Lotus Technology Inc. American Depositary Shares (LOT) F-1 19 Sep 24 Registration statement (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Document and Entity Information [Abstract]
Document Type	F-1
Entity Registrant Name	Lotus Technology Inc.
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001962746
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 268,781	$ 418,941	$ 548,286	$ 736,605	$ 531,452
Restricted cash	373,887	7,873	180,049	2,392
Inventories	385,200	265,190		22,703
Total current assets	1,279,213	883,712		823,463
Non-current assets
Restricted cash	1,147	321	692	536
Investment securities - related parties		3,326
Property, equipment and software, net	345,336	354,617		253,471
Intangible assets	116,526	116,360		116,364
Operating lease right-of-use assets	158,864	173,103		158,724
Total non-current assets	1,227,041	700,966		548,489
Total assets	2,506,254	1,584,678		1,371,952
Current liabilities
Shortterm borrowings - third parties	518,479	226,772		28,748
Contract liabilities - third parties	50,054	44,184
Operating lease liabilities - third parties (including operating lease liabilities - third parties of VIEs without recourse to the Company of nil and US$716 as of December 31, 2023 and 2022, respectively)	14,526	16,760
Exchangeable notes		378,638		355,320
Convertible notes		20,277
Mandatorily redeemable noncontrolling interest (including mandatorily redeemable noncontrolling interest of VIEs without recourse to the Company of nil and US$11,381 as of December 31, 2023 and 2022, respectively)				11,381
Total current liabilities	1,840,454	1,757,281		932,879
Non-current liabilities
Contract liabilities - third parties	7,024	6,245
Put option liabilities		11,884
Exchangeable notes	77,087	75,678		71,792
Convertible notes	75,970	81,635		76,770
Deferred tax liabilities				126
Deferred income	296,489	270,097		258,450	340,296	$ 541,592
Total non-current liabilities	839,881	654,569		523,679
Total liabilities	2,680,335	2,411,850		1,456,558
Commitments and contingencies (note 28)
MEZZANINE EQUITY
Redeemable Convertible Preferred Stock Value		383,530		368,409
SHAREHOLDERS' EQUITY (DEFICIT)
Ordinary shares (US$0.00001 par value per share, 5,000,000,000 shares authorized as of December 31, 2023 and 2022; 474,621,603 shares issued and outstanding as of December 31, 2023 and 2022)	7	21		21
Additional paid-in capital	1,855,063	358,187		403,103
Receivable from shareholders				(26,447)
Accumulated other comprehensive income	25,278	25,267		17,707
Accumulated deficit	(2,048,092)	(1,588,773)		(846,757)
Total shareholders' deficit attributable to ordinary shareholders	(167,744)	(1,205,298)		(452,373)
Noncontrolling interests	(6,337)	(5,404)		(642)
Total shareholders' deficit	(174,081)	(1,210,702)	$ (778,451)	(453,015)	$ 195,321	$ 16,107
Total liabilities, mezzanine equity and shareholders' deficit	2,506,254	1,584,678		1,371,952
Related party
Current assets
Accounts receivable	19,674	22,430		8,545
Prepayments and other current assets	40,381	28,744		8,732
Non-current assets
Investment securities - related parties	2,168	3,326		8,411
Other non-current assets	2,689	2,706
Current liabilities
Accounts payable	413,779	340,419		5,770
Accrued expenses and other current liabilities	243,024	290,686		183,237
Convertible notes	110,661
Non-current liabilities
Operating lease liabilities	11,314	12,064		170
Put option liabilities		11,884
Other non-current liabilities	1,548	1,634		1,584
Nonrelated Party
Current assets
Accounts receivable	72,798	76,664		111
Prepayments and other current assets	118,492	63,870		44,375
Non-current assets
Intangible assets	116,526	116,360
Other non-current assets	65,792	50,533		10,983
Current liabilities
Shortterm borrowings - third parties		226,772		28,748
Accounts payable	58,271	20,123		1,466
Contract liabilities - third parties	50,054	44,184		7,843
Operating lease liabilities - third parties (including operating lease liabilities - third parties of VIEs without recourse to the Company of nil and US$716 as of December 31, 2023 and 2022, respectively)	14,526	16,760		15,815
Accrued expenses and other current liabilities	431,223	419,422		323,299
Convertible notes		20,277
Non-current liabilities
Contract liabilities - third parties	7,024	6,245
Operating lease liabilities	81,393	91,929		98,963
Put option liabilities	175,214
Other non-current liabilities	$ 108,293	103,403		15,824
Series Pre-A Preferred Shares Preferred Shares
MEZZANINE EQUITY
Redeemable Convertible Preferred Stock Value		184,509		177,284
Series A Preferred Shares Preferred Shares
MEZZANINE EQUITY
Redeemable Convertible Preferred Stock Value		$ 199,021		$ 191,125

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating lease liabilities, current	$ 16,760
Mandatorily redeemable noncontrolling interest		$ 11,381
Redeemable Convertible Preferred stock, shares outstanding	68,228,526	68,228,526
Common shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common shares, shares authorized	5,000,000,000	5,000,000,000
Common shares, shares issued	474,621,603	474,621,603
Common shares, shares outstanding	474,621,603	474,621,603
VIEs
Mandatorily redeemable noncontrolling interest	$ 0	$ 11,381
Operating lease liabilities, non-current		1,662
Related party
Accrued expenses and other current liabilities	290,686	183,237
Operating lease liabilities, non-current	12,064	170
Related party | VIEs
Accrued expenses and other current liabilities	0	801
Operating lease liabilities, non-current	0	0
Nonrelated Party
Allowances for doubtful accounts	383	0
Operating lease liabilities, current	16,760	15,815
Accrued expenses and other current liabilities	419,422	323,299
Operating lease liabilities, non-current	91,929	98,963
Nonrelated Party | VIEs
Operating lease liabilities, current	0	716
Accrued expenses and other current liabilities	0	35,254
Operating lease liabilities, non-current	$ 0	$ 1,662
Series Pre-A Preferred Shares Preferred Shares
Redeemable Convertible Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable Convertible Preferred stock, shares authorized	40,885,006	40,885,006
Redeemable Convertible Preferred stock, shares issued	40,885,006	40,885,006
Redeemable Convertible Preferred stock, shares outstanding	40,885,006	40,885,006
Redeemable Convertible Preferred stock, redemption value	$ 184,509	$ 174,429
Redeemable Convertible Preferred stock, liquidation preference value	$ 184,509	$ 174,429
Series A Preferred Shares Preferred Shares
Redeemable Convertible Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable Convertible Preferred stock, shares authorized	27,343,520	27,343,520
Redeemable Convertible Preferred stock, shares issued	27,343,520	27,343,520
Redeemable Convertible Preferred stock, shares outstanding	27,343,520	27,343,520
Redeemable Convertible Preferred stock, redemption value	$ 199,021	$ 187,441
Redeemable Convertible Preferred stock, liquidation preference value	$ 200,971	$ 189,424

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
Cost of revenues:
Cost of revenues	(347,203)	(123,908)	(576,827)	(7,250)	(3,130)
Gross profit	50,912	6,127	102,181	2,307	557
Operating expenses:
Research and development expenses (including related parties amounts of US$135,334, US$167,028 and US$345,655 for the years ended December 31, 2023, 2022 and 2021, respectively)	(174,854)	(152,548)	(368,729)	(445,844)	(511,364)
Selling and marketing expenses (including related parties amounts of US$6,964 and US$763 for the years ended December 31, 2022 and 2021, respectively)	(204,274)	(118,236)	(328,935)	(151,331)	(38,066)
General and administrative expenses (including related parties amounts of US$13,085, US$12,034 and US$2,782 for the years ended December 31, 2023, 2022 and 2021, respectively)	(111,978)	(80,417)	(144,533)	(148,369)	(54,763)
Government grants	2,488	662	4,077	55,824	490,694
Total operating expenses	(488,618)	(350,539)	(838,120)	(689,720)	(113,499)
Operating loss	(437,706)	(344,412)	(735,939)	(687,413)	(112,942)
Interest expenses	(11,708)	(3,470)	(10,200)	(8,542)	(3,615)
Interest income	8,658	5,848	9,204	12,188	6,219
Investment (loss) income, net	3,496	2,770	(1,162)	(3,246)	2,229
Share of results of equity method investments	359	(626)	(1,048)	(2,762)
Foreign currency exchange gains (losses), net	(4,429)	(3,619)	42	(11,505)	798
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk	8,801	(12,758)	(7,531)	(22,991)	(1,367)
Changes in fair values of put option liabilities	(33,685)	3,307	(2,508)
Loss before income taxes	(459,897)	(352,960)	(749,142)	(724,271)	(108,678)
Income tax expense	(355)	18	(1,113)	(292)	(1,853)
Net loss	(460,252)	(352,942)	(750,255)	(724,563)	(110,531)
Less: Net loss attributable to noncontrolling interests	(933)	(5,779)	(8,254)	(642)
Net loss attributable to ordinary shareholders	(459,319)	(347,163)	(742,001)	(723,921)	(110,531)
Accretion of Redeemable Convertible Preferred Shares	(2,979)	(258)	(15,121)	(910)
Net loss available to ordinary shareholders	$ (462,298)	$ (347,421)	$ (757,122)	$ (724,831)	$ (110,531)
Loss per ordinary share - Basic	$ (0.75)	$ (0.74)	$ (1.60)	$ (1.52)	$ (0.33)
Loss per ordinary share - Diluted			$ (1.60)	$ (1.52)	$ (0.33)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Basic	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Diluted	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Other comprehensive income (loss)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes	$ (401)	$ (1,559)	$ (8,650)	$ (893)	$ 119
Foreign currency translation adjustment, net of nil income taxes	412	34,563	16,210	18,669	(843)
Total other comprehensive income (loss)	11	33,004	7,560	17,776	(724)
Total comprehensive loss	(460,241)	(319,938)	(742,695)	(706,787)	(111,255)
Less: Total comprehensive loss attributable to noncontrolling interests	(933)	(5,589)	(8,254)	(642)
Total comprehensive loss attributable to ordinary shareholders	(459,308)	(314,349)	(734,441)	(706,145)	(111,255)
Goods
Revenues:
Revenues	382,893	124,854	660,158	1,186	369
Cost of revenues:
Cost of revenues	(340,882)	(119,557)	(564,741)	(948)	(331)
Service
Revenues:
Revenues	15,222	5,181	18,850	8,371	3,318
Cost of revenues:
Cost of revenues	$ (6,321)	$ (4,351)	$ (12,086)	$ (6,302)	$ (2,799)

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
Cost of revenues	347,203	123,908	576,827	7,250	3,130
Research and development expenses (including related parties amounts of US$135,334, US$167,028 and US$345,655 for the years ended December 31, 2023, 2022 and 2021, respectively)	174,854	152,548	368,729	445,844	511,364
Selling and marketing expenses (including related parties amounts of US$40,531, US$6,964 and US$763 for the years ended December 31, 2023, 2022 and 2021, respectively)	204,274	118,236	328,935	151,331	38,066
General and administrative expenses (including related parties amounts of US$13,085, US$12,034 and US$2,782 for the years ended December 31, 2023, 2022 and 2021, respectively)	111,978	80,417	144,533	148,369	54,763
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes	0	0	0	0	0
Foreign currency translation adjustment, income taxes	0	0	0	0	0
Goods
Revenues	382,893	124,854	660,158	1,186	369
Cost of revenues	340,882	119,557	564,741	948	331
Service
Revenues	15,222	5,181	18,850	8,371	3,318
Cost of revenues	6,321	4,351	12,086	6,302	2,799
Related party
Research and development expenses (including related parties amounts of US$135,334, US$167,028 and US$345,655 for the years ended December 31, 2023, 2022 and 2021, respectively)	38,392	40,405	135,334	167,028	345,655
Selling and marketing expenses (including related parties amounts of US$40,531, US$6,964 and US$763 for the years ended December 31, 2023, 2022 and 2021, respectively)	27,853	14,752	40,531	6,964	763
General and administrative expenses (including related parties amounts of US$13,085, US$12,034 and US$2,782 for the years ended December 31, 2023, 2022 and 2021, respectively)	2,422	4,853	13,085	12,034	2,782
Related party | Goods
Revenues	2,330	807	3,432	23	0
Cost of revenues	326,187	118,714	549,893	839	331
Related party | Service
Revenues	$ 10,662	$ 5,021	$ 12,573	$ 8,344	$ 3,280

