| Schedule of related party transactions |
| | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | | US$ | | US$ | Provision of services (i) | | 231 | | 16,685 | Sales of goods (i) | | 11,767 | | 2,762 |
| | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | | US$ | | US$ | Purchase of products and services ((iii).a) | | 334,976 | | 178,224 | Purchase of products and services for R&D activities ((iii).b) | | 14,221 | | 49,264 | Purchase of equipment and software ((iii).c) | | 58 | | 465 | Short-term lease cost ((iii).e) | | 81 | | 151 | Loans to a related party ((ii).b) | | 72,731 | | — | Proceed from settlement of related party loans ((ii).b) | | 62,136 | | — | Interest income on loans due from related parties ((ii).b) | | 11,765 | | 9,317 | Payment of lease liabilities (iv) | | 935 | | 922 | Payments on behalf of related parties((ii).a) | | 8,859 | | 4,619 | Payments by related parties on behalf of the Group ((iii).d) | | 929 | | 1,294 | Proceeds of borrowing from related parties (vi) | | 261,003 | | 342,633 | Repayments of borrowing from related parties (vi) | | 226,108 | | 161,639 | Interest expense on borrowing due to related parties ((iii).a & (vi)) | | 23,183 | | 13,799 | Disposal of equipment ((ii).f) | | 331 | | 10,162 | Refund of license fee in connection with adjustments to the product pipeline from a related party (vii) | | 99,114 | | — |
| | | | | | | As of | | As of | | | June 30, 2026 | | December 31, 2025 | | | US$ | | US$ | Accounts receivable – related parties (i) | | 59,734 | | 114,126 | Contract liabilities – related parties* (i) | | 4,354 | | 228 | Prepayments and other current assets – related parties (ii) | | 112,784 | | 111,886 | Other non-current assets – related parties ((ii).e) | | 587 | | 569 | Accounts payable – related parties ((iii).a) | | 633,627 | | 458,189 | Accrued expenses and other current liabilities – related parties (iii) | | 130,871 | | 211,665 | Other non-current liabilities – related parties ((iii).f) | | — | | 856 | Operating lease liabilities– related parties, current* (iv) | | 1,661 | | 1,636 | Operating lease liabilities– related parties, non-current (iv) | | 2,219 | | 3,105 | Investment securities – related parties (v) | | 1,358 | | 1,811 | Equity security without readily determinable fair values using the measurement alternative – related party | | 36,706 | | 35,568 | Loan receivable from a related party ((ii). b) | | 368,584 | | 351,486 | Short-term borrowings - related parties(vi) | | 863,776 | | 784,288 |
* These items are included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. 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 a number of related parties. The Group provided services to related parties amounting to US$231 and US$16,685 for the six months ended June 30, 2026 and 2025, respectively. The Group sold sports cars, EV lifestyle models, auto parts and peripheral products to related parties amounting to US$11,767 and US$2,762 for the six months ended June 30, 2026 and 2025, 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$59,734 and US$114,126 as of June 30, 2026 and December 31, 2025, respectively. Receipts in advance of US$4,354 and US$228 were included in contract liabilities – related parties as of June 30, 2026 and December 31, 2025, 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. |
| a. | The Group made payments of US$8,859 and US$4,619 on behalf of related parties for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, receivables of US$25,000 and US$5,764 was included in prepayments and other current assets – related parties, respectively. |
| b. | 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 six months ended June 30, 2026 and 2025, the Group provided loan principal of US$72,731 and nil and recognized interest income of US$11,564 and US$9,017, respectively. As of June 30, 2026 and December 31, 2025, the receivable for the loan principal and interest of US$368,564 and US$351,486 was included in loan receivable from a related party, respectively. |
The Group provided unsecured short-term loans to a subsidiary disposed in September 2024 with an interest rate of 3% per annum. During the six months ended June 30, 2026 and 2025, the Group recognized interest income of US$120 and US$232. The Group received total repayments of US$18,115 during the six months ended June 30, 2026, and the loan was fully settled. As of December 31, 2025, the receivable for the loan principal and interest of US$18,052 was included in prepayments and other current assets – related parties. In addition, the Group recognized interest income of US$81 and US$68 arising from unsecured short-term loans with interest rates of 3.65%-4.5% per annum to related parties for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the receivable for the loan principal and interest of US$4,779 and US$ 4,706 was included in prepayments and other current assets – related parties, respectively. | c. | 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$83,398 and US$83,296 were included in prepayments and other current assets – related parties as of June 30, 2026 and December 31, 2025, respectively. |
| d. | As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US$2 and US $9 were included in prepayments and other current assets – related parties as of June 30, 2026 and December 31, 2025, respectively. |
| e. | As of June 30, 2026 and December 31, 2025, the deposit paid recorded in other non-current assets - related parties was US$587 and US$ 569, respectively. |
