



• | We have a limited operating history and face significant challenges in an emerging industry (see page 23 of the Annual Report). |
• | We have historically incurred losses from our operations and may not be profitable in the future (see page 24 of the Annual Report). |
• | Our ability to develop and manufacture ECVs of sufficient quality, on schedule and on a large scale is still evolving (see page 24 of the Annual Report). |
• | Our future success depends on our ability to continue to introduce new models and we may experience delays in launching and ramping up production of our new ECV models (see page 24 of the Annual Report). |
• | Our operating results may be more volatile due to a shift from only a high concentration of sales in relatively few channel partners to establishing our own distribution network (see page 25 of the Annual Report). |
• | Our reliance on our new hybrid distribution model to market, sell and service (and in certain cases, assemble and/or homologate) our vehicles is subject to substantial risks because we do not maintain control over certain of our remaining channel partners and our newly established EV Center dealerships are relatively new (see page 25 of the Annual Report). |
• | The unavailability or reduction of government and economic incentives or the elimination of regulatory policies which are favorable for ECVs could materially and adversely affect our business, financial condition, operating results and prospects (see page 33 of the Annual Report). |
• | Our future growth is dependent upon end-users’ willingness to adopt ECVs (see page 33 of the Annual Report). |
• | Continued elevated levels of inflation could adversely impact our business and results of operations (see page 34 of the Annual Report). |
• | We could experience cost increases or disruptions in the supply of raw materials or components used in our vehicles, and a shortage of key components, such as semiconductors, can disrupt our production of ECVs (see page 34 of the Annual Report). |
• | Our business is subject to substantial regulations, which are evolving, and unfavorable changes or the failure by us or our channel partners to comply with these regulations could materially and adversely affect our business, financial condition, operating results and prospects (see page 35 of the Annual Report). |
• | Our ECVs may be subject to product liability claims or recalls which could cause us to incur expenses, damage our reputation or result in a diversion of management resources (see page 35 of the Annual Report). |
• | We face risks associated with our global operations and expansion, including unfavorable regulatory, political, legal, economic, tax and labor conditions, and with establishing ourselves in new markets, all of which could harm our business (see page 36 of the Annual Report). |
• | Our business will be adversely affected if we are unable to protect our intellectual property rights from unauthorized use or infringement by third parties (see page 36 of the Annual Report). |
• | We seek to continuously expand and improve our information technology systems and use security measures designed to protect our systems against breaches and cyber-attacks. If these efforts are not successful, our business and operations could be disrupted, and our operating results and reputation could be harmed (see page 39 of the Annual Report). |
• | Data collection is governed by restrictive regulations governing the use, processing, and cross-border transfer of personal information (see page 40 of the Annual Report). |
• | Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business, results of operations, financial condition and prospects (see page 42 of the Annual Report). |
• | The PRC government may intervene or otherwise adversely affect our operations at any time, or may exert more control over foreign investment in issuers with operations in China, which could materially affect our operations (see page 42 of the Annual Report). |
• | Uncertainties with respect to the Chinese legal system could materially and adversely affect us and may restrict the level of legal protections to foreign investors (see page 43 of the Annual Report). |
• | We currently conduct a significant amount of our operations through our subsidiaries established in China. Adverse regulatory developments in China may subject us to additional regulatory review or regulatory approval, and additional disclosure requirements. Also, regulatory scrutiny in response to recent tensions between the United States and China may impose additional compliance requirements for companies like ours with significant China-based operations. These developments could increase our compliance costs or subject us to additional disclosure requirements (see page 43 of the Annual Report). |
• | Increases in labor costs and enforcement of stricter labor laws and regulations in China may adversely affect our business and our profitability (see page 44 of the Annual Report). |
• | Fluctuations in the value of the RMB and restrictions on currency exchange may adversely affect our business (see page 45 of the Annual Report). |
• | We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business (see page 45 of the Annual Report). |
• | Changes in U.S. and international trade policies, particularly with regard to China, may adversely impact our business and operating results (see page 46 of the Annual Report). |
• | It may be difficult for overseas regulators to conduct investigations or collect evidence within China (see page 46 of the Annual Report). |
• | PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business (see page 47 of the Annual Report). |
• | PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries’ ability to increase their registered capital or distribute profits to us or otherwise expose us or our PRC resident beneficial owners to liability and penalties under PRC law (see page 47 of the Annual Report). |
• | Our common stock may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors. The delisting of our common stock, or the threat of their being delisted, may materially and adversely affect the value of your investment (see page 48 of the Annual Report). |
• | Our Common Stock price may be volatile, and the value of our Common Stock may decline (see page 48 of the Annual Report). |
• | Concentration of ownership among our executive officers, directors and their affiliates, may prevent new investors from influencing significant corporate decisions (see page 49 of the Annual Report). |
• | Future sales of our Common Stock by us in the public market could cause the market price of our Common Stock to decline. The issuance of additional Common Stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise will dilute all other shareholders (see page 49 of the Annual Report). |
• | We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Common Stock (see page 49 of the Annual Report). |
• | The Nevada Revised Statutes contain anti-takeover provisions, which may discourage a third-party from acquiring us and adversely affect the rights of holders of our Common Stock (see page 50 of the Annual Report). |
• | There can be no assurance that we will be able to comply with the continued listing standards of the Nasdaq Capital Market. Our failure to meet the continued listing requirements could result in a delisting of our common stock (see page S-18 of this prospectus supplement). |
• | We have broad discretion in the use of the net proceeds of this offering and may not use them effectively (see page S-19 of this prospectus supplement). |
• | You may experience accretion or dilution as a result of this offering (see page S-19 of this prospectus supplement) |
• | You may experience future dilution as a result of future equity offerings (see page S-19 of this prospectus supplement). |
• | A substantial number of shares of Common Stock may be sold in the market following this offering, which may depress the market price for our Common Stock (see page S-19 of this prospectus supplement). |
• | The shares of Common Stock offered by this prospectus supplement will be sold in “at-the-market” offerings, and investors who buy shares at different times will likely pay different prices (see page S-19 of this prospectus supplement). |
• | The actual number of shares of Common Stock we will issue under the Sales Agreement, at any one time or in total, is uncertain (see page S-20 of this prospectus supplement). |
• | a limited availability for market quotations for our securities; |
• | reduced liquidity with respect to our securities; |
• | a determination that our shares of Common Stock are a “penny stock,” which will require brokers trading in our shares of Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our shares of Common Stock; |
• | limited amount of news and analyst coverage; and |
• | a decreased ability to issue additional securities or obtain additional financing in the future. |
U.S. $ | |||
Assumed offering price per share of Common Stock | 3.90 | ||
Net tangible assets per share of common stock as of June 30, 2026 | 11.60 | ||
Decrease in net tangible assets per share attributable to the pro forma adjustments described above | (6.70) | ||
Pro forma net tangible book value per share as of June 30, 2026 | 4.90 | ||
Decrease in pro forma net tangible assets attributable to this offering | (0.68) | ||
As adjusted pro forma net tangible assets per share of common stock after this offering | 4.22 | ||
Accretion per share of common stock to new investors in this offering | 0.32 | ||
• | our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on April 15, 2026; |
• | our Current Reports on Form 8-K filed with the SEC on April 15, 2026, May 1, 2026, May 20, 2026, June 5, 2026, July 28, 2026, August 31, 2026 and September 17, 2026; |
• | Our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2026, as filed with the SEC on May 14, 2026; our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as filed with the SEC on August 14, 2026; |
• | the description of our Common Stock contained in our registration statement on Form S-3 (No. 333-292994 ) filed with the SEC pursuant to Section 12(b) of the Exchange Act, together with any amendments or reports filed with the SEC for the purposes of updating such description; and |
• | any future annual reports on Form 10-K filed with the SEC after the date of this prospectus supplement and prior to the termination of the offering of the securities offered by this prospectus supplement; and |
• | any future current reports on Form 8-K that we file with the SEC after the date of this prospectus supplement, other than information furnished and not filed under applicable SEC rules. |

Page | |||

* | : in Free Trade Zone |
• | We have a limited operating history and face significant challenges in an emerging industry (see page 23 of the Annual Report). |
• | We have historically incurred losses from our operations and may not be profitable in the future (see page 24 of the Annual Report). |
• | Our ability to develop and manufacture ECVs of sufficient quality, on schedule and on a large scale is still evolving (see page 24 of the Annual Report). |