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands		Total shareholders' (deficit) equity attributable to ordinary shareholders Series Pre-A Preferred Shares	Total shareholders' (deficit) equity attributable to ordinary shareholders Cumulative effect of adoption of new accounting standard	Total shareholders' (deficit) equity attributable to ordinary shareholders Adjusted balance	Total shareholders' (deficit) equity attributable to ordinary shareholders	Ordinary shares Series Pre-A Preferred Shares	Ordinary shares Adjusted balance		Ordinary shares		Additional paid-in capital Series Pre-A Preferred Shares	Additional paid-in capital Adjusted balance	Additional paid-in capital	Receivables from shareholders Adjusted balance	Receivables from shareholders	Accumulated other comprehensive income (loss) Adjusted balance	Accumulated other comprehensive income (loss)	Accumulated deficit Cumulative effect of adoption of new accounting standard	Accumulated deficit Adjusted balance	Accumulated deficit	Noncontrolling interests Adjusted balance	Noncontrolling interests	Series Pre-A Preferred Shares	Cumulative effect of adoption of new accounting standard	Adjusted balance	Total
Beginning balance at Dec. 31, 2020					$ 16,107								$ 25,877				$ 655			$ (10,425)						$ 16,107
Net loss					(110,531)															(110,531)						(110,531)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes					119												119									119
Foreign currency translation adjustment, net of nil income taxes					(843)												(843)									(843)
Total comprehensive loss					(111,255)												(724)			(110,531)						(111,255)
Issuance of ordinary shares					311,770				$ 22				417,958		$ (106,210)											311,770
Issuance of ordinary shares (in shares)									479,954,430
Shareholder contribution related to the issuance of exchangeable notes					3,391								3,391													3,391
Deemed distribution arising from reorganization under common control					(38,507)								(38,507)													(38,507)
Capital contribution from shareholders					15,695								15,695													15,695
Dividends paid to a shareholder					(1,880)															(1,880)						(1,880)
Ending balance at Dec. 31, 2021					195,321				$ 22				424,414		(106,210)		(69)			(122,836)						195,321
Ending balance (in shares) at Dec. 31, 2021									479,954,430
Net loss					(723,921)															(723,921)		$ (642)				(724,563)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes					(893)												(893)									(893)
Foreign currency translation adjustment, net of nil income taxes					18,669												18,669									18,669
Total comprehensive loss					(706,145)												17,776			(723,921)		(642)				(706,787)
Settlement of receivable from shareholders					79,763										79,763											79,763
Re-designation of ordinary shares to Series Pre-A Preferred Shares		$ (13,025)				$ (1)					$ (13,024)												$ (13,025)
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)						(5,332,827)
Shareholder contribution related to the issuance of exchangeable notes					8,135								8,135													8,135
Deemed distribution arising from reorganization under common control					(15,512)								(15,512)													(15,512)
Accretion of Redeemable Convertible Preferred Shares					(910)								(910)													(910)
Contribution from a non-controlling shareholder																						149				149
Liquidation of a subsidiary																						(149)				(149)
Ending balance at Dec. 31, 2022			$ (15)	$ (452,388)	(452,373)		$ 21		$ 21			$ 403,103	403,103	$ (26,447)	(26,447)	$ 17,707	17,707	$ (15)	$ (846,772)	(846,757)	$ (642)	(642)		$ (15)	$ (453,030)	$ (453,015)
Ending balance (in shares) at Dec. 31, 2022							474,621,603	[1]	474,621,603	[1]																474,621,603
Net loss					(347,163)															(347,163)		(5,779)				$ (352,942)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes					(1,559)												(1,559)									(1,559)
Foreign currency translation adjustment, net of nil income taxes					34,373												34,373					190				34,563
Total comprehensive loss					(314,349)												32,814			(347,163)		(5,589)				(319,938)
Settlement of receivable from shareholders					26,447										26,447											26,447
Deemed distribution arising from reorganization under common control					(31,672)								(31,672)													(31,672)
Accretion of Redeemable Convertible Preferred Shares					(258)								(258)													(258)
Ending balance at Jun. 30, 2023					(772,220)				$ 21				371,173				50,521			(1,193,935)		(6,231)				(778,451)
Ending balance (in shares) at Jun. 30, 2023	[1]								474,621,603
Beginning balance at Dec. 31, 2022			$ (15)	$ (452,388)	(452,373)		$ 21		$ 21			$ 403,103	403,103	$ (26,447)	(26,447)	$ 17,707	17,707	$ (15)	$ (846,772)	(846,757)	$ (642)	(642)		$ (15)	$ (453,030)	$ (453,015)
Beginning balance (in shares) at Dec. 31, 2022							474,621,603	[1]	474,621,603	[1]																474,621,603
Net loss					(742,001)															(742,001)		(8,254)				$ (750,255)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes					(8,650)												(8,650)									(8,650)
Foreign currency translation adjustment, net of nil income taxes					16,210												16,210									16,210
Total comprehensive loss					(734,441)												7,560			(742,001)		(8,254)				(742,695)
Settlement of receivable from shareholders					(26,447)										$ (26,447)											(26,447)
Shareholder contribution related to the issuance of exchangeable notes					(909)								(909)													(909)
Deemed distribution arising from reorganization under common control					(31,672)								(31,672)													(31,672)
Accretion of Redeemable Convertible Preferred Shares					(15,121)								(15,121)													(15,121)
Contribution from a non-controlling shareholder					968								968									3,492				4,460
Ending balance at Dec. 31, 2023					(1,205,298)				$ 21				358,187				25,267			(1,588,773)		(5,404)				$ (1,210,702)
Ending balance (in shares) at Dec. 31, 2023									474,621,603	[2]																474,621,603
Net loss					(459,319)															(459,319)		(933)				$ (460,252)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes					(401)												(401)									(401)
Foreign currency translation adjustment, net of nil income taxes					412												412									412
Total comprehensive loss					(459,308)												11			(459,319)		(933)				(460,241)
Re-designation of ordinary shares to Series Pre-A Preferred Shares					386,509				$ 1				386,508													$ 386,509
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)									68,228,526	[2]																(68,228,526)
Accretion of Redeemable Convertible Preferred Shares					(2,979)								(2,979)													$ (2,979)
Ending balance at Jun. 30, 2024					$ (167,744)				$ 7				$ 1,855,063				$ 25,278			$ (2,048,092)		$ (6,337)				$ (174,081)
Ending balance (in shares) at Jun. 30, 2024									677,231,538	[2]																677,231,538
[1] Shares outstanding for all periods reflect the adjustment for Recapitalization. Shares outstanding for all periods reflect the adjustment for Recapitalization.

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes	$ 0	$ 0	$ 0	$ 0	$ 0
Foreign currency translation adjustment, income taxes	$ 0	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED AND COMBINED STA_5

