v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
REVENUES  
REVENUES

21.

REVENUES

The Group’s revenues are disaggregated by product and service lines as follows:

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Six Months Ended June 30, 

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2025

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2024

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US$

    

US$

Sales of goods – third parties

 

  

 

  

– BEV lifestyle models

 

143,966

 

262,849

– Sports cars

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32,906

​

102,618

– Others

 

17,851

 

15,096

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194,723

 

380,563

Sales of goods – related parties

 

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– BEV lifestyle models

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1,066

​

535

– Sports cars

​

227

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91

– Others

 

1,469

 

1,704

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2,762

 

2,330

Subtotal

 

197,485

 

382,893

Services- third parties

 

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– R&D service

 

1,087

 

56

– Others1

 

3,069

 

4,504

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4,156

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4,560

Services- related parties

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– R&D service

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13,666

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6,366

– Others2

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3,019

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4,296

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16,685

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10,662

Subtotal

 

20,841

 

15,222

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Total revenues

 

218,326

 

398,115

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

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2 Others primarily include commission service fee.

Contract Liabilities

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As of

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As of

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June 30, 2025

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December 31, 2024

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US$

    

US$

Current liabilities

 

  

 

  

 – Contract liabilities – third parties

 

27,666

 

33,964

 – Contract liabilities – related parties*

 

1,163

 

150

Non-current liabilities

 

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 – Contract liabilities – third parties

 

7,570

 

8,683

Contract liabilities, current and non-current

 

36,399

 

42,797

* This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets.

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$10,688 was recognized as revenue during the six months ended June 30, 2025. The Group expects that US$56,814 of transaction price allocated to unsatisfied performance obligation as of June 30, 2025 will be recognized as revenues within one year. The remaining US$52,024 will be recognized over the remaining contract periods over 1 to 10 years.