• | Our future success depends on our ability to continue to introduce new models and we may experience delays in launching and ramping up production of our new ECV models (see page 24 of the Annual Report). |
• | Our operating results may be more volatile due to a shift from only a high concentration of sales in relatively few channel partners to establishing our own distribution network (see page 25 of the Annual Report). |
• | Our reliance on our new hybrid distribution model to market, sell and service (and in certain cases, assemble and/or homologate) our vehicles is subject to substantial risks because we do not maintain control over certain of our remaining channel partners and our newly established EV Center dealerships are relatively new (see page 25 of the Annual Report). |
• | Our EV Center dealers and channel partner network may not grow or develop as we currently expect, in current markets in which we sell ECVs or penetrate new markets, our revenue and financial condition would be adversely affected (see page 26 of the Annual Report). |
• | The unavailability or reduction of government and economic incentives or the elimination of regulatory policies which are favorable for ECVs could materially and adversely affect our business, financial condition, operating results and prospects (see page 33 of the Annual Report). |
• | Our future growth is dependent upon end-users’ willingness to adopt ECVs (see page 33 of the Annual Report). |
• | Continued elevated levels of inflation could adversely impact our business and results of operations (see page 34 of the Annual Report). |
• | We could experience cost increases or disruptions in the supply of raw materials or components used in our vehicles, and a shortage of key components, such as semiconductors, can disrupt our production of ECVs (see page 34 of the Annual Report). |
• | Our business is subject to substantial regulations, which are evolving, and unfavorable changes or the failure by us or our channel partners to comply with these regulations could materially and adversely affect our business, financial condition, operating results and prospects (see page 35 of the Annual Report). |
• | Our ECVs may be subject to product liability claims or recalls which could cause us to incur expenses, damage our reputation or result in a diversion of management resources (see page 35 of the Annual Report). |
• | We face risks associated with our global operations and expansion, including unfavorable regulatory, political, legal, economic, tax and labor conditions, and with establishing ourselves in new markets, all of which could harm our business (see page 36 of the Annual Report). |
• | Our business will be adversely affected if we are unable to protect our intellectual property rights from unauthorized use or infringement by third parties (see page 36 of the Annual Report). |
• | We seek to continuously expand and improve our information technology systems and use security measures designed to protect our systems against breaches and cyber-attacks. If these efforts are not successful, our business and operations could be disrupted, and our operating results and reputation could be harmed (see page 39 of the Annual Report). |
• | Data collection is governed by restrictive regulations governing the use, processing, and cross-border transfer of personal information (see page 40 of the Annual Report). |
• | Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business, results of operations, financial condition and prospects (see page 42 of the Annual Report). |
• | The PRC government may intervene or otherwise adversely affect our operations at any time, or may exert more control over foreign investment in issuers with operations in China, which could materially affect our operations (see page 42 of the Annual Report). |
• | Uncertainties with respect to the Chinese legal system could materially and adversely affect us and may restrict the level of legal protections to foreign investors (see page 42 of the Annual Report). |
• | We currently conduct a significant amount of our operations through our subsidiaries established in China. Adverse regulatory developments in China may subject us to additional regulatory review or regulatory approval, and additional disclosure requirements. Also, regulatory scrutiny in response to recent tensions |
• | Increases in labor costs and enforcement of stricter labor laws and regulations in China may adversely affect our business and our profitability (see page 44 of the Annual Report). |
• | We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business (see page 45 of the Annual Report). |
• | Changes in U.S. and international trade policies, particularly with regard to China, may adversely impact our business and operating results (see page 46 of the Annual Report). |
• | Our Common Stock price may be volatile, and the value of our Common Stock may decline (see page 48 of the Annual Report). |
• | Concentration of ownership among our executive officers, directors and their affiliates, may prevent new investors from influencing significant corporate decisions (see page 49 of the Annual Report). |
• | Future sales of our Common Stock by us in the public market could cause the market price of our Common Stock to decline. The issuance of additional Common Stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise will dilute all other shareholders (see page 49 of the Annual Report). |