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

DESCRIPTION OF BUSINESS AND ORG

DESCRIPTION OF BUSINESS AND ORGANIZATION	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND ORGANIZATION
DESCRIPTION OF BUSINESS AND ORGANIZATION	1. DESCRIPTION OF BUSINESS AND ORGANIZATION (a) Merger and recapitalization On February 22, 2024 (the “Closing Date”), the Company consummated its merger with LCAA pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among LCAA, the Company, a Cayman Islands exempted company, Lotus Temp Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 1”), and Lotus EV Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into LCAA (the “First Merger”), with LCAA surviving the First Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the First Merger, “Surviving Entity 1”) and the shareholders of LCAA becoming shareholders of the Company, and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger Transaction” or “Business Combination”). Upon the consummation of the Merger Transaction, (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Pursuant to the Mergers above stated, LCAA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of the Company represented a continuation of its operations with the Mergers treated as the equivalent of the Company issuing shares for the net assets of LCAA, accompanied by a recapitalization. The net assets of the Company are stated at historical cost, with no goodwill or other intangible assets recorded. The ordinary shares of the Company and the Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “LOT” and “LOTWW,” respectively, on February 23, 2024. ​	1. DESCRIPTION OF BUSINESS AND ORGANIZATION (a) Description of Business Lotus Technology Inc. (“the Company”), an exempted company with limited liability, was incorporated in Cayman Islands, on August 9, 2021. The Company, through its wholly owned subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively, “the Group”), is primarily engaged in the design, develop, and sales of luxury battery electric lifestyle vehicles (“BEV lifestyle models”) under the “Lotus” brand (“Lotus BEV business”) and the Group is also a distributor that sells luxury sports cars under the “Lotus” brand (“Lotus sports car business”) across the world. The Group also provides other sales and ancillary services to customers. (b) Merger and recapitalization On February 22, 2024 (the “Closing Date”), the Company consummated its merger with L Catterton Asia Acquisition Corp (“LCAA”) pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among LCAA, the Company, a Cayman Islands exempted company, Lotus Temp Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 1”), and Lotus EV Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into LCAA (the “First Merger”), with LCAA surviving the First Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the First Merger, “Surviving Entity 1”) and the shareholders of LCAA becoming shareholders of the Company, and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger Transaction” or “Business Combination”). Upon the consummation of the Merger Transaction, (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Pursuant to the Mergers above stated, LCAA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of the Company represented a continuation of its operations with the Mergers treated as the equivalent of the Company issuing shares for the net assets of LCAA, accompanied by a recapitalization. The net assets of the Company are stated at historical cost, with no goodwill or other intangible assets recorded. The ordinary shares of the Company and the Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “LOT” and “LOTWW,” respectively, on February 23, 2024. (c) History of the Group and basis of presentation The Group’s Lotus BEV business, founded in 2018, was carried out by Zhejiang Geely Holding Group (“Geely Holding”) through its subsidiaries, including Wuhan Lotus Cars Co., Ltd. (“Wuhan Lotus Cars”) and the Lotus BEV business unit of Ningbo Geely Automobile Research & Development Co., Ltd. (“Ningbo Geely R&D”) incorporated in the People’s Republic of China (“PRC”), Lotus Tech Creative Centre Limited (“Lotus Tech UK”) incorporated in United Kingdom (“UK”) and Lotus Tech Innovation Centre GmbH (“Lotus GmbH”) incorporated in Germany, which were all ultimately controlled by Mr. Li Shufu. On August 9, 2021, the Company was incorporated as a limited liability company in the Cayman Islands, and Lotus Advanced Technology Limited Partnership (“Founders Offshore Vehicle”) subscribed for 191,981,772 ordinary shares on August 9, 2021. On July 30, 2021, Ming Jun Holdings Limited owned by Mr. Li Shufu, Yin Qing Holdings Limited, Xing Rong Holdings Limited and Jing Can Holdings Limited (the “Four Core Investors”) in the Founders Offshore Vehicle signed an agreement (later joined by State Rainbow Investments Limited and Radiant Field Investments Limited) under which Yin Qing Holdings Limited, Xing Rong Holdings Limited, Jing Can Holdings Limited, State Rainbow Investments Limited and Radiant Field Investments Limited agreed to act in concert with Ming Jun Holdings Limited. Therefore, Mr. Li Shufu has the majority voting right and controlled the Founders Offshore Vehicle. On December 29, 2020, Geely Holding and Ningbo Juhe Yinqing Enterprise Management Consulting Partnership (Limited Partnership) (“Founders Onshore Vehicle”) incorporated Wuhan Lotus Technology Limited Company (“WFOE”). WFOE was 60% owned by Geely Holding and 40% owned by Founders Onshore Vehicle. Both Geely Holding and Founders Onshore Vehicle are controlled by Mr. Li Shufu. On September 24, 2021, Etika Automotive SDN BHD (“Etika”), through its subsidiary in Hong Kong, Lotus Advanced Technology Limited (“Lotus HK”), subscribed for 33.33% equity interest in WFOE, while Geely Holding and Founder Onshore Vehicle subscribed disproportionally. Upon the closing, Geely Holding, Etika, and Founders Onshore Vehicle held 22.22%, 33.33% and 44.45%, respectively, equity interest in WFOE. On November 11, 2021, the Company issued 143,986,329 ordinary shares to Etika through exchange of 100% equity interest in Lotus HK held by Etika. Lotus HK also acquired all the equity interest in WFOE held by Geely Holding and Founder Onshore Vehicle on December 15, 2021. On November 11, 2021, the Company issued 95,990,886 ordinary shares to Lotus Technology International Investment Limited, ultimately 100% owned by Geely Holding. Through a series of reorganization steps (the “Reorganization”), including transferring the assets and employees in the Lotus BEV business unit of Ningbo Geely R&D into Wuhan Lotus Cars and transferring the equity of Wuhan Lotus Cars to the WFOE, the Company gained control over WFOE through Lotus HK on December 15, 2021. The equity interests of Lotus Tech UK and Lotus GmbH were also transferred to the Group on December 29, 2021 and June 24, 2022, respectively. On November 4, 2021, the Group entered into trademark licenses agreements with a related party, Group Lotus Limited, a wholly owned subsidiary of Lotus Group International Limited (“LGIL”), which is ultimately controlled by Mr. Li Shufu. Pursuant to this agreement, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group issued 47,995,443 ordinary shares as consideration for such trademark licenses. The above Reorganization was completed on June 24, 2022. The Reorganization consists of transferring the Lotus BEV business to the Group. Before and after the Reorganization, the Lotus BEV business were ultimately controlled by Mr. Li Shufu. Accordingly, the Reorganization is accounted for under common control transaction. Therefore, the accompanying consolidated and combined financial statements include the assets, liabilities, revenue, expenses and cash flows of Lotus BEV business for the periods presented and are prepared as if the corporate structure of the Group after the Reorganization had been in existence throughout the periods presented. As mentioned in note 21, on January 31, 2023, the Group entered into a distribution agreement with Lotus Cars Limited (“LCL”), a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which, the Group was appointed as the exclusive global distributor (excluding in the United States of America) to distribute certain models of vehicles produced by LCL and to provide after-sale services and brand, marketing and public relations for such vehicles. (d) VIE Reorganization Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which WFOE, the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. The Group concludes that the Restructuring does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results. (e) VIE Prior to the Restructuring as described in note 1(d), the Company’s subsidiary, WFOE has entered into contractual arrangements with Wuhan Lotus E-commerce Co., Ltd. (“VIE”) and their respective shareholders, through which, the Company exercises control over the operations of the VIE and the VIE’s subsidiaries (collectively the “VIEs”). The VIEs are primarily engaged in the provision of value-added telecommunication services. The equity interests of the VIE are legally held by Mr. Li Shufu, Mr. Feng Qingfeng, Mr. Li Donghui and Mr. Liu Bin, who acted as the nominee equity holders of the VIE on behalf of the WFOE. On August 9, 2021, the Company’s wholly owned subsidiary, WFOE, the VIE and the VIE’s nominee equity holders entered into a contractual agreement, which was replaced by a series of contractual arrangements entered into by and among the WFOE, the VIE and the nominee equity holders on March 8, 2022, including (i) Exclusive Consulting and Service Agreement, (ii) Exclusive Purchase Option Agreement, (iii) Equity Pledge Agreement, (iv) Powers of Attorney and (v) Spousal Consent Letters. The above agreements are collectively referred to as VIE Arrangements. Through the VIE Arrangements, the nominee equity holders of the VIE had granted all their legal rights including voting rights and disposition rights of their equity interests in the VIE to the WFOE. The nominee equity holders of the VIE did not participate in income and loss and did not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the VIE was considered a variable interest entity. Because the WFOE has (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the right to receive benefits of the VIE that could potentially be significant to the VIE. Thus, WFOE is the primary beneficiary of the VIE. Under the terms of the VIE Arrangements, the Company, through the WFOE has (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the Exclusive Consulting and Service Agreement; (ii) the right to unconditionally receive all dividends or interest declared by the VIE and all of the assets of the VIE; (iii) the right to receive the benefits of the VIE through its exclusive option to acquire 100% of the equity interests in the VIE, to the extent permitted under respective laws and regulations. Accordingly, the financial statements of the VIE are included in the Company’s consolidated and combined financial statements. Under the terms of the VIE Arrangements, the VIE’s nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to the Company through WFOE. All of the deficit (net liabilities) and net loss of the VIEs are attributed to the Company through WFOE. The principal terms of the VIE Arrangements are as follows: Exclusive Consulting and Service Agreement Pursuant to the Exclusive Consulting and Service Agreement, WFOE has agreed to provide to the VIE with comprehensive consulting services and other services, including but not limited to licensing to VIE intellectual property rights legally owned by WFOE; development, installation, maintenance and update of website, apps, network and system involved in VIE’s business; providing VIE with software and software technology and solutions; technical support and training for employees of VIE; assisting VIE in market research, business planning and strategies; providing marketing and promotion services, customer management, finance management and other related services. VIE and VIE’s subsidiaries (together as VIEs) shall pay WFOE service fees at the amount of 100% of the total consolidated profit of VIEs, after deduction of any accumulated deficit of the VIEs in respect of the preceding financial year(s), necessary operating costs, expenses and taxes. Notwithstanding the foregoing, the WFOE may adjust the amount of the services fee according to services provided by WFOE to VIEs, the VIE’s operational conditions and development needs. The WFOE shall calculate the service fee on a quarterly basis and issue a corresponding invoice to the VIEs. The VIEs must make the payment to the WFOE within ten business days of receiving such invoice. In addition, absent the prior written consent of the WFOE, during the term of the Exclusive Consulting and Service Agreement, with respect to the services provided under the Exclusive Consulting and Service Agreement, the VIEs shall not accept the same or any similar services provided by any third party. The Exclusive Consulting and Service Agreement also provides that the WFOE has the exclusive proprietary rights to and interests in any and all intellectual property rights developed and created by the VIEs during the performance of the Exclusive Consulting and Service Agreement. The Exclusive Consulting and Service Agreement shall remain in effect permanently unless otherwise terminated by the WFOE. During the term of the Exclusive Consulting and Service Agreement, VIE shall not terminate the agreement for whatsoever reasons. Exclusive Purchase Option Agreement Under the Exclusive Purchase Option Agreement, the nominee equity holders of VIE irrevocably and exclusively granted WFOE or its designee an option to purchase their equity interest in VIE at the price equal to the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE should refund any amount that is paid by the WFOE or its designee in connection with the purchased equity interest in a way permitted by PRC law. The nominee equity holders of VIE also granted WFOE or its designee an option to purchase all or a portion of the assets of VIE for the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE agreed not to transfer or mortgage any equity interest in or dispose of or cause the management to dispose of any assets of VIE without the prior written consent of WFOE. The Exclusive Purchase Option Agreement shall remain in effect until all of the equity interests held by the nominee equity holders of VIE and all of the assets in VIE have been acquired by WFOE or its designee. Equity Pledge Agreement Under the Equity Pledge Agreement, the nominee equity holders of VIE pledged their respective equity interest in VIE to WFOE to guarantee the performance of contractual obligations and the payment of debts under the Exclusive Consulting and Service Agreement the nominee equity holders of VIE further agreed not to transfer or pledge their equity interests in VIE without the prior written consent of WFOE. The Equity Pledge Agreement will remain binding until all the contractual obligations of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully performed and all the outstanding debts of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully paid, or all of their equity interests in VIE have been acquired by WFOE or its designee. Registration of the equity pledge with competent PRC regulatory authority has been completed. Powers of Attorney Pursuant to the Powers of Attorney entered into by each of the nominee equity holders of VIE, the nominee equity holders of VIE unconditionally and irrevocably appointed the directors of WFOE’s direct or indirect shareholder(s) or WFOE’s other designated persons as their sole attorney-in-fact to exercise all equity holder rights, including, but not limited to, the right to attend shareholders’ meetings of the VIEs and sign any shareholders resolutions of the meetings on behalf of the nominee equity holder, to exercise all shareholders’ rights in accordance with the PRC laws and regulations and the articles of association of the VIEs, including but not limited to the shareholders’ voting rights, the rights to sale, transfer, pledge or disposal of all or any part of the equity interests in VIE, to appoint the legal representative, director, supervisor and other senior management personnel of VIE, the right to sign any document, meeting minutes and file documents with the competent PRC regulatory authority and the voting rights with respect to VIE’s bankruptcy. The powers of attorney will remain effective until such nominee equity holders cease to be nominee equity holders of the VIE or the WFOE notifies the nominee equity holder of VIE to terminate the relevant powers of attorney. Spousal Consent Letters The spouses of each of nominee equity holders signed Spousal Consent Letters. Under the Spousal Consent Letters, the signing spouse unconditionally and irrevocably agreed that the equity interest in VIE which is held by and registered under the name of her spouse will be disposed of pursuant to the abovementioned Equity Pledge Agreement, Exclusive Purchase Option Agreement, Exclusive Consulting and Service Agreement and Powers of Attorney. Moreover, the spouse confirmed she has no rights, and will not assert in the future any right, over the equity interests in VIE held by her spouse. In addition, in the event that the spouse obtains any equity interest in VIE held by her spouse for any reason, she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by her spouse, as may be amended from time to time. The Company relies on the VIE Arrangements to operate and control VIEs. All of the VIE Arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration under PRC laws. Accordingly, these agreements would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Company’s ability to enforce these VIE Arrangements. In the event that the Company is unable to enforce these VIE Arrangements, or if the Company suffers significant time delays or other obstacles in the process of enforcing these VIE Arrangements, it would be difficult to exert effective control over VIEs, and the Company’s ability to conduct its business and the results of operations and financial condition may be materially and adversely affected. In the opinion of management, based on the legal opinion obtained from the Company’s PRC legal counsel, the above VIE Arrangements were legally binding and enforceable and did not violate current PRC laws and regulations. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, if the PRC government finds that the VIE Arrangements do not comply with its restrictions on foreign ownership of businesses, or if the PRC government otherwise finds that the Company’s corporate structure and contractual arrangements are in violation of local laws or regulations or lack the necessary permits or licenses to operate the Company’s business, the relevant regulatory authorities would have broad discretion in dealing with such violations, including: ● revoking the business and operating licenses of such entities; ● discontinuing or restricting the operations or the Group’s right to collect revenues; ● imposing fines or confiscating any of VIEs’ income that they deem to have been obtained through illegal operations; ● imposing conditions or requirements with which the Group’s subsidiaries or the VIEs may not be able to comply; ● requiring the Company to restructure the ownership structure or operations, including terminating the contractual arrangements and deregistering equity pledges made by the nominee equity holders of the VIEs, which in term would affect the ability to consolidate, derive economic interests from, or exert effective control over the VIEs; ● restricting or prohibiting the Company’s use of the proceeds of overseas offering to finance the business and operations in Chinese mainland; or ● taking other regulatory or enforcement actions that could be harmful to the business. If the imposition of any of these penalties or requirement to restructure the Company’s corporate structure causes it to lose the rights to direct the activities of the VIEs or the Company’s right to receive its economic benefits, the Company would no longer be able to consolidate the financial results of the VIEs in its consolidated and combined financial statements. The Company’s involvement with the VIEs under the VIE Arrangements affected the Company’s consolidated financial position, consolidated and combined results of operations and cash flows as indicated below. Pursuant to the Restructuring, the Group ceased to consolidate the VIE on June 30, 2023. The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2022, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2023, 2022 and 2021 have been included in the accompanying consolidated and combined financial statements. All intercompany transactions and balances with the Company, and its subsidiaries, prior to the Restructuring, have been eliminated upon consolidation. ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ US$ Cash 156,571 Inventories 108 Prepayments and other current assets – third parties 2,313 Total current assets 158,992 Property, equipment and software, net 14,189 Operating lease right-of-use assets 12,388 Other non-current assets 1,122 Total assets 186,691 Amounts due to inter-companies (i) 10,551 Operating lease liabilities – third parties 716 Accrued expenses and other current liabilities – third parties 35,254 Accrued expenses and other current liabilities – related parties 801 Mandatorily redeemable noncontrolling interest 11,381 Total current liabilities 58,703 Operating lease liabilities – third parties 1,662 Exchangeable notes (ii) 71,792 Convertible notes (ii) 76,770 Total liabilities 208,927 (i) As of December 31, 2022, amounts due to inter-companies represent the payables that the VIEs had with the Company’s subsidiaries, which were eliminated in the Company’s consolidated and combined financial statements. (ii) As of December 31, 2022, the exchangeable notes of US $71,792 was guaranteed by the WFOE and the convertible notes of US $76,770 was guaranteed by the Company and the WFOE. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From January 1, 2023 ​ Year ended ​ Year ended ​ to the completion of ​ December 31, ​ December 31, ​ ​ the Restructuring 2022 2021 ​ ​ US$ ​ US$ ​ US$ Revenues — ​ — — Net loss (i) (74,137) ​ (52,431) (8,737) Net cash used in operating activities (ii) (8,281) ​ (8,869) (7,993) Net cash used in investing activities (38,400) ​ (5,630) — Net cash(used in) provided by financing activities (iii) (107,317) ​ 137,876 55,951 Effect of exchange rate changes on cash (2,573) ​ (15,900) 1,136 Net decrease in cash (156,571) ​ 107,477 49,094 Cash at beginning of the period/year 156,571 ​ 49,094 — Cash at end of the period/year — ​ 156,571 49,094 (i) Net loss includes other expenses of US $56,752 and nil and nil arising from the transfer of VIE’s assets and liabilities to a subsidiary of WFOE for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (ii) Net cash used in operating activities includes amounts of US $88,423 , US $3,348 and nil paid to the Company’s subsidiaries and amounts of US $86,697 , US $34 and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (iii) Net cash (used in) provided by financing activities includes amounts of US $158,509 , US $10,611 and US $11,055 paid to the Company’s subsidiaries and amounts of US $32,715 , nil and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. In accordance with the VIE Arrangements, the Company has the power to direct the activities of the VIEs. Therefore, the Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs, except for paid-in-capital of US$155 as of December 31, 2022. Except for the exchangeable notes of US$71,792 guaranteed by the WFOE and the convertible notes of US$76,770 guaranteed by the Company and the WFOE as of December 31, 2022 as mentioned above, the creditors of VIEs do not have recourse to the general credit of the Company and its subsidiaries. During the years ended December 31, 2022 and 2021 and the period between January 1, 2023 and the completion of the Restructuring presented, the Company and its subsidiaries provided financial support to VIEs that they were not previously contractually required to provide in the form of advances. To the extent VIEs require financial support, the Company may, at its option and to the extent permitted under local laws, provide such support to VIEs through entrustment loans to VIEs. The unrecognized revenue-producing assets that are held by the VIEs comprise of internet content provider license (“ICP license”), internally developed software and intellectual property, patents and other licenses, which were not recorded on the Company’s consolidated balance sheets as they do not meet all the capitalization criteria. (f) Disposal of a subsidiary On June 30, 2023, the Company disposed a subsidiary to a third party for cash consideration of US$1,385. The carrying amount of the net liabilities of the subsidiary on the disposal date was as follows: ​ ​ ​ ​   ​ US$ Cash 6 Inventories 158 Accounts receivable 1,131 Prepayments and other current assets 1,279 Property, equipment and software, net 2,784 Operating lease right-of-use assets 5,585 Other non-current assets 510 Short‑term borrowings (2,365) Accounts payable (1,298) Accrued expenses and other current liabilities (4,684) Operating lease liabilities (5,409) Net liabilities (2,303) ​ Between February to June 2023, the Group provided one-year loans with aggregated principal amounts of US$2,346 bearing interest rate of 3.65% to the disposed subsidiary. Upon the disposal, the Group recognized the loan receivables of US$2,365, which were collected in August 2023. The excess of cash consideration over the net liabilities derecognized was recognized in “ Investment (loss) income, net The Group concludes that the disposal does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Lotus Technology Inc. (“the Company”), its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (the “VIEs”, collectively referred to “the Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated and combined financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Group as of December 31, 2023, and the related consolidated and combined statements of comprehensive loss, changes in shareholders’ deficit and cash flows for the year then ended. Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which Wuhan Lotus Technology Limited Company (“WFOE”), the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2024, the results of operations and cash flows for the six months ended June 30, 2024 and 2023, have been made. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of June 30, 2024, the Group had an accumulated deficit of US$2,048,092 and net current liabilities exceeded current assets in the amount of US$561,241. In addition, the Group recorded net cash used in operating activities in the amount of US$468,361 for the six months ended June 30, 2024. Historically, the Group had relied principally on proceeds from the issuance of ordinary shares, redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported revenues and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) warrant liabilities; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements. (b) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of June 30, 2024 and December 31, 2023. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941 ​ Cash that is restricted for withdrawal or use is reported separately in the condensed consolidated balance sheets. The Group’s restricted cash mainly represents deposits for short-term borrowings as mentioned in note 10, deposits made to banks to secure bank acceptance notes, funds in escrow accounts as mentioned in note 14, and deposits made to landlords for certain long-term leases. (c) Product warranties The following table shows the movement of product warranty reserve: ​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957 ​ (d) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 69.75% and 97.57% of the Group’s accounts receivable — related parties as of June 30, 2024 and December 31, 2023, respectively. During the the six months ended June 30, 2024 and 2023, Geely Group contributed US$9,590 and US$4,923 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for the six months ended June 30, 2024 and 2023. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ Suppliers contributed more than 10.0% of total purchases for the six months ended June 30, 2024 and 2023 are as below. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of June 30, 2024 and December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, accounts receivable, loan receivables, and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loans receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them. (e) Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Group will adopt ASU 2023-07 for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Group has evaluated the accounting standard update and it has no material impact on the consolidated financial statements.	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying consolidated and combined financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated and combined financial statements are presented in United States dollar (“US$”), rounded to the nearest thousand. These consolidated and combined financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of December 31, 2023, the Group had an accumulated deficit of US$1,588,773 and net current liabilities of US$873,569. In addition, the Group recorded net cash used in operating activities in the amount of US$386,932 for the year ended December 31, 2023. Historically, the Group had relied principally on proceeds from the issuance of redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. These consolidated and combined financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Group were unable to continue as a going concern. (b) Principles of Consolidation The consolidated and combined financial statements presented herein include the financial statements of the Company, its subsidiaries, the VIE for which WFOE is the primary beneficiary, and the VIE’s subsidiaries. All intercompany transactions and balances have been eliminated. (c) Use of Estimates The preparation of the consolidated and combined financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated and combined financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) mandatorily redeemable noncontrolling interest; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the consolidated and combined financial statements. (d) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (e) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of December 31, 2023 and 2022. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − 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 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605 ​ (f) Restricted Cash Cash that is restricted for withdrawal or use is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents deposits made to banks to secure bank acceptance notes, a letter of guarantee, and deposits made to landlords for certain long-term leases. (g) Derivative financial instruments The Group selectively uses financial instruments to manage market risk associated with exposure to fluctuations in foreign currency rates with foreign exchange forwards, which are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The Group’s derivative instruments are not qualified for hedge accounting, thus changes in fair value are recognized in the consolidated and combined statements of comprehensive loss. As of December 31, 2023 and 2022, the Group’s derivative instruments were US$67 and nil, respectively, included in “ prepayments and other current assets – third parties, net Investment income (loss), net (h) Short-term investments The Group’s short-term investments represent investments in a convertible note and wealth management products. The Group has elected the fair value option to account for an investment in a convertible note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Group recorded the fair value gain of nil, US$1,316 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. The Group’s investments in wealth management products are redeemable at the option of the Group on any working day. The Group elects the fair value option at the date of initial recognition and carries these investments at fair value, since the Group believes the fair value option best reflects the economics of the underlying transactions. Changes in the fair value of these investments are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. The Group recorded the fair value gain of US$97, US$996 and nil in “Investment income (loss), net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. (i) Investment securities The Group invests in marketable equity securities, which are classified as investments with readily determinable fair values and reported at fair value in the consolidated balance sheets. The unrealized gains and losses on equity securities are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085, US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. (j) Accounts Receivable and expected credit losses Accounts receivable is recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated and combined statements of cash flows. The Company maintains a specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances are reviewed by management individually. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance sheet credit exposure related to its customers. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The new accounting standard does not apply to loans and receivables between entities under common control. The Group adopted the ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with accumulative effect recorded as an increase of accumulated deficit in the amount of US$15. The Group assessed that accounts receivable, other receivables, loan receivables, short-term and long-term deposits are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and suppliers, and the related accounts receivable, loan receivables, other current assets and other non-current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Company considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations. (k) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is calculated on specific identification or the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. (l) Equity investments The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize our proportionate share of each equity investee’s net income or loss into earnings after the date of investment. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. There was no equity method goodwill recognized. (m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows: ​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms ​ Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred. (n) Operating Leases The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases. The Group recognizes lease liabilities and right-of-use (“ROU”) assets at lease commencement date. Lease liabilities are measured at the present value of unpaid lease payments at the lease commencement date and are subsequently measured at amortized cost using the effective-interest method. Since the Group’s leases do not provide an implicit rate, the Group uses its own incremental borrowing rate in determining the present value of unpaid lease payments. The incremental borrowing rate was determined based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China and the US, the Company’s credit rating and lease term, and is updated for measurement of new lease liabilities. ROU assets are initially measured at cost, which consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term. The Group has elected not to recognize ROU assets and lease liabilities for short-term leases (i.e. leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise). As a practical expedient, the Group has elected that for all leases, where it is the lessee, not to separate non-lease components from lease components and instead to account for all lease and non-lease components associated with each lease as a single lease component. If a lease is modified and that modification is not accounted for as a separate contract, the classification of the lease is reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. (o) Intangible Assets Intangible assets with indefinite useful lives represent acquired license plates and trademark licenses since the Group has the right and the intention to continue to use the license plates and trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. (p) Land use rights Land use rights in Chinese mainland represents an exclusive right to occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use rights. Land use rights are recorded in operating lease right-of-use assets with lease term of 40 years (q) Impairment of Long-lived Assets and intangible assets with indefinite lives Long-lived assets, including property, equipment and software and ROU assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets or asset group over the fair value of the assets or asset group. No such impairment losses were recorded for the years ended December 31, 2023, 2022 and 2021. Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs a quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. The Group did not record any impairment charges for the years ended December 31, 2023, 2022 and 2021. (r) Value Added Taxes Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity by entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables or be refunded upon application. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets. (s) Warranties The Group provides standard warranties on BEV lifestyle models based on the contracts with its customers at the time of sale of BEV lifestyle models. The Group accrues a warranty reserve for the new BEV lifestyle models sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on the estimates of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of revenues in the consolidated and combined statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis. The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain. The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance-type warranty to customers that ensures that products will function as intended and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees The following table shows the movement of warranty reserve: ​ ​ ​ ​ ​ 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 ​ For the years ended December 31, 2022 and 2021, nil warranty provision was recognized. (t) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (u) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition. When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability. A contract asset is recorded when the Group transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents a contract liability when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group generates revenue from sales of vehicles and any bundled products and services to end-users and distributors. The Group also generates revenue from provision of automotive design and development services to various automobile manufacturers. Further details of the Group’s revenue recognition policies are as follows: Sales transactions with end-users Sales of BEV lifestyle models The Group started to deliver BEV lifestyle models to customers in March 2023. In certain countries, the Group sells BEV lifestyle models Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows: i. Revenue from Eletre is recognized at a point in time when the control of Eletre is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle. ii. Revenue from the installed premium intelligent driving system is recognized when the functionality is activated, and the portion related to upgrades is recognized ratably over the estimated period of vehicle usage by the customer. iii. Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location. iv. Revenue from charging cards is recognized when the customer uses the card to redeem for charging services. v. Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer. vi. Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales. vii. Revenue from maintenance services is recognized over the service period based on the number of maintenance services delivered to date relative to the estimated remaining number of maintenance services to be delivered. viii. Revenue from vehicle internet connection services is recognized ratably over the estimated useful life of the vehicle as this service is transferrable from the customer to another car user if the customer resells the vehicle. Initial refundable deposits received from customers for intention orders prior to vehicle purchase agreements are signed are recognized as refundable deposits from customers (accrued expenses and other current liabilities). When vehicle purchase agreements are signed, these initial deposits are reclassified to contract liabilities. Any other non-refundable payments received prior to the transfer of goods or services are also recognized as contract liabilities. Sales of sports cars The Group generates revenue from the distribution of Lotus-brand sports cars developed and produced by LCL. Revenue from sports cars sales is recognized at a point in time, when the control of the sports cars is transferred to the customer, which is the point in time when the customer takes possession of and accepts the sports cars. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales and concludes that free pick-up and delivery service for maintenance, door-to-door troubleshooting and lifetime roadside assistance are immaterial and therefore the Group does not assess whether these promised services are performance obligations. When reaching this conclusion, the Group consi

