SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| 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$58,671), was recorded in additional paid-in capital. |
(ii) | As of December 31, 2025, Ningbo Lotus Robotics Co., Ltd. (“Ningbo Robotics”), a wholly owned subsidiary of the Company, held 5% equity interest of Chongqing Qianli Intelligent Driving Technology Co., Ltd. (“Chongqing Qianli”), a newly established private entity and a related party of the Company (Note 2(w)). The Group elected to record such investment in privately held company without readily determinable values using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. The Group did not record any impairment charge for the year ended December 31, 2025. |
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| Schedule of property, equipment and software, net |
| | | Buildings and facilities | | 30 years | Machinery and R&D equipment | | 3-10 years | Molds and tooling | | 5-10 years | Motor vehicles | | 2-5 years | Office and electronic equipment | | 3-5 years | Purchased software | | 3-10 years | Leasehold improvements | | The shorter of estimated useful life of the assets and lease terms |
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| Schedule of movement of warranty reserve |
| | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | US$ | | 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 |
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| 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 | % |
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| 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 |
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