,460
Proceeds from borrowings	1,404,766	1,033,046	481,176
Repayments of borrowings	(889,531)	(460,948)	(272,897)
Payments to a noncontrolling interest in the liquidation of a subsidiary			(148)
Net cash provided by financing activities	128,453	1,459,527	284,708
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,765)	26,235	(12,189)
Net increase (decrease) in cash, cash equivalents and restricted cash	65,340	57,802	(312,398)
Cash, cash equivalents and restricted cash at beginning of the year	484,937	427,135	739,533
Cash, cash equivalents and restricted cash at end of the year	550,277	484,937	427,135
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	73,431	103,072	418,941
Restricted cash, current	375,865	379,293	7,873
Restricted cash, non-current	100,981	2,572	321
Total cash, cash equivalents and restricted cash	550,277	484,937	427,135
Supplemental information
Interest paid	19,156	8,140	8,086
Income taxes paid	16,460	678	1,152
Income taxes refund	(349)	(127)	(45)
Non-cash investing and financing activities:
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities	25,377	70,887	71,064
Accretion of redeemable convertible preferred shares		2,979	15,121
Issuance of ordinary shares through conversion of redeemable convertible preferred shares		386,509
Payable arising from a distribution agreement			22,296
Issuance of put option liabilities			9,376
Payable arising from deferred listing expenses			1,613
Issuance costs payable	6,556	6,556
Issuance of ordinary shares through conversion of convertible notes	1,210	30,114
Acquire equity interest through licensing certain internally developed intellectual property	35,568
LCAA and PIPE Investors
Financing activities:
Proceeds from issuance of ordinary shares to PIPE investors and LCAA, net of transaction costs		824,158
Westwood Capital Group LLC
Financing activities:
Proceeds from issuance of ordinary shares	1,301	807
ECARX
Financing activities:
Proceeds from issuance of ordinary shares	17,000
Related party
Changes in operating assets and liabilities:
Accounts receivable	6,102	(88,808)	(14,356)
Prepayments and other current assets	(32,765)	(46,564)	(18,880)
Other non-current assets	544	1,583	(2,706)
Accounts payable	51,420	76,329	335,307
Accrued expenses and other current liabilities	(13,983)	(55,875)	89,876
Other non-current liabilities	(638)	(140)	(91)
Investing activities:
Proceed from settlement of related party loans		140
Disposal of equity investment under common control	58,885
Nonrelated Party
Changes in operating assets and liabilities:
Accounts receivable	89,354	(67,262)	(75,265)
Prepayments and other current assets	415	(21,655)	(20,268)
Other non-current assets	(7,970)	(20,893)	(34,248)
Accounts payable	(9,378)	43,685	21,067
Contract liabilities - third parties	(18,939)	(7,150)	42,393
Accrued expenses and other current liabilities	(99,444)	(30,062)	124,094
Other non-current liabilities	$ (14,082)	$ (8,783)	$ 81,728

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 316,145	$ 372,254
Less: Accumulated depreciation	(156,686)	(122,905)
Construction in progress(i)	67,432	67,098
Property, equipment and software, net	226,891	316,447
Buildings and facilities
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	22,617	8,354
Machinery and R&D equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	21,361	30,010
Molds and tooling
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	124,378	140,689
Motor vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	23,222	43,980
Office and electronic equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	29,045	28,412
Purchased software
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	64,321	73,342
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 31,201	$ 47,467

CONVERTIBLE NOTES - ATW Convertible Note (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 19, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
CONVERTIBLE NOTES
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:PrimeRateMember	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember
Term of the debt instrument				5 years
ATW Convertible Notes
CONVERTIBLE NOTES
Aggregate principal amount of loan	$ 300,000
Oiginal principal amount	$ 10,000
Variable interest rate	6.75%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Interest rate	4.25%
Term of the debt instrument	2 years
ATW Convertible Notes \| ADS
CONVERTIBLE NOTES
Debt instrument conversion price per share	$ 2.19

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Schedule of share options activities


						Weighted		Weighted
				Weighted		average		remaining		Aggregate
		Number of		average		grant-date		contractual		intrinsic
		shares		exercise price		fair value		years		value
				US$		US$				US$
Outstanding as of December 31, 2024		13,570,227		2.89		2.31		8.39		27,354

Granted		2,674,523		2.89		0.82		—		—
Forfeited		(4,193,612)		2.89		2.36		—		—

Outstanding as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Vested and expected to vest as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Exercisable as of December 31, 2025		12,028,990		2.89		2.05		7.79		—

Schedule of compensation expenses


	Years ended December 31,
	2025		2024		2023
	US$		US$		US$
Research and development expenses	950		16,241		—
Selling and marketing expenses	176		1,247		—
General and administrative expenses	1,148		14,442		—
	2,274		31,930		—

Schedule of assumptions of share options granted


		Years ended December 31,
Grant dates:		2025		2024		2023
Risk‑free interest rate ⁽ⁱ⁾		4.20%-4.53	%	3.71%-4.58	%	3.4%-4.79	%
Expected volatility ⁽ⁱⁱ⁾		55.58%-56.22	%	54.11%-55.59	%	54.06%-54.48	%
Expected dividend yield ⁽ⁱⁱⁱ⁾		0.00	%	0.00	%	0.00	%
Exercise multiple ^(iv)		2.20-2.80		2.20-2.80		2.20-2.80
Expected terms^(v)		10.00 years		10.00 years		10.00 years
Fair value of underlying ordinary share ^(vi)		US$1.87-US$3.61		US$4.06-US$9.81		US$5.91-US$8.93

(i)The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date.

(ii)The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options.

(iii)Expected dividend yield was zero as the Company does not anticipate any dividend payments in the foreseeable future.

(iv)The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication.

(v)Expected term was the contract life of the share options.

(vi)The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.

DESCRIPTION OF BUSINESS AND ORGANIZATION - Disposal of subsidiary (Details) - Lotus Tech Innovation Centre GmbH - Non discontinued operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 27, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interest disposed			80.00%
Cash consideration			$ 12,157
Cash			5,276
Accounts receivable			865
Prepayments and other current assets			2,710
Amounts due from the Company and its subsidiaries			4,035
Property, equipment and software, net			8,494
Operating lease right-of-use assets			9,689
Accounts payable			(1,062)
Accrued expenses and other current liabilities			(6,290)
Operating lease liabilities			(9,758)
Net assets			$ 13,959
Gain on disposal		$ 990
Remaining equity interest	20.00%	20.00%

LEASES - Supplemental cash flows information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating cash outflows from operating leases	$ 17,420	$ 22,260	$ 34,752
Operating leases	$ 3,245	$ 8,013	$ 42,707
Maximum
Leases
Lease term	50 years	50 years	50 years
Minimum
Leases
Lease term	40 years	40 years	40 years
Use Rights
Leases
Prepayments for land use right	$ 0	$ 0	$ 10,900

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty at beginning of the year	$ 24,048	$ 7,022
Additions	21,003	21,852	$ 8,492
Utilization	(14,468)	(4,495)	(1,499)
Foreign currency translation adjustment	1,695	(331)	29
Accrued warranty at end of the year	32,278	24,048	7,022
Current portion	3,340	2,735	483
Non-current portion	$ 28,938	$ 21,313	$ 6,539

EXCHANGEABLE NOTES - Assumptions used in determining fair values of Exchangeable Notes (Details)	Dec. 31, 2025	Dec. 31, 2024
Lightning Speed Exchangeable Notes \| Risk-free interest rate \| Minimum
EXCHANGEABLE NOTES
Measurement input	0.0134	0.0108
Lightning Speed Exchangeable Notes \| Risk-free interest rate \| Maximum
EXCHANGEABLE NOTES
Measurement input	0.0136	0.0114
Lightning Speed Exchangeable Notes \| Probability of conversion
EXCHANGEABLE NOTES
Measurement input	0.50	0.75
Lightning Speed Exchangeable Notes \| Bond yields
EXCHANGEABLE NOTES
Measurement input	0.1341	0.0632
Kingway Exchangeable Note \| Risk-free interest rate \| Minimum
EXCHANGEABLE NOTES
Measurement input	0.0148	0.0102
Kingway Exchangeable Note \| Risk-free interest rate \| Maximum
EXCHANGEABLE NOTES
Measurement input	0.0154	0.0139
Kingway Exchangeable Note \| Probability of conversion
EXCHANGEABLE NOTES
Measurement input	0.75	0.75
Kingway Exchangeable Note \| Bond yields
EXCHANGEABLE NOTES
Measurement input		0.0789
Kingway Exchangeable Note \| Bond yields \| Minimum
EXCHANGEABLE NOTES
Measurement input	0.1297
Kingway Exchangeable Note \| Bond yields \| Maximum
EXCHANGEABLE NOTES
Measurement input	0.1395

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAX -Operating loss carryforward (Details) - 12 months ended Dec. 31, 2025 € in Thousands	EUR (€)	USD ($)
Chinese mainland
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards		$ 1,025,750,000
UK
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards		362,623,000
Annual limit of utilization \| €	€ 5,000
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards		$ 164,619
Term of operating loss carry forward \| €	€ 1,000
Percentage of taxable profits	50.00%

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS

Schedule of intangible assets


		As of December 31,
		2025		2024
		US$		US$
Trademark licenses with indefinite useful lives		116,083		116,083
Others		392		417
Total		116,475		116,500

PROPERTY, EQUIPMENT AND SOFTWARE, NET

12 Months Ended

Dec. 31, 2025

PROPERTY, EQUIPMENT AND SOFTWARE, NET

PROPERTY, EQUIPMENT AND SOFTWARE, NET

6.	PROPERTY, EQUIPMENT AND SOFTWARE, NET

Property, equipment and software, net, consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Buildings and facilities		22,617		8,354
Machinery and R&D equipment		21,361		30,010
Molds and tooling		124,378		140,689
Motor vehicles		23,222		43,980
Office and electronic equipment		29,045		28,412
Purchased software		64,321		73,342
Leasehold improvements		31,201		47,467
Property, equipment and software		316,145		372,254
Less: Accumulated depreciation		(156,686)		(122,905)
Construction in progress (i)		67,432		67,098
Property, equipment and software, net		226,891		316,447

(i)Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.

Depreciation expenses on property, equipment and software were allocated to the following expense items:


		Year Ended December 31,
		2025		2024		2023
		US$		US$		US$
Cost of revenues		28,225		27,124		16,111
Research and development expenses		3,237		7,158		3,238
Selling and marketing expenses		7,753		22,984		18,350
General and administrative expenses		15,525		19,222		17,258
Total		54,740		76,488		54,957

Property, equipment and software of nil and US$370 were pledged for other short-term financing arrangements (Note 10) as of December 31, 2025 and 2024, respectively.

REDEEMABLE CONVERTIBLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2025

REDEEMABLE CONVERTIBLE PREFERRED SHARES

REDEEMABLE CONVERTIBLE PREFERRED SHARES

17.	REDEEMABLE CONVERTIBLE PREFERRED SHARES

The Company’s activities with respect to the redeemable convertible preferred shares are as below:


		Series Pre-A				Series A
		Preferred Shares				Preferred Shares				Total
		Shares		US$		Shares		US$		Shares		US$
Balance as of January 1, 2023		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
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 December 31, 2024		—		—		—		—		—		—

Series Pre-A Preferred Shares

From February to July 2022, the Company issued 35,552,179 Series Pre-A redeemable convertible preferred shares (“Series Pre-A Preferred Shares”) to two entities designated by an investor (“Pre-A Investor A”) for an aggregated consideration of US$153,126.

On March 18, 2022, an ordinary shareholder of the Company, who is also a member of management, entered into a share purchase agreement with an investor (“Pre-A Investor B”), pursuant to which the ordinary shareholder sold its 5,332,827 ordinary shares to the Pre-A Investor B with a cash consideration of US$23,650 (equivalent to RMB150,000). On March 22, 2022, the Company’s 5,332,827 ordinary shares were redesignated as Series Pre-A Preferred Shares.

Series A Preferred Shares

From October to December 2022, the Company issued 27,343,520 Series A redeemable convertible preferred shares (“Series A Preferred Shares”) to several investors for an aggregated consideration of US$187,734.

Accounting of Redeemable Convertible Preferred Shares

The Company classified the redeemable convertible preferred shares as mezzanine equity in the consolidated balance sheets as they were contingently redeemable upon the occurrence of certain events outside of the Company’s control. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of redeemable convertible preferred shares to their maximum redemption amount at the end of each reporting period, as if it were also the redemption date for redeemable convertible preferred shares.

As mentioned in Note 1(b), all the redeemable convertible preferred shares of the Company that were issued and outstanding were converted to 68,228,526 ordinary shares of the Company upon the consummation of Business Combination.

REVENUES

12 Months Ended

Dec. 31, 2025

REVENUES

REVENUES

22.

REVENUES

The Group’s revenues were disaggregated by service lines as follows:


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Service line
Sales of goods – third parties
– EV lifestyle models	351,860	627,683		464,172
– Sports cars	75,745	211,771		183,160
– Parts and others	29,264	33,445		9,394
	456,869	872,899		656,726
Sales of goods – related parties
– EV lifestyle models	2,016	6,650		1,093
– Sports cars	290	3,318		951
– Parts and others	3,627	8,194		1,388
	5,933	18,162		3,432
Subtotal	462,802	891,061		660,158

Services- third parties
– R&D service	18,884	1,224		3,448
– others¹	8,367	7,706		2,829
	27,251	8,930		6,277
Services- related parties
– R&D service	25,101	22,799		10,619
– others²	3,944	1,559		1,954
	29,045	24,358		12,573
Subtotal	56,296	33,288		18,850
Total revenues	519,098	924,349		679,008

¹ Others primarily include trainings, installed premium intelligent driving system and upgrades, free battery charging services, maintenance services and vehicle internet connection services.

² Others primarily include commission service fee.

Geographic information

The following table summarizes the Group’s revenues by geographic areas based on customers locations:


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Chinese mainland	262,772	314,368		419,448
UK	102,930	208,255		83,827
European countries, excluding UK	112,028	209,724		97,217
All others	41,368	192,002		78,516
	519,098	924,349		679,008

Contract liabilities

Contract liabilities consisted of the following:


	As of December 31,
	2025		2024
	US$		US$
Current liabilities
– Contract liabilities – third parties	18,459		33,964
– Contract liabilities – related parties*	228		150
Non-current liabilities
– Contract liabilities – third parties	7,458		8,683
Contract liabilities, current and non-current	26,145		42,797

*This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2025 and 2024.

Contract liabilities represent transaction price allocated to the performance obligations that are not yet satisfied or partially satisfied, which primarily arises from the undelivered vehicles, intelligent driving system, household charging piles, charging cards, free battery charging service, the extended lifetime warranty, maintenance service, vehicle internet connection services as well as technical research and development services. Amounts that are expected to recognize as revenues within one-year are included as current contract liabilities with the remaining balance recognized as other non-current liabilities.

Among the balance of contract liabilities of US$42,797 as of December 31, 2024, US$32,124 was recognized as revenue during the year ended December 31, 2025. The Group expects that US$30,445 of transaction price allocated to unsatisfied performance obligation as of December 31, 2025 will be recognized as revenues within one year. The remaining US$14,244 will be recognized over the remaining contract periods over 1 to 10 years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of long-term investments


	As of December 31,
	2025	2024
	US$	US$

Investment securities – related party (Note 26(vi))	1,811	2,221
Equity method investments (i)	10,625	7,499
Equity security without readily determinable fair values using the measurement alternative – related party (ii)	35,568	—
Total	48,004	9,720

(i)

In June 2025, Ningbo Lotus, a wholly-owned subsidiary of the Company, transferred all of its equity shares of Wuxi InfiMotion Technology Co., Ltd. (“Wuxi InfiMotion”) to Zhejiang Geely Powertrain Co., Ltd, a related party ultimately controlled by Mr. Li Shufu (the “Controlling Shareholder”), at a total consideration of RMB420,000 in cash. The transaction was accounted for as common control transaction, and the difference between the book value of Wuxi InfiMotion equity investment and the consideration, RMB420,000 (equivalent to US$58,671), was recorded in additional paid-in capital.

(ii)

As of December 31, 2025, Ningbo Lotus Robotics Co., Ltd. (“Ningbo Robotics”), a wholly owned subsidiary of the Company, held 5% equity interest of Chongqing Qianli Intelligent Driving Technology Co., Ltd. (“Chongqing Qianli”), a newly established private entity and a related party of the Company (Note 2(w)). The Group elected to record such investment in privately held company without readily determinable values using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. The Group did not record any impairment charge for the year ended December 31, 2025.

Schedule of property, equipment and software, net


Buildings and facilities		30 years
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

Schedule of movement of warranty reserve


		Year Ended December 31,
		2025		2024	2023
		US$		US$	US$
Accrued warranty at beginning of the year		24,048		7,022	—
Additions		21,003		21,852	8,492
Utilization		(14,468)		(4,495)	(1,499)
Foreign currency translation adjustment		1,695		(331)	29
Accrued warranty at end of the year		32,278		24,048	7,022
Including:
- Current portion		3,340		2,735	483
- Non-current portion		28,938		21,313	6,539

Schedule of Concentration and Risk


		As of December 31,
		2025		2024

		proportion of total accounts receivable balance
Geely Group		72.7	%	37.7	%


		Year Ended December 31,
		2025		2024		2023

		proportion of total costs and expenses
Geely Group		72.7	%	64.4	%	75.0	%


		As of December 31,
		2025		2024

		proportion of total payables balance
Geely Group		67.5	%	60.4	%

Schedule of geographic information for long-lived assets


	As of December 31,
	2025	2024
	US$	US$

PRC	318,015	407,386
UK	11,889	31,127
European Union countries	15,832	21,963
Total	345,736	460,476

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

27.	SUBSEQUENT EVENTS

Except for subsequent events as disclosed in Note 19, no subsequent events were identified.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented comprehensive procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses various levels, including network, host and application security and incorporates systematic security capabilities for threat defense, monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, a robust program that monitors our corporate network and corporate app, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program, and regular training for employees. Our cyber security team regularly monitors the performance of our apps, platforms and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses various levels, including network, host and application security and incorporates systematic security capabilities for threat defense, monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, a robust program that monitors our corporate network and corporate app, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program, and regular training for employees. Our cyber security team regularly monitors the performance of our apps, platforms and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is responsible for overseeing risks related to cybersecurity. Our board of directors shall (i) maintain oversight of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues, if any, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual report on Form 20-F presented by our management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our head of information technology and cybersecurity functions is required to update our board of directors regarding the status of any material cybersecurity threats, material cybersecurity incidents or other associated risks, and they are also required to discuss with our board of directors with respect to disclosure of any material cybersecurity threat or incident, if any.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our cyber security team is responsible for monitoring and mitigating cybersecurity risks, including those associated with third-party service providers. The team investigates and responds to any suspicious activities within our data environment. Upon detecting any material cybersecurity threat or cybersecurity incident, our cyber security team will report the threat or incident to our head of information technology and cybersecurity functions, who will assume the responsibility for managing the risks from such material cybersecurity threat or cybersecurity incident and monitoring the prevention, mitigation and remediation measures. Our head of information technology and cybersecurity functions is required to update our board of directors regarding the status of any material cybersecurity threats, material cybersecurity incidents or other associated risks, and they are also required to discuss with our board of directors with respect to disclosure of any material cybersecurity threat or incident, if any.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	head of information technology and cybersecurity functions
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our head of information technology and cybersecurity functions has extensive experience working in the field of cybersecurity, with pertinent background and expertise in cybersecurity risk management and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	At the management level, our cyber security team is responsible for monitoring and mitigating cybersecurity risks, including those associated with third-party service providers. The team investigates and responds to any suspicious activities within our data environment. Upon detecting any material cybersecurity threat or cybersecurity incident, our cyber security team will report the threat or incident to our head of information technology and cybersecurity functions, who will assume the responsibility for managing the risks from such material cybersecurity threat or cybersecurity incident and monitoring the prevention, mitigation and remediation measures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

29.	PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

The Company performed a test on the restricted net assets of its consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial information for the Company only.

The subsidiaries did not pay any dividends to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, or guarantees as of December 31, 2025.

(a)

Condensed Balance Sheets


		As of December 31,
		2025		2024
		US$		US$
ASSETS
Current assets
Cash		301		963
Restricted cash		—		338
Amounts due from subsidiaries		162,128		95,693
Prepayments and other current assets – related parties, net		18,052		15,684
Prepayments and other current assets – third parties, net		5,758		6,362
Total current assets		186,239		119,040
Non-current assets
Investment securities – related parties		1,811		2,221
Securities pledged to an investor		—		315,796
Total non-current assets		1,811		318,017
Total assets		188,050		437,057
LIABILITIES AND SHAREHOLDERS’ DEFICITS
Current liabilities
Convertible notes – related parties		126,203		113,910
Share buyback forward liabilities		—		117,059
Amounts due to subsidiaries		—		1,140
Accrued expenses and other current liabilities		9,313		16,497
Put option liabilities		—		309,115
Short‑term borrowings – related parties		151,664		—
Total current liabilities		287,180		557,721
Non-current liabilities
Share of losses in excess of investments in subsidiaries		1,134,606		728,858
Convertible notes – third parties		10,787		—
Convertible notes – related parties		77,175		—
Warrant liabilities		800		3,340
Total non-current liabilities		1,223,368		732,198
Total liabilities		1,510,548		1,289,919

Shareholders’ deficit
Ordinary shares		7		7
Treasury stock		(138,397)		—
Additional paid-in capital		1,933,992		1,785,664
Accumulated other comprehensive income		39,818		55,165
Accumulated deficit		(3,157,918)		(2,693,698)
Total shareholders’ deficit		(1,322,498)		(852,862)
Total liabilities and shareholders’ deficit		188,050		437,057

(b)

Condensed Statements of Comprehensive Loss


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Total operating expenses		(4,816)		(24,322)		(2,983)
Interest income		4,891		4,725		6,979
Interest expenses		(4,172)		(12,876)		—
Investment income (loss), net		10,685		13,320		(5,084)
Foreign currency exchange gains (losses), net		6,010		614		(171)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk		(25,778)		(285,322)		(3,124)
Share of losses from subsidiaries and former consolidated VIEs		(451,040)		(801,064)		(737,618)
Loss before income taxes		(464,220)		(1,104,925)		(742,001)
Income tax expense		—		—		—
Net loss		(464,220)		(1,104,925)		(742,001)
Other comprehensive loss:
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes		13,875		13,547		(8,650)
Foreign currency translation adjustment, net of nil income taxes		(29,222)		16,351		16,210
Total comprehensive loss		(479,567)		(1,075,027)		(734,441)

(c)

Condensed Statements of Cash Flows


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Net cash (used in) generated from operating activities		(3,584)		(45,034)		3,127
Net cash generated from (used in) investing activities		270,001		(1,246,477)		(347,697)
Net cash (used in) generated from financing activities		(267,454)		1,260,592		27,163
Effect of exchange rate changes on cash and restricted cash		37		(1,668)		(1,812)
Net decrease in cash and restricted cash		(1,000)		(32,587)		(319,219)
Cash and restricted cash at beginning of the year		1,301		33,888		353,107
Cash and restricted cash at end of the year		301		1,301		33,888

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and former consolidated VIEs. For the company only financial information, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Share of losses in excess of investments in subsidiaries” and shares in the subsidiaries and former consolidated VIE’s and VIE’s subsidiaries’ loss are presented as “Share of losses from subsidiaries and former consolidated VIEs” on the condensed statements of comprehensive loss.

CONVERTIBLE NOTES - Key assumptions used in determining fair value of Subsidiary Convertible Note (Details) - Subsidiary Convertible Note	Dec. 31, 2025	Dec. 31, 2024
Risk-free interest rate
CONVERTIBLE NOTES
Measurement input	0.0138	0.013
Probability of conversion
CONVERTIBLE NOTES
Measurement input	0.10	0.10
Minimum \| Bond yields
CONVERTIBLE NOTES
Measurement input	0.1405	0.0669
Maximum \| Bond yields
CONVERTIBLE NOTES
Measurement input	0.1451	0.0774

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

28.RESTRICTED NET ASSETS

Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations.

In accordance with the laws applicable to the foreign invested enterprises established in the PRC, a foreign invested enterprise is required to make appropriations from after-tax profits as determined in accordance with the PRC accounting standards to reserve funds, including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits as determined in accordance with the PRC accounting standards until such fund has reached 50% of its registered capital. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion. The aforementioned reserve funds can only be used for specific purposes and are not distributable as cash dividends.

Accordingly, under these PRC laws and regulations, the Company’s subsidiaries incorporated in PRC are restricted in transferring a portion of their net assets to the Company in the form of dividends. Amounts of these restricted net assets totaled US$479,400 and US$429,503 as of December 31, 2025 and 2024, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of geographic information for long-lived assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 345,736	$ 460,476
PRC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	318,015	407,386
UK
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	11,889	31,127
European Union countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 15,832	$ 21,963

RELATED PARTY TRANSACTIONS - Significant related party balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
Contract liabilities - related parties	$ 228	$ 150
Equity security without readily determinable fair values using the measurement alternative - related party	35,568
Loan receivable from a related party	351,486	269,539
Shortterm borrowings	1,263,707	802,519
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable	114,126	107,816
Contract liabilities - related parties	228	150
Prepayments and other current assets, net	111,886	74,558
Other non-current assets	569	1,113
Accounts payable	458,189	410,433
Accrued expenses and other current liabilities	211,665	213,582
Other non-current liabilities	856	1,471
Operating lease liabilities-related parties, current	1,636	1,028
Operating lease liabilities, non-current	3,105	10,729
Investment securities - related parties	1,811	2,221
Equity security without readily determinable fair values using the measurement alternative - related party	35,568
Loan receivable from a related party	351,486	269,539
Shortterm borrowings	$ 784,288	$ 199,570

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)	Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements are presented in United States dollar (“US$”), rounded to the nearest thousand.

These consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Group will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Group’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of December 31, 2025, the Group had an accumulated deficit of US$3,157,918 and current liabilities exceeded current assets in the amount of US$1,486,989. In addition, the Group recorded net cash used in operating activities in the amount of US$333,907 for the year ended December 31, 2025.

Historically, the Group had relied principally on proceeds from the issuance of redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Group will require additional liquidity to continue its operations over the next twelve months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, i) restructuring of operations to grow revenues and accelerating pace of collections of receivables, ii) reducing discretionary capital and operating expenses, iii) obtaining additional loans from banks or related parties and renewal of existing loans when they are due, and iv) exploring opportunities for further equity financing. However, given the impact of the uncertainty of global economic and financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Group will be able to obtain additional liquidity when needed or under acceptable terms, if at all.

These consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Group were unable to continue as a going concern.

Certain financial information of prior years has been reclassified to conform with the current year’s presentation to facilitate comparison. These reclassifications had no effect on the previously reported results of operations or accumulated deficit.

(b)	Principles of consolidation

The consolidated financial statements presented herein include the financial statements of the Company, its subsidiaries and its former consolidated VIE and VIE’s subsidiaries.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors; to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

All transactions and balances among the Company, its subsidiaries, and its former consolidated VIE and VIE’s subsidiaries have been eliminated upon consolidation. The noncontrolling interests in consolidated subsidiaries are shown separately in the consolidated financial statements.

(c)	Use of estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Accounting estimates reflected in the consolidated financial statements include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, provision of credit losses of financial assets, useful lives of property, equipment and software, recoverability of intangible assets with indefinite useful lives and other long-lived assets, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of financial liabilities and share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(d)	Commitments and contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(e)	Cash, cash equivalents and restricted cash

Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less.

Cash which is restricted for withdrawal or use is reported separately in the consolidated balance sheets. The Group’s restricted cash mainly represents deposits for both short-term and long-term borrowings as mentioned in Note 10, deposits made to banks to secure bank acceptance notes, and deposits for certain long-term leases.

(f)	Accounts receivable and expected credit losses

Accounts receivable is recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash used in operating activities in the consolidated statements of cash flows. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance.

Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance sheet credit exposure related to its customers. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The new accounting standard does not apply to loans and receivables between entities under common control. The Group adopted the ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with accumulative effect recorded as an increase of accumulated deficit in the amount of US$15.

The Group assessed that accounts receivable, other receivables, loan receivables, short-term and long-term deposits are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and suppliers, and the related accounts receivable, other receivables, loan receivables, short-term and long-term deposits which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the customer credit rating, current economic conditions, supportable forecasts of future economic conditions, etc. Other key factors that influence the expected credit loss analysis include customer demographics, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each year end based on the Group’s specific facts and circumstances.