• | We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Common Stock (see page 49 of the Annual Report). |
• | The Nevada Revised Statutes contain anti-takeover provisions, which may discourage a third-party from acquiring us and adversely affect the rights of holders of our Common Stock (see page 50 of the Annual Report). |
• | General market conditions and investor sentiment regarding our company and the electric commercial vehicle industry; |
• | Our ability to achieve profitability or positive cash flow from operations; |
• | Our ability to raise additional capital on acceptable terms or at all; |
• | The performance of our business and our ability to meet our financial projections and operational goals; |
• | The market price of our common stock, which may be affected by factors unrelated to our operating performance; |
• | Macroeconomic conditions, including interest rates, inflation, and geopolitical events; and |
• | Changes in Nasdaq listing requirements. |
• | Reduced liquidity and market price: Delisting could significantly impair our stockholders’ ability to buy and sell shares of our common stock and could have an adverse effect on the market price of, and the efficiency of the trading market for, our common stock. |
• | Limited trading venues: If our common stock is delisted, it may be subject to trading on the over-the-counter market, such as on the OTC Bulletin Board or the Pink Sheets. As a result, stockholders may find it more difficult to dispose of, or to obtain accurate quotations as to the value of, our common stock. |
• | Penny stock rules: Our common stock would become subject to the “penny stock” rules under the Securities Exchange Act of 1934, as amended, which would impose additional sales practice requirements on broker-dealers who sell our securities. These requirements may further limit the liquidity of our common stock. |
• | Difficulty raising capital: Delisting could make it more difficult and costly for us to raise capital in the future through public or private sales of our equity securities. |
• | Negative publicity and reputational harm: Delisting could result in negative publicity and loss of investor confidence, which could adversely affect our business relationships with customers, suppliers, and strategic partners. |
• | Employee retention challenges: Delisting could adversely affect our ability to attract and retain employees through equity incentive awards, as the value and liquidity of such awards would be diminished. |
• | Institutional investor restrictions: Many institutional investors have internal policies prohibiting or limiting their investment in stocks that are not listed on a national securities exchange, which could result in further selling pressure on our common stock. |
• | Contractual defaults: The delisting of our common stock from Nasdaq could constitute an event of default under certain of our agreements, including identify any credit agreements, loan agreements, or other material contracts that contain cross-default provisions tied to Nasdaq listing. Such defaults could have a material adverse effect on our business, financial condition, results of operations, and cash flows. |
• | the net tangible book value per share of our equity securities before and after the offering; |
• | the amount of the increase in such net tangible book value per share attributable to the cash payments made by purchasers in the offering; and |
• | the amount of the immediate dilution from the public offering price which will be absorbed by such purchasers. |
• | the number of shares constituting that series and the distinctive designation of that series; |
• | the dividend rate or rates on the shares of that series, whether dividends shall be cumulative, and if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of that series; |
• | whether that series shall have voting rights, in addition to the voting rights provided by law, and if so, the terms of such voting rights; |
• | whether that series shall have conversion privileges, and if so, the terms and conditions of such conversion, including provision for adjustment of the conversion rate in such events as our Board of Directors shall determine; |
• | whether or not the shares of that series shall be redeemable, and if so, the terms and conditions of such redemption, including the date or dates upon or after which they shall be redeemable, and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates; |
• | whether that series shall have a sinking fund for the redemption or purchase of shares of that series, and if so, the terms and amount of such sinking fund; |
• | the rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution, or winding up of our company, and the relative rights of priority, if any, of payment of shares of that series; and |
• | any other relative rights, preferences, and limitations of that series. |
• | the title of the debt securities; |
• | the aggregate principal amount of the debt securities; |
• | the price or prices at which the debt securities will be issued and the interest rate, if any, or the method by which the interest rate will be determined; |
• | the conversion price at which the debt securities may be converted into common stock, preferred stock, or other securities; |
• | the date on which the right to convert the debt securities will commence and the date on which such right will expire; |
• | if applicable, the minimum or maximum principal amount of debt securities that may be converted at any one time; |
• | if applicable, a discussion of material U.S. federal income tax considerations; |
