v3.24.1.u1
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net loss $ (750,255) $ (724,563) $ (110,531)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation 54,957 12,790 2,056
Reduction in the carrying amount of operating lease right-of-use assets 20,056 15,413 5,638
Investment loss (income), net 1,162 3,246 (2,229)
Share of results of equity method investments 1,048 2,762  
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk 7,531 22,991 1,367
Changes in fair values of put options 2,508    
Share-based compensation expense   10,625  
Deferred income tax expense (126)   216
Non-cash interest expenses 1,620 8,167 3,615
Amortization of deferred income relating to government grants   (54,954) (490,461)
Expected credit loss expenses 389    
Warranty expenses 8,492 0 0
Net unrealized foreign currency exchange losses (gains) 1,466 10,192 (694)
Changes in operating assets and liabilities:      
Inventories (235,074) (21,628) (1,960)
Contract liabilities - third parties 42,393 6,286 1,934
Operating lease liabilities (29,357) (14,610) (55,421)
Net cash used in operating activities (386,932) (351,419) (126,505)
Investing activities:      
Payments for purchases of property, equipment and software and intangible assets (213,714) (133,345) (34,590)
Proceeds from disposal of property, equipment and software 5,117 1,071 14
Payments for purchases of short-term investments (38,254) (300,662)  
Proceeds from sales of short-term investments 37,428 289,587  
Payments upon settlement of derivative instruments   (641)  
Receipt of government grant related to assets 16,345   279,052
Payments for investments in equity investees (5,059) (3,114)  
Proceeds from disposal of a subsidiary, net of cash disposed 1,379    
Loans to related parties (1,227) (2,310)  
Net cash provided by (used in) investing activities (197,985) (149,414) 244,476
Financing activities:      
Proceeds from issuance of ordinary shares     197,918
Proceeds from settlement of receivable from shareholders 26,139 76,147  
Proceeds from issuance of convertible notes 25,297 75,037 23,445
Proceeds from issuance of exchangeable notes 27,883 378,964 125,039
Proceeds from issuance of mandatorily redeemable noncontrolling interest     6,299
Repayment of mandatorily redeemable noncontrolling interest (11,554)    
Receipts of refundable deposits in connection with the issuance of Series A Preferred Shares   28,945  
Repayments of refundable deposits in connection with the issuance of Series A Preferred Shares   (28,628)  
Payment for redemption of convertible notes (5,648)    
Receipts of refundable deposits in connection with the Private Investment in Public Equity ("PIPE") investments 10,000    
Capital contributions from shareholders     15,695
Dividends paid to a shareholder     (1,880)
Consideration payment in connection with reorganization   (50,794) (1,663)
Capital contributions by noncontrolling interests 4,460 149  
Repayments of loans to a related party   (9,844)  
Proceeds from bank loans 481,176 28,170  
Repayments of bank loans (272,897)    
Payments to a noncontrolling interest in the liquidation of a subsidiary (148)    
Net cash provided by financing activities 284,708 758,131 364,853
Effect of exchange rate changes on cash and restricted cash (12,189) (49,217) 2,943
Net increase (decrease) in cash and restricted cash (312,398) 208,081 485,767
Cash and restricted cash at beginning of the year 739,533 531,452 45,685
Cash and restricted cash at end of the year 427,135 739,533 531,452
Reconciliation of cash and restricted cash:      
Cash 418,941 736,605 531,452
Restricted cash, current 7,873 2,392  
Restricted cash, non-current 321 536  
Total cash and restricted cash 427,135 739,533 531,452
Supplemental information      
Interest paid 8,086 471  
Income taxes paid 1,152 1,763 62
Income taxes refund (45) (131) (30)
Non-cash investing and financing activities:      
Purchase of property, equipment and software and intangible assets included in accrued expenses and other current liabilities 71,064 108,045 18,321
Purchase of intangible assets through issuance of ordinary shares     116,041
Payable arising from reorganization under common control     36,844
Issuance of Series Pre-A Preferred Shares through conversion of a convertible note   23,445  
Re-designation of ordinary shares into of Series Pre-A Preferred Shares   23,650  
Accretion of Redeemable Convertible Preferred Shares 15,121 910  
Investment securities obtained through conversion of a convertible note   11,316  
Payable arising from a distribution agreement 22,296    
Issuance of put option liabilities 9,376    
Payable arising from deferred listing expenses 1,613    
Series Pre-A Preferred Shares      
Financing activities:      
Proceeds from issuance of preferred shares   129,681  
Series A Preferred Shares      
Financing activities:      
Proceeds from issuance of preferred shares   187,734  
Repayment of exchangeable notes for issuance of Series A Preferred Shares   (57,430)  
Related party      
Changes in operating assets and liabilities:      
Accounts receivable (14,356) (2,976) (89)
Prepayments and other current assets (18,880) 405,176 83,160
Other non-current assets (2,706)    
Accounts payable 335,307 5,975  
Accrued expenses and other current liabilities 89,876 (201,088) 401,327
Other non-current liabilities (91) 1,640  
Nonrelated Party      
Changes in operating assets and liabilities:      
Accounts receivable (75,265) (111)  
Prepayments and other current assets (20,268) 1,705 (41,369)
Other non-current assets (34,248) (2,044) (8,028)
Accounts payable 21,067 1,583  
Accrued expenses and other current liabilities 124,094 145,857 84,713
Other non-current liabilities $ 81,728 $ 16,147 $ 251