The Group considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations.

(g)	Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on specific identification or the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group writes down the cost of excess inventories to the estimated net realizable value based on the estimated selling price of each class of inventory in the ordinary course of business less reasonably predictable costs to sell. Write-down of inventories is based on currently available information about expected recoverable value. The estimate is dependent upon factors such as market trends, inventory ageing, and historical and forecasted customer demands.

(h)	Long-term investments

The Group’s long-term investments mainly include equity investments.

The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize its proportionate share of each equity investee’s net income or loss into earnings after the date of investment. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. There was no equity method goodwill recognized. No impairment charge of equity method investments was recognized for the years ended December 31, 2025, 2024 and 2023.

Equity securities with readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes in fair value reported through earnings.

Equity securities without readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.

Long-term investments consisted of the following:


	As of December 31,
	2025	2024
	US$	US$

Investment securities – related party (Note 26(vi))	1,811	2,221
Equity method investments (i)	10,625	7,499
Equity security without readily determinable fair values using the measurement alternative – related party (ii)	35,568	—
Total	48,004	9,720

(i)

(ii)

(i)	Property, equipment and software, net

Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any.

Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows:


Buildings and facilities		30 years
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

Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use.

When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.

(j)	Operating leases

The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases.

The Group recognizes lease liabilities and right-of-use assets at lease commencement date. Lease liabilities are measured at the present value of unpaid lease payments at the lease commencement date and are subsequently measured at amortized cost using the effective-interest method. Since the Group’s leases do not provide an implicit rate, the Group uses its own incremental borrowing rate in determining the present value of unpaid lease payments. The incremental borrowing rate was determined based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China and the US, the Company’s credit rating and lease term, and is updated for measurement of new lease liabilities.

Right-of-use assets are initially measured at cost, which consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Variable lease payments are excluded from the measurement of right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases (i.e. leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise). As a practical expedient, the Group has elected that for all leases, where it is the lessee, not to separate non-lease components from lease components and instead to account for all lease and non-lease components associated with each lease as a single lease component.

If a lease is modified and that modification is not accounted for as a separate contract, the classification of the lease is reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date.

(k)	Intangible assets

Intangible assets with indefinite useful lives mainly represent acquired license plates and trademark licenses since the Group has the right and the intention to continue to use the license plates and trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group evaluates indefinite-lived intangible assets during each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.

(l)	Land use rights

Land use rights in Chinese mainland represents an exclusive right to occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use rights. Land use rights are recorded in operating lease right-of-use assets with lease term of 40 years to 50 years.

(m)	Impairment of long-lived assets and intangible assets with indefinite lives

Long-lived assets, including property, equipment and software and operating lease right-of-use assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When such events or circumstances occur, the Group first compares the carrying amount of the asset or asset group to future undiscounted net cash flows expected to be resulted from the use and eventual disposition of the assets. If the carrying amount of the asset or asset group is not recoverable based on undiscounted cash flows, an impairment is recognized for the excess of the asset or asset group’s carrying value over its fair value. Fair value is determined through various valuation techniques including discounted cash flow models and quoted market values, as considered necessary. Estimation of future cash flows requires management to make assumptions and to apply judgments, including projecting future sales forecast, gross margin ratios and discount rate which are considered as Level 3 unobservable inputs in relation to fair value measurement.

When an impairment loss is recognized, the loss is allocated to the assets of the group on a pro rata basis using the relative carrying amounts of those assets, except that the loss allocated to an individual long-lived asset of the group shall not reduce the carrying amount of that asset below its fair value whenever that fair value is determinable without undue cost and effort.

For the year ended December 31, 2025, the Group recognized an impairment loss of long-lived assets of US$51,800, comprised of US$47,272 related to property, equipment and software, and US$4,528 related to right-of-use assets. The impairment loss recognized was due to lower performance results compared to original plans. No such impairment loss was recorded for the years ended December 31, 2024 and 2023.

Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The Group unconditionally opted to skip the qualitative assessment and proceed directly to calculate the fair value of the intangible asset and performs a quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. No such impairment loss for intangible assets with indefinite lives was recorded for the years ended December 31, 2025, 2024 and 2023.

(n)	Value added taxes

Entities that are value added taxes (“VAT”) general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity by entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables or be refunded upon application. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets.

(o)	Warranties

The Group provides standard warranties on EV lifestyle models based on the contracts with its customers at the time of sale of EV lifestyle models. The Group accrues a warranty reserve for the new EV lifestyle models sold by the Group, which includes the Group’s best estimate of the projected costs to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on the estimates of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of revenues in the consolidated statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis.

The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain.

The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance-type warranty to customers that ensures that products will function as intended and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees. The Group also provides lifetime warranty subject to certain conditions through a vehicle sales contract. The lifetime warranty is an incremental service offered to customers and is considered a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606.

The following table shows the movement of warranty reserve:


		Year Ended December 31,
		2025		2024	2023
		US$		US$	US$
Accrued warranty at beginning of the year		24,048		7,022	—
Additions		21,003		21,852	8,492
Utilization		(14,468)		(4,495)	(1,499)
Foreign currency translation adjustment		1,695		(331)	29
Accrued warranty at end of the year		32,278		24,048	7,022
Including:
- Current portion		3,340		2,735	483
- Non-current portion		28,938		21,313	6,539

(p)	Fair value measurements

Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

(q)	Revenue recognition

Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance:

●

provides all of the benefits received and consumed simultaneously by the customer;

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition.

When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability.

A contract asset is recorded when the Group transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents a contract liability when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

The Group generates revenue from sales of vehicles and any bundled products and services to end-users and distributors. The Group also generates revenue from provision of automotive design and development services to various automobile manufacturers. Further details of the Group’s revenue recognition policies are as follows:

Sales of goods

Sales transactions with end-users

Sales of EV lifestyle models

The Group generates revenue from sales of EV lifestyle models. In certain countries, the Group sells EV lifestyle models together with a number of bundled products and services. In those cases, the contracts with the customers include multiple distinct goods and services which are accounted for as separate performance obligations, primarily including household charging pile or charging card with a specified spending amount (at the option of the customers), premium version of intelligent driving system and its subsequent upgrades, unlimited free battery charging in specified super charging stations operated by the Group for a specified period, lifetime warranty, maintenance services for a specified period and lifetime vehicle internet connection services.

Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows:

Revenue from EV lifestyle models is recognized at a point in time when the control of EV lifestyle models is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle.

ii.

Revenue from the installed premium intelligent driving system is recognized when the functionality is activated, and the portion related to upgrades is recognized ratably over the estimated period of vehicle usage by the customer.

iii.

Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location.

iv.

Revenue from charging cards is recognized when the customer uses the card to redeem for charging services.

Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer.

vi.

Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales.

vii.

Revenue from maintenance services is recognized over the service period based on the number of maintenance services delivered to date relative to the estimated remaining number of maintenance services to be delivered.

viii.

Revenue from vehicle internet connection services is recognized ratably over the estimated useful life of the vehicle as this service is transferrable from the customer to another car user if the customer resells the vehicle.

Initial refundable deposits received from customers for intention orders prior to vehicle purchase agreements signed are recognized as refundable deposits from customers (accrued expenses and other current liabilities). When vehicle purchase agreements are signed, these initial deposits are reclassified to contract liabilities. Any other non-refundable payments received prior to the transfer of goods or services are also recognized as contract liabilities.

Sales of sports cars

The Group generates revenue from the distribution of Lotus-brand sports cars developed and produced by LCL. Revenue from sports cars sales is recognized at a point in time, when the control of the sports cars is transferred to the customer, which is the point in time when the customer takes possession of and accepts the sports cars.

Practical expedients and exemptions

The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales and concludes that free pick-up and delivery service for maintenance, door-to-door troubleshooting and lifetime roadside assistance are immaterial and therefore the Group does not assess whether these promised services are performance obligations. When reaching this conclusion, the Group considered that these promises are value-added services to enhance customer experience rather than critical items for vehicle driving and forecasted that usage of these services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost-plus margin approach and concludes that the standalone fair value of foresaid services is insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise.

Sales transactions with dealers and business customers

Apart from selling vehicles to end-users, the Group also sells vehicles and parts to dealers and business customers. In the sales transactions with dealers and business customers, the Group’s only promise is to deliver the vehicles or parts to the dealers and business customers. Revenue from sales to dealers and business customers is recognized at a point in time, when the control of the vehicles or parts is transferred to the dealers and business customers, which is the point in time when the dealers and business customers take possession of and accept the vehicles or parts.

The Group offers dealer incentives that include wholesale rebates, retail rebates, interest reimbursement and other allowances that are recorded as reductions of revenues in the consolidated statements of comprehensive loss.

The amount of wholesale rebates and retails rebates given to dealer vary depending on their purchase volume and sales volume to end-users. The Group estimates the rebate amounts based on various factors including forecasted sales volume, dealer behavior and historical achievement, and recognizes revenue at an amount net of the estimated rebates. The liabilities arising from the estimated rebates are included in “accrued expenses and other current liabilities” in the consolidated balance sheets.

Certain dealers purchase vehicles from the Group through floor plan financing programs with third-party financing providers. The Group has entered into repurchase agreements with some of those third-party financing providers. Under the repurchase agreements, if the dealers have defaulted on their floor plan financing, those third-party financing providers have a right to require the Group to repurchase the vehicles funded under their floor plan financing programs at unpaid balance of the original invoice price issued by the Group to the dealers. Such right is exercisable only in the event of dealer insolvency and termination of dealer agreements. The Group recognizes revenue from sales to the dealers taking into account any expected repurchase arising from such repurchase agreements. The Group considered that the likelihood of repurchase is remote. Historically, no such repurchase has occurred. The Group typically receives payment from the floor plan financing providers within 5 business days of shipment.

EV lifestyle models standard warranty is provided by the Group and sports cars standard warranty is provided by LCL. The estimated costs for the standard warranty provided by the Group are recorded as a liability when the Group transfers the control of vehicle or parts to the customer.

Service revenues

The Group provides a range of technical services to customers, including technologies licensing, engineering, development, facilitation, support and consultancy services. Revenue from services is recognized when relevant services are rendered.

Costs incurred to fulfill such service contracts which are not in the scope of other guidance are recognized as contract cost assets when those costs: i) relate directly to the service contracts that the Group can specifically identify; ii) are expected to be recovered; and iii) generate or enhance resources of the Group that will be used in satisfying performance obligations in the future.

(r)	Cost of sales

Sales of goods

Cost of sales of goods primarily consists of purchase costs of vehicles, charging piles, parts and accessories, depreciation of molds tooling equipment, warehousing transportation costs and customs duties. Cost of vehicle sales also includes reserves for estimated warranty expenses and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value.

Services

Cost of services generally includes cost of direct parts, materials, labor costs, and costs associated with providing extended warranty service and after-sales services, depreciation of associated assets used for providing services, and other costs associated with providing services.

(s)	Research and development expenses

All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses consist primarily of salaries, bonuses and benefits for those employees engaged in research, design and development activities, license fees, outsourced development expenses, materials, rental expenses, depreciation of equipment and software of R&D activities and other expenses.

(t)	Selling and marketing expenses

Selling and marketing expenses mainly consist of advertising costs and market promotion expenses, commissions to agents, payroll and related expenses to sales and marketing personnel. The Group expenses all advertising costs as incurred and classifies these costs as selling and marketing expenses. For the years ended December 31, 2025, 2024 and 2023, advertising costs totaled US$37,201, US$134,611 and US$150,920, respectively.

(u)	General and administrative expenses

General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, depreciation and amortization expenses of property, equipment and software used in general corporate activities, legal and other professional service fees and other general corporate related expenses.

(v)	Government grants

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received.

Government grants that are received in advance relating to the compensation of R&D costs incurred or the acquisition of an asset are initially recognized in deferred income in the consolidated balance sheets and subsequently amortized and recognized as other operating income in the consolidated statements of comprehensive loss over the period necessary to match them with the R&D costs that they are intended to compensate or as the assets are depreciated.

Government grant for the purpose of giving immediate financial support to the Group with no future related costs is recognized as other operating income in the Group’s consolidated statements of comprehensive loss when the grant becomes receivable.

(w)	Other operating income

For the year ended December 31, 2025, Ningbo Robotics acquired equity interest of Chongqing Qianli through licensing certain internally developed intellectual property with carrying amount of nil as the research and development costs were expensed historically. The Group recorded the equity interest as long-term investment in the consolidated balance sheet as of December 31, 2025, using measurement alternative method (Note 2(h)), and US$33,019 as other operating income in the consolidated statement of comprehensive loss for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, other operating income mainly represented government grants.

(x)	Employee benefits

The Group compensates its employees through short-term employee benefits and defined contribution plans. Short-term employee benefits consist of salaries, social benefit costs, paid annual leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within accrued expenses and other current liabilities in the consolidated balance sheets.

For defined contribution plans, premiums are paid monthly to a separate legal entity or the local labor bureau that manages pension plans on behalf of various employers. The Group has no further commitments beyond its monthly contribution. Contributions payable are recognized in the reporting period in which services are rendered and presented within accrued expenses and other current liabilities in the consolidated balance sheets. Contribution rates are unique to each employee in Netherlands, while the contribution rates are standard in UK and Chinese mainland.

Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive loss amounted to US$25,203, US$30,564 and US$46,969 for the years ended December 31, 2025, 2024 and 2023, respectively.

(y)	Share-based compensation

Share-based awards granted to the employees and non-employee service providers in the form of share options are subject to service and performance conditions. They are measured at the grant date fair value of the awards and are recognized as compensation expense using the graded attribution over the requisite service period, if and when the Group considers that it is probable that the performance condition will be achieved. The fair value of the share awards is estimated using the binomial option pricing model and is affected by the fair value of underlying ordinary shares as well as assumptions regarding a number of complex and subjective variables, including risk-free interest rate, exercise multiple, expected volatility and expected dividend yield. The Group elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

(z)	Income taxes

The Group accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Tax. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the consolidated statements of comprehensive loss in the period that includes the enactment date. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carry forward periods, the Group’s experience with operating loss and tax credit carry forwards, if any, not expiring.

The Group applies a “more-likely-than-not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in income tax expenses.

(aa)	Foreign currency

The Group’s reporting currency is US$. The functional currency of the Company’s subsidiaries in Chinese mainland is RMB. The functional currency of the Company and its subsidiaries in Hong Kong is US$. The functional currency of the entities incorporated in UK is GBP. The functional currency of the entities incorporated in Netherlands and Germany is Euro. The functional currencies of the other subsidiaries are their respective local currencies.

Transactions denominated in currencies other than the functional currency are re-measured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet dates. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated statements of comprehensive loss.

The Group entities with functional currencies other than the US$ are translated from the functional currency into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet dates. Equity accounts other than deficit generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant periods. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income(loss) in the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income/loss in the consolidated statements of changes in shareholders’ deficit.

(bb)	Concentration and risk

Concentration of customers and suppliers

The Group’s accounts receivables – related parties are mainly due from Geely Holding and its subsidiaries (collectively as “Geely Group”), representing 96.2% and 78.7% of the Group’s accounts receivable — related parties as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, Geely Group contributed US$30,710, US$33,620 and US$11,031 of the Group’s total revenues, respectively.

No third-party customer contributed more than 10.0% of the Group’s total revenues for years ended December 31, 2025, 2024 and 2023.

Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of December 31, 2025 and 2024 were as follows.


		As of December 31,
		2025		2024

		proportion of total accounts receivable balance
Geely Group		72.7	%	37.7	%

Suppliers contributed more than 10.0% of total purchases for the years ended December 31, 2025, 2024 and 2023 were as follows.


		Year Ended December 31,
		2025		2024		2023

		proportion of total costs and expenses
Geely Group		72.7	%	64.4	%	75.0	%

Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of December 31, 2025 and 2024 were as follows:


		As of December 31,
		2025		2024

		proportion of total payables balance
Geely Group		67.5	%	60.4	%

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, cash equivalents and restricted cash, investment securities, accounts receivable, and loan receivables and other receivables included in prepayments and other current assets.

Majority of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland and UK which management believes are of high credit quality based on their credit ratings. To limit exposure to credit risk, the Group primarily places bank deposits with large financial institutions in Chinese mainland and UK with acceptable credit rating.

Accounts receivables are primarily derived from revenue earned from sales of sports cars and EV lifestyle models, parts, and service revenues. Accounts receivable, loan receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them.

(cc)	Loss per share

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, taking into consideration the accretions of redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on participating rights in undistributed earnings. The Company’s redeemable convertible preferred shares are participating securities since the holders of these securities participate in dividends on the same basis as ordinary shareholders. These participating securities are not included in the computation of basic loss per share in periods when the Company reports net loss, because these participating security holders have no obligation to share in the losses of the Company.

Diluted loss per share is calculated by dividing net loss attributable to the Company’s ordinary shareholders as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the year. Ordinary share equivalents include the ordinary shares issuable upon the exercise of the outstanding put option (using reversal treasury stock method), outstanding share options (using the treasury stock method), and the conversion of redeemable convertible preferred shares, mandatorily redeemable noncontrolling interest, warrants, exchangeable notes and convertible notes (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted loss per share if the impact is anti-dilutive.

(dd)	Segment reporting

The Group’s chief operating decision maker (“CODM”) has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s chief executive officer and management personnel do not segregate the Group’s business by product or service. Management has determined that the Group has one operating segment. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The CODM evaluates performance for its single reportable segment based on total revenues, gross profit, operating expenses and the net income, which are the same as those presented on the consolidated statements of comprehensive loss. Significant segment expenses are the same as those presented in the consolidated statements of comprehensive loss.

Long-lived assets consist of property, equipment and software and operating lease right-of-use assets. The geographic information for long-lived assets as of December 31, 2025 and 2024 was as follows:


	As of December 31,
	2025	2024
	US$	US$

PRC	318,015	407,386
UK	11,889	31,127
European Union countries	15,832	21,963
Total	345,736	460,476

Revenues segment information is included in Note 22.

(ee)	Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2025, with early adoption permitted and can be applied on either a prospective or retroactive basis. As the Group is an emerging growth company and elects to apply for the new and revised accounting standards at the effective date for a private company, the Group will adopt ASU 2023-09 for the fiscal year ending December 31, 2026. The Group is currently evaluating the potential impact of ASU 2023-09 on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The intent of ASU 2024-03 is to improve financial statement disclosures regarding information about certain costs and expenses. Specifically, ASU 2024-03 requires the disaggregation of significant expenses within the income statement expense line items, including, but not limited to, purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses, among others, as well as a qualitative description of the remaining amounts not separately disaggregated quantitatively. ASU 2024-03 is effective for annual fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments under ASU 2024-03 should be applied on a prospective basis, although retrospective application is permitted. The Group is currently evaluating the potential impact of ASU 2024-03 on its consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. An entity can elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the assets when estimating expected credit losses. The guidance is effective for annual fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. This ASU should be applied prospectively. The Group is currently evaluating the impact of this new standard on its consolidated financial statements and disclosures

In December 2025, the FASB issued ASU No.2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides further guidance on accounting treatment for government grants. The guidance is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods either prospectively or retrospectively. The Group is currently evaluating the potential impact of ASU 2025-10 on its consolidated financial statements and disclosures.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

24.	SHARE-BASED COMPENSATION

The Company’ s shareholders approved and adopted a share incentive plan in September 2022, or the 2022 Share Incentive Plan, for the purpose of attracting and retaining the best available personnel, providing additional incentives to employees, directors and consultants, and promoting the success of the Group’s business. Under the 2022 Share Incentive Plan, the Company is authorized to grant options. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2022 Share Incentive Plan is 51,550,661. During the years ended December 31, 2025, 2024 and 2023, 2,674,523, 6,494,086 and 775,561 options were granted under the 2022 Share Incentive Plan, respectively, among which, nil, 174,970 and nil share options were granted to non-employee service providers respectively, and nil, 51,640 and nil share option were granted to directors or officers respectively.

Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period maximum to three years under which the grantees earn an entitlement to vest over such stipulated services period. The share awards are only exercisable subject to the grantee’s continuous service and the consummation of a Qualified IPO by the Group.

Share options

A summary of the share options activities for the year ended December 31, 2025 are presented below:


						Weighted		Weighted
				Weighted		average		remaining		Aggregate
		Number of		average		grant-date		contractual		intrinsic
		shares		exercise price		fair value		years		value
				US$		US$				US$
Outstanding as of December 31, 2024		13,570,227		2.89		2.31		8.39		27,354

Granted		2,674,523		2.89		0.82		—		—
Forfeited		(4,193,612)		2.89		2.36		—		—

Outstanding as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Vested and expected to vest as of December 31, 2025		12,051,138		2.89		2.05		7.79		—
Exercisable as of December 31, 2025		12,028,990		2.89		2.05		7.79		—

Compensation expenses recognized for share options during the years ended December 31, 2025, 2024 and 2023 were allocated as follows:


	Years ended December 31,
	2025		2024		2023
	US$		US$		US$
Research and development expenses	950		16,241		—
Selling and marketing expenses	176		1,247		—
General and administrative expenses	1,148		14,442		—
	2,274		31,930		—

As of December 31, 2025, there was US$39 of unrecognized share-based compensation expenses related to the share options granted. The expenses are expected to be recognized over a weighted-average period of 1.6 years.

For the year ended December 31, 2023, the Group did not recognize any share-based compensation expenses for the share options granted as all awards contain a performance condition which is contingent upon the completion of a Qualified IPO and is not considered probable until the event happens.

For the year ended December 31, 2024, the Group consummated the Business Combination and recognized share-based compensation expenses of US$31,930.

For the options granted to employees of an entity controlled by the controlling shareholder of the Company (“Company A”), the Group elects to recognize the fair value of these options as dividends to the shareholder upon exercise. As of December 31, 2025, the number of shares to be issued upon the exercise of these options was 387,593. The total fair value of these awards measured on the grant date was US$855. As the Company A is providing sports cars to the Group and the Group pays the purchase price at market rates, no share-based compensation expense is reflected for these grants. None of options granted to employees of Company A were exercised for the years ended December 31, 2025 and 2024.

The fair values of the options granted were estimated on grant dates using the binomial option pricing model with the following assumptions used:


		Years ended December 31,
Grant dates:		2025		2024		2023
Risk‑free interest rate ⁽ⁱ⁾		4.20%-4.53	%	3.71%-4.58	%	3.4%-4.79	%
Expected volatility ⁽ⁱⁱ⁾		55.58%-56.22	%	54.11%-55.59	%	54.06%-54.48	%
Expected dividend yield ⁽ⁱⁱⁱ⁾		0.00	%	0.00	%	0.00	%
Exercise multiple ^(iv)		2.20-2.80		2.20-2.80		2.20-2.80
Expected terms^(v)		10.00 years		10.00 years		10.00 years
Fair value of underlying ordinary share ^(vi)		US$1.87-US$3.61		US$4.06-US$9.81		US$5.91-US$8.93

(ii)The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options.

(iii)Expected dividend yield was zero as the Company does not anticipate any dividend payments in the foreseeable future.

(v)Expected term was the contract life of the share options.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a)	Basis of presentation

Principles of consolidation

(b)	Principles of consolidation

The consolidated financial statements presented herein include the financial statements of the Company, its subsidiaries and its former consolidated VIE and VIE’s subsidiaries.

Use of estimates

(c)	Use of estimates

Commitments and contingencies

(d)	Commitments and contingencies

Cash, cash equivalents and restricted cash

(e)	Cash, cash equivalents and restricted cash

Accounts receivable and expected credit losses

(f)	Accounts receivable and expected credit losses

The Group considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations.

Inventories

(g)	Inventories

Long-term investments

(h)	Long-term investments

The Group’s long-term investments mainly include equity investments.

Long-term investments consisted of the following:


	As of December 31,
	2025	2024
	US$	US$

Investment securities – related party (Note 26(vi))	1,811	2,221
Equity method investments (i)	10,625	7,499
Equity security without readily determinable fair values using the measurement alternative – related party (ii)	35,568	—
Total	48,004	9,720

(i)

(ii)

Property, equipment and software, net

(i)	Property, equipment and software, net

Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any.

Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows:


Buildings and facilities		30 years
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

Operating leases

(j)	Operating leases

The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases.

Intangible assets

(k)	Intangible assets

Land use rights

(l)	Land use rights

Impairment of long-lived assets and intangible assets with indefinite lives

(m)	Impairment of long-lived assets and intangible assets with indefinite lives

Value Added Taxes

(n)	Value added taxes

Warranties

(o)	Warranties

The following table shows the movement of warranty reserve:


		Year Ended December 31,
		2025		2024	2023
		US$		US$	US$
Accrued warranty at beginning of the year		24,048		7,022	—
Additions		21,003		21,852	8,492
Utilization		(14,468)		(4,495)	(1,499)
Foreign currency translation adjustment		1,695		(331)	29
Accrued warranty at end of the year		32,278		24,048	7,022
Including:
- Current portion		3,340		2,735	483
- Non-current portion		28,938		21,313	6,539

Fair value measurements

(p)	Fair value measurements

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Revenue recognition

(q)	Revenue recognition

●

provides all of the benefits received and consumed simultaneously by the customer;

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability.

Sales of goods

Sales transactions with end-users

Sales of EV lifestyle models

Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows:

ii.

iii.

Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location.

iv.

Revenue from charging cards is recognized when the customer uses the card to redeem for charging services.

Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer.

vi.

Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales.

vii.

viii.

Sales of sports cars

Practical expedients and exemptions

Sales transactions with dealers and business customers

Service revenues

Cost of sales

(r)	Cost of sales

Sales of goods

Services

Research and development expenses

(s)	Research and development expenses

Selling and marketing expenses

(t)	Selling and marketing expenses

General and administrative expenses

(u)	General and administrative expenses

Government grants

(v)	Government grants

Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received.

Other operating income

(w)	Other operating income

Employee benefits

(x)	Employee benefits

Share-based compensation

(y)	Share-based compensation

Income taxes

(z)	Income taxes

Foreign currency

(aa)	Foreign currency

Concentration and risk

(bb)	Concentration and risk

Concentration of customers and suppliers

No third-party customer contributed more than 10.0% of the Group’s total revenues for years ended December 31, 2025, 2024 and 2023.

Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of December 31, 2025 and 2024 were as follows.


		As of December 31,
		2025		2024

		proportion of total accounts receivable balance
Geely Group		72.7	%	37.7	%

Suppliers contributed more than 10.0% of total purchases for the years ended December 31, 2025, 2024 and 2023 were as follows.


		Year Ended December 31,
		2025		2024		2023

		proportion of total costs and expenses
Geely Group		72.7	%	64.4	%	75.0	%

Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of December 31, 2025 and 2024 were as follows:


		As of December 31,
		2025		2024

		proportion of total payables balance
Geely Group		67.5	%	60.4	%

Concentration of credit risk

Loss per share

(cc)	Loss per share

Segment reporting

(dd)	Segment reporting


	As of December 31,
	2025	2024
	US$	US$

PRC	318,015	407,386
UK	11,889	31,127
European Union countries	15,832	21,963
Total	345,736	460,476

Revenues segment information is included in Note 22.

Recent Accounting Pronouncements

(ee)	Recent Accounting Pronouncements

SHARE-BASED COMPENSATION - Schedule of share options activities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of shares
Outstanding, Beginning balance	13,570,227
Granted	2,674,523
Forfeited	(4,193,612)
Exercised	0	0
Outstanding, Ending balance	12,051,138	13,570,227
Vested and expected to vest	12,051,138
Exercisable	12,028,990
Weighted average exercise price
Outstanding, Beginning balance	$ 2.89
Granted	2.89
Forfeited	2.89
Outstanding, Ending balance	2.89	$ 2.89
Vested and expected to vest	2.89
Exercisable	2.89
Weighted average grant-date fair value
Outstanding, Beginning balance	2.31
Granted	0.82
Forfeited	2.36
Outstanding, Ending balance	2.05	$ 2.31
Vested and expected to vest	2.05
Exercisable	$ 2.05
Weighted remaining contractual years
Weighted remaining contractual years	7 years 9 months 14 days	8 years 4 months 20 days
Vested and expected to vest	7 years 9 months 14 days
Exercisable	7 years 9 months 14 days
Aggregate intrinsic value
Outstanding, Beginning balance	$ 27,354
Outstanding, Ending balance		$ 27,354

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES

Schedule of prepayments and other current assets


		As of December 31,
		2025		2024
		US$		US$
Deductible VAT		46,287		34,523
Prepayments to third-party suppliers		16,554		20,903
Contract costs		2,569		3,492
Deposits		2,726		3,417
Interest receivable		4,721		5,130
Others		4,727		5,222
Less: Allowance for credit losses		(14)		(146)
Total		77,570		72,541

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

NET LOSS PER SHARE

NET LOSS PER SHARE

21.	NET LOSS PER SHARE

The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Numerator:
Net loss attributable to ordinary shareholders	(464,220)	(1,104,925)		(742,001)
Accretion of redeemable convertible preferred shares	—	(2,979)		(15,121)
Numerator for basic and diluted net loss per ordinary share calculation	(464,220)	(1,107,904)		(757,122)
Denominator:
Weighted average number of ordinary shares, basic and diluted¹	648,535,169	645,227,356		474,621,603
Denominator for basic and diluted net loss per ordinary share calculation¹	648,535,169	645,227,356		474,621,603
Net loss per ordinary share attributable to ordinary shareholders
– Basic and diluted ¹	(0.72)	(1.72)		(1.60)

¹ Shares outstanding for all periods reflect the adjustment for Recapitalization.