• | if applicable, the terms relating to the repayment of the debt securities; |
• | the identity of the indenture trustee, if any; |
• | the procedures and conditions relating to the conversion of the debt securities, if applicable; and |
• | any other terms of the debt securities, including terms, procedures, and limitations relating to the exchange or conversion of the debt securities. |
• | the title of the warrants; |
• | the aggregate number of warrants offered; |
• | the price or prices at which the warrants will be issued; |
• | the currency or currencies, including composite currencies, in which the price of the warrants may be payable; |
• | the designation, amount, and terms of the securities for which the warrants are exercisable; |
• | any rights to receive payments in cash or securities based on the value, rate, or price of one or more specified commodities, currencies, or indices; |
• | the number of shares of common stock, preferred stock, or other securities or rights issuable upon exercise of the warrants, and the procedures by which such numbers may be adjusted; |
• | the dates or periods during which the warrants are exercisable; |
• | whether the warrants are separately transferable; |
• | if the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or composite currency in which the exercise price is denominated; |
• | any minimum or maximum amount of warrants that may be exercised at any one time; |
• | any terms relating to the modification of the warrants; |
• | any other terms of the warrants, including terms, procedures, and limitations relating to the transferability, exchange, exercise, or redemption of the warrants. |
• | vote or consent with respect to, or receive any dividends or other distributions on, any securities of the Company; |
• | receive notice of, or attend, any meeting of stockholders for the election of directors of the Company or any other matter; or |
• | exercise any rights as holders of our securities |
• | the record date for determining the security holders entitled to the rights distribution; |
• | the aggregate number of rights to be issued and the aggregate number of securities purchasable upon exercise of the rights; |
• | the exercise price of the rights; |
• | the conditions to the completion of the rights offering; |
• | the date on which the right to exercise the rights will commence and the date on which the rights will expire; and |
• | any applicable United States federal income tax considerations |
• | the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
• | any provisions for the issuance, payment, settlement, transfer, or exchange of the units or of the securities comprising the units; |
• | the terms of the unit agreement governing the units; |
• | any applicable material United States federal income tax considerations; and |
• | whether the units will be issued in fully registered global form. |
• | to or through underwriters, brokers, or dealers; |
• | directly to one or more purchasers; |
• | through agents; |
• | “at the market offerings” to or through market makers or into an existing market for the securities; |
• | through ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
• | block trades in which the broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction; |
• | privately negotiated transactions; |
• | short sales (including short sales “against the box”); |
• | through the writing or settlement of standardized or over-the-counter options or other hedging or derivative transactions, whether through an options exchange or otherwise; |
• | by pledge to secure debts and other obligations; |
• | through other methods not involving market makers or established trading markets, including direct sales to purchasers or sales effected through agents; |
• | any combination of the foregoing methods of sale; and |
• | any other method permitted by applicable law and described in the applicable prospectus supplement. |
• | the name or names of any underwriters, dealers, or agents, and the amounts of securities underwritten or purchased by each of them; and |
• | the public offering price of the securities and the proceeds to us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Any public offering price and any discounts, commissions or concessions allowed or reallowed or paid to dealers may be changed from time to time. |
• | at a fixed price or prices, which may be changed from time to time; |
• | at market prices prevailing at the time of sale; |
• | at prices related to prevailing market prices; or |
• | at negotiated prices. |
1) | our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on April 1, 2025; |
2) | the description of our common stock contained in our Registration Statement on Form 8-A (Registration No. 001-38544), filed with the SEC on June 19, 2018, as amended on June 19, 2018, pursuant to Section 12(b) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and including any amendment or report filed for the purpose of updating such description; |
4) | our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC on May 15, 2025; our Quarter Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the SEC on August 12, 2025; our Quarter Report on Form 10-Q for the quarter ended September 30, 2025, as filed with the SEC on November 12, 2025; and |
5) | our Current Reports on Form 8-K, as filed with the SEC on April 18, 2025, May 1, 2025, May 21, 2025, June 4, 2025, August 15, 2025, October 24, 2025, October 28, 2025, and December 31, 2025, June 5, 2026, July 28, 2026, August 31, 2026, and September 17, 2026. |