ACCOUNT RECEIVABLES - THIRD PAR

ACCOUNT RECEIVABLES - THIRD PARTIES, NET	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
ACCOUNT RECEIVABLES - THIRD PARTIES, NET	3. ACCOUNT RECEIVABLES - THIRD PARTIES, NET ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2024 2023   ​  US$ US$ Accounts receivable-third parties 73,481 77,047 Less: Allowance for credit losses (683) (383)   ​ ​ ​ Total 72,798 76,664 ​ The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 383 Provisions 308 Foreign currency translation adjustment (8) Balance at the end of the period 683 ​	3. ACCOUNT RECEIVABLES - THIRD PARTIES, NET ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022   ​ US$ US$ Accounts receivable-third parties 77,047 111 Less: Allowance for credit losses (383) —   ​   ​ Total 76,664 111 ​ The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 1 Balance as of January 1, 2023 1 Provisions 374 Foreign currency translation adjustment 8 Balance as of December 31, 2023 383 ​

INVENTORIES

INVENTORIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
INVENTORIES	4. INVENTORIES Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Products available for sale 340,142 246,419 Raw materials ​ 1,233 ​ — Goods in transit 43,825 18,771 Total 385,200 265,190 ​ Inventory write-downs recognized in cost of revenues for the six months ended June 30, 2024 and 2023 were US$4,711 and US$848, respectively.	4. INVENTORIES Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Products available for sale 246,419 13,714 Goods in transit 18,771 8,989 Total 265,190 22,703 ​ Inventory write-downs recognized in cost of revenues for the years ended December 31, 2023, 2022 and 2021 were US$1,668, nil and nil, respectively.