For the purposes of calculating loss per share for the years ended December 31, 2025, 2024 and 2023, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see Note 1(b)), as if the Recapitalization had occurred at the beginning of the earliest period presented. The calculation of basic loss per share excludes 1,417,544 unvested earn-out shares issued to the Sponsor which can only be vested upon meeting certain conditions.

The following outstanding potentially dilutive ordinary share equivalents adjusted to reflect the effect of Recapitalization have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the years presented:


		Year ended December 31,
		2025		2024		2023
Redeemable convertible preferred shares (Note 17)		—		—		68,228,526
Exchangeable notes (i) (Note 14)		—		—		36,709,165
2025 Convertible Notes(ii) (Note 15)		140,282,138		—		—
2024 Convertible Notes (iii) (Note 15)		—		31,779,905		—
2023 Convertible Notes (iv) (Note 15)		—		—		2,029,407
Share options(v)		12,051,138		13,570,227		10,073,233
Warrant (vi)		—		—		711,044
Meritz put option (vii) (Note 13)		—		32,500,000		—
Public Warrant (viii) (Note 12)		9,054,522		9,054,522		—
Sponsor Warrant (viii) (Note 12)		5,486,784		5,486,784		—
ATW Convertible Notes (ix) (Note 15)		6,941,467		—		—
Total		173,816,049		92,391,438		117,751,375

(i)Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of US$367,092 (equivalent to RMB2,600,000) divided by the fixed conversion price of US$10 per share as of December 31, 2023.

(ii)Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the principal and accrued interest of US$189,263 divided by the estimated fair value of ordinary shares as of December 31, 2025, which was not included in the calculation of diluted loss per share due to their antidilutive effect.

(iii)Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US$109,784 divided by the estimated fair value of ordinary shares as of December 31, 2024, which was not included in the calculation of diluted loss per share due to their antidilutive effect.

(iv)For the year ended December 31, 2023, the conversion of 2023 Convertible Notes was not included in the calculation of basic or diluted loss per share, as the conversion was contingent upon the consummation of the Business Combination, which was not satisfied as of December 31, 2023.

(v)For the year ended December 31, 2025, 12,051,138 vested and unvested share options were not included in the calculation of basic or diluted loss per share as their exercise price was above underlying stock price.

For the year ended December 31, 2024, 13,570,227 vested and unvested share options were not included in the calculation of basic or diluted loss per share due to their antidilutive effect using treasury stock method.

For the year ended December 31, 2023, 10,073,233 outstanding share options were not included in the calculation of basic or diluted loss per share, as the issuance of such awards was contingent upon a qualified initial public offering (“Qualified IPO” which is defined as an initial public offering and listing or back door listing (including via Business Combination), which was not satisfied as of the year end.

(vi)For the year ended December 31, 2023, the warrant to purchase maximum 711,044 Series Pre-A Preferred Shares after Recapitalization was not included in the calculation of basic or diluted loss per share, as the issuance of such shares was contingent upon a qualifying event, which was not satisfied as of December 31, 2023.

(vii)For the year ended December 31, 2024, the exercise of put option issued to Meritz was not included in the calculation of diluted loss per share due to antidilutive effect using reverse treasury stock method.

(viii)For the years ended December 31, 2025 and 2024, Public and Sponsor Warrants were not included in the calculation of diluted loss per share as their exercise price was above underlying stock price.

(ix)Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the principal and accrued interest of US$8,942 divided by the average closing market price of ordinary shares, which was not included in the calculation of diluted loss per share due to their antidilutive effect.

(x)The exchange or conversion of Lightning Speed Exchangeable Notes, Kingway Exchangeable Notes and Subsidiary Convertible Note to its respective equity holders as mentioned in Note 14 and Note 15, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed, Kingway and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect.

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
Operating lease right-of-use assets	$ 118,845	$ 144,029
Total operating lease liabilities	73,915	94,182
Related party
Operating Leases
Operating lease liabilities-related parties	1,636	1,028
Operating lease liabilities, non-current	3,105	10,729
Nonrelated Party
Operating Leases
Operating lease liabilities, current	11,598	14,094
Operating lease liabilities, non-current	$ 57,576	$ 68,331

COMMITMENTS AND CONTINGENCIES - Purchase commitment (Details) - purchase commitment related to vehicles, research and development services and other operating expenses $ in Thousands	Dec. 31, 2025 USD ($)
COMMITMENTS AND CONTINGENCIES
Less than one year	$ 137,245
More than one year	20
Total	$ 137,265

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

Schedule of major financial instruments measured at fair value, by level within the fair value hierarchy


		Fair Value Measurement at Reporting Date Using
		Quoted Prices	Significant
		in Active	Other	Significant
	Fair Value as of	Markets for	Observable	Unobservable
	December 31,	Identical Assets	Inputs	Inputs
	2025	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Investment securities	1,811	1,811	—	—
Liabilities
Warrant liabilities	800	800	—	—
Convertible notes	276,604	—	—	276,604
Exchangeable notes	128,852	—	—	128,852


		Fair Value Measurement at Reporting Date Using
		Quoted Prices	Significant
		in Active	Other	Significant
	Fair Value as of	Markets for	Observable	Unobservable
	December 31,	Identical Assets	Inputs	Inputs
	2024	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Investment securities	2,221	2,221	—	—
Securities pledged to an investor	315,796	315,796	—	—
Derivative asset	694	—	694	—
Liabilities
Put option liabilities	309,115	—	—	309,115
Warrant liabilities	3,340	1,996	—	1,344
Convertible notes	188,156	—	—	188,156
Exchangeable notes	102,999	—	—	102,999

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of parent company condensed balance sheets


		As of December 31,
		2025		2024
		US$		US$
ASSETS
Current assets
Cash		301		963
Restricted cash		—		338
Amounts due from subsidiaries		162,128		95,693
Prepayments and other current assets – related parties, net		18,052		15,684
Prepayments and other current assets – third parties, net		5,758		6,362
Total current assets		186,239		119,040
Non-current assets
Investment securities – related parties		1,811		2,221
Securities pledged to an investor		—		315,796
Total non-current assets		1,811		318,017
Total assets		188,050		437,057
LIABILITIES AND SHAREHOLDERS’ DEFICITS
Current liabilities
Convertible notes – related parties		126,203		113,910
Share buyback forward liabilities		—		117,059
Amounts due to subsidiaries		—		1,140
Accrued expenses and other current liabilities		9,313		16,497
Put option liabilities		—		309,115
Short‑term borrowings – related parties		151,664		—
Total current liabilities		287,180		557,721
Non-current liabilities
Share of losses in excess of investments in subsidiaries		1,134,606		728,858
Convertible notes – third parties		10,787		—
Convertible notes – related parties		77,175		—
Warrant liabilities		800		3,340
Total non-current liabilities		1,223,368		732,198
Total liabilities		1,510,548		1,289,919

Shareholders’ deficit
Ordinary shares		7		7
Treasury stock		(138,397)		—
Additional paid-in capital		1,933,992		1,785,664
Accumulated other comprehensive income		39,818		55,165
Accumulated deficit		(3,157,918)		(2,693,698)
Total shareholders’ deficit		(1,322,498)		(852,862)
Total liabilities and shareholders’ deficit		188,050		437,057

Schedule of parent company condensed statements of comprehensive loss


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Total operating expenses		(4,816)		(24,322)		(2,983)
Interest income		4,891		4,725		6,979
Interest expenses		(4,172)		(12,876)		—
Investment income (loss), net		10,685		13,320		(5,084)
Foreign currency exchange gains (losses), net		6,010		614		(171)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk		(25,778)		(285,322)		(3,124)
Share of losses from subsidiaries and former consolidated VIEs		(451,040)		(801,064)		(737,618)
Loss before income taxes		(464,220)		(1,104,925)		(742,001)
Income tax expense		—		—		—
Net loss		(464,220)		(1,104,925)		(742,001)
Other comprehensive loss:
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes		13,875		13,547		(8,650)
Foreign currency translation adjustment, net of nil income taxes		(29,222)		16,351		16,210
Total comprehensive loss		(479,567)		(1,075,027)		(734,441)

Schedule of parent company condensed statements of cash flows


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Net cash (used in) generated from operating activities		(3,584)		(45,034)		3,127
Net cash generated from (used in) investing activities		270,001		(1,246,477)		(347,697)
Net cash (used in) generated from financing activities		(267,454)		1,260,592		27,163
Effect of exchange rate changes on cash and restricted cash		37		(1,668)		(1,812)
Net decrease in cash and restricted cash		(1,000)		(32,587)		(319,219)
Cash and restricted cash at beginning of the year		1,301		33,888		353,107
Cash and restricted cash at end of the year		301		1,301		33,888

DEFERRED INCOME

12 Months Ended

Dec. 31, 2025

DEFERRED INCOME.

DEFERRED INCOME

16.	DEFERRED INCOME


		Asset-related
		subsidy
		US$
Balance as of January 1, 2023		258,450
Subsidy received during the year		16,345
Foreign currency translation adjustment		(4,698)
Balance as of December 31, 2023		270,097
Subsidy received during the year		28,135
Recognized as other operating income during the year		(25)
Foreign currency translation adjustment		(4,284)
Balance as of December 31, 2024		293,923
Subsidy received during the year		11,331
Recognized as other operating income during the year		(60)
Foreign currency translation adjustment		6,718
Balance as of December 31, 2025		311,912

During the years ended December 31, 2025, 2024 and 2023, the Group received specific subsidies of US$11,331, US$28,135 and US$16,345 for compensating the expenditures on the construction of the Group’s corporate buildings and plant (“asset-related subsidy”), respectively.

The Group received government grants of US$5,114, US$8,613 and US$4,077 with no future related costs required during the years ended December 31, 2025, 2024 and 2023, which were directly recognized as other operating income in the consolidated statements of comprehensive loss for the years ended December 31, 2025, 2024 and 2023, respectively.

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related party
OTHER NON-CURRENT ASSETS - THIRD PARTIES
Total	$ 569	$ 1,113
Nonrelated Party
OTHER NON-CURRENT ASSETS - THIRD PARTIES
Deposits for long-term operating leases	2,030	2,557
Prepayments for purchases of property, equipment and software	10,612	8,899
Deductible VAT	65,149	54,951
Others	617	602
Total	$ 78,408	$ 67,009

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

Schedule of future minimum purchase commitment


		Less than		More than
		one year		one year		Total
		US$		US$		US$
Purchase commitment		137,245		20		137,265

Schedule of capital expenditure commitment

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:


		Less than		More than
		one year		one year		Total
		US$		US$		US$
Capital expenditure commitment(i)		15,071		1,237		16,308

(i)Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

NET LOSS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Numerator:

Net loss attributable to ordinary shareholders

$ (464,220)

$ (1,104,925)

$ (742,001)

Accretion of redeemable convertible preferred shares

(2,979)

(15,121)

Net loss available to ordinary shareholders

$ (464,220)

$ (1,107,904)

$ (757,122)

Denominator:

Weighted average number of ordinary shares, basic (in shares)

^[1]

648,535,169

645,227,356

474,621,603

Weighted average number of ordinary shares, diluted (in shares)

648,535,169

645,227,356

474,621,603

Net loss per ordinary share attributable to ordinary shareholders - Basic (in dollars per share)

^[1]

$ (0.72)

$ (1.72)

$ (1.6)

Net loss per ordinary share attributable to ordinary shareholders - Diluted (in dollars per share)

^[1]

$ (0.72)

$ (1.72)

$ (1.60)

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS - THIRD PARTIES

Schedule of other non-current assets


		As of December 31,
		2025		2024
		US$		US$
Deposits for long-term operating leases		2,030		2,557
Prepayments for purchases of property, equipment and software		10,612		8,899
Deductible VAT		65,149		54,951
Others		617		602
Total		78,408		67,009

OTHER NON-CURRENT ASSETS - THIRD PARTIES

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS - THIRD PARTIES

OTHER NON-CURRENT ASSETS - THIRD PARTIES

9.	OTHER NON-CURRENT ASSETS – THIRD PARTIES

Other non-current assets consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Deposits for long-term operating leases		2,030		2,557
Prepayments for purchases of property, equipment and software		10,612		8,899
Deductible VAT		65,149		54,951
Others		617		602
Total		78,408		67,009

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Tables)

12 Months Ended

Dec. 31, 2025

ACCOUNT RECEIVABLES - THIRD PARTIES, NET

Schedule of accounts receivable - third parties, net


		As of December 31,
		2025		2024
		US$		US$
Accounts receivable-third parties		37,603		120,631
Less: Allowance for credit losses		(753)		(3,555)
Total		36,850		117,076

REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues
Contract liabilities	$ 26,145	$ 42,797
Contract liabilities, revenue recognized	32,124
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenues
Transaction price of remaining performance obligation	$ 30,445
Recognized revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenues
Transaction price of remaining performance obligation	$ 14,244
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Minimum
Revenues
Recognized revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Maximum
Revenues
Recognized revenue	10 years

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAX

Schedule of maximum applicable income tax rates of other countries where the Company's subsidiaries having significant operations


		Year ended December 31,
		2025		2024		2023
UK		25	%	25	%	25	%
Netherlands		25.8	%	25.8	%	25.8	%

Schedule of component of income tax expense


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Chinese mainland	(325,751)	(542,211)	(513,768)
UK	(36,680)	(197,586)	(166,174)
Netherlands	(50,797)	(69,870)	(46,774)
Others	(37,035)	(295,439)	(21,378)
Total	(450,263)	(1,105,106)	(748,094)


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Current income tax expense	15,259	2,012	1,113
Deferred income tax expense	687	—	—
Total income tax expense	15,946	2,012	1,113

Schedule of reconciliation of actual income tax expense reported from the amount computed by applying the PRC income tax rate


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Computed expected income tax benefit at the PRC statutory tax rate of 25%	(112,069)	(276,319)	(187,286)
Effect on tax rates in different tax jurisdiction	22,858	75,134	824
Preferential tax rate impact	(1,322)	(399)	(423)
Tax effect of non-deductible expenses and tax-free income	116,342	4,457	3,137
Tax effect of R&D expenses additional deduction	(44,392)	(13,025)	(17,732)
Change in valuation allowance	33,523	212,302	202,586
Others	1,006	(138)	7
Income tax expense	15,946	2,012	1,113

Schedule of deferred tax assets and liabilities


		As of December 31,
		2025		2024
		US$		US$
Deferred tax assets:
Net operating losses carryforwards		392,449		344,269
Deferral of tax deduction of R&D expenses		286,520		319,768
Accrued expenses		40,633		37,460
Operating lease liabilities		18,479		24,437
Others		37,949		27,843
Total gross deferred tax assets		776,030		753,777
Valuation allowance on deferred tax assets		(632,645)		(585,820)
Deferred tax assets, net of valuation allowance		143,385		167,957
Deferred tax liabilities:
Government grants		(113,142)		(132,061)
Operating lease right-of-use assets		(28,981)		(34,193)
Others		(1,960)		(1,703)
Total deferred tax liabilities		(144,083)		(167,957)
Net deferred tax liabilities		(698)		—

Summary of valuation allowance


		Year ended December 31,
		2025		2024	2023
		US$		US$	US$
Balance at the beginning of the year		585,820		390,737	202,715
Addition		33,523		209,569	189,952
Effect of foreign currency translation		13,302		(14,486)	(1,930)
Balance at the end of the year		632,645		585,820	390,737

MERITZ INVESTMENT (Tables)

12 Months Ended

Dec. 31, 2025

Meritz Put Option

MERITZ INVESTMENT

Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model


		Year Ended December 31,
		2025		2024
		US$		US$
Balance at beginning of the year		309,115		—
Issuance of put options		—		130,082
Change in fair values		8,726		299,593
Repurchased and recorded as treasury stock		70,525		—
Transfer to share buyback forward liabilities		—		(120,560)
Settlement of put options		(388,366)		—
Balance at end of the year		—		309,115
Including:
- Current portion		—		309,115
- Non-current portion		—		—

NET LOSS PER SHARE - Potentially Dilutive Securities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥)
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	173,816,049	92,391,438	117,751,375
Redeemable convertible preferred shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)			68,228,526
Exchangeable notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)			36,709,165
Fixed monetary value used in conversion			$ 367,092	¥ 2,600,000
Debt instrument conversion price per share \| $ / shares			$ 10
2025 Convertible Notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	140,282,138
Principal and accrued interest \| $	$ 189,263
2024 Convertible Notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		31,779,905
Fixed monetary value used in conversion \| $		$ 109,784
2023 Convertible notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)			2,029,407
Share options
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	12,051,138	13,570,227	10,073,233
Warrant
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)			711,044
Outstanding share options			711,044
Meritz Put Option
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		32,500,000
Public Warrants Liability
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	9,054,522	9,054,522
Sponsor warrants
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	5,486,784	5,486,784
ATW Convertible Notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	6,941,467
Principal and accrued interest \| $	$ 8,942
Unvested earn out shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	1,417,544	1,417,544	1,417,544

EXCHANGEABLE NOTES (Details) - USD ($) $ in Thousands	12 Months Ended
EXCHANGEABLE NOTES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EXCHANGEABLE NOTES
Balance as of beginning	$ 102,999	$ 454,316	$ 427,112
Issuance of exchangeable notes	27,842	28,541	27,883
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	751	(7,985)	4,448
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	(5,598)	(2,901)	1,670
Settlements		(365,994)
Foreign currency translation adjustment	2,858	(2,978)	(6,797)
Balance as of ending	128,852	102,999	454,316
- Non-current portion	128,852
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning		378,638	355,320
Issuance of exchangeable notes			27,883
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk		(11,509)	737
Changes in fair values of exchangeable notes due to the instrument- specific credit risk			272
Settlements		(365,994)
Foreign currency translation adjustment		(1,135)	(5,574)
Balance as of ending			378,638
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning	75,164	75,678	71,792
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	826	2,606	3,711
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	(4,584)	(1,996)	1,398
Foreign currency translation adjustment	1,640	(1,124)	(1,223)
Balance as of ending	73,046	75,164	$ 75,678
- Non-current portion	73,046
Kingway Exchangeable Note
EXCHANGEABLE NOTES
Balance as of beginning	27,835
Issuance of exchangeable notes	27,842	28,541
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	(75)	918
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	(1,014)	(905)
Foreign currency translation adjustment	1,218	(719)
Balance as of ending	55,806	$ 27,835
- Non-current portion	$ 55,806

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2025

REDEEMABLE CONVERTIBLE PREFERRED SHARES

Schedule of Company's activities with respect to the redeemable convertible preferred shares


		Series Pre-A				Series A
		Preferred Shares				Preferred Shares				Total
		Shares		US$		Shares		US$		Shares		US$
Balance as of January 1, 2023		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
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 December 31, 2024		—		—		—		—		—		—

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES

Schedule of accrued expenses and other current liabilities


		As of December 31,
		2025		2024
		US$		US$
Accrued salaries and benefits		55,135		60,450
Payables for R&D expenses		30,124		50,176
Payables for marketing events		49,781		84,423
Payables for purchase of property, equipment and software		24,534		68,238
Advance from customers		3,881		3,624
Deposits from third parties suppliers		9,950		22,615
VAT and other taxes payables		11,782		27,649
Payables for service fees		31,754		50,470
Others		34,420		22,146
Total		251,361		389,791

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

The Group has entered into various non-cancellable operating agreements for land use rights, certain offices, warehouses, retail and service locations, parking lots and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.

The components of lease cost were as follows:


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Operating lease cost		14,061		25,198		27,815
Short-term lease cost		15,058		10,020		4,288
Variable lease cost		—		—		141
Total		29,119		35,218		32,244

Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred.

The above lease costs are recognized as cost of revenues, research and development expenses, selling and marketing expenses and general and administrative expenses.

Supplemental cash flows information related to leases was as follows:


		Year Ended December 31,
		2025		2024		2023
		US$		US$		US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases*		17,420		22,260		34,752
Right-of-use assets obtained in exchange for lease obligations
Operating leases		3,245		8,013		42,707

*For the years ended December 31, 2025, 2024 and 2023, this amount includes prepayments for land use rights of nil, nil and US$10,900, respectively, with lease terms of 40 years to 50 years.

Supplemental balance sheet information related to leases was as follows:


		As of December 31,
		2025		2024
		US$		US$
Operating Leases
Operating lease right-of-use assets		118,845		144,029
Operating lease liabilities, current
− Operating lease liabilities-third parties		11,598		14,094
− Operating lease liabilities-related parties*		1,636		1,028
Operating lease liabilities, non-current
− Operating lease liabilities-third parties		57,576		68,331
− Operating lease liabilities-related parties		3,105		10,729
Total operating lease liabilities		73,915		94,182

*This item is included in accrued expenses and other current liabilities – related parties in the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, were as follows:


		Year ended December 31,
		2025		2024		2023
Weighted-average remaining lease term
Operating leases		6.32 years		7.33 years		8.01 years
Weighted-average discount rate
Operating leases		6.27	%	6.80	%	6.60	%

Because the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments.

Maturities of operating lease liabilities were as follows:


		As of
		December 31, 2025
		US$
2026		15,876
2027		15,666
2028		14,486
2029		11,617
2030		11,278
Thereafter		19,350
Total undiscounted lease payments		88,273
Less: imputed interest		(14,358)
Total lease liabilities		73,915

As of December 31, 2025, the Group had future minimum lease payments for non-cancelable short-term operating leases of US$426.

LEASES - Weighted-average remaining lease term and discount rate (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Weighted-average remaining lease term - Operating leases	6 years 3 months 25 days	7 years 3 months 29 days	8 years 3 days
Weighted-average discount rate - Operating leases	6.27%	6.80%	6.60%

REVENUES - Contract liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
REVENUES
Contract liabilities - related parties	$ 228	$ 150
Contract liabilities, non-current	7,458	8,683
Contract liabilities	26,145	42,797
Third parties
REVENUES
Contract liabilities, current	18,459	33,964
Contract liabilities, non-current	7,458	8,683
Related parties
REVENUES
Contract liabilities - related parties	228	150
Contract liabilities	$ 228	$ 150

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Entity Addresses [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2025
Entity File Number	001-41970
Entity Registrant Name	Lotus Technology Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	No. 800 Century Avenue
Entity Address, Adress Line Two	Pudong District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	642,089,875
Entity Central Index Key	0001962746
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Grant Thornton Zhitong Certified Public Accountants LLP	KPMG Huazhen LLP	KPMG Huazhen LLP
Auditor Location	Shanghai, China	Hangzhou, China	Hangzhou, China
Auditor Firm ID	1487	1186	1186
ADR
Entity Addresses [Line Items]
Title of 12(b) Security	American depositary shares (each representing one ordinary share, par value US$0.00001 per share)
Trading Symbol	LOT
Security Exchange Name	NASDAQ
Warrants
Entity Addresses [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	LOTWW
Security Exchange Name	NASDAQ
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	No. 800 Century Avenue
Entity Address, Adress Line Two	Pudong District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Contact Personnel Name	Daxue Wang
Contact Personnel Email Address	ir@group-lotus.com

MERITZ INVESTMENT (Details) - USD ($) $ / shares in Units, $ in Thousands									12 Months Ended
	Sep. 05, 2025	Aug. 27, 2025	Aug. 04, 2025	Jul. 31, 2025	Mar. 28, 2025	Oct. 15, 2024	May 23, 2024	Feb. 22, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2025	Feb. 26, 2024	Dec. 31, 2023
PIPE Investments
Fair value									$ 0	$ 315,796
Cash receipt									326,891	189,630
Cash and cash equivalents									$ 73,431	$ 103,072			$ 418,941
Mertiz investment
PIPE Investments
Share price					$ 14
Remaining ordinary shares					32,500,000
SBA Deposit					$ 150,938
Remaining repurchase price					$ 48,109
Transferable ADs					12,689,058
Number of shares									17,500,000
Offset receivable											$ 74,469
Remaining repurchase price				$ 50,090
Annualized interest rate					12.50%
Mertiz investment \| ADR
PIPE Investments
Share price					$ 14
Number of shares		32,500,000			17,500,000
Authorized amount		$ 387,366
Stock repurchased	50,000,000		17,500,000
Additional depositary fee		1,000
Mertiz investment \| Minimum
PIPE Investments
Cash and cash equivalents					$ 175,000
US treasury securities
PIPE Investments
Amount withdrew		326,891					$ 189,613
Cash receipt		$ 326,891					$ 189,630
Meritz Subscription Agreement
PIPE Investments
Interests						7,000,000
Number of shares issued								50,000,000
Value of shares issued								$ 500,000
Cumulated accrued, default interest					$ 22,261
Meritz Subscription Agreement \| U.S. treasury bonds
PIPE Investments
Aggregate outstanding principal deposited in restricted securities account								325,000
Meritz Subscription Agreement \| U.S. treasury bills
PIPE Investments
Aggregate outstanding principal deposited in restricted securities account								$ 312,616
Meritz Subscription Agreement \| US treasury securities
PIPE Investments
Amount of aggregate principal amount to be deposited												$ 189,613
Fair value												$ 187,384

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of components of lease cost


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Operating lease cost		14,061		25,198		27,815
Short-term lease cost		15,058		10,020		4,288
Variable lease cost		—		—		141
Total		29,119		35,218		32,244

Schedule of supplemental cash flow information related to leases


		Year Ended December 31,
		2025		2024		2023
		US$		US$		US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases*		17,420		22,260		34,752
Right-of-use assets obtained in exchange for lease obligations
Operating leases		3,245		8,013		42,707

*For the years ended December 31, 2025, 2024 and 2023, this amount includes prepayments for land use rights of nil, nil and US$10,900, respectively, with lease terms of 40 years to 50 years.

