v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of cash on hand and cash at bank

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​

​

​

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As of December 31,

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​

2023

​

2022

​

​

US$

​

US$

Cash balances include deposits in:

 

  

 

  

​

​

​

​

​

Financial institutions in the mainland of the PRC

 

  

 

  

− Denominated in Chinese Renminbi (“RMB”)

 

381,890

 

547,301

− Denominated in United States Dollars (“US$”)

 

7,232

 

165,068

− Denominated in Great Britain Pound (“GBP”)

 

127

 

2,984

− Denominated in Euro Dollar (“EUR”)

 

361

 

347

Total cash balances held at the PRC financial institutions

 

389,610

 

715,700

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​

​

​

​

Financial institutions in United Kingdom (“UK”)

 

​

 

  

− Denominated in GBP

 

11,871

 

5,778

− Denominated in USD

​

794

​

—

− Denominated in EUR

​

4,969

​

—

− Denominated in RMB

​

161

​

—

Total cash balances held at UK financial institutions

 

17,795

 

5,778

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​

​

​

Financial institutions in Netherlands

 

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− Denominated in GBP

 

11

 

18

− Denominated in EUR

 

5,035

 

8,899

− Denominated in other currencies

​

58

​

—

Total cash balances held at Netherlands financial institutions

 

5,104

 

8,917

Financial institutions in Germany

 

​

 

  

− Denominated in EUR

 

2,149

 

5,347

Total cash balances held at German financial institutions

 

2,149

 

5,347

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​

Total cash balances held at financial institutions in other jurisdictions

 

4,283

 

862

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​

​

​

Total cash balances held at financial institutions

 

418,941

 

736,604

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​

​

Cash on hand

 

—

 

1

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​

​

​

​

Total cash balances

 

418,941

 

736,605

Schedule of property, equipment and software, net

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​

Machinery and R&D equipment

    

3 – 10 years

Molds and tooling

 

5 – 10 years

Motor vehicles

 

2 – 5 years

Office and electronic equipment

 

3 – 5 years

Purchased software

 

3 – 10 years

Leasehold improvements

 

The shorter of estimated useful life of the assets and lease terms

Schedule of movement of warranty reserve

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Year Ended

 ​

 

December 31, 2023

Warranty at beginning of the year

 

—

Additions

 

8,492

Utilization

 

(1,499)

Foreign currency translation adjustment

 

29

 Accrued warranty at end of the year

 

7,022

Including: Current portion of warranty

 

483

Non-current portion of warranty

 

6,539

Schedule of Concentration and Risk

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As of December 31,

 

​

​

2023

​

2022

 

​

​

proportion of total accounts

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​

​

receivable balance

 

Geely Group

​

22.09

%

95.00

%

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​

​

​

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​

​

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​

    

Year Ended December 31,

 

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​

2023

    

2022

    

2021

 

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proportion of total costs and expenses

​

Geely Group

​

74.95

%

39.28

%

74.96

%

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​

​

​

​

​

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As of December 31,

 

​

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2023

    

2022

 

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​

proportion of total payables balance

​

Geely Group

​

65.96

%

38.29

%