| 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.
|