Schedule of supplemental balance sheet information related to leases


		As of December 31,
		2025		2024
		US$		US$
Operating Leases
Operating lease right-of-use assets		118,845		144,029
Operating lease liabilities, current
− Operating lease liabilities-third parties		11,598		14,094
− Operating lease liabilities-related parties*		1,636		1,028
Operating lease liabilities, non-current
− Operating lease liabilities-third parties		57,576		68,331
− Operating lease liabilities-related parties		3,105		10,729
Total operating lease liabilities		73,915		94,182

*This item is included in accrued expenses and other current liabilities – related parties in the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

Schedule of weighted average remaining lease term and weighted average discount rate for operating leases


		Year ended December 31,
		2025		2024		2023
Weighted-average remaining lease term
Operating leases		6.32 years		7.33 years		8.01 years
Weighted-average discount rate
Operating leases		6.27	%	6.80	%	6.60	%

Schedule of operating lease liabilities of maturities


		As of
		December 31, 2025
		US$
2026		15,876
2027		15,666
2028		14,486
2029		11,617
2030		11,278
Thereafter		19,350
Total undiscounted lease payments		88,273
Less: imputed interest		(14,358)
Total lease liabilities		73,915

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES

11.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES — THIRD PARTIES

Accrued expenses and other current liabilities — third parties consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Accrued salaries and benefits		55,135		60,450
Payables for R&D expenses		30,124		50,176
Payables for marketing events		49,781		84,423
Payables for purchase of property, equipment and software		24,534		68,238
Advance from customers		3,881		3,624
Deposits from third parties suppliers		9,950		22,615
VAT and other taxes payables		11,782		27,649
Payables for service fees		31,754		50,470
Others		34,420		22,146
Total		251,361		389,791

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Net cash (used in) generated from operating activities	$ (333,907)	$ (848,520)	$ (386,932)
Net cash generated from (used in) investing activities	277,559	(579,440)	(197,985)
Net cash used in financing activities	128,453	1,459,527	284,708
Net (decrease) increase in cash and restricted cash	65,340	57,802	(312,398)
Cash, cash equivalents and restricted cash at beginning of the year	484,937	427,135	739,533
Cash, cash equivalents and restricted cash at end of the year	550,277	484,937	427,135
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Net cash (used in) generated from operating activities	(3,584)	(45,034)	3,127
Net cash generated from (used in) investing activities	270,001	(1,246,477)	(347,697)
Net cash used in financing activities	(267,454)	1,260,592	27,163
Effect of exchange rate changes on cash and restricted cash	37	(1,668)	(1,812)
Net (decrease) increase in cash and restricted cash	(1,000)	(32,587)	(319,219)
Cash, cash equivalents and restricted cash at beginning of the year	1,301	33,888	353,107
Cash, cash equivalents and restricted cash at end of the year	$ 301	$ 1,301	$ 33,888

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
-Subparagraph Schedule I
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 7
-Subparagraph (SAB Topic 1.B.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480922/205-10-S99-7

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481003/205-10-S50-2

+ Details

INVENTORIES - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
INVENTORIES - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INVENTORIES
Inventories write-downs	$ 8,752	$ 25,902	$ 1,668
Inventories	121,361	188,582
Asset Pledged as Collateral \| Other Short Term Financing Arrangements
INVENTORIES
Inventories	$ 0	$ 1,243

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Total operating expenses	$ (468,408)	$ (815,948)	$ (838,120)
Interest expenses	63,338	58,218	10,200
Foreign currency exchange gains (losses), net	25,709	(11,664)	42
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	751	(7,985)	4,448
Loss before income taxes and share of results of equity method investments	(450,263)	(1,105,106)	(748,094)
Income tax expense	15,946	2,012	1,113
Net loss attributable to ordinary shareholders	(464,220)	(1,104,925)	(742,001)
Other comprehensive loss:
Total comprehensive loss attributable to ordinary shareholders	(479,567)	(1,075,027)	(734,441)
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Total operating expenses	(4,816)	(24,322)	(2,983)
Interest income	4,891	4,725	6,979
Interest expenses	(4,172)	(12,876)
Investment income (loss), net	10,685	13,320	(5,084)
Foreign currency exchange gains (losses), net	6,010	614	(171)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	(25,778)	(285,322)	(3,124)
Share of losses from subsidiaries and former consolidated VIEs	(451,040)	(801,064)	(737,618)
Loss before income taxes and share of results of equity method investments	(464,220)	(1,104,925)	(742,001)
Net loss attributable to ordinary shareholders	(464,220)	(1,104,925)	(742,001)
Other comprehensive loss:
Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes	13,875	13,547	(8,650)
Foreign currency translation adjustment, net of nil income taxes	(29,222)	16,351	16,210
Total comprehensive loss attributable to ordinary shareholders	$ (479,567)	$ (1,075,027)	$ (734,441)

SHARE-BASED COMPENSATION - Schedule of assumptions of share options granted (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Risk-free interest rate, Minimum	4.20%	3.71%	3.40%
Risk-free interest rate, Maximum	4.53%	4.58%	4.79%
Expected volatility, Minimum	55.58%	54.11%	54.06%
Expected volatility, Maximum	56.22%	55.59%	54.48%
Expected dividend yield	0.00%	0.00%	0.00%
Expected terms	10 years	10 years	10 years
Minimum
SHARE-BASED COMPENSATION
Exercise multiple	2.2	2.2	2.2
Fair value of underlying ordinary share	$ 1.87	$ 4.06	$ 5.91
Maximum
SHARE-BASED COMPENSATION
Exercise multiple	2.8	2.8	2.8
Fair value of underlying ordinary share	$ 3.61	$ 9.81	$ 8.93

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

BORROWINGS

Schedule of short-term borrowings-third parties


		As of December 31,
		2025		2024
		US$		US$
Short-term borrowings:
Borrowings from banks (i)		479,419		601,165
Borrowings from related parties (Note 26(vii))		784,288		199,570
Other short-term financing arrangements (Note 4)		—		1,784
Total		1,263,707		802,519
Long-term borrowings:
Borrowings from bank (ii)		98,254		—

(i)During the year ended December 31, 2025, the Group borrowed loans due within one year or less with aggregated principal amounts of US$587,785 from banks in Chinese mainland, bearing an interest rate of one-year loan prime rate published by China Foreign Exchange Trade System (“LPR”) at the date of utilization plus 0.40% to 0.75% per annum. The interests shall be repaid quarterly or upon maturity.

During the year ended December 31, 2024, the Group borrowed loans due within one year or less with aggregated principal amounts of US$644,914 from banks in Chinese mainland, bearing an interest rate of one-year LPR at the date of utilization plus 0.30% to 3.50% per annum. The interests shall be repaid quarterly or monthly.

(ii)During the year ended December 31, 2025, the Group borrowed a two-year long-term loan with aggregated principal amounts of US$98,153, bearing an interest rate of 2.4% per annum from a bank in Chinese mainland, which was pledged with a long-term restricted cash of US$98,960. As of December 31, 2025, US$84,765 and US$13,489 are due in August 2027 and December 2027, respectively. The interest shall be repaid quarterly.

(iii)The weighted average interest rate on short-term borrowings outstanding as of December 31, 2025 and 2024 is 4.65% and 4.32%, respectively.

COMMITMENTS AND CONTINGENCIES - Capital commitment (Details) $ in Thousands	Dec. 31, 2025 USD ($)
COMMITMENTS AND CONTINGENCIES
Less than one year	$ 15,071
More than one year	1,237
Total	$ 16,308

CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2025

CONVERTIBLE NOTES

CONVERTIBLE NOTES

15.	CONVERTIBLE NOTES


		Subsidiary		2023		2024		2025		ATW
		Convertible Note		Convertible Notes		Convertible Notes		Convertible Notes		Convertible Note		Total
		US$	* *	US$	* *	US$		US$		US$	* *	US$
Balance as of January 1, 2023		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
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		7,905		337		5,790		—		—		14,032
Changes in fair values of convertible notes due to the instrument-specific credit risk		(8,789)		—		(1,664)		—		—		(10,453)
Conversion to ordinary shares		—		(30,114)		—		—		—		(30,114)
Foreign currency translation adjustment		(1,148)		—		—		—		—		(1,148)
Balance as of December 31, 2024		74,246		—		113,910		—		—		188,156
Issuance of convertible notes		—		—		—		189,263		10,000		199,263
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		1,778		—		5,948		14,115		1,789		23,630
Changes in fair values of convertible notes due to the instrument-specific credit risk		(10,225)		—		(595)		—		283		(10,537)
Repayment		—		—		(119,263)		—		—		(119,263)
Conversion to ordinary shares		—		—		—		—		(1,210)		(1,210)
Interest paid		(4,802)		—		—		—		(75)		(4,877)
Foreign currency translation adjustment		1,442		—		—		—		—		1,442
Balance as of December 31, 2025		62,439		—		—		203,378		10,787		276,604
Including:
– Current portion		—		—		—		126,203		—		126,203
– Non-current portion		62,439		—		—		77,175		10,787		150,401

Subsidiary Convertible Note

In June 2022, the Company’s subsidiary, Ningbo Robotics, issued a seven-year convertible note (the “Subsidiary Convertible Note”) with the principal amount of RMB500,000 to an investor (the “Subsidiary Convertible Note Holder”). The Subsidiary Convertible Note Holder is entitled to receive annual interest equal to the outstanding principal multiplied by the latest five-year LPR plus 79.8% per annum, i.e., LPR*(1+79.8%) (“interest rate”) on June 30 every year until the expiration of the Subsidiary Convertible Note.

The Subsidiary Convertible Note Holder has the right to convert the Subsidiary Convertible Note to the subsidiary’s equity within 7 years from the issuance date (i.e., convertible before June 8, 2029), if the agreed financial performance of Ningbo Robotics achieved. All outstanding interest shall be paid in cash immediately before the conversion. The conversion price is RMB135 per ordinary share of Ningbo Robotics (1 paid in capital equal to 1 share), subject to anti-dilution adjustment. Ningbo Lotus, the immediate parent company of Ningbo Robotics, shall redeem all outstanding principal amount of Subsidiary Convertible Note at maturity (i.e., June 8, 2029).

Accounting of Subsidiary Convertible Note

The Group elected the fair value option for the Subsidiary Convertible Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Subsidiary Convertible Note was recognized at fair value at the issuance date and is measured subsequently at fair value. The changes in fair values due to the instrument-specific credit risk were charged to other comprehensive income (loss) and all other changes in fair values were recognized as “Changes in fair values of liabilities, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss.

The Group adopted a scenario-weighted average method to estimate the fair value of the Subsidiary Convertible Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date.

The fair value of the Subsidiary Convertible Note as of December 31, 2025 and 2024 was estimated with the following key assumptions used:


		As of December 31,
		2025		2024
Risk-free interest rates		1.38	%	1.30	%
Probability of conversion		10.00	%	10.00	%
Bond yields		14.05%-14.51	%	6.69%-7.74	%

2023 Convertible Notes

During the year ended December 31, 2023, the Company issued following convertible notes (“2023 Convertible Notes”).

During the year ended December 31, 2023, the Company entered into convertible note purchase agreements with the certain investors (“Convertible Note Purchase Agreements”), pursuant to which the Company issued US$23,500 aggregate principal amount of unsecured convertible notes (the “Pre-IPO Notes”) with maturing one year from the issuance. As of December 31, 2023, the Pre-IPO Notes of US$14,000 was issued. In January 2024, the Company issued the remaining principal amount of US$9,500 to one of the investors of Pre-IPO Notes.

ii)

On April 28, 2023, the Company entered into a convertible note purchase agreement with Momenta Global Limited, pursuant to which the Company issued a convertible note for a purchase price equal to US$ equivalent of RMB80,000 as calculated based on the US$/RMB central parity rate set by the People’s Bank of China as of the issue date (the “Momenta Note”) with maturing one year from the issuance.

As mentioned in Note 1(b), 2,433,912 ordinary shares were issued to a number of Pre-IPO Notes investors pursuant to the conversion of Pre-IPO Notes, including both principal and interest, and 577,456 ordinary shares were issued to Momenta Global Limited pursuant to the conversion of Momenta Note, including both principal and interest, upon the consummation of the Merger Transaction.

The Group elected the fair value option for 2023 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction.

2024 Convertible Notes

On June 24 and June 25, 2024, the Company entered into short-term unsecured convertible notes (“2024 Convertible Notes”) agreement with a related party, Geely International (Hong Kong) Limited (“Geely HK” or “2024 Convertible Notes Holder”) and issued convertibles notes with principal amounts of US$54,904 and US$54,880, respectively, that will both be due on June 22, 2025. The 2024 Convertible Notes Holder is entitled to receive interest at coupon rate of Secured Overnight Financing Rate published on the New York Federal Reserve website (“SOFR”) plus 3.35% per annum. The 2024 Convertible Notes Holder has the right, at its option, to convert all or any portion of the notes, to the Company’s fully paid ordinary shares at any time during the conversion period. The conversion price equals to the volume-weighted average of the last reported sale price of the Company’s ADSs over the 10 consecutive trading days immediately preceding the applicable conversion date, subject to adjustment.

In June 2025, the 2024 Convertible Notes were fully repaid. Upon the repayment, the accumulated recognized other comprehensive loss relating to fair value changes due to instrument-specific credit risk of US$2,259 was reclassified to changes in fair values of liabilities, excluding impact of instrument-specific credit risk in the consolidated statement of comprehensive loss for the year ended December 31, 2025.

2025 Convertible Notes

On February 28 and June 20, 2025, the Company entered into unsecured convertible notes (“2025 Convertible Notes”) agreements with a related party, Geely HK (“2025 Convertible Notes Holder”) and issued convertibles notes with principal amounts of US$70,000 and US$119,263. The 2025 Convertible Notes were issued on April 28 and June 20, 2025, respectively, and will be due on April 28, 2027 and June 18, 2026, respectively. The 2025 Convertible Notes Holder is entitled to receive interest at coupon rate of SOFR plus 3.35% per annum. The 2025 Convertible Notes Holder has the right, at its option, to convert all or any portion of the notes, to the Company’s fully paid ordinary shares at any time during the conversion period. The conversion price equals to the volume-weighted average of the last reported sale price of the Company’s ADSs over the 10 consecutive trading days immediately preceding the applicable conversion date, subject to adjustment. In addition, in connection with 2025 Convertible Notes issued on April 28, 2025, 2025 Convertible Notes Holder entered into equity pledge agreements with Ningbo Lotus, a wholly-owned subsidiary of the Company, pursuant to which Ningbo Lotus agreed to pledge to the 2025 Convertible Notes Holder 50% equity interests held by Ningbo Lotus in Ningbo Robotics.

Accounting of 2024 and 2025 Convertible Notes

The Group elected the fair value option to account for the 2024 and 2025 Convertible Note (the “Convertible Notes”), including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Convertible Notes were recognized at fair value at the issuance date and is measured subsequently at fair value. The changes in fair values due to the instrument-specific credit risk were charged to other comprehensive income (loss) and reclassified to profit or loss upon termination of related convertible notes. All other changes in fair values were recognized as “Changes in fair values of liabilities, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss.

The Group adopted a binomial option-pricing model to estimate the fair value of the Convertible Notes, based on assumptions related to risk-free interest rate, expected volatility and bond yield. On each node of the binomial lattice, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the 2025 Convertible Notes as of December 31, 2025 and the fair value of the 2024 Convertible Notes as of December 31, 2024 was estimated with the following key assumptions used:


		As of December 31,
		2025		2024
		2025		2024
		Convertible Notes		Convertible Notes
Risk‑free interest rate		3.45%-3.57	%	4.25	%
Volatilities		43.57%-54.49	%	56.70	%
Bond yield		16.89%-17.03	%	10.12	%

ATW Convertible Note

On August 19, 2025, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with ATW Partners, pursuant to which the Company agreed to issue and sell convertible notes for up to an aggregate principal amount of US$300,000 (the “ATW Notes”). Pursuant to the Securities Purchase Agreement, the Company issued an ATW Note in the original principal amount of US$10,000 on August 19, 2025.

Each of ATW Notes bears interest at a rate of SOFR plus 6.75% per annum. If certain equity conditions are satisfied, the Company is entitled to settle a portion of interest, i.e. 4.25% per annum, either in cash or in ADSs. Interest is payable in arrears on the first calendar day of each calendar quarter, beginning October 1, 2025. Unless earlier converted or redeemed, the ATW Notes will mature on the two-year anniversary of their respective issuance dates, subject to extension at the option of the holders in certain circumstances as provided in the ATW Notes.

Each holder of ATW Notes may convert all, or any part, of the outstanding principal of the ATW Notes, together with accrued and unpaid interest, and any late charges thereon, at any time, at such holder’s option, into the Company’s ordinary shares represented by ADSs at a conversion price that is initially set at US$2.19 per ADS or ordinary share, subject to adjustment including for anti-dilution events and proportional adjustment upon the occurrence of any share split or subdivision, share dividend, share consolidation or combination and/or similar transactions, recapitalization or similar event.

Accounting of ATW Note

The Group elected the fair value option to account for the ATW Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The ATW Note was recognized at fair value at the issuance date and is measured subsequently at fair value. The changes in fair values due to the instrument-specific credit risk were charged to other comprehensive income (loss) and reclassified to profit or loss upon termination of related convertible notes. All other changes in fair values were recognized as “Changes in fair values of liabilities, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss.

The Group adopted a binomial option-pricing model to estimate the fair value of the ATW Note, based on assumptions related to risk-free interest rate, expected volatility and bond yield. On each node of the binomial lattice, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the ATW Note as of December 31, 2025 was estimated with the following key assumptions used:


		As of December 31, 2025

Risk‑free interest rate		3.47	%
Volatilities		54.73	%
Bond yield		16.83	%

DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2025

DESCRIPTION OF BUSINESS AND ORGANIZATION

Summary of consolidated revenues, net loss and cash flow information


		From January 1, 2023
		to the completion of
		the Restructuring
		US$
Revenues		—
Net loss ⁽ⁱ⁾		(74,137)
Net cash used in operating activities ⁽ⁱⁱ⁾		(8,281)
Net cash used in investing activities		(38,400)
Net cash used in financing activities ⁽ⁱⁱⁱ⁾		(107,317)
Effect of exchange rate changes on cash		(2,573)
Net decrease in cash		(156,571)
Cash at beginning of the period		156,571
Cash at end of the period		—

(i)	Net loss includes other expenses of US$56,752 arising from the transfer of VIE’s assets and liabilities to a subsidiary of WFOE for period between January 1, 2023 and the completion of the Restructuring, which were eliminated upon consolidation.

(ii)	Net cash used in operating activities includes amounts of US$88,423 paid to the Company’s subsidiaries and amounts of US$86,697 provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, which were eliminated upon consolidation.

(iii)

Summary of carrying amount of net liabilities of subsidiary


		US$

Cash		5,276
Accounts receivable		865
Prepayments and other current assets		2,710
Amounts due from the Company and its subsidiaries		4,035
Property, equipment and software, net		8,494
Operating lease right-of-use assets		9,689
Accounts payable		(1,062)
Accrued expenses and other current liabilities		(6,290)
Operating lease liabilities		(9,758)
Net assets		13,959

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

CONVERTIBLE NOTES - Key assumptions used in determining fair value of ATW Convertible Note (Details) - ATW Convertible Notes	Dec. 31, 2025
Risk-free interest rate
CONVERTIBLE NOTES
Measurement input	0.0347
Volatilities
CONVERTIBLE NOTES
Measurement input	0.5473
Bond yields
CONVERTIBLE NOTES
Measurement input	0.1683

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONVERTIBLE NOTES - Key assumptions used in determining fair value of 2025 Convertible Note (Details)	Dec. 31, 2025	Dec. 31, 2024
2025 Convertible Notes \| Risk-free interest rate \| Minimum
CONVERTIBLE NOTES
Measurement input	0.0345
2025 Convertible Notes \| Risk-free interest rate \| Maximum
CONVERTIBLE NOTES
Measurement input	0.0357
2025 Convertible Notes \| Volatilities \| Minimum
CONVERTIBLE NOTES
Measurement input	0.4357
2025 Convertible Notes \| Volatilities \| Maximum
CONVERTIBLE NOTES
Measurement input	0.5449
2025 Convertible Notes \| Bond yields \| Minimum
CONVERTIBLE NOTES
Measurement input	0.1689
2025 Convertible Notes \| Bond yields \| Maximum
CONVERTIBLE NOTES
Measurement input	0.1703
2024 Convertible Notes \| Risk-free interest rate
CONVERTIBLE NOTES
Measurement input		0.0425
2024 Convertible Notes \| Volatilities
CONVERTIBLE NOTES
Measurement input		0.567
2024 Convertible Notes \| Bond yields
CONVERTIBLE NOTES
Measurement input		0.1012

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES

Schedule of inventories


		As of December 31,
		2025		2024
		US$		US$
Products available for sale		112,235		179,905
Goods in transit		7,589		7,763
Raw materials		1,506		828
Work-in-progress		31		86
Total		121,361		188,582

SHAREHOLDERS' DEFICIT - Ordinary Shares (Details)

12 Months Ended

Jan. 19, 2026

USD ($)

Dec. 23, 2025

USD ($)

$ / shares

Sep. 19, 2024

USD ($)

Sep. 16, 2024

USD ($)

Feb. 22, 2024

USD ($)

$ / shares

Mar. 18, 2022

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

USD ($)

$ / shares

Aug. 23, 2024

Ordinary Shares [Line Items]

Common Stock, Authorized Price per Share | $ / shares

$ 50

Common shares, shares authorized

5,000,000,000

Common shares, par value (in dollars per share) | $ / shares

$ 0.00001

Common shares, shares issued

707,196,733

694,134,038

Common shares, shares outstanding

640,672,331

676,826,794

Share subscription agreement

Ordinary Shares [Line Items]

Number of shares issued

12,408,759

Cash consideration | $

$ 17,000,000

Common stock subscribed

16,788,321

Price per share | $ / shares

$ 1.37

Total purchase price | $

$ 23,000,000

Share subscription agreement | Subsequent events

Ordinary Shares [Line Items]

Number of shares issued

4,379,562

Cash consideration | $

$ 6,000,000

Shares lock-up period

6 months

Employee | 2022 Share Incentive Plan

Ordinary Shares [Line Items]

Number of shares issued

110,300

Lotus Technology Inc | Lotus E V

Ordinary Shares [Line Items]

Shares outstanding prior to recapitalization

2,142,922,222

Shares outstanding post recapitalization

474,621,603

Recapitalization factor

0.2215

Reduction value of ordinary shares | $

$ 16,000

Ordinary shares issued

202,114,211

Number of shares issued

474,621,603

Series Pre-A Redeemable Convertible Preferred Shares | Pre A Investor B

Ordinary Shares [Line Items]

Number of shares redesignated from ordinary shares

5,332,827

Number of per shares redesignated from ordinary shares | $ / shares

$ 4.43

Re-designation of ordinary share into preferred shares | $

$ 23,650,000

LCA Acquisition Sponsor LP | Lotus Technology Inc | Lotus E V

Ordinary Shares [Line Items]

Ordinary shares issued

1,417,544

Number of shares issued

7,087,718

Deutsche Bank Trust Company Americas

Ordinary Shares [Line Items]

Ordinary shares future issuance

16,000,000

Westwood Capital Group LLC

Ordinary Shares [Line Items]

Value of shares issued | $

$ 1,301,000

^[1]

$ 4,307,000

Cash consideration | $

$ 1,301,000

$ 807,000

Westwood Capital Group LLC | Security purchase agreement

Ordinary Shares [Line Items]

Number of shares issued

700,000

649,000

202,500

Value of shares issued | $

$ 3,500

Cash consideration | $

$ 1,301,000

$ 807,000

Westwood Capital Group LLC | ADR | Security purchase agreement

Ordinary Shares [Line Items]

Maximum value of stock committed to be purchased | $

$ 350,000,000

Purchase commitment period for sale of stock

36 months

[1]	Amounts less than US$0.5.

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Future Minimum Lease Payments
2026	$ 15,876
2027	15,666
2028	14,486
2029	11,617
2030	11,278
Thereafter	19,350
Total undiscounted lease payments	88,273
Less: imputed interest	(14,358)
Total lease liabilities	$ 73,915	$ 94,182

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Interest income	$ 28,143	$ 22,289	$ 9,204
Short term lease cost	15,058	10,020	4,288
Acquisition of the distribution right	30,710	33,620	11,031
Interest expenses	63,338	58,218	10,200
Payment of lease liabilities	17,420	22,260	34,752
Proceed from settlement of related party loans		140
Proceed from disposal of an equity investment	58,885
Related party
RELATED PARTY TRANSACTIONS
Cash receipts by related parties on behalf of the Group	0	0	3,695
Loans to related parties	60,722	262,203	1,227
Interest income	20,725	13,661	122
Payments of deposits		1,113
Receipt from disposal of a subsidiary		12,157
Payment by related parties on behalf of the Group	11,126	24,070	4,022
Interest expenses	39,109	19,504	0
Borrowing from related parties	720,171	198,475
Repayment of borrowing from related party	170,247	0
Proceed from settlement of related party loans		140
Proceed from disposal of an equity investment	58,885
Related party \| Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchases	11,126	24,070	4,022
Related party \| Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases	445,190	759,690	852,623
Interest expenses	15,007	17,455	0
Related party \| Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases	59,342	107,544	134,721
Related party \| Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases	534	1,346	11,223
Related party \| Proceeds from disposal of equipment and software
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right	11,033
Related party \| Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost	172	129	765
Related party \| Staff salary, social welfare and other travel expenses
RELATED PARTY TRANSACTIONS
Payment by related parties on behalf of the Group	2,879	5,165	14,514
Related party \| Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Loans to related parties	60,722	261,647
Interest income	20,090	13,415
Related party \| Unsecured short term loans
RELATED PARTY TRANSACTIONS
Interest income	153	131	122
Proceed from settlement of related party loans	0	140	0
Related party \| Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Interest expenses	39,109	19,504
Repayment of borrowing from related party	170,247
Related party \| Lease agreements
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets	0	0	12,166
Payment of lease liabilities	1,844	191	269
Related party \| Deposits received from related party suppliers
RELATED PARTY TRANSACTIONS
Deposits received from related party suppliers		14	251
Related party \| Acquisition of distribution right
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right			22,296
Related party \| Provision of services
RELATED PARTY TRANSACTIONS
Revenues	29,045	24,358	12,573
Related party \| Sales of goods
RELATED PARTY TRANSACTIONS
Revenues	$ 5,933	$ 18,162	$ 3,432

WARRANT LIABILITIES

12 Months Ended

Dec. 31, 2025

WARRANT LIABILITIES

WARRANT LIABILITIES

12.

WARRANT LIABILITIES

The following table shows the movement of warrant liabilities:


		Year Ended December 31,
		2025	2024
		US$	US$
Balance at beginning of the year		3,340	—
Issuance of warrant liabilities		—	12,141
Conversion to ordinary shares		—	(275)
Changes in fair values		(2,540)	(8,526)
Balance at end of the year		800	3,340

As stated in Note 1(b), 9,550,246 Public Warrants were issued to the then public shareholders of LCAA in exchange for the warrants held by public shareholders of LCAA, and 5,486,784 Sponsor Warrants were issued to the Sponsor in exchange for warrants held by the Sponsor.

Given the Public Warrants are publicly traded on Nasdaq, the liability is measured at fair value using observable inputs and categorized in Level 1 of the fair value hierarchy, while the Sponsor Warrants liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Binomial Option Pricing Model is used for estimating the fair value of the Sponsor Warrants as of December 31, 2024, using the following assumptions: i) risk-free interest rate of 4.33%, ii) expected dividend rate of 0.00%, iii) expected term of 4.14 years, iv) expected volatility of 39.76%, and v) spot price of US$3.61. As of December 31, 2025, the management determined fair value of Public Warrants and Sponsor Warrants were approximate, and used fair value of Public Warrants to estimate fair value of Sponsor Warrants.

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

23.	FAIR VALUE MEASUREMENT

Assets and liabilities measured at fair value on a recurring basis include derivative assets, investment securities, securities pledged to an investor, exchangeable notes, convertible notes, warrant liabilities and put option liabilities.

The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2025 and 2024.


		Fair Value Measurement at Reporting Date Using
		Quoted Prices	Significant
		in Active	Other	Significant
	Fair Value as of	Markets for	Observable	Unobservable
	December 31,	Identical Assets	Inputs	Inputs
	2025	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Investment securities	1,811	1,811	—	—
Liabilities
Warrant liabilities	800	800	—	—
Convertible notes	276,604	—	—	276,604
Exchangeable notes	128,852	—	—	128,852


		Fair Value Measurement at Reporting Date Using
		Quoted Prices	Significant
		in Active	Other	Significant
	Fair Value as of	Markets for	Observable	Unobservable
	December 31,	Identical Assets	Inputs	Inputs
	2024	(Level 1)	(Level 2)	(Level 3)
	US$	US$	US$	US$
Assets
Investment securities	2,221	2,221	—	—
Securities pledged to an investor	315,796	315,796	—	—
Derivative asset	694	—	694	—
Liabilities
Put option liabilities	309,115	—	—	309,115
Warrant liabilities	3,340	1,996	—	1,344
Convertible notes	188,156	—	—	188,156
Exchangeable notes	102,999	—	—	102,999

Valuation Techniques

Investment securities: The Group invested in a listed equity securities, ECARX, and values the equity securities using quoted prices for the underlying securities in active markets. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1.

Derivative asset: Derivative asset represents forward currency contracts. The fair value is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates.

Securities pledged to an investor: The estimated fair values of the securities are determined using available market information. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1.

Put option liabilities, exchangeable notes and convertible notes: As the Group’s put option liabilities, exchangeable notes and convertible notes are not traded in an active market with readily observable quoted prices, the Group uses significant unobservable inputs (Level 3) to measure the fair value of the put option liabilities, exchangeable notes and convertible notes at inception and at each subsequent balance sheet date. See Notes 13, 14 and 15 for information about the significant unobservable inputs used in the respective fair value measurements.

Public Warrants and Sponsor Warrants: As of December 31, 2025, Public Warrants and Sponsor Warrants are classified as Level 1 due to the use of the observed trading price. As of December 31, 2024, Public Warrants is classified as Level 1 due to the use of the observed trading price, while Sponsor Warrants is classified as Level 3 due to the use of the significant unobservable inputs (Level 3) used in the fair value measurements (Note 12).