PREPAYMENTS AND OTHER CURRENT A

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES	5. PREPAYMENTS AND OTHER CURRENT ASSETS — THIRD PARTIES Prepayments and other current assets — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT ​ 69,684 ​ 41,066 Prepayments to third-party suppliers 34,994 11,280 Deposits 4,975 3,995 Deferred listing expenses ​ — ​ 1,686 Others ​ 8,846 ​ 5,850 Less: Allowance for credit losses (i) (7) (7) Total 118,492 63,870 (i) ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 7 Provisions 1 Foreign currency translation adjustment (1) Balance at the end of the period 7 ​	5. PREPAYMENTS AND OTHER CURRENT ASSETS — THIRD PARTIES Prepayments and other current assets — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deductible VAT ​ 41,066 ​ 36,508 Prepayments to third-party suppliers 11,280 2,446 Deposits 3,995 3,747 Deferred listing expenses ​ 1,686 ​ — Others ​ 5,850 ​ 1,674 Less: Allowance for credit losses (i) (7) — Total 63,870 44,375 (i) The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 2 Balance as of January 1, 2023 2 Provisions 4 Foreign currency translation adjustment 1 Balance as of December 31, 2023 7 ​

PROPERTY, EQUIPMENT AND SOFTWAR

PROPERTY, EQUIPMENT AND SOFTWARE, NET	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE, NET
PROPERTY, EQUIPMENT AND SOFTWARE, NET	6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Machinery and R&D equipment 28,367 26,551 Molds and tooling 137,855 84,367 Motor vehicles 49,461 50,935 Office and electronic equipment 34,607 32,325 Purchased software 71,827 68,422 Leasehold improvements 43,645 35,506 Property, equipment and software 365,762 298,106 Less: Accumulated depreciation (98,699) (66,258) Construction in progress (i) 78,273 122,769 Property, equipment and software, net 345,336 354,617 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction. Depreciation expenses on property, equipment and software were allocated to the following expense items: ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cost of revenues 13,628 7,115 Research and development expenses 2,457 1,240 Selling and marketing expenses 13,282 6,871 General and administrative expenses 9,919 7,415 Total depreciation expenses 39,286 22,641 ​	6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Machinery and R&D equipment 26,551 16,997 Molds and tooling 84,367 79,963 Motor vehicles 50,935 15,586 Office and electronic equipment 32,325 17,271 Purchased software 68,422 49,905 Leasehold improvements 35,506 22,431 Property, equipment and software 298,106 202,153 Less: Accumulated depreciation (66,258) (15,455) Construction in progress(i) 122,769 66,773 Property, equipment and software, net 354,617 253,471 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction. Depreciation expenses on property, equipment and software were allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cost of revenues 16,111 38 25 Research and development expenses 3,238 2,681 1,626 Selling and marketing expenses 18,350 5,476 61 General and administrative expenses 17,258 4,595 344 Total depreciation expenses 54,957 12,790 2,056 ​ Property, equipment and software with a net book value of US$37,287 and nil were pledged as security for the exchangeable notes subject to further notice by the exchangeable notes holder as mentioned in note 14 as of December 31, 2023 and 2022, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	7. INTANGIBLE ASSETS Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 275 277 Others ​ 168 ​ — Intangible assets 116,526 116,360 ​	7. INTANGIBLE ASSETS Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 277 281 Intangible assets 116,360 116,364 ​ On November 4, 2021, the Group entered into trademark licenses agreements with a related party (“Trademark Licenses Agreements”), Group Lotus Limited, a wholly owned subsidiary of LGIL, which is ultimately controlled by the Controlling Shareholder of the Company. Pursuant to the Trademark Licenses Agreements, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car): i) exclusively on lifestyle vehicles and parts and components in relation thereto the Group designs, develops, manufactures, assembles, distributes and sells or has designed, developed, manufactured or assembled by any third party; ii) non-exclusively for the Group’s business of providing related after-sale services for the lifestyle vehicles; iii) non-exclusively on the related products (excluding anything relating to the sports cars) such as accessories the Group designs, produces, distributes, and sells or has designed or produced by any third party on its behalf; iv) any other occasions in relation to the business conducted by the Group as duly approved by the Group’s Board (excluding anything relating to sports cars). The Group intends to market and distribute its products under the “Lotus” brand indefinitely, and the trademark licenses are expected to contribute to cash flows indefinitely. The cost of renewal in each jurisdiction is different, and the Company believes the amount of renewal costs is insignificant relative to the future cash flows from sales of lifestyle vehicles under the “Lotus” brand. Therefore the useful lives of the trademark licenses are considered to be indefinite. The trademark licenses were initially recognized at the amount of US$116,041 as of November 4, 2021, which is the same as the carrying amount from the perspective of the entity under common control and their estimated fair value determined using the relief from royalty method .

LEASES

LEASES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
LEASES
LEASES	8. LEASES The Group has entered into various non-cancellable operating lease agreements for land use rights, certain offices, warehouses, retail and service locations, and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating lease cost 14,222 13,334 Short-term lease cost 1,431 2,901 Variable lease cost 83 62 Total 15,736 16,297 ​ Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred. The above lease costs are recognized as cost of sales, selling and marketing expenses, general and administrative expenses and research and development expenses. Supplemental cash flows information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash outflows from operating leases ​ 13,522 ​ 21,051 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ Operating leases 2,640 24,699 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets 158,864 173,103 Total operating lease assets 158,864 173,103 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 14,526 16,760 − Operating lease liabilities-related parties* 995 840 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 81,393 91,929 − Operating lease liabilities-related parties 11,314 12,064 Total operating lease liabilities 108,228 121,593 * Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ ​ US$ ​ US$ ​ Weighted-average remaining lease term Operating leases 7.78 years 7.94 years ​ Weighted-average discount rate ​ Operating leases 6.64 % 6.93 % ​	8. LEASES The Group has entered into various non-cancellable operating agreements for land use rights, certain offices, warehouses, retail and service locations, and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Operating lease cost 27,815 21,701 6,389 Short-term lease cost 4,288 2,595 847 Variable lease cost 141 49 231 Total 32,244 24,345 7,467 ​ Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred. The above lease costs are recognized as cost of sales, selling and marketing expenses, general and administrative expenses and research and development expenses. Supplemental cash flows information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash outflows from operating leases* ​ 34,752 ​ 16,085 ​ 56,024 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases 42,707 76,584 56,610 * For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years . Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets* 173,103 158,724 Total operating lease assets 173,103 158,724 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 16,760 15,815 − Operating lease liabilities-related parties** 840 13 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 91,929 98,963 − Operating lease liabilities-related parties 12,064 170 Total operating lease liabilities 121,593 114,961 * ** ​ Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 2022 2021 ​ Weighted-average remaining lease term Operating leases 8.01 years 8.37 years ​ 7.36 years ​ Weighted-average discount rate ​ Operating leases 6.60 % 6.99 % 5.74 % ​ Because the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Maturities of operating lease liabilities were as follows: ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ 2023 ​ US$ 2024 23,902 2025 20,884 2026 19,482 2027 17,137 2028 16,001 Thereafter 55,092 Total undiscounted lease payments 152,498 Less: imputed interest (30,905) Total lease liabilities 121,593 ​ As of December 31, 2023, the Group had future minimum lease payments for non-cancelable short-term operating leases of US$79.

OTHER NON-CURRENT ASSETS - THIR

OTHER NON-CURRENT ASSETS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT ASSETS - THIRD PARTIES
OTHER NON-CURRENT ASSETS - THIRD PARTIES	9. OTHER NON-CURRENT ASSETS – THIRD PARTIES Other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT 54,808 41,859 Deposits for long-term operating leases 2,938 3,288 Prepayments for purchases of property, equipment and software 2,289 920 Equity investments 4,634 4,466 Others ​ 1,123 ​ — Total 65,792 50,533 ​	9. OTHER NON-CURRENT ASSETS – THIRD PARTIES Other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deposits for long-term operating leases 3,288 3,486 Prepayments for purchases of property, equipment and software 920 1,442 Deductible VAT 41,859 5,815 Equity investment(i) 4,466 240 Total 50,533 10,983 (i) ​ In January 2023, the Group invested US$4,317 to incorporate Hubei Changjiang Chegu Industry Investment Fund Partnership (“Changjiang Chegu”) in Chinese mainland and holds 16.67% of Changjiang Chegu’s equity interests. The Group applies the equity method to account for the investment in Changjiang Chegu.

SHORT-TERM BORROWINGS - THIRD P

SHORT-TERM BORROWINGS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHORT-TERM BORROWINGS - THIRD PARTIES
SHORT-TERM BORROWINGS-THIRD PARTIES	10. SHORT-TERM BORROWINGS — THIRD PARTIES Short-term borrowings — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Borrowings from banks 517,902 226,772 Secured loans from a financial institution 577 — Total ​ 518,479 ​ 226,772 ​ During the six months ended June 30, 2024, the Group borrowed loans due within one year or less with aggregated principal amounts of US$439,922 from banks, bearing an interest rate of one-year loan prime rate The weighted average interest rate on short-term borrowings outstanding as of June 30, 2024 and December 31, 2023 is 4.03% and 3.90%, respectively. As of June 30, 2024 and December 31, 2023, the Group had a total line of credit in the amount of US$946,716 and US$279,300, of which the unused portion was US$262,569 and US$14,119, respectively. As of June 30, 2024 and December 31 2023, certain of the Group’s short-term borrowings were pledged with restricted cash of US$336,757 and nil, respectively.	10. SHORT-TERM BORROWINGS — THIRD PARTIES Short-term borrowings — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Borrowings from banks 226,772 28,748 ​ During the year ended December 31, 2023, the Group borrowed loans due within one year or less with aggregated principal amounts of US$481,176 from banks in Chinese mainland, bearing an interest rate of one-year loan prime rate (“LPR”) published by China Foreign Exchange Trade System at the date of utilization plus 0.10% to 0.25% per annum. The interests shall be repaid quarterly or monthly. During the year ended December 31, 2023, the Group repaid loans with principal amount of US$272,897. During the year ended December 31, 2022, the Group borrowed one The weighted average interest rate on short-term borrowings outstanding as of December 31, 2023 and 2022 is 3.90% and 3.90%, respectively. As of December 31, 2023 and 2022, the Group had a total line of credit in the amount of US$279,300 and US$28,748, of which the unused portion was US$14,119 and nil, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES — THIRD PARTIES Accrued expenses and other current liabilities — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Accrued salaries and benefits 61,300 68,160 Payables for R&D expenses 71,571 75,578 Payables for marketing events 62,520 48,190 Payables for purchase of property, equipment and software 58,457 51,278 Refundable deposits from customers 27,461 27,007 Deposits from third parties (i) 11,659 19,608 VAT and other taxes payables 18,736 23,190 Payables for service fees 87,727 33,229 Bank acceptance notes and letter of credit — 38,290 Refundable deposits in connection with the PIPE investments ​ — ​ 9,699 Others 31,792 25,193 Total 431,223 419,422 (i) Represents short -term deposits from third party suppliers.	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES — THIRD PARTIES Accrued expenses and other current liabilities — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accrued salaries and benefits 68,160 46,362 Payables for R&D expenses 75,578 83,261 Payables for marketing events 48,190 47,729 Payables for purchase of property, equipment and software 51,278 88,286 Refundable deposits from customers 27,007 3,410 Deposits from third parties(i) 19,608 4,684 VAT and other taxes payables 23,190 4,843 Payables for service fees 33,229 21,176 Bank acceptance notes and letter of credit 38,290 11,025 Refundable deposits in connection with the PIPE investments ​ 9,699 ​ — Others 25,193 12,523 Total 419,422 323,299 (i) Represents short -term deposits from third party suppliers.

