v3.26.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

8. PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consisted of the following:

 

As of December 31,
   

2025

  

2024

Vehicles held for use(i)

  

$

452

 

  

$

3,234

 

Production facilities

  

 

2,767

 

  

 

2,748

 

Electronic equipment(i)

  

 

641

 

  

 

775

 

Furniture(i)

  

 

193

 

  

 

283

 

Leasehold improvement

  

 

114

 

  

 

114

 

Battery and charging swap infrastructure(i)

  

 

101

 

  

 

106

 

Less: Accumulated depreciation

  

 

(710

)

  

 

(1,599

)

Less: Impairment of property and equipment(i)

  

 

(3,201

)

  

 

(3,159

)

Property and equipment, net

  

$

357

 

  

$

2,502

 

(i)      For the year ended December 31, 2025, the Group recognized a loss of US$1.2 million on the disposal of certain property and equipment, including vehicles held for use, primarily due to management’s disposal of assets that had become obsolete or were not adequately maintained.

(ii)     Accumulated impairment loss of property and equipment was US$3.2 million as of December 31, 2025 and 2024, which was recognized on certain property and equipment associated with vehicle manufacturing.

Depreciation expenses were US$0.7 million, US$0.8 million and US$0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Impairment made for property and equipment was as follows:

 

Amounts

Balance as at December 31, 2022

  

$

—

 

Impairment made during the period

  

 

3,183

 

Effect of exchange rate differences

  

 

3

 

Balance as at December 31, 2023

  

$

3,186

 

Impairment made during the period

  

 

—

 

Effect of exchange rate differences

  

 

(27

)

Balance as at December 31, 2024

  

$

3,159

 

Impairment made during the period

  

 

—

 

Effect of exchange rate differences

  

 

42

 

Balance as at December 31, 2025

  

$

3,201