The other financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, accounts receivable, loan receivables and other receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and other non-current liabilities and operating lease liabilities. As of December 31, 2025 and 2024, the fair values of operating leases liabilities approximated to their carrying values, which were due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities, and the carrying amounts of other financial instruments approximated to their fair values, which were due to short term maturity of these instruments.

The Group’s non-financial assets, such as property, equipment and software and intangible assets, would be measured at fair value only if they were determined to be impaired.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Details) - Third parties - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
Accrued salaries and benefits	$ 55,135	$ 60,450
Payables for R&D Expenses	30,124	50,176
Payables for marketing events	49,781	84,423
Payables for purchase of property, equipment and software	24,534	68,238
Advance from customers	3,881	3,624
Deposits from third parties suppliers	9,950	22,615
VAT and other taxes payables	11,782	27,649
Payables for service fees	31,754	50,470
Others	34,420	22,146
Total	$ 251,361	$ 389,791

INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

4.	INVENTORIES

Inventories consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Products available for sale		112,235		179,905
Goods in transit		7,589		7,763
Raw materials		1,506		828
Work-in-progress		31		86
Total		121,361		188,582

Inventories write-downs recognized in cost of revenues for the years ended December 31, 2025, 2024 and 2023 were US$8,752, US$25,902 and US$1,668, respectively.

Inventories of nil and US$1,243 were pledged for other short-term financing arrangements (Note 10) as of December 31, 2025 and 2024, respectively.

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Provision of services(i)		29,045		24,358		12,573
Sales of goods(i)		5,933		18,162		3,432


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Payments on behalf of related parties ((ii).a)		11,126		24,070		4,022
Cash receipts by related parties on behalf of the Group ((ii).a)		—		—		3,695
Loans to related parties ((ii).b)		60,722		262,203		1,227
Interest income on loans due from related parties ((ii).b)		20,725		13,661		122
Purchase of products and services ((iii).a)		445,190		759,690		852,623
Purchase of products and services for R&D activities ((iii).b)		59,342		107,544		134,721
Payment of deposits ((ii).e)		—		1,113		—
Receipt from disposal of a subsidiary (v)		—		12,157		—
Purchase of equipment and software ((iii).c)		534		1,346		11,223
Proceeds from disposal of equipment and software ((ii).f)		11,033		—		—
Payment by related parties on behalf of the Group ((iii).d)		2,879		5,165		14,514
Short-term lease cost ((iii).e)		172		129		765
Deposits received from related party suppliers ((iii).f)		—		14		251
Acquisition of the distribution right ((iii).g)		—		—		22,296
Interest expenses to related parties ((iii).a & vii)		39,109		19,504		—
Borrowing from related parties (vii)		720,171		198,475		—
Repayments of borrowing from related parties (vii)		170,247		—		—
Acquisition of right-of-use assets (iv)		—		—		12,166
Payment of lease liabilities (iv)		1,844		191		269
Proceed from settlement of related party loans((ii).b)		—		140		—
Proceed from disposal of an equity investment (Note 2(h))		58,885		—		—


		As of December 31,
		2025		2024
		US$		US$
Accounts receivable - related parties (i)		114,126		107,816
Contract liabilities – related parties* (i)		228		150
Prepayments and other current assets – related parties (ii)		111,886		74,558
Other non-current assets – related parties ((ii). e)		569		1,113
Accounts payable – related parties ((iii).a)		458,189		410,433
Accrued expenses and other current liabilities – related parties (iii)		211,665		213,582
Other non-current liabilities – related parties ((iii).f)		856		1,471
Operating lease liabilities– related parties, current* (iv)		1,636		1,028
Operating lease liabilities– related parties, non-current (iv)		3,105		10,729
Investment securities – related parties (vi)		1,811		2,221
Equity security without readily determinable fair values using the measurement alternative – related party (Note 2(h))		35,568		—
Loan receivable from a related party ((ii). b)		351,486		269,539
Short-term borrowings - related parties(vii)		784,288		199,570

* These items are included in accrued expenses and other current liabilities – related parties in the consolidated balance sheets as of December 31, 2025 and 2024.

Note:

(i)

The Group sold sports cars, EV lifestyle models, auto parts and peripheral products and provided R&D services and other consulting services to related parties. The Group provided services to related parties amounting to US$29,045, US$24,358 and US$12,573 for the years ended December 31, 2025, 2024 and 2023, respectively. The Group sold sports cars, EV lifestyle models, auto parts and peripheral products to related parties amounting to US$5,933, US$18,162 and US$3,432 for the years end December 31, 2025, 2024 and 2023, respectively.

Accounts receivable due from related parties arising from sales of goods and provision of services, including facilitation services in relation to logistics and order processing, were US$114,126 and US$107,816 as of December 31, 2025 and 2024, respectively. Receipts in advance of US$228 and US$150 were included in contract liabilities – related parties as of December 31, 2025 and 2024, respectively.

(ii)

Prepayments and other current assets – related parties, other non-current assets – related parties and loan receivable from a related party of the Group are mainly arising from transactions related to purchase of products and services (see note (iii).a), loans to related parties, and cash payments on behalf of related parties.

The Group made payments of US$11,126, US$24,070 and US$4,022 on behalf of related parties for the years ended December 31, 2025, 2024 and 2023, respectively. Related parties collected cash receipts of nil, nil and US$3,695 on behalf of the Group for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, receivables of US$5,764 and US$21,681 was included in prepayments and other current assets – related parties, respectively.

On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, pursuant to which the Company’s subsidiary provided unsecured loans with a total principal amount of US$354,000 with a term of five years and annual interest rate of 6.95%. During the years ended December 31, 2025 and 2024, the Group provided loan principal of US$60,722 and US$261,647, and recognized interest income of US$20,090 and US$13,415, respectively. As of December 31, 2025 and 2024, the receivable for the loan principal and interest of US$351,486 and US$269,539 was included in loan receivable from a related party, respectively.

The Group disposed a subsidiary in September 2024. The Group provided unsecured short-term loans to that subsidiary with an interest rate of 3% per annum. During the year ended December 31, 2025, the Group recognized interest income of US$482. During the period from the disposal date to December 31, 2024, the Group recognized interest income of US$115. As of December 31, 2025 and 2024, the receivable for the loan principal and interest of US$18,052 and US$15,677 was included in prepayments and other current assets – related parties, respectively.

During the years ended December 31, 2025, 2024 and 2023, the Group provided unsecured short-term loans of nil, US$556 and US$1,227, respectively, to related parties with interest rates of 3.65%-4.5% per annum, and received the settlement of unsecured short-term loans of nil, US$140 and nil, respectively. The Group recognized interest income of US$153, US$131 and US$122 for the years ended December 31, 2025, 2024 and 2024, respectively. As of December 31, 2025 and 2024, the receivable for the loan principal and interest of US$4,706 and US$ 3,348 was included in prepayments and other current assets – related parties, respectively.

As mentioned in note ((iii).a) and note ((iii).c) below, the amounts of prepayments to related parties for purchase of vehicles, auto parts and peripheral products of US$83,296 and US$33,204 were included in prepayments and other current assets – related parties as of December 31, 2025 and 2024, respectively.

As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US$9 and US $5 were included in prepayments and other current assets – related parties as of December 31, 2025 and 2024, respectively.

During the years ended December 31, 2025, 2024 and 2023, the Group has paid nil, US$1,113 and nil as deposit for services, which was included in other non-current assets - related parties. As of December 31, 2025 and 2024, the deposit paid recorded in other non-current assets - related parties was US$569 and US$ 1,113, respectively.

During the years ended December 31, 2025, 2024 and 2023, the Group disposed equipment amounting to US$11,033, nil and nil to related parties. As of December 31, 2025 and 2024, receivable from the disposal recorded in prepayments and other current assets – related parties was US$2,666 and nil.

As of December 31, 2025 and 2024, contract assets related to R&D services provided to related parties of nil and US$929 was recorded as contract asset in prepayments and other current assets – related parties, respectively.

(iii)

Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are mainly arising from transactions related to purchase of products and services, purchase of equipment and software, and payments by related parties on behalf of the Group.

The Group purchased sports cars, EV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and EV lifestyle models and other consulting services from related parties. During the years ended December 31, 2025, 2024 and 2023, these purchases amounted to US$445,190, US$759,690 and US$852,623, among which, US$349,247, US$774,002 and US$549,893 were recognized as cost of goods sold, respectively.

As of December 31, 2025 and 2024, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and EV lifestyle models and other consulting services of US$52,917 and US$25,483 were included in accrued expenses and other current liabilities – related parties, respectively.

As of December 31, 2025 and 2024, the amounts due to related parties for purchase of sports cars, EV lifestyle models, auto parts and peripheral products of US$458,189 and US$410,433 was included in accounts payable-related parties, respectively.

During the years ended December 31, 2025, 2024 and 2023, the Group incurred interest expense of US$15,007, US$17,455 and nil due to the delay payments of accounts payable due to related parties, bearing interest rate of 6.95%.

The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US$59,342, US$107,544 and US$134,721 during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the amounts due to related parties for purchase of products and services for R&D activities of US$156,442 and US$184,137 were included in accrued expenses and other current liabilities – related parties, respectively.

The Group purchased equipment and software of US$534, US$1,346 and US$11,223 from related parties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the amounts due to related parties for purchase of equipment and software of US$1,603 and US$2,649 were included in accrued expenses and other current liabilities – related parties, respectively.

During the years ended December 31, 2025, 2024 and 2023, related parties paid US$2,879, US$5,165 and US$14,514 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, out of which US$397 and US$1,226 were included in accrued expenses and other current liabilities – related parties as of December 31, 2025 and 2024, respectively.

The Group entered into short-term lease agreements with related parties to rent office spaces. During the years ended December 31, 2025, 2024 and 2023, the Group incurred short-term lease costs of US$172, US$129 and US$765, respectively. As of December 31, 2025 and 2024, payables for short-term leases of nil and US$48, respectively, were included in accrued expenses and other current liabilities – related parties, respectively.

The Group received deposits of nil, US$14 and US$251 from related parties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, US$306 and US$39 were included in accrued expenses and other current liabilities – related parties, and US$856 and US$1,471 was included in other non-current liabilities-related parties, respectively.

On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles since January 31, 2023, for a cash consideration of US$22,296 (equivalent to GBP18,055), which was settled during the year ended December 31, 2024.

The Group determined that the acquisition of distribution right did not result in a change in the reporting entity and was accounted for prospectively from the date of the transfer. The acquisition of the distribution right was accounted for as a transaction between entities under common control, with the asset recognized at the historical cost of the ultimate parent. The difference between purchase price of US$22,296 and historical cost of nil was recorded as a distribution to shareholders in additional paid-in capital.

(iv)

The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the years ended December 31, 2025, 2024 and 2023, the Group recognized right-of-use assets of nil, nil and US$12,166 from related parties, respectively. During the years ended December 31, 2025, 2024 and 2023, the Group paid lease liabilities of US$1,844, US$191 and US$269, respectively. As of December 31, 2025 and 2024, current portion of operating lease liabilities were US$1,636 and US$1,028, respectively, and non-current portion of operating lease liabilities were US$3,105 and US$10,729, respectively.

(v)	On September 27, 2024, the Company, through its subsidiary, disposed 80% equity interest of Lotus GmbH to Geely UK Limited, for cash consideration of US$12,157.

(vi)

On May 13, 2022, the Company purchased a one-year convertible note with the principal of US$10,000 issued by ECARX. Upon the listing of ECARX on December 21, 2022, the convertible note was automatically converted to the Class A ordinary shares of ECARX at conversion price of US$9.5 per share. As of December 31, 2025 and 2024, the fair value of such shares was US$1,811 and US$2,221, respectively.

(vii)

During the year ended December 31, 2025, the Group borrowed loans due within one year or less with principal amounts of US$720,171 from related parties ultimately controlled by the Controlling Shareholder, bearing interest rates of 3.45% - 7.91% per annum. During the year ended December 31, 2024, the Group borrowed loans due within one year or less with principal amounts of US$198,475 from subsidiaries of Geely Holding, bearing an interest rate of 6% per annum.

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Details) - Third parties - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
PREPAYMENTS AND OTHER CURRENT ASSETS
Deductible VAT	$ 46,287	$ 34,523
Prepayments to third-party suppliers	16,554	20,903
Contract costs	2,569	3,492
Deposits	2,726	3,417
Interest receivable	4,721	5,130
Others	4,727	5,222
Less: Allowance for credit losses	(14)	(146)
Total	$ 77,570	$ 72,541

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Nov. 04, 2021
INTANGIBLE ASSETS
Trademark licenses with indefinite useful lives	$ 116,083	$ 116,083	$ 116,041
Others	392	417
Total	$ 116,475	$ 116,500

SHAREHOLDERS' DEFICIT - Treasury shares (Details) - ADR - shares		12 Months Ended
	Sep. 05, 2025	Dec. 31, 2025
Equity, Class of Treasury Stock [Line Items]
Shares repurchased	50,000,000
Conversion of convertible notes to ordinary shares (in shares)		782,842
Number of treasury stock		49,217,158

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2022
SHARE-BASED COMPENSATION
Number of options granted during the period	2,674,523
Number of options that were exercisable	12,028,990
Unrecognized share-based compensation expense	$ 39
Weighted-average period	1 year 7 months 6 days
Share based compensation expense	$ 2,274	$ 31,930
Number of share options exercised	0	0
Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares issued upon the exercise the option	387,593
Employee Stock Option \| 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Aggregate number of shares that may be issued				51,550,661
Number of options granted during the period	2,674,523	6,494,086	775,561
Share options, contractual term (in years)	10 years
Employee Stock Option \| 2022 Share Incentive Plan \| Minimum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	0 years
Employee Stock Option \| 2022 Share Incentive Plan \| Maximum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	3 years
Employee Stock Option \| Employee
SHARE-BASED COMPENSATION
Fair value of awards recognized as dividends	$ 855
Employee Stock Option \| Employee \| 2022 Share Incentive Plan \| Director or Officer
SHARE-BASED COMPENSATION
Number of options granted during the period	0	51,640	0
Employee Stock Option \| Non employee \| 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Number of options granted during the period	0	174,970	0

WARRANT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

WARRANT LIABILITIES

Schedule of warrant liabilities


		Year Ended December 31,
		2025	2024
		US$	US$
Balance at beginning of the year		3,340	—
Issuance of warrant liabilities		—	12,141
Conversion to ordinary shares		—	(275)
Changes in fair values		(2,540)	(8,526)
Balance at end of the year		800	3,340

DESCRIPTION OF BUSINESS AND ORGANIZATION - Merger and recapitalization (Details) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Feb. 22, 2024 USD ($) $ / shares shares	Feb. 21, 2024 shares	Nov. 11, 2021 shares	Jan. 31, 2024 shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Gross proceeds deposited into treasury \| $					$ 70,525
Lotus Technology International Investment Limited
Class of Stock [Line Items]
Number of shares issued			95,990,886
Etika
Class of Stock [Line Items]
Number of shares issued			143,986,329
Lotus Technology Inc
Class of Stock [Line Items]
Number of ordinary shares to PIPE investors	35,849,458
Lotus E V \| Lotus Technology Inc
Class of Stock [Line Items]
Number of shares issued	474,621,603
Recapitalization factor	0.2215
Initial conversion ratio	1
Number of shares recapitalized into ordinary shares	68,228,526
Number of ordinary shares to PIPE investors	94,277,279
Consideration for shares issued to PIPE investors \| $	$ 858,495
Lotus E V \| Lotus Technology Inc \| Meritz Securities Co., Ltd
Class of Stock [Line Items]
Number of shares issued	50,000,000
Value of shares issued \| $	$ 500,000
Lotus E V \| Lotus Technology Inc \| Lotus Technology International Investment Limited
Class of Stock [Line Items]
Number of ordinary shares to PIPE investors	12,750,000
Lotus E V \| Lotus Technology Inc \| Etika
Class of Stock [Line Items]
Number of ordinary shares to PIPE investors	12,250,000
Lotus E V \| Lotus Technology Inc \| LCAA
Class of Stock [Line Items]
Number of shares issued	8,427,821
Percentage of shares held by Sponsor remain unvested		20
Number of unvested shares.		1,417,544			1,417,544
Exercise price of warrants \| $ / shares	$ 11.5
Lotus E V \| Lotus Technology Inc \| Public shareholders
Class of Stock [Line Items]
Number of shares issued	1,265,103
Number of warrants issued	9,550,246
Lotus E V \| Lotus Technology Inc \| LCA Acquisition Sponsor LP
Class of Stock [Line Items]
Number of shares issued	7,087,718
Warrants exercised						495,724
Number of warrants issued	5,486,784
Lotus E V \| Lotus Technology Inc \| Directors and officers
Class of Stock [Line Items]
Number of shares issued	75,000
Lotus E V \| Lotus Technology Inc \| WFOE Exchangeable Notes
Class of Stock [Line Items]
Number of shares agreed to be issued following the settlement of debt	36,597,038
Lotus E V \| Lotus Technology Inc \| Momenta Note and Pre-IPO Note
Class of Stock [Line Items]
Conversion to ordinary shares (in shares)	3,011,368
Lotus E V \| Lotus Technology Inc \| Momenta Note
Class of Stock [Line Items]
Conversion to ordinary shares (in shares)	577,456			577,456
Lotus E V \| Lotus Technology Inc \| Pre-IPO Note
Class of Stock [Line Items]
Conversion to ordinary shares (in shares)	2,433,912

EXCHANGEABLE NOTES (Tables)

12 Months Ended

Dec. 31, 2025

Exchangeable notes

EXCHANGEABLE NOTES

Schedule of exchangeable notes


				Lightning
		WFOE		Speed		Kingway
		Exchangeable		Exchangeable		Exchangeable
		Notes		Notes		Notes		Total
		US$		US$		US$		US$
Balance as of January 1, 2023		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
Issuance of exchangeable notes		—		—		28,541		28,541
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk		(11,509)		2,606		918		(7,985)
Changes in fair values of exchangeable notes due to the instrument-specific credit risk		—		(1,996)		(905)		(2,901)
Settlements		(365,994)		—		—		(365,994)
Foreign currency translation adjustment		(1,135)		(1,124)		(719)		(2,978)
Balance as of December 31, 2024		—		75,164		27,835		102,999
Issuance of exchangeable notes		—		—		27,842		27,842
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk		—		826		(75)		751
Changes in fair values of exchangeable notes due to the instrument-specific credit risk		—		(4,584)		(1,014)		(5,598)
Foreign currency translation adjustment		—		1,640		1,218		2,858
Balance as of December 31, 2025		—		73,046		55,806		128,852
Including:
– Current portion		—		—		—		—
– Non-current portion		—		73,046		55,806		128,852

Kingway Exchangeable Note

EXCHANGEABLE NOTES

Schedule of assumptions used in determination of fair value of Exchangeable Notes


		As of December 31, 2025				As of December 31, 2024
		Lightning Speed		Kingway		Lightning Speed		Kingway
		Exchangeable		Exchangeable		Exchangeable		Exchangeable
		Notes		Notes		Notes		Notes
Risk‑free interest rates		1.34%-1.36	%	1.48%-1.54	%	1.08%~1.14	%	1.02%~1.39	%
Probability of conversion		50	%	75	%	75.00	%	75.00	%
Bond yields		13.41	%	12.97%-13.95	%	6.32	%	7.89	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Activities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 383,530	$ 368,409
Beginning balance (in shares)		68,228,526	68,228,526
Accretion of redeemable convertible preferred shares		$ 2,979	$ 15,121
Conversion to ordinary shares (in shares)		(68,228,526)
Conversion to ordinary shares		$ (386,509)
Ending balance	$ 368,409		$ 383,530
Ending balance (in shares)	68,228,526		68,228,526
Series Pre-A Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 184,509	$ 177,284
Beginning balance (in shares)		40,885,006	40,885,006
Accretion of redeemable convertible preferred shares		$ 1,385	$ 7,225
Conversion to ordinary shares (in shares)		(40,885,006)
Conversion to ordinary shares		$ (185,894)
Ending balance	$ 177,284		$ 184,509
Ending balance (in shares)	40,885,006		40,885,006
Series A Redeemable Convertible Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 199,021	$ 191,125
Beginning balance (in shares)		27,343,520	27,343,520
Issuance of preferred shares (in shares)	27,343,520
Accretion of redeemable convertible preferred shares		$ 1,594	$ 7,896
Conversion to ordinary shares (in shares)		(27,343,520)
Conversion to ordinary shares		$ (200,615)
Ending balance	$ 191,125		$ 199,021
Ending balance (in shares)	27,343,520		27,343,520

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2025

Convertible notes

CONVERTIBLE NOTES

Schedule of convertible notes


		Subsidiary		2023		2024		2025		ATW
		Convertible Note		Convertible Notes		Convertible Notes		Convertible Notes		Convertible Note		Total
		US$	* *	US$	* *	US$		US$		US$	* *	US$
Balance as of January 1, 2023		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
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		7,905		337		5,790		—		—		14,032
Changes in fair values of convertible notes due to the instrument-specific credit risk		(8,789)		—		(1,664)		—		—		(10,453)
Conversion to ordinary shares		—		(30,114)		—		—		—		(30,114)
Foreign currency translation adjustment		(1,148)		—		—		—		—		(1,148)
Balance as of December 31, 2024		74,246		—		113,910		—		—		188,156
Issuance of convertible notes		—		—		—		189,263		10,000		199,263
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		1,778		—		5,948		14,115		1,789		23,630
Changes in fair values of convertible notes due to the instrument-specific credit risk		(10,225)		—		(595)		—		283		(10,537)
Repayment		—		—		(119,263)		—		—		(119,263)
Conversion to ordinary shares		—		—		—		—		(1,210)		(1,210)
Interest paid		(4,802)		—		—		—		(75)		(4,877)
Foreign currency translation adjustment		1,442		—		—		—		—		1,442
Balance as of December 31, 2025		62,439		—		—		203,378		10,787		276,604
Including:
– Current portion		—		—		—		126,203		—		126,203
– Non-current portion		62,439		—		—		77,175		10,787		150,401

Subsidiary Convertible Note

CONVERTIBLE NOTES

Schedule of assumptions used in determination of fair value of Convertible Note


		As of December 31,
		2025		2024
Risk-free interest rates		1.38	%	1.30	%
Probability of conversion		10.00	%	10.00	%
Bond yields		14.05%-14.51	%	6.69%-7.74	%

2025 Convertible Notes

CONVERTIBLE NOTES

Schedule of assumptions used in determination of fair value of Convertible Note


		As of December 31,
		2025		2024
		2025		2024
		Convertible Notes		Convertible Notes
Risk‑free interest rate		3.45%-3.57	%	4.25	%
Volatilities		43.57%-54.49	%	56.70	%
Bond yield		16.89%-17.03	%	10.12	%

ATW Convertible Notes

CONVERTIBLE NOTES

Schedule of assumptions used in determination of fair value of Convertible Note


		As of December 31, 2025

Risk‑free interest rate		3.47	%
Volatilities		54.73	%
Bond yield		16.83	%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 73,431	$ 103,072
Restricted cash	375,865	379,293
Inventories	121,361	188,582
Total current assets	911,089	1,042,938
Non-current assets
Restricted cash	100,981	2,572
Securities pledged to an investor	0	315,796
Loan receivable from a related party	$ 351,486	$ 269,539
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related party	Related party
Property, equipment and software, net	$ 226,891	$ 316,447
Intangible assets	116,475	116,500
Long-term investments	48,004	9,720
Operating lease right-of-use assets	118,845	144,029
Total non-current assets	1,041,659	1,242,725
Total assets	1,952,748	2,285,663
Current liabilities
Shortterm borrowings	1,263,707	802,519
Share buyback forward liabilities	0	117,059
Put option liabilities - third parties	0	309,115
Total current liabilities	2,398,078	2,467,397
Noncurrent liabilities
Contract liabilities - third parties	7,458	8,683
Warrant liabilities	800	3,340
Exchangeable notes	128,852	102,999
Long-term borrowings	98,254	0
Deferred income	311,912	293,923
Deferred tax liabilities	698	0
Total noncurrent liabilities	884,916	678,492
Total liabilities	3,282,994	3,145,889
Commitments and contingencies (Note 25)
SHAREHOLDERS' DEFICIT
Ordinary shares (US$0.00001 par value per share, 5,000,000,000 shares authorized as of December 31, 2025 and 2024; 707,196,733 and 694,134,038 shares issued as of December 31, 2025 and 2024, respectively; 640,672,331 and 676,826,794 shares outstanding as of December 31, 2025 and 2024, respectively)	7	7
Treasury stock	(138,397)	0
Additional paid-in capital	1,933,992	1,785,664
Accumulated other comprehensive income	39,818	55,165
Accumulated deficit	(3,157,918)	(2,693,698)
Total shareholders' deficit attributable to ordinary shareholders	(1,322,498)	(852,862)
Noncontrolling interests	(7,748)	(7,364)
Total shareholders' deficit	(1,330,246)	(860,226)
Total liabilities and shareholders' deficit	1,952,748	2,285,663
Nonrelated Party
Current assets
Accounts receivable, net	36,850	117,076
Prepayments and other current assets, net	77,570	72,541
Non-current assets
Other non-current assets	78,408	67,009
Current liabilities
Shortterm borrowings	479,419	602,949
Accounts payable	55,032	61,752
Contract liabilities - third parties	18,459	33,964
Operating lease liabilities - third parties	11,598	14,094
Accrued expenses and other current liabilities	251,361	389,791
Noncurrent liabilities
Contract liabilities - third parties	7,458	8,683
Operating lease liabilities	57,576	68,331
Convertible notes	73,226	74,246
Other non-current liabilities	125,004	114,770
Related party
Current assets
Accounts receivable, net	114,126	107,816
Prepayments and other current assets, net	111,886	74,558
Non-current assets
Loan receivable from a related party	351,486	269,539
Other non-current assets	569	1,113
Current liabilities
Shortterm borrowings	784,288	199,570
Accounts payable	458,189	410,433
Accrued expenses and other current liabilities	213,529	214,760
Convertible notes	126,203	113,910
Noncurrent liabilities
Operating lease liabilities	3,105	10,729
Convertible notes	77,175	0
Other non-current liabilities	$ 856	$ 1,471

REVENUES - Disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Total revenues	$ 519,098	$ 924,349	$ 679,008
Chinese mainland
REVENUES
Total revenues	262,772	314,368	419,448
UK
REVENUES
Total revenues	102,930	208,255	83,827
European countries, excluding UK
REVENUES
Total revenues	112,028	209,724	97,217
All others
REVENUES
Total revenues	41,368	192,002	78,516
Goods
REVENUES
Total revenues	462,802	891,061	660,158
Goods \| Third parties
REVENUES
Total revenues	456,869	872,899	656,726
Goods \| Related parties
REVENUES
Total revenues	5,933	18,162	3,432
EV lifestyle models \| Third parties
REVENUES
Total revenues	351,860	627,683	464,172
EV lifestyle models \| Related parties
REVENUES
Total revenues	2,016	6,650	1,093
Sports cars \| Third parties
REVENUES
Total revenues	75,745	211,771	183,160
Sports cars \| Related parties
REVENUES
Total revenues	290	3,318	951
Parts and others \| Third parties
REVENUES
Total revenues	29,264	33,445	9,394
Parts and others \| Related parties
REVENUES
Total revenues	3,627	8,194	1,388
Service
REVENUES
Total revenues	56,296	33,288	18,850
Service \| Third parties
REVENUES
Total revenues	27,251	8,930	6,277
Service \| Related parties
REVENUES
Total revenues	29,045	24,358	12,573
R&D service \| Third parties
REVENUES
Total revenues	18,884	1,224	3,448
R&D service \| Related parties
REVENUES
Total revenues	25,101	22,799	10,619
Others \| Third parties
REVENUES
Total revenues	8,367	7,706	2,829
Others \| Related parties
REVENUES
Total revenues	$ 3,944	$ 1,559	$ 1,954

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT LIABILITIES -THIRD PARTIES

Schedule of other non-current liabilities - third parties


		As of December 31,
		2025		2024
	* *	US$	* *	US$
Deposits from third parties		18,442		17,438
Conditional and refundable government grants (i)		77,624		76,019
Warranty provision		28,938		21,313
Total		125,004		114,770

(i)The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to other operating income in the consolidated statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2025, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classified these liabilities as other non-current liabilities.