PUT OPTION LIABILITIES

PUT OPTION LIABILITIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PUT OPTION LIABILITIES
PUT OPTION LIABILITIES	12. PUT OPTION LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Meritz put option ​ ​ ​ ​ (Note 14) ​ LGIL put option ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 — 11,884 11,884 Issuance of put options 130,082 — 130,082 Change in fair values 45,132 (11,447) 33,685 Balance as of June 30, 2024 175,214 437 175,651 - Current portion ​ — ​ 437 ​ 437 - Non-current portion ​ 175,214 ​ — ​ 175,214 ​ LGIL put option On January 31, 2023, the Company issued put options to each of Geely International (Hong Kong) Limited (“Geely HK”) and Etika at nil consideration. Pursuant to the put option agreements, each of Geely HK and Etika will have an option to require the Company to purchase the equity interests held by Geely HK and Etika in Lotus Advance Technologies Sdn Bhd, the immediate parent of LGIL, during the period from April 1, 2025 to June 30, 2025, at a pre-agreed price. Geely HK and Etika are entitled to exercise the put option on an individual standalone basis. If Geely HK or Etika exercises the put option, Geely HK or Etika shall put all its equity interests in Lotus Advance Technologies Sdn Bhd to the Company. The exercise price will be settled with the Company’s newly issued ordinary shares. The number of ordinary shares of the Company to be issued to each of Geely HK and Etika shall be equal to the quotient of (a) the exercise price, divided by (b) the per share listing price, i.e. US$10 per share, of ordinary shares of the Company. The put options are accounted for as liabilities in the scope of ASC Topic 480, Distinguishing Liabilities from Equity, The fair values of the Lotus Group International Limited (“LGIL”) put option liabilities as of June 30, 2024 and December 31, 2023 are estimated using the scenario-weighted average method with binominal model, with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 As of December 31, 2023 Risk‑free interest rate 4.69 % 4.87 % Expected volatility 23.80 % 26.33 % Expected dividend yield 0.00 % 0.00 % Remaining term 1 year 1.5 years Probability of exercise condition 50.00 % 50.00 % Fair value of underlying ordinary share of LGIL US$0.44 ​ US$0.81 ​ ​	12. PUT OPTION LIABILITIES ​ ​ ​ ​ ​ US$ Balance as of December 31, 2022 — Issuance of put options 9,376 Change in fair values 2,508 Balance as of December 31, 2023 11,884 ​ On January 31, 2023, the Company issued put options to each of Geely International (Hong Kong) Limited (“Geely HK”) and Etika at nil consideration. Pursuant to the put option agreements, each of Geely HK and Etika will have an option to require the Company to purchase the equity interests held by Geely HK and Etika in Lotus Advance Technologies Sdn Bhd, the immediate parent of LGIL, during the period from April 1, 2025 to June 30, 2025, at a pre-agreed price, i.e. 1.15 multiplied by the revenue of LGIL for the year ending December 31, 2024 plus the cash and cash equivalents of LGIL as of December 31, 2024, and minus the outstanding amount of indebtedness of LGIL as of December 31, 2024 (the “exercise price”), if the total number of vehicles sold by LGIL in 2024 exceeds 5,000 (the “exercise condition”). Geely HK and Etika are entitled to exercise the put option on an individual standalone basis. If Geely HK or Etika exercises the put option, Geely HK or Etika shall put all its equity interests in Lotus Advance Technologies Sdn Bhd to the Company. The exercise price will be settled with the Company’s newly issued ordinary shares. The number of ordinary shares of the Company to be issued to each of Geely HK and Etika shall be equal to the quotient of (a) the exercise price, divided by (b) the per share listing price, i.e. US$10 per share, of ordinary shares of the Company. The put options are determined to be freestanding financial instruments that are accounted for as liabilities in the scope of ASC Topic 480, Distinguishing Liabilities from Equity At initial recognition, the Company recognized the issuance of put options at its fair value of US$9,376 as dividends to the shareholders with a corresponding decrease in additional paid-in capital. The increase in fair value of the put option liabilities in the amount of US$2,508, nil and nil for the years ended December 31, 2023, 2022 and 2021 was recognized in the consolidated and combined statements of comprehensive loss, respectively. The fair value of the put option liabilities as of December 31, 2023 is estimated using the scenario-weighted average method with binominal model, with the following assumptions: ​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​

PIPE Investments

PIPE Investments	12 Months Ended
	Dec. 31, 2023
PIPE Investments
PIPE Investments	13. PIPE Investments Meritz Investment On November 15, 2023, the Company entered into a share subscription agreement (the “Meritz Subscription Agreement”) with Meritz, pursuant to which, among other things, Meritz agreed to subscribe for, and the Company agreed to issue to Meritz 50,000,000 ordinary shares of the Company (“Meritz Subscription Shares”) at an aggregate subscription price equal to $500,000 (“Meritz Investment”). Pursuant to the Meritz Subscription Agreement, the obligations of the parties to consummate the Meritz Investment are subject to the satisfaction or waiver of certain closing conditions, including, among others, (i) all conditions precedent under the Merger Agreement having been satisfied or waived (other than those to be satisfied at the closing of the Business Combination), (ii) the accuracy of representations and warranties in all material respects, (iii) material compliance with covenants, (iv) due execution and delivery of security documents granting certain security interests in favor of Meritz over a restricted cash account and a restricted securities account holding U.S. treasury bonds and/or U.S. treasury bills in agreed amounts to secure the put obligations and certain other obligations of the Company under the Meritz Subscription Agreement, and the creation and perfection of the security interests granted to Meritz in accordance with the foregoing security documents, subject to certain exceptions, (v) no amendment or waiver of the Merger Agreement in a manner that materially and adversely affects the economic benefits Meritz reasonably expects to receive under the Meritz Subscription Agreement, and (vi) no amendment or waiver by the Company of certain conditions precedent under the Merger Agreement without Meritz’s prior written consent. Subject to the receipt of the subscription price, the Company shall deposit into a restricted securities account consisting of: (i) certain U.S. treasury bonds with an aggregate outstanding principal amount of $325,000, and (ii) certain U.S. treasury bonds and/or U.S. treasury bills with an aggregate outstanding principal amount of $175,000 as soon as practicable following, but not later than two PIPE Investments In 2023, the Company entered into subscription agreements (the “PIPE Subscription Agreements”) with Lotus Technology International Investment Limited (“LTIIL”), ultimately controlled by Geely Holding, Etika, and other investors, pursuant to which the LTIIL, Etika and other investors have committed to subscribe for and purchase the Company’s ordinary shares at $10.00 per share for an aggregate investment amount of US$127,500, US$122,500 and US$94,713, respectively (“PIPE Investments”). The obligations of the parties to consummate the PIPE Investment are subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, among others, (i) all conditions precedent under the Merger Agreement having been satisfied or waived (other than those to be satisfied at the closing of the Business Combination), (ii) the accuracy of representations and warranties in all material respects, (iii) material compliance with covenants; and (iv) all of the consents from, and filings and/or registrations with, applicable governmental authority as required by applicable PRC laws in connection with the PIPE Investor’s outbound direct investment in the Company shall have been duly obtained and completed. As of December 31, 2023, the Company received US$10,000 refundable deposits in connection with the PIPE Investments, bearing simple interest rate of 8% per annum. As of December 31, 2023, no shares have been issued pursuant to the above “Meritz Subscription Agreement” and “PIPE Subscription Agreements”. On February 15, 2024, the Company entered into a subscription agreement with a PIPE investor, pursuant to which the PIPE investor committed to subscribe for and purchase the Company’s Ordinary Shares at $10.00 per share for an aggregate investment amount of approximately US$15,000. Upon the consummation of the Merger Transaction, as mentioned in note 1(b), the above Meritz Investment and PIPE Investments were completed with the issuance of 50,000,000 and 35,849,458 ordinary shares by the Company to Meritz and the PIPE investors, respectively.

EXCHANGEABLE NOTES

EXCHANGEABLE NOTES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
EXCHANGEABLE NOTES
EXCHANGEABLE NOTES	15. EXCHANGEABLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 378,638 75,678 454,316 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ (11,509) ​ 1,790 ​ (9,719) Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ — ​ 93 ​ 93 Repayments ​ (365,994) ​ — ​ (365,994) Foreign currency translation adjustment ​ (1,135) ​ (474) ​ (1,609) Balance as of June 30, 2024 ​ — ​ 77,087 ​ 77,087 – Current portion — — — – Non-current portion — 77,087 77,087 ​ WFOE Exchangeable Notes As mentioned in Note 1(a)(iv), 36,597,038 ordinary shares were issued to WFOE Exchangeable Notes Holder following the settlement of the outstanding principal amount of the WFOE Exchangeable Notes to WFOE Exchangeable Notes Holder upon the consummation of the Merger Transaction. The Group elected the fair value option to account for the WFOE Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The WFOE Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the WFOE Exchangeable Notes due to the instrument-specific credit risk of nil and US$651 were debited to other comprehensive income (loss) and all other changes in fair values of US$11,509 and US$3,144 were (credited)/debited to “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. ​ Lightning Speed Exchangeable Notes In December 2022, the Company’s subsidiary, Hangzhou Lightning Speed Technology Co., Ltd. (“Lightning Speed”) issued the first tranche of exchangeable notes (the “Lightning Speed Exchangeable Notes”) with the principal amount of RMB500,000 to an investor (the “Lightning Speed Exchangeable Notes Holder”). Each tranche of Lightning Speed Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of loan prime rate published by China Foreign Exchange Trade System (“LPR”). With the consent of the Lightning Speed Exchangeable Notes Holder, Lightning Speed can extend the term of each tranche of Lightning Speed Exchangeable Notes twice, but each extension shall not exceed one year. During the extension period, the interest on the outstanding principal of the Lightning Speed Exchangeable Notes is calculated at the simple interest rate of 110% of LPR All interests shall be paid at maturity. During the period from the issuance date to the maturity date of each tranche of Lightning Speed Exchangeable Notes (subject to extension discussed above), the Lightning Speed Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the Lightning Speed Exchangeable Notes into the shares of Lightning Speed based on the equity valuation of Lightning Speed, which is subject to further agreement by both parties, at the conversion date. The Lightning Speed Exchangeable Notes Holder is entitled to request Lightning Speed to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Lightning Speed. During the six months ended June 30, 2024 and 2023, no default event was occurred. The Group elected the fair value option to account for the Lightning Speed Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Lightning Speed Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the Lightning Speed Exchangeable Notes due to the instrument-specific credit risk of US$93 and US$423 were debited to other comprehensive income (loss) and all other changes in fair values of US$1,790 and US$3,155 were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Lightning Speed Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the Lightning Speed Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ Risk-free interest rates 1.45%-1.71 % 2.08%-2.29 % Probability of conversion 75.00 % 75.00 % Bond yield 3.42 % 4.03 % ​	14. EXCHANGEABLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — — Issuance of exchangeable notes 125,039 — 125,039 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 1,065 — 1,065 Changes in fair values of exchangeable notes due to the instrument-specific credit risk (132) — (132) Foreign currency translation adjustment 448 — 448 Balance as of December 31, 2021 126,420 — 126,420 Issuance of exchangeable notes 307,172 71,792 378,964 Exchange to Series A redeemable convertible preferred shares (note 17) (60,419) — (60,419) Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 13,162 — 13,162 Changes in fair values of exchangeable notes due to the instrument-specific credit risk 33 — 33 Foreign currency translation adjustment (31,048) — (31,048) Balance as of December 31, 2022 355,320 71,792 427,112 Issuance of exchangeable notes ​ 27,883 ​ — ​ 27,883 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ 737 ​ 3,711 ​ 4,448 Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ 272 ​ 1,398 ​ 1,670 Foreign currency translation adjustment ​ (5,574) ​ (1,223) ​ (6,797) Balance as of December 31, 2023 ​ 378,638 ​ 75,678 ​ 454,316 – Current portion 378,638 — 378,638 – Non-current portion — 75,678 75,678 ​ WFOE Exchangeable Notes In September 2021, the Company’s subsidiary, WFOE, entered into an exchangeable note agreement with an investor. Pursuant to the agreement, WFOE is entitled to issue, from time to time, exchangeable notes (the “WFOE Exchangeable Notes”) to obtain financing from the investor (the “WFOE Exchangeable Notes Holder”) up to RMB3,000,000 with coupon rate of 3% per annum. Each tranche of WFOE Exchangeable Notes is scheduled to mature on the one-year anniversary date of issuance. The repayments of the WFOE Exchangeable Notes were guaranteed by Founders Onshore Vehicle. The Group issued RMB800,000 (equivalent to US$125,039), RMB600,000 (equivalent to US$94,130), RMB600,000 (equivalent to US$94,457), RMB800,000 (equivalent to US$118,585) and RMB200,000 (equivalent to US$27,883) on November 5, 2021, January 7, 2022, January 18, 2022, August 2, 2022 and September 22, 2023 to the WFOE Exchangeable Notes Holder, respectively, among which, RMB400,000 issued in November 2021 was exchanged for Series A redeemable convertible preferred shares in December 2022, as mentioned in note 17. At the time when there is a subsequent round of equity financing, upon the notification in writing by the Group, the WFOE Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the WFOE Exchangeable Notes into the shares of the subsequent round of equity financing at the post-money equity valuation based on a fixed monetary amount. Pursuant to the agreement, the land use right of US$32,653 included in operating lease right-of-use assets and corporate buildings under construction of US$37,287 included in property, equipment and software have been pledged to the WFOE Exchangeable Notes Holder as of December 31, 2023. Prior to a qualified initial public offering (“Qualified IPO” which is defined as an initial public offering and listing or back door listing (including via SPAC) or other similar transactions to achieve the listing of the shares of the Company): 1) Upon the conversion, the WFOE Exchangeable Notes Holder is entitled to require Founders Onshore Vehicle or its designated entity to transfer the Company’s shares at the price of RMB 1 per share to make the WFOE Exchangeable Notes Holder’s shareholding in the Company not less than 5% , based on an investment of RMB 3,000,000 . If the investment amount at time of conversion is less than RMB 3,000,000 , 5% shareholding shall be adjusted on a pro-rata basis. 2) The Founders Onshore Vehicle or its designated entity must purchase all or a portion of the shares held by the WFOE Exchangeable Notes Holder at a price equal to the outstanding principal amount of the WFOE Exchangeable Notes plus interest rate of 3% per annum, if the Company failed to the consummation of Qualified IPO within seven-year anniversary of issuance date for each tranche of WFOE Exchangeable Notes, at the option of the WFOE Exchangeable Notes Holder. 3) The Founders Onshore Vehicle or its designated entity has the right to purchase 60% of the shares held by the WFOE Exchangeable Notes Holder at a price equal to the outstanding principal amount of the WFOE Exchangeable Notes plus interest rate of 8% per annum prior to the consummation of Qualified IPO. The above three features are collectively referred to as the “Rights and Obligations provided by the Founders Onshore Vehicle”. The guarantees and Rights and Obligations provided by the Founders Onshore Vehicle were accounted for as shareholder contributions at its estimated fair value at the respective issuance date of each tranche of loans. The fair value of the guarantees and Rights and Obligations provided by the Founders Onshore Vehicle was US$909 for the tranche issued in September 2023, US$8,135 for the tranches issued during the year ended December 31, 2022 and US$3,391 for the tranche issued in November 2021. The fair value of the guarantees and Rights and Obligations was treated as debt issuance cost and charged to the interest expenses in the consolidated and combined statements of comprehensive loss. On April 27, 2023, the Company entered into a subscription agreement with the WFOE Exchangeable Notes Holder (the “Jingkai Subscription Agreement”), pursuant to which the WFOE Exchangeable Notes Holder has committed to subscribe for and purchase the Company’s ordinary shares for US$10.00 per share, for an investment amount of RMB2,600,000 (equivalent to US$367,092), which will be settled by the then outstanding principal amount of the WFOE Exchangeable Notes. Pursuant to Jingkai Subscription Agreement, the obligations of the parties to consummate the investment are subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, among others, (a) all conditions precedent under the Merger Agreement having been satisfied or waived, and (b) all of the consents from, and filings and/or registrations with, applicable governmental authority as required by applicable PRC laws for the WFOE Exchangeable Notes Holder’s outbound direct investment in the Company shall have been duly obtained and completed (collectively as “Closing Conditions”). The Jingkai Subscription Agreement shall terminate upon the earlier to occur of (a) termination of the Merger Agreement, and (b) March 15, 2024, or such later termination date of the Merger Agreement as agreed among the parties thereto, among other things. Pursuant to the above agreements, the maturity dates of the WFOE Exchangeable Notes were extended to the earlier of March 15, 2024 and termination of the Merger Agreement. The Group evaluated the amendment in accordance with ASC 470 - 50, Modifications and Extinguishments The Group elected the fair value option to account for the WFOE Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The WFOE Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the WFOE Exchangeable Notes due to the instrument-specific credit risk of US$272, US$33 and US$132 were debited/(credited) to other comprehensive income (loss) and all other changes in fair values of US$737, US$13,162 and US$1,065 were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the WFOE Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the WFOE Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 Risk-free interest rate 1.75 % 2.07 % Discount rate 20.00 % 20.00 % Probability of conversion 90.00 % 50.00% – 75.00 % Bond yields 3.27%-4.06 % 7.35% – 7.76 % Probability of occurrence of Qualified IPO 90.00 % 45.00 % ​ Lightning Speed Exchangeable Notes In November 2022, the Company’s subsidiary, Hangzhou Lightning Speed Technology Co., Ltd. (“Lightning Speed”), entered into an exchangeable note agreement with an investor. Pursuant to the agreement, Lightning Speed is entitled to issue exchangeable notes (the “Lightning Speed Exchangeable Notes”) of RMB1,000,000 to obtain financing from the investor (the “Lightning Speed Exchangeable Notes Holder”). The repayments of the Lightning Speed Exchangeable Notes were guaranteed by the immediate shareholders of Lightning Speed, i.e., Sanya Lotus Venture Investment Limited Company (“Sanya Lotus”), a wholly owned subsidiary of the VIE, and Ningbo Weili Enterprise Management Consulting Partnership (Limited Partnership). The WFOE provide a joint and several liability guarantee for the Lightning Speed Exchangeable Notes. In December 2022, Lightning Speed issued the first tranche of RMB500,000 (equivalent to US$71,792) to the Lightning Speed Exchangeable Notes Holder. Each tranche of Lightning Speed Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of loan prime rate published by China Foreign Exchange Trade System (“LPR”). With the consent of the Lightning Speed Exchangeable Notes Holder, Lightning Speed can extend the term of each tranche of Lightning Speed Exchangeable Notes twice, but each extension shall not exceed one year. During the extension period, the interest on the outstanding principal of the Lightning Speed Exchangeable Notes is calculated at the simple interest rate of 110% of LPR All interests shall be paid at maturity. During the period from the issuance date to the maturity date of each tranche of Lightning Speed Exchangeable Notes (subject to extension discussed above), the Lightning Speed Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the Lightning Speed Exchangeable Notes into the shares of Lightning Speed based on the equity valuation of Lightning Speed, which is subject to further agreement by both parties, at the conversion date. The Lightning Speed Exchangeable Notes Holder is entitled to request Lightning Speed to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Lightning Speed. During the years ended December 31, 2023 and 2022, no default event was occurred. The Group elected the fair value option to account for the Lightning Speed Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Lightning Speed Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the Lightning Speed Exchangeable Notes due to the instrument-specific credit risk of US$1,398, nil and nil were debited to other comprehensive income (loss) and all other changes in fair values of US$3,711, nil and nil were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Lightning Speed Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the Lightning Speed Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.08%-2.29 % 2.40% – 2.60 % Probability of conversion 75.00 % 75.00 % Bond yield 4.03 % 7.11 % ​

