| Summary of Earnings per share |
Earnings per incremental share ("EPIS") is calculated as (i) the consequential effect on profit or loss from the assumed conversion of the class of potential ordinary shares ("POS") (i.e., the numerator adjustment) divided by (ii) the weighted average number of outstanding POS for the class (i.e., the denominator adjustment). The EPIS denominator adjustment depends on the class of POS. The Group's classes of POSs and their related EPIS denominator adjustment methods are as follows: | | | | | | POS Class | EPIS Denominator Adjustment Method | Unvested equity-settled RSUs and RSAs1 | Treasury share2 | Class C Shares | Treasury share | Earn-out rights and PSUs | The number of shares issuable if the reporting date were the end of the contingency period | Convertible credit facilities with Volvo Cars and Geely | If the instrument is converted, the number of shares issued on the date of the conversion |
1 - Restricted Stock Awards ("RSAs") are related to the Group's employee stock purchase plan implemented in January 2024. 2 - The treasury share method includes only the bonus element as the EPIS denominator adjustment. The bonus element is the difference between the number of ordinary shares that would be issued at the exercise of the options and the number of ordinary shares deemed to be repurchased at the average market price. The following table presents the computation of basic and diluted net loss per share for the years ended December 31, 2025, 2024, and 2023: | | | | | | | | | | | | | For the year ended December 31, | | 2025 | 2024 | 2023 | | Class A and B Common Shares | | | | | Net loss attributable to shareholders of the parent entity | (2,357,231) | | (2,049,897) | | (1,181,875) | | | Weighted-average number of common shares outstanding: | | | | | Basic and diluted | 2,775,125 | | 2,110,355 | | 2,110,210 | | | Net loss per share (in ones): | | | | | Basic and diluted | (0.85) | | (0.97) | | (0.56) | |
The following table presents shares that were not included in the calculation of diluted loss per share as their effects would have been antidilutive for the years ended December 31, 2025, 2024, and 2023. The PSUs, RSUs and RSAs used in the antidilutive effect calculation, have been impacted by the 1:30 ADS Ratio Change.
| | | | | | | | | | | | | For the year ended December 31, | | 2025 | 2024 | 2023 | | Earn-out Shares | 5,272,587 | | 5,272,587 | | 5,272,587 | | | Class C-1 Shares | 20,499,965 | | 20,499,965 | | 20,499,965 | | | Class C-2 Shares | 4,500,000 | | 4,500,000 | | 4,500,000 | | | PSUs | 297,324 | | 124,637 | | 65,703 | | | RSUs | 189,392 | | 357,538 | | 25,402 | | | RSAs | 28,022 | | 28,922 | | — | | | Total antidilutive shares | 30,787,290 | | 30,783,649 | | 30,363,657 | |
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| Summary of restated consolidated financial statements |
Presented below is the impact on the financial statement line items of the changes as of December 31, 2024. | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Ref. | As previously reported | Impact of presentation changes | As revised | | Assets | | | | | | Non-current assets | | | | | | Intangible assets and goodwill | | 1,040,849 | | — | | 1,040,849 | | | Property, plant and equipment | | 537,743 | | — | | 537,743 | | | Vehicles under operating leases | | 56,137 | | — | | 56,137 | | Other assets1 | | 39,740 | | — | | 39,740 | | | Deferred tax assets | | 81,554 | | — | | 81,554 | | | Total non-current assets | | 1,756,023 | | — | | 1,756,023 | | | Current assets | | | | | | Cash and cash equivalents | | 739,237 | | — | | 739,237 | | Trade receivables and other receivables2 | (a)+(b) | 152,405 | | 80,683 | | 233,088 | |
| | | | | | | | | | | | | | | | Trade receivables - related parties | (a) | 37,844 | | (37,844) | | — | | | Accrued income - related parties | (b) | 42,839 | | (42,839) | | — | | | Inventories | | 1,079,361 | | — | | 1,079,361 | | | Current tax assets | | 5,021 | | — | | 5,021 | | Other assets3 | (c) | 238,907 | | 2,713 | | 241,620 | | | Other current assets - related parties | (c) | 2,713 | | (2,713) | | — | | | Total current assets | | 2,298,327 | | — | | 2,298,327 | | | Total assets | | 4,054,350 | | — | | 4,054,350 | | | | | | | | Equity | | | | | | Share capital | | (21,169) | | — | | (21,169) | | | Other contributed capital | | (3,625,027) | | — | | (3,625,027) | | | Foreign currency translation reserve | | 63,152 | | — | | 63,152 | | | Accumulated deficit | | 6,911,604 | | — | | 6,911,604 | | | Total equity | | 3,328,560 | | — | | 3,328,560 | | | Liabilities | | | | | | Non-current liabilities | | | | | Contract liabilities4 | | (61,002) | | — | | (61,002) | | | Deferred tax liabilities | | (630) | | — | | (630) | | Provisions5 | | (94,757) | | — | | (94,757) | | Other non-current liabilities6 | | (71,398) | | — | | (71,398) | | | Earn-out liability | | (28,778) | | — | | (28,778) | | Loans and borrowings7 | (d)+(e) | (927,235) | | (1,353,827) | | (2,281,062) | | Lease liabilities8 | (d) | (47,918) | | (56,431) | | (104,349) | | | Other non-current interest-bearing liabilities - related parties | (e) | (1,410,258) | | 1,410,258 | | — | | | Total non-current liabilities | | (2,641,976) | | — | | (2,641,976) | | | Current liabilities | | | | | | Trade payables | (f) | (103,368) | | (790,546) | | (893,914) | | | Trade payables - related parties | (f) | (790,546) | | 790,546 | | — | | | Accrued expenses - related parties | (g)+(h) | (279,686) | | 279,686 | | — | | Accrued expenses9 | (g)+(i) | — | | (519,760) | | (519,760) | | | Advance payments from customers | | (17,344) | | — | | (17,344) | | Provisions10 | | (72,769) | | — | | (72,769) | | Loans and borrowings11 | (h)+(j)+(l) | (2,512,394) | | (145,445) | | (2,657,839) | | | Current tax liabilities | | (28,872) | | — | | (28,872) | | Lease liabilities12 | (m) | (13,923) | | (16,999) | | (30,922) | | | Interest-bearing current liabilities - related parties | (l)+(m) | (100,662) | | 100,662 | | — | | Contract liabilities13 | | (37,649) | | — | | (37,649) | | | Class C Shares liability | | (3,500) | | — | | (3,500) | | Other liabilities14 | (i)+(j)-(k) | (740,577) | | 262,212 | | (478,365) | | | Other current liabilities - related parties | (k) | (39,644) | | 39,644 | | — | | | Total current liabilities | | (4,740,934) | | — | | (4,740,934) | | | Total liabilities | | (7,382,910) | | — | | (7,382,910) | | | Total equity and liabilities | | (4,054,350) | | — | | (4,054,350) | |
1 - Previously presented as "Other non-current assets". 2 - Previously presented as "Trade receivables". 3 - Previously presented as "Other current assets". 4 - Previously presented as "Non-current contract liabilities". 5 - Previously presented as "Other non-current provisions". 6 - Previously presented as "Other non-current liabilities". 7 - Previously presented as "Non-current liabilities to credit institutions". 8 - Previously presented as "Other non-current interest-bearing liabilities". 9 - New line created to present the accrued expenses to related parties and non-related parties. 10 - Previously presented as "Current provisions". 11 - Previously presented as "Current liabilities to credit institutions". 12 - Previously presented as "Interest-bearing current liabilities". 13 - Previously presented as "Current contract liabilities". 14 - Previously presented as "Other current liabilities". The Group has made the following alterations to presentation for the years ended December 31, 2024 and 2023: | | | | | | | | | | | | | | | | | For the year ended December 31, 2024 | | Ref. | As previously reported | Impact of presentation changes | As revised | | Revenue | | 2,034,261 | | — | | 2,034,261 | | | Cost of sales | | (2,910,428) | | — | | (2,910,428) | | | Impairment expense, net of reversals | (a) | — | | (622,092) | | (622,092) | | | Other cost of sales | | — | | (2,288,336) | | (2,288,336) | | | Gross loss | | (876,167) | | — | | (876,167) | | | Selling, general, and administrative expense | | (890,703) | | — | | (890,703) | | | Research and development expense | | (38,350) | | — | | (38,350) | | | Other operating income (expense), net | (b) | (8,091) | | 8,091 | | — | | | Other operating income | (b) | — | | 59,432 | | 59,432 | | | Other operating expense | (b) | — | | (23,818) | | (23,818) | | | Foreign exchange gains (losses) on operating activities, net | (b) | — | | (43,705) | | (43,705) | | | Operating loss | | (1,813,311) | | — | | (1,813,311) | | | Finance income | | 23,879 | | — | | 23,879 | | | Finance expense | (c) | (393,785) | | 52,603 | | (341,182) | | | Foreign exchange gains (losses) on financial activities, net | (c) | — | | (52,603) | | (52,603) | | | Fair value change - Earn-out rights | | 126,624 | | (126,624) | | — | | | Fair value change - Class C Shares | | 2,500 | | (2,500) | | — | | | Fair value change - Class C Shares and Earn-out rights | (d) | — | | 129,124 | | 129,124 | | | Share of losses in associates | | (4,970) | | — | | (4,970) | | | Loss before income taxes | | (2,059,063) | | — | | (2,059,063) | | | Income tax benefit | | 9,166 | | — | | 9,166 | | | Net loss | | (2,049,897) | | — | | (2,049,897) | |
| | | | | | | | | | | | | | | | | For the year ended December 31, 2023 | | Ref. | As previously reported | Impact of presentation changes | As revised | | Revenue | | 2,368,085 | | — | | 2,368,085 | | | Cost of sales | | (2,778,222) | | — | | (2,778,222) | | | Impairment expense, net of reversals | (a) | — | | (339,568) | | (339,568) | | | Other cost of sales | | — | | (2,438,654) | | (2,438,654) | | | Gross loss | | (410,137) | | — | | (410,137) | | | Selling, general, and administrative expense | | (944,177) | | — | | (944,177) | | | Research and development expense | | (157,280) | | — | | (157,280) | | | Other operating income (expense), net | (b) | 42,080 | | (42,080) | | — | | | Other operating income | (b) | — | | 62,937 | | 62,937 | | | Other operating expense | (b) | — | | (58,323) | | (58,323) | | | Foreign exchange gains (losses) on operating activities, net | (b) | — | | 37,466 | | 37,466 | | | Operating loss | | (1,469,514) | | — | | (1,469,514) | | | Finance income | (c) | 69,565 | | (37,236) | | 32,329 | | | Finance expense | | (213,242) | | — | | (213,242) | | | Foreign exchange gains (losses) on financial activities, net | (c) | — | | 37,236 | | 37,236 | | | Fair value change - Earn-out rights | | 443,168 | | (443,168) | | — | | | Fair value change - Class C Shares | | 22,000 | | (22,000) | | — | | | Fair value change - Class C Shares and Earn-out rights | (d) | — | | 465,168 | | 465,168 | | | Share of losses in associates | | (43,304) | | — | | (43,304) | | | Loss before income taxes | | (1,191,327) | | — | | (1,191,327) | | | Income tax benefit | | 9,452 | | — | | 9,452 | | | Net loss | | (1,181,875) | | — | | (1,181,875) | |
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