DESCRIPTION OF BUSINESS AND ORGANIZATION - Summarized Income and Cash Flow Statement (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
VIEs
Net Income (Loss)		$ (464,220)	$ (1,104,925)	$ (742,001)
Net cash used in operating activities		(333,907)	(848,520)	(386,932)
Net cash generated from (used in) investing activities		277,559	(579,440)	(197,985)
Net cash used in financing activities		128,453	1,459,527	284,708
Cash, cash equivalents and restricted cash at beginning of the year	$ 739,533	484,937	427,135	739,533
Cash, cash equivalents and restricted cash at end of the year		$ 550,277	$ 484,937	427,135
VIEs
VIEs
Net Income (Loss)	(74,137)
Net cash used in operating activities	(8,281)
Net cash generated from (used in) investing activities	(38,400)
Net cash used in financing activities	(107,317)
Effect of exchange rate changes on cash	(2,573)
Net increase in cash	(156,571)
Cash, cash equivalents and restricted cash at beginning of the year	156,571			$ 156,571
VIEs \| Consolidation, eliminations
VIEs
Other expenses	56,752
Net cash used in operating activities	88,423
Net cash provided by operating activities	86,697
Net cash used in financing activities	158,509
Net cash provided by financing activities	$ 32,715

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Total revenues

$ 519,098

$ 924,349

$ 679,008

Cost of revenues:

Total cost of revenues

(473,888)

(894,723)

(576,827)

Gross profit

45,210

29,626

102,181

Operating expenses:

Research and development expenses (including related parties amounts of US$63,011, US$107,669 and US$135,334 for the years ended December 31, 2025, 2024 and 2023, respectively)

(170,960)

(274,801)

(368,729)

Selling and marketing expenses (including related parties amounts of US$20,125, US$52,636 and US$40,531 for the years ended December 31, 2025, 2024 and 2023, respectively)

(148,261)

(322,310)

(328,935)

General and administrative expenses (including related parties amounts of US$4,227, US$10,873 and US$13,085 for the years ended December 31, 2025, 2024 and 2023, respectively)

(135,850)

(227,475)

(144,533)

Other operating income

38,463

8,638

4,077

Impairment of long-lived assets

(51,800)

Total operating expenses

(468,408)

(815,948)

(838,120)

Operating loss

(423,198)

(786,322)

(735,939)

Interest expenses (including related parties amounts of US$39,109, US$19,504 and nil for the years ended December 31, 2025, 2024 and 2023, respectively)

(63,338)

(58,218)

(10,200)

Interest income (including related parties amounts of US$20,725, US$13,661 and US$122 for the years ended December 31, 2025, 2024 and 2023, respectively)

28,143

22,289

9,204

Investment income (loss), net

10,740

14,232

(1,162)

Foreign currency exchange gains (losses), net

25,709

(11,664)

Changes in fair values of liabilities, excluding impact of instrument-specific credit risk

(28,319)

(285,423)

(10,039)

Loss before income taxes and share of results of equity method investments

(450,263)

(1,105,106)

(748,094)

Income tax expense

(15,946)

(2,012)

(1,113)

Share of results of equity method investments

1,987

(171)

(1,048)

Net loss

(464,222)

(1,107,289)

(750,255)

Less: Net loss attributable to noncontrolling interests

(2)

(2,364)

(8,254)

Net loss attributable to ordinary shareholders

(464,220)

(1,104,925)

(742,001)

Accretion of redeemable convertible preferred shares

(2,979)

(15,121)

Net loss available to ordinary shareholders

$ (464,220)

$ (1,107,904)

$ (757,122)

Loss per ordinary share - Basic

^[1]

$ (0.72)

$ (1.72)

$ (1.6)

Loss per ordinary share - Diluted

^[1]

$ (0.72)

$ (1.72)

$ (1.60)

Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Basic

^[1]

648,535,169

645,227,356

474,621,603

Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Diluted

648,535,169

645,227,356

474,621,603

Other comprehensive (loss) income:

Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes

$ 13,875

$ 13,547

$ (8,650)

Foreign currency translation adjustment, net of nil income taxes

(29,222)

16,351

16,210

Total other comprehensive (loss) income

(15,347)

29,898

7,560

Total comprehensive loss

(479,569)

(1,077,391)

(742,695)

Less: Total comprehensive loss attributable to noncontrolling interests

(2)

(2,364)

(8,254)

Total comprehensive loss attributable to ordinary shareholders

(479,567)

(1,075,027)

(734,441)

Goods

Revenues:

Total revenues

462,802

891,061

660,158

Cost of revenues:

Total cost of revenues

(430,031)

(867,061)

(564,741)

Service

Revenues:

Total revenues

56,296

33,288

18,850

Cost of revenues:

Total cost of revenues

$ (43,857)

$ (27,662)

$ (12,086)

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization.

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

7.	INTANGIBLE ASSETS

Intangible assets consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Trademark licenses with indefinite useful lives		116,083		116,083
Others		392		417
Total		116,475		116,500

On November 4, 2021, the Group entered into trademark licenses agreements with a related party (“Trademark Licenses Agreements”), Group Lotus Limited, a wholly owned subsidiary of LGIL, which is ultimately controlled by the controlling shareholder of the Company. Pursuant to the Trademark Licenses Agreements, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group intends to market and distribute its products under the “Lotus” brand indefinitely, and the trademark licenses are expected to contribute to cash flows indefinitely. The cost of renewal in each jurisdiction is different, and the Group believes the amount of renewal costs is insignificant relative to the future cash flows from sales of lifestyle vehicles under the “Lotus” brand. Therefore, the useful lives of the trademark licenses are considered to be indefinite. The trademark licenses were initially recognized at the amount of US$116,041 as of November 4, 2021, which is the same as the carrying amount from the perspective of the entity under common control with the value determined using the relief from royalty method.

CONVERTIBLE NOTES (Details) - USD ($) $ in Thousands	12 Months Ended
CONVERTIBLE NOTES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONVERTIBLE NOTES
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	$ 751	$ (7,985)	$ 4,448
Changes in fair values of convertible notes due to the instrument-specific credit risk	(5,598)	(2,901)	1,670
Conversion to ordinary shares	1,210
Foreign currency translation adjustment	2,858	(2,978)	(6,797)
Convertible notes
CONVERTIBLE NOTES
Beginning balance	188,156	101,912	76,770
Issuance of convertible notes	199,263	119,284	25,297
Partial redemption of convertible notes			(5,648)
Interest paid		(5,357)	(3,072)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	23,630	14,032	2,992
Changes in fair values of convertible notes due to the instrument-specific credit risk	(10,537)	(10,453)	6,963
Repayment	(119,263)
Conversion to ordinary shares	(1,210)	(30,114)
Interest paid	(4,877)
Foreign currency translation adjustment	1,442	(1,148)	(1,390)
Ending balance	276,604	188,156	101,912
- Current portion	126,203
- Non-current portion	150,401
Subsidiary Convertible Note
CONVERTIBLE NOTES
Beginning balance	74,246	81,635	76,770
Interest paid		(5,357)	(3,072)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	1,778	7,905	2,376
Changes in fair values of convertible notes due to the instrument-specific credit risk	(10,225)	(8,789)	6,951
Interest paid	(4,802)
Foreign currency translation adjustment	1,442	(1,148)	(1,390)
Ending balance	62,439	74,246	81,635
- Non-current portion	62,439
2023 Convertible Notes
CONVERTIBLE NOTES
Beginning balance		20,277
Issuance of convertible notes		9,500	25,297
Partial redemption of convertible notes			(5,648)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk		337	616
Changes in fair values of convertible notes due to the instrument-specific credit risk			12
Conversion to ordinary shares		(30,114)
Ending balance			$ 20,277
2024 Convertible Notes
CONVERTIBLE NOTES
Beginning balance	113,910
Issuance of convertible notes		109,784
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	5,948	5,790
Changes in fair values of convertible notes due to the instrument-specific credit risk	(595)	(1,664)
Repayment	(119,263)
Ending balance		$ 113,910
2025 Convertible Notes
CONVERTIBLE NOTES
Issuance of convertible notes	189,263
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	14,115
Ending balance	203,378
- Current portion	126,203
- Non-current portion	77,175
ATW Convertible Notes
CONVERTIBLE NOTES
Issuance of convertible notes	10,000
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk	1,789
Changes in fair values of convertible notes due to the instrument-specific credit risk	283
Conversion to ordinary shares	(1,210)
Interest paid	(75)
Ending balance	10,787
- Non-current portion	$ 10,787

FAIR VALUE MEASUREMENT - Schedule of major financial instruments measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Assets
Securities pledged to an investor	$ 315,796	$ 0
Derivative Asset Current Statement Of Financial Position Extensible Enumeration Not Disclosed [Flag]	true
Liabilities
Warrant liabilities	$ 3,340	800
Level 1
Assets
Investment securities	2,221	1,811
Securities pledged to an investor	315,796
Liabilities
Warrant liabilities	1,996	800
Level 2
Assets
Derivative asset	694
Level 3
Liabilities
Put option liabilities	309,115
Warrant liabilities	1,344
Convertible notes	188,156	276,604
Exchangeable notes	102,999	128,852
Recurring
Assets
Investment securities	2,221	1,811
Securities pledged to an investor	315,796
Derivative asset	694
Liabilities
Put option liabilities	309,115
Warrant liabilities	3,340	800
Convertible notes	188,156	276,604
Exchangeable notes	$ 102,999	$ 128,852

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, equipment and software, net (Details)	Dec. 31, 2025
Buildings and facilities
Property, equipment and software, net
Property plant and equipment useful life	30 years
Machinery and R&D equipment \| Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Machinery and R&D equipment \| Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years
Molds and tooling \| Minimum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Molds and tooling \| Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years
Motor vehicles \| Minimum
Property, equipment and software, net
Property plant and equipment useful life	2 years
Motor vehicles \| Maximum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Office and electronic equipment \| Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Office and electronic equipment \| Maximum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Purchased software \| Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Purchased software \| Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Details) - Nonrelated Party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
Accounts receivable-third parties	$ 37,603	$ 120,631
Less: Allowance for credit losses	(753)	(3,555)
Total	36,850	117,076
Provisions	$ 2,906	$ 3,219	$ 374

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES

5.	PREPAYMENTS AND OTHER CURRENT ASSETS — THIRD PARTIES

Prepayments and other current assets — third parties consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Deductible VAT		46,287		34,523
Prepayments to third-party suppliers		16,554		20,903
Contract costs		2,569		3,492
Deposits		2,726		3,417
Interest receivable		4,721		5,130
Others		4,727		5,222
Less: Allowance for credit losses		(14)		(146)
Total		77,570		72,541

INCOME TAX - Computation of actual income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Statutory income tax rate	25.00%	25.00%	25.00%
Computed expected income tax benefit at the PRC statutory tax rate of 25%	$ (112,069)	$ (276,319)	$ (187,286)
Effect on tax rates in different tax jurisdiction	22,858	75,134	824
Preferential tax rate impact	(1,322)	(399)	(423)
Tax effect of non-deductible expenses and tax-free income	116,342	4,457	3,137
Tax effect of R&D expenses additional deduction	(44,392)	(13,025)	(17,732)
Change in valuation allowance	33,523	212,302	202,586
Others	1,006	(138)	7
Total income tax expense	$ 15,946	$ 2,012	$ 1,113

BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Short-term borrowings:
Borrowings from banks	$ 479,419	$ 601,165
Borrowings from related parties	784,288	199,570
Other short-term financing arrangements		1,784
Total	1,263,707	802,519
Long-term borrowings:
Borrowings from bank	$ 98,254	$ 0
Loan term			5 years
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember
Interest rate on short-term borrowings	4.65%	4.32%
Total line of credit	$ 347,143	$ 916,748
Unused portion	$ 82,091	241,918
Long-term borrowings
Long-term borrowings:
Loan term	2 years
Principal amount of debt	$ 98,153
Interest rate	2.40%
Collateral amount	$ 98,960
Long-term borrowings \| Due In August 2027
Long-term borrowings:
Borrowings from bank	84,765
Long-term borrowings \| Due In December 2027
Long-term borrowings:
Borrowings from bank	13,489
Short term debt \| Restricted cash
Long-term borrowings:
Collateral amount	387,185	368,382
Third parties
Short-term borrowings:
Total	$ 479,419	$ 602,949
Third parties \| Loans payable
Long-term borrowings:
Loan term	1 year	1 year
Principal amount of debt	$ 587,785	$ 644,914
Third parties \| Loans payable \| Minimum
Long-term borrowings:
Variable interest rate	0.40%	0.30%
Third parties \| Loans payable \| Maximum
Long-term borrowings:
Variable interest rate	0.75%	3.50%
Related parties
Short-term borrowings:
Total	$ 784,288	$ 199,570
Related parties \| Loans payable \| Minimum
Long-term borrowings:
Interest rate	3.45%
Related parties \| Loans payable \| Maximum
Long-term borrowings:
Interest rate	7.91%

EXCHANGEABLE NOTES

12 Months Ended

Dec. 31, 2025

EXCHANGEABLE NOTES

EXCHANGEABLE NOTES

14.	EXCHANGEABLE NOTES


				Lightning
		WFOE		Speed		Kingway
		Exchangeable		Exchangeable		Exchangeable
		Notes		Notes		Notes		Total
		US$		US$		US$		US$
Balance as of January 1, 2023		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
Issuance of exchangeable notes		—		—		28,541		28,541
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk		(11,509)		2,606		918		(7,985)
Changes in fair values of exchangeable notes due to the instrument-specific credit risk		—		(1,996)		(905)		(2,901)
Settlements		(365,994)		—		—		(365,994)
Foreign currency translation adjustment		(1,135)		(1,124)		(719)		(2,978)
Balance as of December 31, 2024		—		75,164		27,835		102,999
Issuance of exchangeable notes		—		—		27,842		27,842
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk		—		826		(75)		751
Changes in fair values of exchangeable notes due to the instrument-specific credit risk		—		(4,584)		(1,014)		(5,598)
Foreign currency translation adjustment		—		1,640		1,218		2,858
Balance as of December 31, 2025		—		73,046		55,806		128,852
Including:
– Current portion		—		—		—		—
– Non-current portion		—		73,046		55,806		128,852

WFOE Exchangeable Notes

In September 2021, the Company’s subsidiary, WFOE, entered into an exchangeable note agreement with an investor. Pursuant to the agreement, WFOE is entitled to issue, from time to time, exchangeable notes (the “WFOE Exchangeable Notes”) to obtain financing from the investor (the “WFOE Exchangeable Notes Holder”) up to RMB3,000,000 with coupon rate of 3% per annum. Each tranche of WFOE Exchangeable Notes was scheduled to mature on the one-year anniversary date of issuance. The repayments of the WFOE Exchangeable Notes were guaranteed by Founders Onshore Vehicle.

As mentioned in Note 1(b), upon the consummation of Business Combination, following the settlement of the outstanding principal amount of the WFOE Exchangeable Notes of US$365,994 to WFOE Exchangeable Notes Holder, the Company issued 36,597,038 ordinary shares to WFOE Exchangeable Notes Holder at a total consideration of US$361,262.

Lightning Speed Exchangeable Notes

In December 2022, the Company’s subsidiary, Hangzhou Lightning Speed Technology Co., Ltd. (“Lightning Speed”) issued the first tranche of exchangeable notes (the “Lightning Speed Exchangeable Notes”) with the principal amount of RMB500,000 to an investor (the “Lightning Speed Exchangeable Notes Holder”). Each tranche of Lightning Speed Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of LPR. With the consent of the Lightning Speed Exchangeable Notes Holder, Lightning Speed can extend the term of each tranche of Lightning Speed Exchangeable Notes twice, but each extension shall not exceed one year. During the extension period, the interest on the outstanding principal of the Lightning Speed Exchangeable Notes is calculated at the simple interest rate of 110% of LPR. All interests shall be paid at maturity.

During the period from the issuance date to the maturity date of each tranche of Lightning Speed Exchangeable Notes (subject to extension discussed above), the Lightning Speed Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the Lightning Speed Exchangeable Notes into the shares of Lightning Speed based on the equity valuation of Lightning Speed, which is subject to further agreement by both parties, at the conversion date.

The Lightning Speed Exchangeable Notes Holder is entitled to request Lightning Speed to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Lightning Speed. During the years ended December 31, 2025, 2024 and 2023, no default event was occurred.

Kingway Exchangeable Note

On September 29, 2024, the Company’s subsidiary, Hangzhou Kingway Technology Co., Ltd. (“Kingway”) entered into an exchangeable note agreement with an investor. Pursuant to the agreement, Kingway is entitled to issue exchangeable note (the “Kingway Exchangeable Notes”) of RMB600,000 to obtain financing from the investor (the “Kingway Exchangeable Notes Holder”). The repayments of the Kingway Exchangeable Notes were guaranteed by the ultimate shareholders of Kingway in Chinese mainland, i.e., Wuhan Lotus Technology Co., Ltd., a wholly owned subsidiary of the Company. Each tranche of Kingway Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of LPR.

In September 2024, January 2025 and April 2025, Kingway issued exchangeable notes with the principal amount of US$28,541 (equivalent to RMB200,000), US$13,910 (equivalent to RMB100,000) and US$13,932 (equivalent to RMB100,000) to Kingway Exchangeable Notes Holder, respectively.

During the period from the issuance date to the maturity date of each tranche of Kingway Exchangeable Notes, the Kingway Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount and accumulated outstanding accrued interest of the Kingway Exchangeable Notes into the shares of Kingway based on the equity valuation of Kingway, which is subject to further agreement by both parties, at the conversion date.

The Kingway Exchangeable Notes Holder is entitled to request Kingway to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Kingway. During the years ended December 31, 2025 and 2024, no default event was occurred.

Accounting of Exchangeable Notes

The Group elected the fair value option to account for the WFOE Exchangeable Notes, the Lightning Speed Exchangeable Notes and the Kingway Exchangeable Notes (“the Exchangeable Notes”), including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transactions. The Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values due to the instrument-specific credit risk were charged to other comprehensive income (loss) and reclassified to profit or loss upon disposal. All other changes in fair values were recognized as “Changes in fair values of liabilities, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss.

The Group adopted a scenario-weighted average method to estimate the fair value of the Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the Exchangeable Notes were estimated with the following key assumptions used:


		As of December 31, 2025				As of December 31, 2024
		Lightning Speed		Kingway		Lightning Speed		Kingway
		Exchangeable		Exchangeable		Exchangeable		Exchangeable
		Notes		Notes		Notes		Notes
Risk‑free interest rates		1.34%-1.36	%	1.48%-1.54	%	1.08%~1.14	%	1.02%~1.39	%
Probability of conversion		50	%	75	%	75.00	%	75.00	%
Bond yields		13.41	%	12.97%-13.95	%	6.32	%	7.89	%

REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

REVENUES

Schedule of disaggregation of revenue


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Service line
Sales of goods – third parties
– EV lifestyle models	351,860	627,683		464,172
– Sports cars	75,745	211,771		183,160
– Parts and others	29,264	33,445		9,394
	456,869	872,899		656,726
Sales of goods – related parties
– EV lifestyle models	2,016	6,650		1,093
– Sports cars	290	3,318		951
– Parts and others	3,627	8,194		1,388
	5,933	18,162		3,432
Subtotal	462,802	891,061		660,158

Services- third parties
– R&D service	18,884	1,224		3,448
– others¹	8,367	7,706		2,829
	27,251	8,930		6,277
Services- related parties
– R&D service	25,101	22,799		10,619
– others²	3,944	1,559		1,954
	29,045	24,358		12,573
Subtotal	56,296	33,288		18,850
Total revenues	519,098	924,349		679,008

¹ Others primarily include trainings, installed premium intelligent driving system and upgrades, free battery charging services, maintenance services and vehicle internet connection services.

² Others primarily include commission service fee.


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Chinese mainland	262,772	314,368		419,448
UK	102,930	208,255		83,827
European countries, excluding UK	112,028	209,724		97,217
All others	41,368	192,002		78,516
	519,098	924,349		679,008

Schedule of contract liabilities


	As of December 31,
	2025		2024
	US$		US$
Current liabilities
– Contract liabilities – third parties	18,459		33,964
– Contract liabilities – related parties*	228		150
Non-current liabilities
– Contract liabilities – third parties	7,458		8,683
Contract liabilities, current and non-current	26,145		42,797

*This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2025 and 2024.

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Additional information (Details)	Feb. 22, 2024 shares
Lotus E V \| Lotus Technology Inc
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Preferred stock convertible, shares issued upon conversion	68,228,526

RELATED PARTY TRANSACTIONS - Revenue and Prepayments and other current assets (Details) - USD ($) $ in Thousands			4 Months Ended	12 Months Ended
	Mar. 11, 2024	May 13, 2022	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Receipts in advance			$ 42,797	$ 26,145	$ 42,797
Interest income				$ 28,143	$ 22,289	$ 9,204
Unsecured short term loans \| Maximum
RELATED PARTY TRANSACTIONS
Interest rate on loan				4.50%	4.50%	4.50%
Unsecured short term loans \| Minimum
RELATED PARTY TRANSACTIONS
Interest rate on loan				3.65%	3.65%	3.65%
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable			107,816	$ 114,126	$ 107,816
Receipts in advance			150	228	150
Contract asset			929	0	929
Cash receipts by related parties on behalf of the Group				0	0	$ 3,695
Salary and other expenses paid on behalf of related party				11,126	24,070	4,022
Term of loan		1 year
Loans to related parties				60,722	262,203	1,227
Interest income				20,725	13,661	122
Related party \| Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchase cost				11,126	24,070	4,022
Related party \| Salary and other expenses \| Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets			21,681	5,764	21,681
Related party \| Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Total principal amount	$ 354,000
Interest included in loan receivable			269,539	351,486	269,539
Term of loan	5 years
Loans to related parties				60,722	261,647
Interest rate on loan	6.95%
Interest income				20,090	13,415
Related party \| Unsecured short term loans
RELATED PARTY TRANSACTIONS
Interest income				153	131	122
Related party \| Unsecured short term loans \| Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets			3,348	4,706	3,348
Related party \| Unsecured short term loan to a related party
RELATED PARTY TRANSACTIONS
Loans to related parties				0	556	1,227
Related party \| pertaining to purchase of vehicles, auto parts and peripheral products \| Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets			33,204	83,296	33,204
Related party \| Provision of services
RELATED PARTY TRANSACTIONS
Revenues				29,045	24,358	12,573
Related party \| Sales of goods
RELATED PARTY TRANSACTIONS
Revenues				5,933	18,162	$ 3,432
Accounts Receivable			107,816	114,126	107,816
Subsidiary \| Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Interest included in loan receivable			15,677	18,052	$ 15,677
Interest income			$ 115	$ 482

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (464,220)	$ (1,104,925)	$ (742,001)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

26.	RELATED PARTY TRANSACTIONS

(a)

Related parties


Names of the major related parties		Nature of relationship
Geely Holding		Entity controlled by the Controlling Shareholder of the Company
Lotus Group International Limited (“LGIL”)		Entity controlled by the Controlling Shareholder of the Company
Lotus Cars Limited (“LCL”)		Entity controlled by the Controlling Shareholder of the Company
Geely HK		Entity controlled by the Controlling Shareholder of the Company
ECARX		Entity controlled by the Controlling Shareholder of the Company
Hubei Ecarx Technology Co., Ltd.		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.		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
Ningbo Geely R&D		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
Hangzhou Fenghua Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Jisu Supply Chain 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 InfiMotion		Entity which is under significant influence of the Company
Lotus Cars USA Inc.		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
Ningbo Jining Automobile Parts Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Muguang Digital Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Hunan Geely Automobile Components Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Geely Automobile Engineering Technology Development Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Jixing Era Technology (Nanjing) Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Farizon Commercial Vehicle Research and Development Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Sichuan Geely Automobile Parts Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Jiangsu Weikenxi Automotive Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Ningbo Jirun Auto Parts Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Guizhou Geely Automobile Manufacturing Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
London EV Company Limited		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Geely Commerce Service Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Geely UK Limited		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Geely Powertrain Co., Ltd		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Geely Automobile Parts & Components Stock Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Zeekr Automobile Research & Development Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Qizheng New Energy Vehicle (Jinan) Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Weixing Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Vast Energy Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Jidi Technology Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Zhejiang Geely Power Assembly Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
DRB HICOM BERHAD		Entity controlled by the ultimate owner of a principal shareholder of the Company
Chongqing Ruilan Automobile Manufacturing Co., Ltd.		Entity controlled by the Controlling Shareholder of the Company
Lotus GmbH		Entity which is under significant influence of the Company
Chongqing Qianli		Entity which is under significant influence of the Controlling Shareholder the Company

During the years ended December 31, 2025, 2024 and 2023, in addition to the related party transactions disclosed in Note 2(h) of long-term investments, Note 13 of Meritz Investment, Note 14 of exchangeable notes, Note 15 of convertible notes, Note 17 of redeemable convertible preferred shares and Note 19 of shareholders’ deficit to the consolidated financial statements, the Group entered into the following significant related party transactions.

(b)

Significant related party transactions

During the years ended December 31, 2025, 2024 and 2023, the Group entered into the following significant related party transactions:


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Provision of services(i)		29,045		24,358		12,573
Sales of goods(i)		5,933		18,162		3,432


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Payments on behalf of related parties ((ii).a)		11,126		24,070		4,022
Cash receipts by related parties on behalf of the Group ((ii).a)		—		—		3,695
Loans to related parties ((ii).b)		60,722		262,203		1,227
Interest income on loans due from related parties ((ii).b)		20,725		13,661		122
Purchase of products and services ((iii).a)		445,190		759,690		852,623
Purchase of products and services for R&D activities ((iii).b)		59,342		107,544		134,721
Payment of deposits ((ii).e)		—		1,113		—
Receipt from disposal of a subsidiary (v)		—		12,157		—
Purchase of equipment and software ((iii).c)		534		1,346		11,223
Proceeds from disposal of equipment and software ((ii).f)		11,033		—		—
Payment by related parties on behalf of the Group ((iii).d)		2,879		5,165		14,514
Short-term lease cost ((iii).e)		172		129		765
Deposits received from related party suppliers ((iii).f)		—		14		251
Acquisition of the distribution right ((iii).g)		—		—		22,296
Interest expenses to related parties ((iii).a & vii)		39,109		19,504		—
Borrowing from related parties (vii)		720,171		198,475		—
Repayments of borrowing from related parties (vii)		170,247		—		—
Acquisition of right-of-use assets (iv)		—		—		12,166
Payment of lease liabilities (iv)		1,844		191		269
Proceed from settlement of related party loans((ii).b)		—		140		—
Proceed from disposal of an equity investment (Note 2(h))		58,885		—		—

(c)

Significant related party balances

The outstanding balances mainly arising from the above transactions as of December 31, 2025 and 2024 were as follows:


		As of December 31,
		2025		2024
		US$		US$
Accounts receivable - related parties (i)		114,126		107,816
Contract liabilities – related parties* (i)		228		150
Prepayments and other current assets – related parties (ii)		111,886		74,558
Other non-current assets – related parties ((ii). e)		569		1,113
Accounts payable – related parties ((iii).a)		458,189		410,433
Accrued expenses and other current liabilities – related parties (iii)		211,665		213,582
Other non-current liabilities – related parties ((iii).f)		856		1,471
Operating lease liabilities– related parties, current* (iv)		1,636		1,028
Operating lease liabilities– related parties, non-current (iv)		3,105		10,729
Investment securities – related parties (vi)		1,811		2,221
Equity security without readily determinable fair values using the measurement alternative – related party (Note 2(h))		35,568		—
Loan receivable from a related party ((ii). b)		351,486		269,539
Short-term borrowings - related parties(vii)		784,288		199,570

* These items are included in accrued expenses and other current liabilities – related parties in the consolidated balance sheets as of December 31, 2025 and 2024.

Note:

(i)

(ii)

(iii)

(iv)

(v)	On September 27, 2024, the Company, through its subsidiary, disposed 80% equity interest of Lotus GmbH to Geely UK Limited, for cash consideration of US$12,157.

(vi)

(vii)

During the years ended December 31, 2025 and 2024, the Group repaid the loan principal of US$170,247 and nil to related parties, respectively.

As of December 31, 2025 and 2024, the outstanding loan principal and interest balance of US$784,288 and US$199,570 were included in short-term borrowings – related parties, respectively. For the outstanding loan principal and interest as of December 31, 2025, US$178,414 was secured by 45% equity interests held by Ningbo Lotus in Ningbo Robotics, US$374,501 was secured by the Group’s intellectual property with carrying amount of nil as the research and development costs were expensed historically, and US$231,328 was a stock-settled debt as the Company granted a right to an affiliate of Geely Holding to subscribe for shares of the Company at market price covering the then outstanding loan amount in the event of default, out of which US$79,664 was further secured by the Group’s intellectual property with carrying amount of nil.