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
CONVERTIBLE NOTES
CONVERTIBLE NOTES	16. CONVERTIBLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary 2023 2024 ​ ​ ​ Convertible Note ​ Convertible Notes ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 ​ 81,635 ​ 20,277 ​ — ​ 101,912 Issuance of convertible notes ​ — ​ 9,500 ​ 109,784 ​ 119,284 Interest paid ​ (5,357) ​ — ​ — ​ (5,357) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ (296) ​ 337 ​ 877 ​ 918 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ 493 ​ — ​ — ​ 493 Conversion to ordinary shares ​ — ​ (30,114) ​ — ​ (30,114) Foreign currency translation adjustment ​ (505) ​ — ​ — ​ (505) Balance as of June 30, 2024 ​ 75,970 ​ — ​ 110,661 ​ 186,631 – Current portion ​ — ​ — ​ 110,661 ​ 110,661 – Non-current portion ​ 75,970 — — 75,970 ​ Subsidiary Convertible Note In June 2022, the Company’s subsidiary, Ningbo Robotics, issued a seven-year convertible note (the “Subsidiary Convertible Note”) with the principal amount of RMB500,000 to an investor (the “Subsidiary Convertible Note Holder”). The Subsidiary Convertible Note Holder is entitled to receive annual interest equal to the outstanding principal multiplied by the latest five-year loan prime rate The Group elected the fair value option for the Subsidiary Convertible Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Subsidiary Convertible Note was recognized at fair value at the issuance date and is measured subsequently at fair value. Changes in fair value of the Subsidiary Convertible Note were US$197 and US$6,718 for the six months ended June 30, 2024 and 2023, among which, changes in fair value due to the instrument-specific credit risk of US$493 and US$486 were debited to other comprehensive income (loss) and all other changes in fair values of US$296 and US$6,232 were (credited)/debited to “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Subsidiary Convertible Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Subsidiary Convertible Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ Risk-free interest rates 1.93 % 2.40 % Probability of conversion 10.00 % 10.00 % Bond yields 4.80%-5.17 % 4.85%-5.84 % ​ 2023 Convertible Notes As of December 31, 2023, the Company issued US$23,500 aggregate principal amount of unsecured convertible notes (the “Pre-IPO Notes”) and US$5,649 aggregate principal amount of convertible note with Momenta Global Limited (the “Momenta Note”). In January 2024, the Company issued principal amount of US$9,500 to one of the investors of Pre-IPO Notes, a related party controlled by the Controlling Shareholder of the Company at the cash consideration of US$9,500. As mentioned in Note 1 (a), 577,456 ordinary shares were issued to Momenta Global Limited pursuant to the conversion of Momenta Note, including both principal and interest, and 2,433,912 ordinary shares were issued to a number of Pre-IPO Notes investors pursuant to the conversion of Pre-IPO Notes, including both principal and interest, upon the consummation of the Merger Transaction. The Group elected the fair value option for 2023 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2023 Convertible Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. Changes in fair value of the 2023 Convertible Notes was US$337 and US$118 for the six months ended June 30, 2024 and 2023, among which, changes in fair value due to the instrument-specific credit risk of nil and US$18 were credited to other comprehensive income (loss) and all other changes in fair values of US $337 2024 Convertible Notes On June 24 and June 25, 2024, the Company entered into short-term unsecured convertible notes (“2024 Convertible Notes”) agreement with a related party, Geely International (Hong Kong) Limited (“2024 Convertible Notes Holder”) and issued convertibles notes with principal amounts of US$54,904 and US$54,880, respectively, that will both be due on June 22, 2025. The 2024 Convertible Notes Holder is entitled to receive interest at coupon rate of Secured Overnight Financing Rate published on the New York Federal Reserve website(“SOFR”) plus 3.35% per annum. The 2024 Convertible Notes Holder has the right, at its option, to convert all or any portion of the notes, to the Company’s fully paid ordinary shares at any time during the conversion period. The conversion price equals to the volume-weighted average of the last reported sale price of the Company’s ADSs over the 10 consecutive trading days immediately preceding the applicable conversion date, subject to adjustment. The Group elected the fair value option to account for the 2024 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2024 Convertible Notes were recognized at fair value at the issuance date and is measured subsequently at fair value. The Group adopted a Binomial option-pricing model to estimate the fair value of the 2024 Convertible Notes, based on assumptions related to risk-free interest rate, expected share-price volatility, bond yield and dividend yield. On each node of the binomial lattice, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the 2024 Convertible Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of June 30, ​ ​ 2024 ​ ​ ​ ​ ​ Risk‑free interest rate 5.04 % Volatility 48.64 % Bond yield 6.50 % Dividend yield ​ 0 % ​	15. CONVERTIBLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Subsidiary 2023 ​ ​ ​ Pre-A Note ​ Convertible Note ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — ​ — Issuance of convertible notes 23,445 — ​ 23,445 Balance as of December 31, 2021 23,445 — — 23,445 Issuance of convertible notes — 75,037 — 75,037 Conversion to Series Pre-A redeemable convertible preferred shares (note 17) (23,445) — — (23,445) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk — 4,264 — 4,264 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — 890 — 890 Foreign currency translation adjustment ​ — (3,421) — (3,421) Balance as of December 31, 2022 ​ — ​ 76,770 ​ — ​ 76,770 Issuance of convertible notes ​ — ​ — ​ 25,297 ​ 25,297 Partial redemption of convertible notes ​ — ​ — ​ (5,648) ​ (5,648) Interest paid ​ — ​ (3,072) ​ — ​ (3,072) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ — ​ 2,376 ​ 616 ​ 2,992 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — ​ 6,951 ​ 12 ​ 6,963 Foreign currency translation adjustment ​ — ​ (1,390) ​ — ​ (1,390) Balance as of December 31, 2023 ​ — ​ 81,635 ​ 20,277 ​ 101,912 – Current portion ​ — ​ — ​ 20,277 ​ 20,277 – Non-current portion ​ — 81,635 — 81,635 ​ Series Pre-A Note On November 29, 2021, the Company entered into one-year convertible notes with a principal amount of RMB150,000 (equivalent to US$23,445) with coupon rate of 8% per annum with an investor (“Series Pre-A Note”). During the one-year term of the Series Pre-A Note, the investor was entitled to (i) convert the whole or any portion of the outstanding principal amount of the convertible note into Series Pre-A preferred shares in its sole discretion at any time; and (ii) automatically convert all the outstanding principal of the convertible note into Series Pre-A redeemable convertible preferred shares upon the completion of Reorganization as mentioned in note 1(c), obtaining licenses from Zhejiang Liankong Technology Ltd. (“Geely License”) as mentioned in note 29(vi), and completion of employment with certain key operating staff. The WFOE as the guarantor provide a joint and several liability guarantee for the Series Pre-A Note. The Group elected the fair value option to account for the Series Pre-A Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Series Pre-A Note was recognized at fair value at the issuance date and is measured subsequently at fair value. There was no change in the fair value of the Series Pre-A Note from November 29, 2021 to December 31, 2021. The Group adopted a scenario-weighted average method to estimate the fair value of Series Pre-A Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Series Pre-A Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of December 31, 2021 Risk-free interest rate 2.28 % Probability of conversion 75.00 % Bond yield 5.89 % ​ On February 28, 2022, the Series Pre-A Note was converted into 5,332,827 Series Pre-A preferred shares within the terms of the agreement and no gain or loss was recorded. Subsidiary Convertible Note On June 8, 2022, the Company’s subsidiary, Ningbo Robotics Co., Ltd. (“Ningbo Robotics”), issued a seven-year convertible note (the “Subsidiary Convertible Note”) with the principal amount of RMB500,000 (equivalent to US$75,037) to an investor (the “Subsidiary Convertible Note Holder”). The Subsidiary Convertible Note Holder is entitled to receive annual interest equal to the outstanding principal multiplied by the latest five-year loan prime rate (“LPR”) published by China Foreign Exchange Trade System plus 79.8% per annum, i.e., LPR*(1+79.8%) (“interest rate”) on June 30 every year until the expiration of the Subsidiary Convertible Note. Conversion: ● The Subsidiary Convertible Note Holder has the right to convert the Subsidiary Convertible Note to the subsidiary’s equity within 7 years from the issuance date (i.e., convertible before June 8, 2029), if the agreed financial performance of Ningbo Robotics achieved. All outstanding interest shall be paid in cash immediately before the conversion. The conversion price is RMB 135 per ordinary share of Ningbo Robotics (1 paid in capital equal to 1 share), subject to anti-dilution adjustment. Redemption: ● Ningbo Robotics’ immediate parent company, a subsidiary of the VIE and the VIE have the right to redeem all or part of the Subsidiary Convertible Note at any time within 7 years from the issuance date (i.e., before June 8, 2029), giving written notice to the Subsidiary Convertible Note Holder at least 15 working days in advance. The redemption price equals to (i) the principal to be redeemed, plus (ii) the principal to be redeemed × interest rate ÷ 365 × the number of days from the issuance date to the redemption date corresponding to the principal to be redeemed, less (iii) the interest already paid for the principal to be redeemed. ● Ningbo Robotics’ immediate parent company and the VIE shall redeem all outstanding principal amount of Subsidiary Convertible Note at maturity (i.e., June 8, 2029). The redemption price at maturity is equal to (i) the outstanding principal, plus (ii) the outstanding principal × interest rate × 7 years, less (iii) the interest already paid for the outstanding principal. If Ningbo Robotics’ immediate parent company and the VIE delay in payments, 0.05% penalty per day of the overdue redemption price shall be paid to the Subsidiary Convertible Note Holder. ● If there is any occurrence of events of default, the Subsidiary Convertible Note Holder has the right to require Ningbo Robotics’ immediate parent company and the VIE to redeem all outstanding principal amount of the Subsidiary Convertible Note and settle the unpaid interest immediately. The redemption price upon the occurrence of events of default equals to (i) the outstanding principal, plus (ii) the outstanding principal × interest rate ÷ 365 × the number of days from the issuance date to the redemption date, less (iii) the interest already paid for the outstanding principal. If the Ningbo Robotics’ immediate parent company or the VIE delay in payments, 0.05% penalty per day of the overdue redemption price shall be paid to the Subsidiary Convertible Note Holder. During the years ended December 31, 2023 and 2022, no default event was occurred. The Company and the WFOE provide a joint and several liability guarantee for the Subsidiary Convertible Note. The Group elected the fair value option for the Subsidiary Convertible Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Subsidiary Convertible Note was recognized at fair value at the issuance date and is measured subsequently at fair value. Changes in fair value of the Subsidiary Convertible Note was US$9,327, US$5,154 and nil for the years ended December 31, 2023, 2022 and 2021, among which, changes in fair value due to the instrument-specific credit risk of US$6,951, US$890 and nil was recognized in other comprehensive loss and all other changes in fair values of US$2,376, US$4,264 and nil was recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Subsidiary Convertible Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Subsidiary Convertible Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.40 % 2.52% – 2.73 % Probability of conversion 10.00 % 12.00 % Bond yields 4.85%-5.84 % 6.88% – 8.92 % ​ 2023 Convertible Notes ​ During the year ended December 31, 2023, the Company issued the following convertible notes (“2023 Convertible Notes”). ​ i) Pre-IPO Notes ​ During the year ended December 31, 2023, the Company entered into convertible note purchase agreements with the certain investors (“Convertible Note Purchase Agreements”), pursuant to which the Company agreed to issue US$23,500 aggregate principal amount of unsecured convertible notes (the “Pre-IPO Notes”) with maturity date being the date that is one year following the issue date, which can be extended by the investors for an additional six months. One of the investors of Pre-IPO Notes, a related party controlled by the Controlling Shareholder of the Company, agreed to subscribe a convertible note for a cash consideration of US$9,500 and has not been issued as of December 31, 2023. As of December 31, 2023, the Pre-IPO Notes of US$14,000 have been issued. The Pre-IPO Notes bear a simple interest rate of 8% per annum. Pursuant to the terms of the Convertible Note Purchase Agreements, if the consummation of the Merger Transaction occurs prior to the maturity date, all of the then outstanding principal amount and any accrued but unpaid interest (as applicable) of the Pre-IPO Notes will be automatically converted into fully paid and non-assessable ordinary shares of the Company upon consummation of the Merger Transaction at a conversion price equal to the lesser of (A) US$10.00, and (B) the lowest per share price at which any of the Company’s ordinary shares are issued in connection with PIPE investments, if any. ​ ii) Momenta Note ​ On April 28, 2023, the Company entered into a convertible note purchase agreement with Momenta Global Limited, a related party of Momenta (Suzhou) Technology Limited Company, pursuant to which the Company agreed to issue to Momenta Global Limited a convertible note for a purchase price equal to US$ equivalent of RMB80,000 as calculated based on the US$/RMB central parity rate set by the People’s Bank of China as of the issue date (the “Momenta Note”) with maturity date being the date that is one year following the issue date. The Momenta Note in the principal amount of US$11,297 has been issued by the Company on May 30, 2023 following the Group’s acquisition of Momenta’s 40% equity interest in Ningbo Robotics for a cash consideration of RMB80,000 pursuant to Momenta’s redemption right under the shareholders’ agreement of Ningbo Robotics as mentioned in note 18. The Momenta Note bears (a) a simple interest rate of 8% per annum, if the consummation of the Business Combination fails to occur on or prior to November 12, 2023 due to reasons not attributable to Momenta Global Limited, or (b) no interest, under any other circumstance. According to the terms of the Momenta Note, if the consummation of the Business Combination occurs on or prior to the maturity date, all of the then outstanding principal amount and any accrued but unpaid interest (as applicable) of the Momenta Note shall be automatically converted into such number of fully paid and non-assessable ordinary shares of the Company, at a conversion price equal to the lesser of (A) US$10.00 and (B) the lowest per share price at which any ordinary shares of the Company are issued in any PIPE investment. If the consummation of the Business Combination fails to occur on or prior to the maturity date, Momenta Global Limited shall be entitled to request redemption of the then outstanding amount of the Momenta Note and the Company shall make payment of the redemption price in an amount equal to the outstanding principal amount and the accrued interest (as applicable) to Momenta Global Limited promptly (and in any event within two business days after the maturity date)(“Partial Redemption Price”). In addition, each of the Company and Momenta Global Limited has a voluntary redemption right to partially redeem or request redemption of the Momenta Note at any time during the period beginning from July 1, 2023 and ending on the date on which the Momenta Note has been fully converted into the Company’s ordinary shares, at a redemption price that is equal to 50% of the principal amount plus any accrued but unpaid interest (as applicable) (the “Partial Redemption Price”) by providing written notice to the other party, and the Company shall make payment of the Partial Redemption Price to Momenta Global Limited within ten business days following delivery or receipt of such written notice, as the case may be. ​ On November 11, 2023, the Company exercised such voluntary redemption right and subsequently made a payment of the Partial Redemption Price of US$ 5,648 to Momenta Global Limited. ​ The Group elected the fair value option for 2023 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2023 Convertible Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. Changes in fair value of the 2023 Convertible Notes was US$628, nil and nil for the years ended December 31, 2023, 2022 and 2021, among which, changes in fair value due to the instrument-specific credit risk of US$12, nil and nil was recognized in other comprehensive loss and all other changes in fair values of US$616, nil and nil was recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. ​ The Group adopted a scenario-weighted average method to estimate the fair values of the 2023 Convertible Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of 2023 Convertible Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ ​ ​ ​ Risk‑free interest rate 5.51%-5.52 % Probability of conversion 90.00 % Bond yields 7.01%-8.47 % ​