| f. | During the six months ended June 30, 2026 and 2025, the Group disposed some equipment amounting to US$331 and US$10,162 to related parties. As of June 30, 2026 and December 31, 2025, receivable from the disposal recorded in prepayments and other current assets – related parties was US$2,297 and US$2,666. |
(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. |
| a. | 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 six months ended June 30, 2026 and 2025, these purchases amounted to US$334,976 and US$178,224, among which, US$198,294 and US$158,085 were recognized as cost of goods sold for the six months ended June 30, 2026 and 2025, respectively. |
As of June 30, 2026 and December 31, 2025, 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$94,940 and US$52,917 were included in accrued expenses and other current liabilities – related parties, respectively. As of June 30, 2026 and December 31, 2025, the amounts due to related parties for purchase of sports cars, EV lifestyle models, auto parts and peripheral products of US$633,627 and US$458,189 was included in accounts payable-related parties, respectively. During the six months ended June 30, 2026 and 2025, the Group incurred interest expense of US$4,420 and US$3,709 due to the delay payments of accounts payable due to related parties, bearing interest rate of 5.00% - 6.95% per annum. | b. | The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US$14,221 and US$49,264 during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the amounts due to related parties for purchase of products and services for R&D activities of US$33,360 and US$156,442 were included in accrued expenses and other current liabilities – related parties, respectively. |
| c. | The Group purchased equipment and software of US$58 and US$465 from related parties for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the amounts due to related parties for purchase of equipment and software of US$591 and US$1,603 were included in accrued expenses and other current liabilities – related parties, respectively. |
| d. | During the six months ended June 30, 2026 and 2025, related parties paid US$929 and US$1,294 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, out of which US$882 and US$397 were included in accrued expenses and other current liabilities – related parties as of June 30, 2026 and December 31, 2025, respectively. |
| e. | The Group entered into short-term lease agreements with related parties to rent office spaces. During the six months ended June 30, 2026 and 2025, the Group incurred short-term lease costs of US$81 and US$151, respectively. |
| f. | The Group received deposits of US$943 and nil for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, US$1,097 and US$306 were included in accrued expenses and other current liabilities – related parties, and nil and US$856 was included in other non-current liabilities-related parties, respectively. |
(iv) | The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the six months ended June 30, 2026 and 2025, the Group paid lease liabilities of US$935 and US$922, respectively. As of June 30, 2026 and December 31, 2025, current portion of operating lease liabilities were US$1,661 and US$1,636, respectively, and non-current portion of operating lease liabilities were US$2,219 and US$3,105, respectively. |
(v) | 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 June 30, 2026 and December 31, 2025, the fair value of such shares was US$1,358 and US$1,811, respectively. |
(vi) | During the six months ended June 30, 2026, the Group borrowed loans due within one year or less with principal amounts of US$261,003 from related parties ultimately controlled by the Controlling Shareholder, bearing interest rates of 3.45% - 7.91% per annum, and repaid the loan principal amounts of US$226,108 to related parties. |
During the six months ended June 30, 2025, the Group borrowed loans due within one year or less with principal amounts of US$342,633 from related parties ultimately controlled by the Controlling Shareholder, bearing interest rates of 3.7%-6.0% per annum, and repaid the loan principal amounts of US$161,639 to related parties. During the six months ended June 30, 2026 and 2025, the Group incurred related interest expenses of US$18,763 and US$10,090, respectively. As of June 30, 2026 and December 31, 2025, the outstanding loan principal and interest balance of US$863,776 and US$784,288 were included in short-term borrowings – related parties, respectively. For the outstanding loan principal and interest as of June 30, 2026, US$187,178 was secured by 45% equity interests held by Ningbo Lotus in Ningbo Robotics, US$433,852 was secured by the Group’s intellectual property with carrying amount of nil as the research and development costs were expensed historically, and US$242,136 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$84,640 was further secured by the Group’s intellectual property with carrying amount of nil. 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. | (vii) | The Group received a total of US$99.1 million refund of license fee in connection with adjustments to the product pipeline from a related party, and recorded as a deduction of research and development expenses during the six months ended June 30, 2026. |
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