All outstanding loan principal and interest as of December 31, 2024 was secured by the Group’s intellectual property with carrying amount of nil.

During the years ended December 31, 2025 and 2024, the Group incurred interest expenses of US$24,102 and US$2,049 for those loans, respectively.

(d)

Manufacturing agreement with the Geely Group

The Group entered into a manufacturing agreement with Geely Auto Wuhan Branch and Wuhan Geely Auto Parts (collectively as “OEMs”), for the manufacture of the Group’s electrical vehicles for 10 years starting from June 21, 2022. Pursuant to the manufacturing agreement, the Group commissioned OEMs for the production of electrical vehicles and agreed to authorize OEMs to access the Group’s technologies for the production of such models. The Group is mainly responsible for the design and development of the models, designation of suppliers, product announcement, and ensuring consistency with global standards of the Lotus brand. The Group also provides OEMs the necessary intellectual properties for the manufacture of electrical vehicles. OEMs are mainly responsible for the procurement and inspection of raw materials, production planning, production quality control, logistics and transportation of manufactured vehicles, and construction and operation of the manufacturing plant. Particularly, quality control is carried out in accordance with the Group’s quality assurance framework and approved by OEMs. In addition, OEMs are responsible for obtaining certificates for the manufactured vehicles.

(e)Lotus Application Entrusted Operation & Maintenance Contract with Wuhan Quanqing

The Group entered into an application entrusted operation & maintenance contract with Wuhan Quanqing, in May 2023. Pursuant to the contract, the Group will pay Wuhan Quanqing certain service fee for the entrusted daily operation and maintenance service provided by Wuhan Quanqing for the Group’s Lotus App. As of December 31, 2024 and 2025, nil service fee has been incurred.

(f)

LGIL Put Option

On January 31, 2023, the Company issued put options to each of Geely HK and Etika at nil consideration. Pursuant to the put option agreements, each of Geely HK and Etika will have an option to require the Company to purchase the equity interests held by Geely HK and Etika in Lotus Advance Technologies Sdn Bhd, the immediate parent of LGIL, during the period from April 1, 2025 to June 30, 2025, at a pre-agreed price, i.e. 1.15 multiplied by the revenue of LGIL for the year ended December 31, 2024 plus the cash and cash equivalents of LGIL as of December 31, 2024, and minus the outstanding amount of indebtedness of LGIL as of December 31, 2024 (the “exercise price”), if the total number of vehicles sold by LGIL in 2024 exceeds 5,000 (the “exercise condition”). Geely HK and Etika are entitled to exercise the put option on an individual standalone basis. The exercise price will be settled with the Company’s newly issued ordinary shares.

As of December 31, 2024, the exercise condition was satisfied. On April 14 and June 30, 2025, Geely HK and Etika exercised their put options separately. In accordance with LGIL’s financial results for the year ended December 31, 2024, the exercise price of both Geely HK and Etika was calculated at nil, resulting in no shares to be issued by the Company to complete the acquisition. The acquisition is expected to be completed in 2026, subject to potential regulatory approvals. Upon completion, the Company will gain control over Lotus Advance Technologies Sdn Bhd and consolidate its financial results.

The put options were accounted for as liabilities in the scope of ASC Topic 480, Distinguishing Liabilities from Equity, which are measured at fair value with changes recognized in profit or loss. At initial recognition, the Company recognized the issuance of put options at its fair value of US$9,376 as dividends to the shareholders with a corresponding decrease in additional paid-in capital. The changes in fair value of the put option liabilities in the amount of US$11,884 and US$2,508 for the years ended December 31, 2024 and 2023 was recognized in the consolidated statements of comprehensive loss, respectively. The balance of LGIL put options was nil as of December 31, 2025 and 2024, respectively.

The fair values of the LGIL put option liabilities were estimated using the scenario-weighted average method with binominal model, with the following assumptions: i) risk-free interest rate of 3.98%, ii) expected volatility of 30.87%, iii) expected dividend rate of 0.00%, iii) remaining term of 0.5 years, iv) probability of exercise condition of 85.00%, and v) fair value of underlying ordinary share of LGIL of US$0.02.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Land use rights and Segment reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
Leases
Number of operating segment	1
Number of reportable segments	1
Land use rights \| Minimum
Leases
Operating lease term of contract	40 years
Land use rights \| Maximum
Leases
Operating lease term of contract	50 years

INCOME TAX -Deferred income tax (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses carryforwards	$ 392,449	$ 344,269
Deferral of tax deduction of R&D expenses	286,520	319,768
Accrued expenses	40,633	37,460
Operating lease liabilities	18,479	24,437
Others	37,949	27,843
Total gross deferred tax assets	776,030	753,777
Valuation allowance on deferred tax assets	(632,645)	(585,820)	$ (390,737)	$ (202,715)
Deferred tax assets, net of valuation allowance	143,385	167,957
Deferred tax liabilities:
Government grants	(113,142)	(132,061)
Operating lease right-of-use assets	(28,981)	(34,193)
Others	(1,960)	(1,703)
Total deferred tax liabilities	(144,083)	$ (167,957)
Net deferred tax liabilities	$ (698)

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

NET LOSS PER SHARE

Schedule of computation of basic and diluted net loss per ordinary share


	Year ended December 31,
	2025	2024		2023
	US$	US$		US$
Numerator:
Net loss attributable to ordinary shareholders	(464,220)	(1,104,925)		(742,001)
Accretion of redeemable convertible preferred shares	—	(2,979)		(15,121)
Numerator for basic and diluted net loss per ordinary share calculation	(464,220)	(1,107,904)		(757,122)
Denominator:
Weighted average number of ordinary shares, basic and diluted¹	648,535,169	645,227,356		474,621,603
Denominator for basic and diluted net loss per ordinary share calculation¹	648,535,169	645,227,356		474,621,603
Net loss per ordinary share attributable to ordinary shareholders
– Basic and diluted ¹	(0.72)	(1.72)		(1.60)

¹ Shares outstanding for all periods reflect the adjustment for Recapitalization.

Schedule of potentially dilutive ordinary share equivalents excluded from the computation of net loss per share


		Year ended December 31,
		2025		2024		2023
Redeemable convertible preferred shares (Note 17)		—		—		68,228,526
Exchangeable notes (i) (Note 14)		—		—		36,709,165
2025 Convertible Notes(ii) (Note 15)		140,282,138		—		—
2024 Convertible Notes (iii) (Note 15)		—		31,779,905		—
2023 Convertible Notes (iv) (Note 15)		—		—		2,029,407
Share options(v)		12,051,138		13,570,227		10,073,233
Warrant (vi)		—		—		711,044
Meritz put option (vii) (Note 13)		—		32,500,000		—
Public Warrant (viii) (Note 12)		9,054,522		9,054,522		—
Sponsor Warrant (viii) (Note 12)		5,486,784		5,486,784		—
ATW Convertible Notes (ix) (Note 15)		6,941,467		—		—
Total		173,816,049		92,391,438		117,751,375

INCOME TAX - Effective income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Statutory income tax rate	25.00%	25.00%	25.00%
Hong Kong
INCOME TAX
Effective income tax rate	16.50%
Base assessable profits	$ 2
First HK$2 million of profits, tax rate	8.25%
UK
INCOME TAX
Effective income tax rate	25.00%	25.00%	25.00%
Netherlands
INCOME TAX
Effective income tax rate	25.80%	25.80%	25.80%

RELATED PARTY TRANSACTIONS - Accrued expenses and other current liabilities (Details) £ in Thousands, $ in Thousands			12 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 GBP (£)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Amount recorded as inventories			$ 121,361	$ 188,582
Interest expenses			63,338	58,218	$ 10,200
Short term lease cost			15,058	10,020	4,288
Related party
RELATED PARTY TRANSACTIONS
Interest expenses			39,109	19,504	0
Cash consideration	$ 22,296	£ 18,055
Accrued expenses and other current liabilities			211,665	213,582
Purchase price of distribution right			22,296
Historical cost of distribution right			0
Repaid the loan principal to related parties			170,247	0
Related party \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			397	1,226
Related party \| Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases			445,190	759,690	852,623
Cost of goods sold			349,247	774,002	549,893
Interest expenses			$ 15,007	$ 17,455	$ 0
Bearing interest rate			6.95%	6.95%	6.95%
Related party \| Purchase of products and services \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amount recorded as inventories			$ 52,917	$ 25,483
Related party \| Purchase of products and services \| Accounts Payable
RELATED PARTY TRANSACTIONS
Related parties for purchase			458,189	410,433
Related party \| Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases			59,342	107,544	$ 134,721
Related party \| Purchase of products and services for R&D activities \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			156,442	184,137
Related party \| Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases			534	1,346	11,223
Related party \| Purchase of equipment and software \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			1,603	2,649
Related party \| Purchase of R&D equipment and software
RELATED PARTY TRANSACTIONS
Purchases			534	1,346	11,223
Related party \| Purchase of show cars for exhibition
RELATED PARTY TRANSACTIONS
Deposits received from related party			0	14	251
Deposits included in other non-current liabilities - related parties			856	1,471
Related party \| Purchase of show cars for exhibition \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			306	39
Related party \| Staff salary, social welfare and other travel expenses \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			2,879	5,165	14,514
Related party \| Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost			172	129	$ 765
Related party \| Short-term lease \| Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			0	48
Related party \| Short-term lease \| Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Prepayments to related parties			$ 9	$ 5

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INVENTORIES
Products available for sale	$ 112,235	$ 179,905
Goods in transit	7,589	7,763
Raw materials	1,506	828
Work-in-progress	31	86
Total	$ 121,361	$ 188,582

ACCOUNT RECEIVABLES - THIRD PARTIES, NET

12 Months Ended

Dec. 31, 2025

ACCOUNT RECEIVABLES - THIRD PARTIES, NET

ACCOUNT RECEIVABLES - THIRD PARTIES, NET

3.	ACCOUNTS RECEIVABLE - THIRD PARTIES, NET

Accounts receivable – third parties, net consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Accounts receivable-third parties		37,603		120,631
Less: Allowance for credit losses		(753)		(3,555)
Total		36,850		117,076

Provisions of allowance for credit losses recognized in general and administrative expenses were reversal of US$2,906 and accrual of US$3,219 and US$374 for the years ended December 31, 2025, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
Fair value changes of liabilities due to instrument-specific credit risk, income taxes	$ 0	$ 0
Foreign currency translation adjustment, income taxes	0	0
Net of income taxes	0	0
Ordinary shares, Threshold immaterial value	$ 500	$ 500

INCOME TAX - Component of loss before income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Loss before income tax	$ (450,263)	$ (1,105,106)	$ (748,094)
Current income tax expense	15,259	2,012	1,113
Deferred income tax expense	687		(126)
Total income tax expense	15,946	2,012	1,113
Chinese mainland
INCOME TAX
Loss before income tax	(325,751)	(542,211)	(513,768)
UK
INCOME TAX
Loss before income tax	(36,680)	(197,586)	(166,174)
Netherlands
INCOME TAX
Loss before income tax	(50,797)	(69,870)	(46,774)
Others
INCOME TAX
Loss before income tax	$ (37,035)	$ (295,439)	$ (21,378)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

RELATED PARTY TRANSACTIONS - Additional information (Details)			1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	May 13, 2022 USD ($)	Sep. 30, 2024	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares Y shares	Dec. 31, 2023 USD ($)	Sep. 27, 2024 USD ($)
RELATED PARTY TRANSACTIONS
Borrowings from banks				$ 1,263,707,000	$ 802,519,000
Interest expenses				63,338,000	58,218,000	$ 10,200,000
Payment of lease liabilities				17,420,000	22,260,000	34,752,000
Acquisition of the distribution right				30,710,000	33,620,000	11,031,000
Intangible assets				116,475,000	116,500,000
Put option liabilities - third parties				0	309,115,000
LGIL Put Option
RELATED PARTY TRANSACTIONS
Changes in fair values of put options					11,884,000	2,508,000
Put option liabilities - third parties				0	$ 0
LGIL Put Option \| Risk-free interest rate
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input					0.0398
LGIL Put Option \| Expected volatility
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input					0.3087
LGIL Put Option \| Expected dividend yield
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input					0
LGIL Put Option \| Remaining term
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input \| Y					0.5
LGIL Put Option \| Probability of exercise condition
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input					0.85
LGIL Put Option \| Fair value of underlying ordinary share of LGIL
RELATED PARTY TRANSACTIONS
Put option liabilities, measurement input \| $ / shares					0.02
Lotus GmbH \| Non discontinued operations
RELATED PARTY TRANSACTIONS
Percentage of equity interest disposed							80.00%
Cash consideration							$ 12,157,000
LGIL Put Option
RELATED PARTY TRANSACTIONS
Issuance of put options					$ 9,376,000
Related party
RELATED PARTY TRANSACTIONS
Borrowings from banks				784,288,000	199,570,000
Interest expenses				39,109,000	19,504,000	0
Operating lease liabilities-related parties				1,636,000	1,028,000
Operating lease liabilities, non-current				$ 3,105,000	10,729,000
Term of investment		1 year
Payment for purchase of a short-term investment		$ 10,000,000
Conversion price \| $ / shares				$ 9.5
Fair value of listed equity securities				$ 1,811,000	2,221,000
Prepayments and other current assets, net				111,886,000	74,558,000
Other non-current assets				569,000	1,113,000
Contract asset				$ 0	929,000
Related party \| Loans payable \| Minimum
RELATED PARTY TRANSACTIONS
Interest rate				3.45%
Related party \| Loans payable \| Maximum
RELATED PARTY TRANSACTIONS
Interest rate				7.91%
Related party \| Zhejiang Geely Automobile Co., Ltd
RELATED PARTY TRANSACTIONS
Borrowing from related party				$ 720,171,000
Related party \| Geely Auto Wuhan Branch and Wuhan Geely Auto Parts
RELATED PARTY TRANSACTIONS
Term of manufacturing agreement				10 years
Related party \| Geely holding
RELATED PARTY TRANSACTIONS
Interest expenses					6,000
Borrowing from related party					198,475
Short Term Borrowings Secured By Intellectual Property				$ 79,664,000
Related party \| Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Interest rate on debt (as a percent)			3.00%
Interest expenses				39,109,000	19,504,000
Related party \| Lease agreements
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets				0	0	12,166,000
Payment of lease liabilities				1,844,000	191,000	269,000
Operating lease liabilities-related parties				1,636,000	1,028,000
Operating lease liabilities, non-current				3,105,000	10,729,000
Related party \| Service fee for entrusted daily operation and maintenance service \| Wuhan Quanqing
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				0	0
Related party \| Payment of deposits
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				0	1,113,000	0
Other non-current assets				569,000	1,113,000
Related party \| Disposal Of Equipment
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				11,033,000	0	$ 0
Prepayments and other current assets, net				2,666,000	0
Related party \| Short-Term Loan
RELATED PARTY TRANSACTIONS
Borrowings from banks				784,288,000	199,570,000
Interest expenses				24,102,000	2,049,000
Outstanding loan principal and interest was secured by equity interests				$ 178,414,000
Equity interest owned by subsidiary (in percent)				45.00%
Short Term Borrowings Secured By Intellectual Property				$ 374,501,000
Related party \| Short-Term Loan \| Intellectual Property \| Asset Pledged as Collateral
RELATED PARTY TRANSACTIONS
Intangible assets				0	$ 0
Related party \| Short-Term Loan \| Geely holding
RELATED PARTY TRANSACTIONS
Short term borrowings secured by potential share settlement				$ 231,328,000
Related party \| LGIL Put Option \| Geely HK And Etika
RELATED PARTY TRANSACTIONS
Option Pre Agreed Price Revenue Multiplier	1.15
Consideration	$ 0
Number of vehicles to be sold, pre-agreed condition \| item	5,000
Exercise price \| $ / shares					$ 0
Ordinary shares issued \| shares					0

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
Future minimum lease payments for short term operating lease	$ 426

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)
$ in Thousands

Total shareholders' deficit attributable to ordinary shareholders

Series Pre-A Preferred Shares

Total shareholders' deficit attributable to ordinary shareholders

Cumulative effect of adoption of new accounting standard

Total shareholders' deficit attributable to ordinary shareholders

Adjusted balance

Total shareholders' deficit attributable to ordinary shareholders

Westwood Capital Group LLC

Total shareholders' deficit attributable to ordinary shareholders

ECARX

Total shareholders' deficit attributable to ordinary shareholders

Convertible note

Total shareholders' deficit attributable to ordinary shareholders

Ordinary shares

Series Pre-A Preferred Shares

Ordinary shares

Adjusted balance

Ordinary shares

Westwood Capital Group LLC

Ordinary shares

ECARX

Ordinary shares

Convertible note

Ordinary shares

Treasury stock

Additional paid-in capital

Series Pre-A Preferred Shares

Additional paid-in capital

Adjusted balance

Additional paid-in capital

Westwood Capital Group LLC

Additional paid-in capital

ECARX

Additional paid-in capital

Convertible note

Additional paid-in capital

Receivables from shareholders

Adjusted balance

Receivables from shareholders

Accumulated other comprehensive income

Adjusted balance

Accumulated other comprehensive income

Accumulated deficit

Cumulative effect of adoption of new accounting standard

Accumulated deficit

Adjusted balance

Accumulated deficit

Noncontrolling interests

Adjusted balance

Noncontrolling interests

Series Pre-A Preferred Shares

Cumulative effect of adoption of new accounting standard

Adjusted balance

Westwood Capital Group LLC

ECARX

Convertible note

Total

Beginning balance at Dec. 31, 2022

$ (15)

$ (452,388)

$ (452,373)

$ 21

$ 403,103

$ (26,447)

$ 17,707

$ (15)

$ (846,772)

$ (846,757)

$ (642)

$ (15)

$ (453,030)

$ (453,015)

Beginning balance (in shares) at Dec. 31, 2022

474,621,603

Net loss

(742,001)

(8,254)

(750,255)

Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes

(8,650)

Foreign currency translation adjustment, net of nil income taxes

16,210

Total comprehensive loss

(734,441)

7,560

(742,001)

(8,254)

(742,695)

Contribution from noncontrolling shareholders

968

3,492

4,460

Settlement of receivable from shareholders

26,447

$ 26,447

26,447

Shareholder contribution related to the issuance of exchangeable notes

909

Deemed distribution arising from reorganization under common control

(31,672)

Accretion of redeemable convertible preferred shares

(15,121)

Ending balance at Dec. 31, 2023

(1,205,298)

$ 21

358,187

25,267

(1,588,773)

(5,404)

(1,210,702)

Ending balance (in shares) at Dec. 31, 2023

^[1]

474,621,603

Net loss

(1,104,925)

(2,364)

(1,107,289)

Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes

13,547

Foreign currency translation adjustment, net of nil income taxes

16,351

Total comprehensive loss

(1,075,027)

29,898

(1,104,925)

(2,364)

(1,077,391)

Contribution from noncontrolling shareholders

404

Accretion of redeemable convertible preferred shares

(2,979)

Recapitalization of ordinary shares

$ (16)

Share-based compensation

31,930

Issuance of ordinary shares

$ 4,307

Issuance of ordinary shares (in shares)

^[1]

902,500

Exercise of share options

318

$ 318

Exercise of share options (in shares)

110,300

^[1]

Conversion of convertible notes to ordinary shares

$ 386,509

$ 30,114

$ 1

$ 386,508

$ 30,114

$ 386,509

$ 30,114

Conversion of convertible notes to ordinary shares (in shares)

^[1]

68,228,526

3,011,368

Exchange of exchangeable notes to ordinary shares

365,970

$ 365,970

Exchange of exchangeable notes to ordinary shares (in shares)

^[1]

36,597,038

Issuance of ordinary shares and warrants to L Catterton Asia Acquisition Corp ("LCAA"), the Private Investment in Public Equity ("PIPE") investors and warrant holders in connection with the consummation of business combination, net of transaction costs

675,379

$ 1

675,378

675,379

^[1]

92,859,735

Exercise of public warrants

5,975

Exercise of public warrants (in shares)

^[1]

495,724

Gain on disposal of a subsidiary under common control

990

Meritz Securities Co., Ltd.("Meritz") share buyback

(71,050)

Ending balance at Dec. 31, 2024

(852,862)

$ 7

1,785,664

55,165

(2,693,698)

(7,364)

$ (860,226)

Ending balance (in shares) at Dec. 31, 2024

676,826,794

^[1]

694,134,038

Net loss

(464,220)

(2)

$ (464,222)

Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes

13,875

Foreign currency translation adjustment, net of nil income taxes

(29,222)

Total comprehensive loss

(479,567)

(15,347)

(464,220)

(2)

(479,569)

Share-based compensation

2,274

$ 2,274

Issuance of ordinary shares

$ 1,301

^[2]

$ 17,000

$ 1,301

^[2]

$ 17,000

$ 1,301

^[2]

$ 17,000

Issuance of ordinary shares (in shares)

649,000

^[2]

12,408,759

Exercise of share options (in shares)

Conversion of convertible notes to ordinary shares

1,210

$ 3,178

(1,968)

$ 1,210

Conversion of convertible notes to ordinary shares (in shares)

787,778

Disposal of an equity investment under common control

58,671

Disposal of a subsidiary

(382)

Meritz Securities Co., Ltd.("Meritz") share buyback

(70,525)

(141,575)

71,050

(70,525)

Meritz Securities Co., Ltd.("Meritz") share buyback (in shares)

(50,000,000)

Ending balance at Dec. 31, 2025

$ (1,322,498)

$ 7

$ (138,397)

$ 1,933,992

$ 39,818

$ (3,157,918)

$ (7,748)

$ (1,330,246)

Ending balance (in shares) at Dec. 31, 2025

640,672,331

707,196,733

[1]	Shares outstanding for all periods reflect the adjustment for Recapitalization.
[2]	Amounts less than US$0.5.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable and expected credit losses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit	$ (1,330,246)	$ (860,226)	$ (1,210,702)		$ (453,015)
Adjustment
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit					(15)
Accumulated deficit
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit	$ (3,157,918)	$ (2,693,698)	$ (1,588,773)		(846,757)
Accumulated deficit \| Adjustment
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit					$ (15)
Accumulated deficit \| Adjustment \| ASC 326
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit				$ 15

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 42: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 54: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Feb. 22, 2024
CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common shares, shares authorized	5,000,000,000	5,000,000,000	5,000,000,000
Common shares, shares issued	707,196,733	694,134,038
Common shares, shares outstanding	640,672,331	676,826,794

INCOME TAX

12 Months Ended

Dec. 31, 2025

INCOME TAX

INCOME TAX

20.	INCOME TAX

a)	Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. The first HK$2 million of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to elect only one company in the group to benefit from the progressive anti-fragmentation two-tier rates.

Chinese mainland

The Group’s PRC subsidiaries and former consolidated VIEs are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified.

Under the EIT Law and its implementation rules, an enterprise established outside the PRC with a “place of effective management” within the PRC is considered a PRC resident enterprise for PRC enterprise income tax purposes. A PRC resident enterprise is generally subject to certain PRC tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%.

Other Countries

The maximum applicable income tax rates of other countries where the Company’s subsidiaries having significant operations for the years ended December 31, 2025, 2024 and 2023 are as follows:


		Year ended December 31,
		2025		2024		2023
UK		25	%	25	%	25	%
Netherlands		25.8	%	25.8	%	25.8	%

The components of loss before income taxes and share of results of equity method investments for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Chinese mainland	(325,751)	(542,211)	(513,768)
UK	(36,680)	(197,586)	(166,174)
Netherlands	(50,797)	(69,870)	(46,774)
Others	(37,035)	(295,439)	(21,378)
Total	(450,263)	(1,105,106)	(748,094)

The current and deferred portion of income tax expense for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Current income tax expense	15,259	2,012	1,113
Deferred income tax expense	687	—	—
Total income tax expense	15,946	2,012	1,113

The income tax expense reported in the consolidated statements of comprehensive loss for the years ended December 31, 2025, 2024 and 2023 differs from the amount computed by applying the PRC income tax rate of 25% to loss before income taxes due to the following:


	Year ended December 31,
	2025	2024	2023
	US$	US$	US$
Computed expected income tax benefit at the PRC statutory tax rate of 25%	(112,069)	(276,319)	(187,286)
Effect on tax rates in different tax jurisdiction	22,858	75,134	824
Preferential tax rate impact	(1,322)	(399)	(423)
Tax effect of non-deductible expenses and tax-free income	116,342	4,457	3,137
Tax effect of R&D expenses additional deduction	(44,392)	(13,025)	(17,732)
Change in valuation allowance	33,523	212,302	202,586
Others	1,006	(138)	7
Income tax expense	15,946	2,012	1,113

b) Deferred income taxes

The tax effects of temporary differences that give rise to the deferred tax assets (liabilities) balances as of December 31, 2025 and 2024 were as follows:


		As of December 31,
		2025		2024
		US$		US$
Deferred tax assets:
Net operating losses carryforwards		392,449		344,269
Deferral of tax deduction of R&D expenses		286,520		319,768
Accrued expenses		40,633		37,460
Operating lease liabilities		18,479		24,437
Others		37,949		27,843
Total gross deferred tax assets		776,030		753,777
Valuation allowance on deferred tax assets		(632,645)		(585,820)
Deferred tax assets, net of valuation allowance		143,385		167,957
Deferred tax liabilities:
Government grants		(113,142)		(132,061)
Operating lease right-of-use assets		(28,981)		(34,193)
Others		(1,960)		(1,703)
Total deferred tax liabilities		(144,083)		(167,957)
Net deferred tax liabilities		(698)		—

A valuation allowance is provided against deferred income tax assets when the Group determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

As of December 31, 2025, the valuation allowances of US$632,645 were related to the deferred income tax assets of the certain subsidiaries of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Changes in valuation allowance were as follows:


		Year ended December 31,
		2025		2024	2023
		US$		US$	US$
Balance at the beginning of the year		585,820		390,737	202,715
Addition		33,523		209,569	189,952
Effect of foreign currency translation		13,302		(14,486)	(1,930)
Balance at the end of the year		632,645		585,820	390,737

As of December 31, 2025, the net operating loss carryforwards of the Company’s subsidiaries in Chinese mainland amounted to US$1,025,750, which can be carried forward for five years to offset future taxable profit. The net operating loss carryforwards of the Company’s subsidiaries in Chinese mainland, will expire during the period from 2026 to 2030.

As of December 31, 2025, the net operating loss carryforwards of the Company’s subsidiaries incorporated in UK amounted to US$362,623. Operating losses can be carried forward without time limitation but the annual limit of utilization of carryforward loss, without any cash tax impact, is GBP 5,000.

As of December 31, 2025, the net operating loss carryforwards of the Company’s subsidiaries incorporated in Netherlands amounted to US$164,619. Operating losses can be carried forward without time limitation but are available to offset the first EUR 1,000 of taxable profits and 50% of taxable profits in excess of this of the current fiscal year.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT LIABILITIES -THIRD PARTIES

OTHER NON-CURRENT LIABILITIES -THIRD PARTIES

18.

OTHER NON-CURRENT LIABILITIES – THIRD PARTIES

Other non-current liabilities – third parties consisted of the following:


		As of December 31,
		2025		2024
	* *	US$	* *	US$
Deposits from third parties		18,442		17,438
Conditional and refundable government grants (i)		77,624		76,019
Warranty provision		28,938		21,313
Total		125,004		114,770

BORROWINGS

12 Months Ended

Dec. 31, 2025

BORROWINGS

BORROWINGS

10.	BORROWINGS

The Group’s borrowings consisted of the following:


		As of December 31,
		2025		2024
		US$		US$
Short-term borrowings:
Borrowings from banks (i)		479,419		601,165
Borrowings from related parties (Note 26(vii))		784,288		199,570
Other short-term financing arrangements (Note 4)		—		1,784
Total		1,263,707		802,519
Long-term borrowings:
Borrowings from bank (ii)		98,254		—

(iii)The weighted average interest rate on short-term borrowings outstanding as of December 31, 2025 and 2024 is 4.65% and 4.32%, respectively.

As of December 31, 2025 and 2024, the Group had a total line of credit in the amount of US$347,143 and US$916,748, of which the unused portion was US$82,091 and US$241,918, respectively.

As of December 31, 2025 and 2024, certain of the Group’s borrowings were pledged with restricted cash of US$387,185 and US$368,382, respectively.

SHAREHOLDERS' DEFICIT

12 Months Ended

Dec. 31, 2025

SHAREHOLDERS' DEFICIT

SHAREHOLDERS' DEFICIT

19.	SHAREHOLDERS’ DEFICIT

Ordinary shares

As mentioned in Note 17, on March 18, 2022, an ordinary shareholder of the Company, sold its 5,332,827 ordinary shares at US$4.43 per share to Pre-A Investor B with a cash consideration of US$23,650. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series Pre-A Preferred Shares.

As mentioned in Note 1(b), following the Merger Transaction, the Company’s Articles were amended. As such, the shares and corresponding capital amounts and loss per share prior to the Merger Transaction have been retroactively adjusted. The new authorized shares of the Company is US$50 divided into 5,000,000,000 shares comprising of ordinary shares with par value of US$0.00001 each.

Upon the consummation of Business Combination on February 22, 2024, as mentioned in Note 1(b), all ordinary shares of the Company held by all existing shareholders of the Company before the Merger Transaction were recapitalized from 2,142,922,222 ordinary shares into 474,621,603 ordinary shares using recapitalization factor of 0.2215 and the value of the ordinary share was reduced by US$16. The Company issued 202,114,211 ordinary shares, among which 1,417,544 ordinary shares held by the Sponsor remained unvested and subject to vesting condition as mentioned in Note 1(b).

On August 23, 2024, the Company issued 16,000,000 ordinary shares to Deutsche Bank Trust Company Americas, which is reserved for future issuances upon the exercise or vesting of share options granted under the 2022 Share Incentive Plan. As of December 31, 2024 and 2025, 110,300 shares were issued to employees under the 2022 Share Incentive Plan.

On September 16, 2024, the Company entered into a security purchase agreement (“Purchase Agreement”) with Westwood, pursuant to which, Westwood committed to purchase, subject to certain conditions, up to US$350,000 of ADSs during a commitment period of approximately 36 months. As consideration for Westwood’s irrevocable commitment to purchase ADSs upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement, the Company issued 700,000 ordinary shares with fair value of US$3,500 to Westwood on September 19, 2024, which was recognized in general and administrative expenses for the year ended December 31, 2024. In addition, the Company issued 649,000 and 202,500 ordinary shares to Westwood with a total consideration of US $1,301 and US$807 during the years ended December 31, 2025 and 2024, respectively.

On December 23, 2025, the Company entered into a share subscription agreement with ECARX, pursuant to which ECARX agreed to subscribe for and purchase a total of 16,788,321 newly issued ordinary shares from the Company at a price of US$1.37 per ordinary share for a total purchase price of US$23 million through a private placement. On December 29, 2025, the initial tranche of US$17 million was settled and 12,408,759 ordinary shares were issued. The second tranche of remaining US$6 million was settled on January 19, 2026 and 4,379,562 ordinary shares were issued. The ordinary shares purchased by ECARX is subject to a six-month lock-up period with certain customary exceptions.

As of December 31, 2025, the number of ordinary shares issued and outstanding was 707,196,733 and 640,672,331, respectively. As of December 31, 2024, the number of ordinary shares issued and outstanding was 694,134,038 and 676,826,794, respectively.

Treasury stock

As mentioned in Note 13, on September 5, 2025, all of 50,000,000 ADSs under Meritz Investment were fully repurchased by the Company. The repurchased ordinary shares were accounted for using the cost method and recorded as treasury stock as a component of the shareholders’ deficit. During the year ended December 31, 2025, a total of 782,842 repurchased ordinary shares were reissued for conversion of convertible notes. As of December 31, 2025, the number of treasury stock was 49,217,158.

- Definition

The entire disclosure for equity.

+ References

+ Details

WARRANT LIABILITIES - Schedule of warrant liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
WARRANT LIABILITIES
Balance at beginning of the year	$ 3,340
Issuance of warrant liabilities		$ 12,141
Conversion to ordinary shares		(275)
Changes in fair values	(2,540)	(8,526)
Balance at end of the year	$ 800	$ 3,340

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total revenues	$ 519,098	$ 924,349	$ 679,008
Cost of revenues	473,888	894,723	576,827
Research and development expenses (including related parties amounts of US$63,011, US$107,669 and US$135,334 for the years ended December 31, 2025, 2024 and 2023, respectively)	170,960	274,801	368,729
Selling and marketing expenses (including related parties amounts of US$20,125, US$52,636 and US$40,531 for the years ended December 31, 2025, 2024 and 2023, respectively)	148,261	322,310	328,935
General and administrative expenses (including related parties amounts of US$4,227, US$10,873 and US$13,085 for the years ended December 31, 2025, 2024 and 2023, respectively)	135,850	227,475	144,533
Fair value changes of liabilities due to instrument-specific credit risk, income taxes	0	0	0
Foreign currency translation adjustment, income taxes	0	0	0
Interest expenses (including related parties amounts of US$39,109, US$19,504 and nil for the years ended December 31, 2025, 2024 and 2023, respectively)	63,338	58,218	10,200
Interest income (including related parties amounts of US$20,725, US$13,661 and US$122 for the years ended December 31, 2025, 2024 and 2023, respectively)	28,143	22,289	9,204
Net of income taxes	0	0	0
Goods
Total revenues	462,802	891,061	660,158
Cost of revenues	430,031	867,061	564,741
Service
Total revenues	56,296	33,288	18,850
Cost of revenues	43,857	27,662	12,086
Related party
Research and development expenses (including related parties amounts of US$63,011, US$107,669 and US$135,334 for the years ended December 31, 2025, 2024 and 2023, respectively)	63,011	107,669	135,334
Selling and marketing expenses (including related parties amounts of US$20,125, US$52,636 and US$40,531 for the years ended December 31, 2025, 2024 and 2023, respectively)	20,125	52,636	40,531
General and administrative expenses (including related parties amounts of US$4,227, US$10,873 and US$13,085 for the years ended December 31, 2025, 2024 and 2023, respectively)	4,227	10,873	13,085
Interest expenses (including related parties amounts of US$39,109, US$19,504 and nil for the years ended December 31, 2025, 2024 and 2023, respectively)	39,109	19,504	0
Interest income (including related parties amounts of US$20,725, US$13,661 and US$122 for the years ended December 31, 2025, 2024 and 2023, respectively)	20,725	13,661	122
Related party \| Goods
Total revenues	5,933	18,162	3,432
Cost of revenues	349,247	774,002	549,893
Related party \| Service
Total revenues	$ 29,045	$ 24,358	$ 12,573

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 73,431	$ 103,072	$ 418,941
Restricted cash	375,865	379,293	$ 7,873
Total current assets	911,089	1,042,938
Non-current assets
Securities pledged to an investor	0	315,796
Total non-current assets	1,041,659	1,242,725
Total assets	1,952,748	2,285,663
Current liabilities
Share buyback forward liabilities	0	117,059
Put option liabilities - third parties	0	309,115
Shortterm borrowings	1,263,707	802,519
Total current liabilities	2,398,078	2,467,397
Noncurrent liabilities
Warrant liabilities	800	3,340
Total noncurrent liabilities	884,916	678,492
Total liabilities	3,282,994	3,145,889
Shareholders' deficit
Ordinary shares	7	7
Additional paid-in capital	1,933,992	1,785,664
Accumulated other comprehensive income	39,818	55,165
Accumulated deficit	(3,157,918)	(2,693,698)
Total shareholders' deficit attributable to ordinary shareholders	(1,322,498)	(852,862)
Total liabilities and shareholders' deficit	1,952,748	2,285,663
Related party
Current assets
Prepayments and other current assets, net	111,886	74,558
Current liabilities
Convertible notes	126,203	113,910
Accrued expenses and other current liabilities - third parties	213,529	214,760
Shortterm borrowings	784,288	199,570
Nonrelated Party
Current assets
Prepayments and other current assets, net	77,570	72,541
Current liabilities
Accrued expenses and other current liabilities - third parties	251,361	389,791
Shortterm borrowings	479,419	602,949
Parent Company
Current assets
Cash and cash equivalents	301	963
Restricted cash		338
Amounts due from subsidiaries	$ 162,128	$ 95,693
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party
Total current assets	$ 186,239	$ 119,040
Non-current assets
Investment securities - related parties	$ 1,811	$ 2,221
Debt Securities, Available-for-Sale, Type [Extensible Enumeration]	Related party	Related party
Securities pledged to an investor		$ 315,796
Total non-current assets	$ 1,811	318,017
Total assets	188,050	437,057
Current liabilities
Share buyback forward liabilities		117,059
Accrued expenses and other current liabilities - third parties	9,313	16,497
Put option liabilities - third parties		309,115
Total current liabilities	287,180	557,721
Noncurrent liabilities
Share of losses in excess of investments in subsidiaries and consolidated VIEs	1,134,606	728,858
Warrant liabilities	800	3,340
Total noncurrent liabilities	1,223,368	732,198
Total liabilities	1,510,548	1,289,919
Shareholders' deficit
Ordinary shares	7	7
Treasury stock	(138,397)
Additional paid-in capital	1,933,992	1,785,664
Accumulated other comprehensive income	39,818	55,165
Accumulated deficit	(3,157,918)	(2,693,698)
Total shareholders' deficit attributable to ordinary shareholders	(1,322,498)	(852,862)
Total liabilities and shareholders' deficit	188,050	437,057
Parent Company \| Related party
Current assets
Prepayments and other current assets, net	18,052	15,684
Current liabilities
Convertible notes	126,203	113,910
Amounts due to subsidiaries		1,140
Shortterm borrowings	151,664
Noncurrent liabilities
Convertible notes	77,175
Parent Company \| Nonrelated Party
Current assets
Prepayments and other current assets, net	5,758	$ 6,362
Noncurrent liabilities
Convertible notes	$ 10,787

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer
RELATED PARTY TRANSACTIONS
Related party transactions \| $	$ 30,710	$ 33,620	$ 11,031
Number of customer \| customer	0	0	0
Revenue Benchmark \| Customer Concentration Risk \| Geely Group
RELATED PARTY TRANSACTIONS
Concentration risk (as a percent)	96.20%	78.70%
Accounts receivable \| Credit concentration \| Geely Group
RELATED PARTY TRANSACTIONS
Concentration risk (as a percent)	72.70%	37.70%
Purchases \| Supplier concentration \| Geely Group
RELATED PARTY TRANSACTIONS
Concentration risk (as a percent)	72.70%	64.40%	75.00%
Accounts Payable \| Supplier concentration \| Geely Group
RELATED PARTY TRANSACTIONS
Concentration risk (as a percent)	67.50%	60.40%

PROPERTY, EQUIPMENT AND SOFTWARE, NET - Allocation of depreciation expenses on property, equipment and software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 54,740	$ 76,488	$ 54,957
Property, equipment and software, net	226,891	316,447
Asset Pledged as Collateral \| Other short-term financing arrangements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, net	370	0
Cost of revenues
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	28,225	27,124	16,111
Research and development expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	3,237	7,158	3,238
Selling and marketing expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	7,753	22,984	18,350
General and administrative expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 15,525	$ 19,222	$ 17,258

COMMITMENTS AND CONTINGENCIES - Repurchase commitment (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Repurchase obligation under floor financing programs
COMMITMENTS AND CONTINGENCIES
Purchase obligation	$ 90,183

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

25.	COMMITMENTS AND CONTINGENCIES

Purchase commitment

As of December 31, 2025, the Group has future minimum purchase commitment related to the purchase of vehicles, research and development services and other operating services. Total purchase obligations contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:


		Less than		More than
		one year		one year		Total
		US$		US$		US$
Purchase commitment		137,245		20		137,265

Capital commitment

Total capital expenditures contracted but not yet reflected in the consolidated financial statements as of December 31, 2025 were as follows:


		Less than		More than
		one year		one year		Total
		US$		US$		US$
Capital expenditure commitment(i)		15,071		1,237		16,308

(i)Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

Repurchase commitment

The Group has entered into repurchase agreements with a lending institution in connection with its dealers’ wholesale floor-plan financing of vehicles. Pursuant to the agreements, in the event that a dealer has declared the intention to file for bankruptcy, and a lender is able to repossess the vehicle and deliver the repossessed vehicle to the Group, the Group is obligated to repurchase the vehicle from the lender at the unpaid balance of the original invoice price for the vehicle. The Group did not repurchase any vehicles under repurchase agreements since the inception of the repurchase agreements, and the Group believes that, based on historical experience, the likelihood of a material loss pursuant to these repurchase obligations is remote. The total amount financed under the floor financing programs with repurchase obligations was US$90,183 as of December 31, 2025.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated deficit	$ (3,157,918)	$ (2,693,698)
Net current liabilities	(1,486,989)
Net cash used in operating activities	(333,907)	(848,520)	$ (386,932)
Asset impairment charges	51,800
Impairment of long-lived assets	$ 47,272	0	0
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed [Flag]	false
Impairment of ROU assets	$ 4,528
Impairment loss for intangible assets with indefinite lives	$ 0	0	0
Financing providers days	5 years
Advertising expenditures	$ 37,201	134,611	150,920
Equity interest as long-term investment	33,019
Employee social benefits	25,203	$ 30,564	$ 46,969
Ningbo Robotics
Property, Plant and Equipment [Line Items]
Payments to Acquire Investments	$ 0

DEFERRED INCOME (Tables)

12 Months Ended

Dec. 31, 2025

DEFERRED INCOME.

Schedule of benefit recognized from asset and research and development related subsidy


		Asset-related
		subsidy
		US$
Balance as of January 1, 2023		258,450
Subsidy received during the year		16,345
Foreign currency translation adjustment		(4,698)
Balance as of December 31, 2023		270,097
Subsidy received during the year		28,135
Recognized as other operating income during the year		(25)
Foreign currency translation adjustment		(4,284)
Balance as of December 31, 2024		293,923
Subsidy received during the year		11,331
Recognized as other operating income during the year		(60)
Foreign currency translation adjustment		6,718
Balance as of December 31, 2025		311,912

CONVERTIBLE NOTES - 2023 and 2024 Convertible Notes (Details) ¥ in Thousands, $ in Thousands					1 Months Ended	12 Months Ended
	Jun. 25, 2024 USD ($) D	Jun. 24, 2024 USD ($) D	Feb. 22, 2024 shares	Apr. 28, 2023 CNY (¥)	Jan. 31, 2024 USD ($) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
CONVERTIBLE NOTES
Loan term									5 years
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]						us-gaap:PrimeRateMember	us-gaap:PrimeRateMember		us-gaap:PrimeRateMember
2023 Convertible Notes
CONVERTIBLE NOTES
Issuance of convertible notes							$ 9,500	$ 25,297
Pre-IPO Notes
CONVERTIBLE NOTES
Principal amount of debt agreed to issue								23,500
Aggregate principal amount of loan					$ 9,500			$ 14,000
Loan term								1 year
Pre-IPO Notes \| Lotus E V \| Lotus Technology Inc
CONVERTIBLE NOTES
Conversion to ordinary shares (in shares) \| shares					2,433,912
Momenta Note
CONVERTIBLE NOTES
Aggregate principal amount of loan \| ¥				¥ 80,000
Threshold number of business days after the maturity date for redemption				1 year
Momenta Note \| Lotus E V \| Lotus Technology Inc
CONVERTIBLE NOTES
Conversion to ordinary shares (in shares) \| shares			577,456		577,456
2024 Convertible Notes
CONVERTIBLE NOTES
Issuance of convertible notes							$ 109,784
Variable interest rate	3.35%	3.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember
Debt convertible, consecutive trading days \| D	10	10
Impact of instrument-specific credit risk upon redemption						$ 2,259
2024 Convertible Notes \| Geely HK
CONVERTIBLE NOTES
Aggregate principal amount of loan	$ 54,880	$ 54,904

DESCRIPTION OF BUSINESS AND ORGANIZATION - History of group and basis of presentation (Details) - shares				1 Months Ended	12 Months Ended
	Nov. 11, 2021	Nov. 04, 2021	Sep. 24, 2021	Feb. 28, 2023	Dec. 31, 2025	Aug. 09, 2021	Dec. 29, 2020
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired					100.00%
Geely holding \| Lotus Technology International Investment Limited
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)	100.00%
Geely holding \| WFOE
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)							60.00%
Founders Offshore Vehicle \| WFOE
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)							40.00%
Founders Offshore Vehicle
DESCRIPTION OF BUSINESS AND ORGANIZATION
Common stock subscribed						191,981,772
WFOE
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of service fee					100.00%
Service fee payment period					10 days
WFOE \| Sanya Lotus and Hangzhou Lotus
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired				100.00%
WFOE \| Etika
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired			33.33%
WFOE \| Geely holding
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired			22.22%
WFOE \| Founders Offshore Vehicle
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired			44.45%
Etika
DESCRIPTION OF BUSINESS AND ORGANIZATION
Number of shares issued	143,986,329
Lotus Technology International Investment Limited
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired	100.00%
Number of shares issued	95,990,886
LGIL
DESCRIPTION OF BUSINESS AND ORGANIZATION
Number of shares issued		47,995,443

DEFERRED INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
DEFERRED INCOME (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DEFERRED INCOME
Balance at the beginning of the year	$ 293,923
Subsidy received during the year	11,331	$ 28,135	$ 16,345
Balance at the end of the year	311,912	293,923
Asset-related subsidy
DEFERRED INCOME
Balance at the beginning of the year	293,923	270,097	258,450
Subsidy received during the year	11,331	28,135	16,345
Recognized as other operating income during the year	(60)	(25)
Foreign currency translation adjustment	6,718	(4,284)	(4,698)
Balance at the end of the year	311,912	293,923	270,097
Asset-related subsidy \| corporate buildings and plant under construction
DEFERRED INCOME
Subsidy received during the year	11,331	28,135	16,345
Government grants
DEFERRED INCOME
Government grants	$ 5,114	$ 8,613	$ 4,077
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Income, Operating	Other Income, Operating	Other Income, Operating

LEASES - Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Operating lease cost	$ 14,061	$ 25,198	$ 27,815
Short-term lease cost	15,058	10,020	4,288
Variable lease cost			141
Total	$ 29,119	$ 35,218	$ 32,244

INCOME TAX -Valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Balance at the beginning of the year	$ 585,820	$ 390,737	$ 202,715
Addition	33,523	209,569	189,952
Effect of foreign currency translation	13,302	(14,486)	(1,930)
Balance at the end of the year	$ 632,645	$ 585,820	$ 390,737

MERITZ INVESTMENT - Movement of Meritz put option (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
MERITZ INVESTMENT
Change in fair values	$ (28,319)	$ (285,423)	$ (10,039)
Put Option Liability Current	0	$ 309,115
Expected dividend yield \| Level 3
MERITZ INVESTMENT
Put option liabilities, measurement input		0
Meritz Call Option \| Risk-free interest rate \| Level 3
MERITZ INVESTMENT
Put option liabilities, measurement input		0.0425
Meritz Call Option \| Expected volatility \| Level 3
MERITZ INVESTMENT
Put option liabilities, measurement input		0.5507
Meritz Call Option \| Remaining term \| Level 3
MERITZ INVESTMENT
Put option liabilities, measurement input		2.14
Meritz Put Option
MERITZ INVESTMENT
Balance at beginning of the year	309,115
Issuance of put options		$ 130,082
Change in fair values	8,726	299,593
Repurchased and recorded as treasury stock	70,525
Transfer to share buyback forward liabilities		(120,560)
Settlement of put options	$ (388,366)
Balance at end of the year		309,115
Put Option Liability Current		$ 309,115

SHARE-BASED COMPENSATION - Compensation expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 2,274	$ 31,930
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	950	16,241
Selling and marketing expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	176	1,247
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 1,148	$ 14,442

WARRANT LIABILITIES - Fair value of sponsor warrants (Details) - Sponsor warrants	Dec. 31, 2024 $ / shares Y
Risk-free interest rate
Warrant liabilities
Warrants outstanding, measurement input	0.0433
Dividend rate
Warrant liabilities
Warrants outstanding, measurement input	0
Remaining term
Warrant liabilities
Warrants outstanding, measurement input \| Y	4.14
Volatilities
Warrant liabilities
Warrants outstanding, measurement input	0.3976
Spot price
Warrant liabilities
Warrants outstanding, measurement input \| $ / shares	3.61

RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RESTRICTED NET ASSETS
Restricted net assets	$ 479,400	$ 429,503

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Comprehensive Loss (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Fair value changes of liabilities due to instrument-specific credit risk, income taxes	$ 0	$ 0	$ 0
Foreign currency translation adjustment, income taxes	0	0	0
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Fair value changes of liabilities due to instrument-specific credit risk, income taxes	0	0	0
Foreign currency translation adjustment, income taxes	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONVERTIBLE NOTES - 2025 Convertible Notes (Details) $ in Thousands			12 Months Ended
	Jun. 20, 2025 USD ($) D	Feb. 28, 2025 USD ($) D	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Apr. 28, 2025
CONVERTIBLE NOTES
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:PrimeRateMember	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember
2025 Convertible Notes
CONVERTIBLE NOTES
Variable interest rate	3.35%	3.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:PrimeRateMember	us-gaap:PrimeRateMember
Debt convertible, consecutive trading days \| D	10	10
2025 Convertible Notes \| Ningbo Robotics \| Asset Pledged as Collateral
CONVERTIBLE NOTES
Equity interest owned by subsidiary (in percent)						50.00%
2025 Convertible Notes \| Geely HK
CONVERTIBLE NOTES
Aggregate principal amount of loan \| $	$ 119,263	$ 70,000

MERITZ INVESTMENT

12 Months Ended

Dec. 31, 2025

MERITZ INVESTMENT.

MERITZ INVESTMENT

13.

MERITZ INVESTMENT

On February 22, 2024, the Company issued 50,000,000 ordinary shares to Meritz (“Meritz Subscription Shares”) at an aggregate subscription price equal to US$500,000 (“Meritz Investment”). Pursuant to the Meritz subscription agreement (“Meritz Subscription Agreement”), the Company deposited into a restricted securities account consisting of: (i) certain U.S. treasury bonds with an aggregate outstanding principal amount of US$325,000 at fair value of US$312,616 on February 26, 2024, and (ii) certain U.S. treasury bills with an aggregate outstanding principal amount of US$189,613 at fair value of US$187,384 on February 26, 2024. During the year ended December 31, 2024, following the effectiveness of registration statement (F-1) on May 23, 2024, the Company withdrew U.S. treasury bonds and/or U.S. treasury bills with outstanding principal amount of US$189,613 at cash receipt of US$189,630. During the year ended December 31, 2025, following the share buyback agreement entered into on August 27, 2025, the Company redeemed the remaining U.S. treasury bonds and/or U.S. treasury bills with outstanding principal amount of US$326,891, receiving cash proceeds of US$326,891.

On October 15, 2024, Yin Qing Holdings Limited, which is wholly owned by Mr. Qingfeng Feng, the CEO and director of the Company, pledged all of its rights and interests in 7,000,000 Company’s ordinary shares (“Pledged Shares”) in favor of Meritz, served as security for the Company’s full and timely fulfillment of its obligation under the Meritz Subscription Agreement.

On March 28, 2025, the Company entered into an amended and restated share buyback agreement (the “A&R SBA”) with Meritz to amend and restate in its entirety a share buyback agreement dated November 29, 2024 previously entered between the Company and Meritz. Pursuant to the A&R SBA, Meritz agrees to sell, and the Company agrees to repurchase 17,500,000 ADSs (“Share Buyback Transaction”) and the default interest, with cumulative accrued amount of US$22,261 as of March 28, 2025, stopped accruing since March 28, 2025.

Upon the completion of the Share Buyback Transaction (the “Closing”), certain provisions under the subscription agreement terminated, including: (i) the obligation for the Company to maintain US$175,000 of unrestricted cash as of the last date of each fiscal quarter; (ii) the Company’s call option to acquire certain Meritz shares at US$14.00 per share if the closing price of the ADSs for a five-trading-day period exceeds US$14.00; and (iii) the Company’s obligation to deposit additional cash as collateral in the restricted cash account to secure its obligations due to changes in the closing price of the ADSs. After the Closing, Meritz has the option to sell all or part of the remaining 32,500,000 ordinary shares to the Company upon the third anniversary of the closing of the Meritz Investment.

Pursuant to the A&R SBA, the Company agreed to complete the full payment of a deposit of US$150,938 (“SBA Deposit”) to Meritz on or before April 30, 2025 and the remaining repurchase price (an amount that provides Meritz with a 12.5% annualized interest rate on US$48,109, calculated for the period between March 28, 2025 and the date of Closing), together with any accrued default interest (to the extent not waived by Meritz in accordance with the A&R SBA), at the Closing to take place on or before September 30, 2025. Closing is subject to customary closing conditions. In the event that the SBA Deposit is not paid on or before April 30, 2025 or the Closing does not take place on or prior to September 30, 2025 (except due to Meritz’s failure to satisfy certain closing conditions, provided that the Company is not in breach of any representation or warranty, covenant or other agreement and is otherwise ready, willing and able to consummate the Closing), (i) an event of default will be deemed to occur under the subscription agreement; (ii) to the extent that the event of default occurs on September 30, 2025, Meritz shall transfer 12,689,058 ADSs to Lotus EV Limited, the Company’s subsidiary. Lotus EV Limited shall pledge such shares to Meritz, and such pledged ADSs will become immediately enforceable and shall be enforced by Meritz; (iii) Meritz shall enforce the security under the Subscription Agreement; (iv) Meritz shall enforce the Pledged Shares in favor of Meritz; and (v) Meritz will have the right to terminate the A&R SBA. The aforementioned SBA Deposit was fully settled on April 30, 2025.

On July 31, 2025, the remaining repurchase price of US$50,090 was fully paid by the Company, and all default interest was waived in accordance with the A&R SBA. On August 4, 2025, 17,500,000 ADSs were transferred from Meritz to the Company. On August 5, 2025, the Pledged Shares were fully released.

On August 27, 2025, the Company entered into a new share buyback agreement with Meritz pursuant to which Meritz agreed to sell, and the Company agreed to repurchase 32,500,000 ADSs of the Company for an aggregate purchase price of US$387,366 plus additional depositary fee of US$1,000. On September 5, 2025, purchase price and additional depositary fee was fully paid by the Company and the transaction was closed. Upon closing, Meritz Subscription Agreement and A&R SBA, including all obligations of the Company thereunder, were terminated and of no further force or effect.

Accounting for the Meritz Investment

At initial recognition, the Meritz put option liability is determined to be a freestanding financial instrument that is accounted for as a liability in the scope of ASC Topic 480, Distinguishing Liabilities from Equity, because the put options embody an obligation to repurchase equity shares by transferring assets. The Company initially measured the Meritz put option liability at fair value and subsequently remeasured to fair value with changes in fair value of recognized as “Changes in fair values of liabilities, excluding impact of instrument-specific credit risk”.

Since the Share Buyback Agreement is entered into separately and apart from the issuance of the underlying 17,500,000 Meritz Subscription Shares, the Share Buyback Agreement is a freestanding financial instrument. The share buyback obligation is unconditional and requires the Company to repurchase a fixed number of its own equity shares for cash. Accordingly, the Company accounts for the share buyback obligation as a physically settled forward purchase contract in the scope of ASC Topic 480. On April 30, 2025, the Company paid the remaining SBA Deposit of US$74,469, which can be used to settle the repurchase obligation. On September 5, 2025, all of 50,000,000 ADSs under Meritz Investment were fully repurchased. The repurchased ordinary shares were accounted for using the cost method and recorded as treasury stock as a component of the shareholders’ deficit.

Since the Meritz Put Option was triggered as of December 31, 2024, the put option liabilities of US$309,115 was classified as current liabilities in the consolidated balance sheet as of December 31, 2024. The fair value of the put option liability as of December 31, 2024 was estimated using the scenario-weighted average method with binomial model, with the following assumptions: i) risk‑free interest rate of 4.25%, ii) expected volatility of 55.07%, iii) expected dividend yield of 0.00%, and iv) remaining term of 2.14 years.

The movement of Meritz put option during the years ended December 31, 2025 and 2024 consisted of the following:


		Year Ended December 31,
		2025		2024
		US$		US$
Balance at beginning of the year		309,115		—
Issuance of put options		—		130,082
Change in fair values		8,726		299,593
Repurchased and recorded as treasury stock		70,525		—
Transfer to share buyback forward liabilities		—		(120,560)
Settlement of put options		(388,366)		—
Balance at end of the year		—		309,115
Including:
- Current portion		—		309,115
- Non-current portion		—		—

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Warranty provision	$ 28,938	$ 21,313	$ 6,539
Nonrelated Party
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Deposits from third parties	18,442	17,438
Conditional and refundable government grants (i)	77,624	76,019
Warranty provision	28,938	21,313
Total	$ 125,004	$ 114,770