DEFERRED INCOME

DEFERRED INCOME	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DEFERRED INCOME.
DEFERRED INCOME	17. DEFERRED INCOME ​ ​ ​ ​ ​ Asset-related ​ ​ subsidy ​ ​ US$ Balance as of December 31, 2023 ​ 270,097 Subsidy received during the year ​ 28,063 Foreign currency translation adjustment ​ (1,671) Balance as of June 30, 2024 296,489 ​ During the six months ended June 30, 2024, the Group received specific subsidies of US$28,063 for compensating the expenditures on the construction of the Group’s corporate buildings and plant (“asset-related subsidy”). The Group received government grants of US$2,488 with no future related costs required during the six months ended June 30, 2024, which were directly recognized as government grants in the unaudited condensed consolidated statements of comprehensive loss for the six months ended June 30, 2024.	​ 16. DEFERRED INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-related R&D-related ​ ​ ​ subsidy ​ subsidy ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — 541,592 541,592 Government grants received during the year 279,052 — 279,052 Recognized as income during the year — (490,461) (490,461) Foreign currency translation adjustment 3,270 6,843 10,113 Balance as of December 31, 2021 282,322 57,974 340,296 Recognized as income during the year — (54,954) (54,954) Foreign currency translation adjustment (23,872) (3,020) (26,892) Balance as of December 31, 2022 ​ 258,450 ​ — ​ 258,450 Subsidy received during the year ​ 16,345 ​ — ​ 16,345 Recognized as income during the year ​ — ​ — ​ — Foreign currency translation adjustment ​ (4,698) ​ — ​ (4,698) Balance as of December 31, 2023 270,097 — 270,097 ​ During the years ended December 31, 2023, 2022 and 2021, the Group received specific subsidies of US$16,345, nil and US$279,052 for compensating the expenditures on the construction of the Group’s corporate buildings and plant (“asset-related subsidy”), respectively. Since the corporate buildings and plant are still under construction as of December 31, 2023, the Group has not recognized any government grants relating to these subsidies in profit or loss. In 2018, the Group received a specific subsidy of US$755,581 relating to the Group’s R&D expenditures. During the years ended December 31, 2023, 2022 and 2021, the Group recognized government grants of nil, US$54,954 and US$490,461 for the R&D expenses incurred under this subsidy, respectively. The Group received government grants of US$4,077, US$870 and US$233 with no future related costs required during the years ended December 31, 2023, 2022 and 2021, which were directly recognized as government grants in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED SHARES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES
REDEEMABLE CONVERTIBLE PREFERRED SHARES	18. REDEEMABLE CONVERTIBLE PREFERRED SHARES The Company’s activities with respect to the redeemable convertible preferred shares are as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A ​ Series A ​ ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$  Shares US$  Shares US$  Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 Accretion of redeemable convertible preferred shares ​ — ​ 1,385 ​ — ​ 1,594 ​ — ​ 2,979 Conversion to ordinary shares ​ (40,885,006) ​ (185,894) ​ (27,343,520) ​ (200,615) ​ (68,228,526) ​ (386,509) Balance as of June 30, 2024 — — — — — — ​	17. REDEEMABLE CONVERTIBLE PREFERRED SHARES The Company’s activities with respect to the redeemable convertible preferred shares are as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A Series A ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$   ​ Shares US$   ​ Shares US$   Balance as of January 1, 2021 and 2022 — — — — — — Issuance of preferred shares 35,552,179 153,126 27,343,520 190,723 62,895,699 343,849 Re-designation of ordinary shares into preferred shares 5,332,827 23,650 — — 5,332,827 23,650 Accretion of redeemable convertible preferred shares — 508 — 402 — 910 Balance as of December 31, 2022 40,885,006 177,284 27,343,520 191,125 68,228,526 368,409 Accretion of redeemable convertible preferred shares ​ — ​ 7,225 ​ — ​ 7,896 ​ — ​ 15,121 Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 ​ Series Pre-A Preferred Shares During February to July 2022, the Company issued 35,552,179 Series Pre-A redeemable convertible preferred shares (“Series Pre-A Preferred Shares”) to two entities designated by an investor (“Pre-A Investor A”) for an aggregated consideration of US$153,126, among which US$129,681 was settled by cash and US$23,445 was settled by the Series Pre-A Note issued in November 2021 as mentioned in note 15. On March 18, 2022, an ordinary shareholder of the Company, who is also a member of management, entered into a share purchase agreement with an investor (“Pre-A Investor B”), pursuant to which the ordinary shareholder sold its 5,332,827 ordinary shares to the Pre-A Investor B with a cash consideration of RMB150,000 (equivalent to US$23,650). On March 22, 2022, the Company’s 5,332,827 ordinary shares were redesignated as Series Pre-A Preferred Shares. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series Pre-A Preferred Shares. The excess of the ordinary shares’ fair value over their par value in the amount of US$13,024 was charged to additional paid-in capital. The excess of the preferred shares’ fair value over the ordinary shares’ fair value in the amount of US$10,625 was recognized as share-based compensation expenses, included in “General and administrative expenses” in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2022. Series A Preferred Shares During October to December 2022, the Company issued 27,343,520 Series A redeemable convertible preferred shares (“Series A Preferred Shares”) to several investors for an aggregated consideration of US$187,734, among which US$130,304 was settled by cash and the remaining US$57,430 was exchanged by the WFOE Exchangeable Notes issued in November 2021 as mentioned in note 14. One of the investors of Series A Preferred Shares is Northpole GLY 3 LP, a related party controlled by one of the Company’s directors, subscribed 2,818,400 shares for a cash consideration of US$20,000. The rights, preferences and privileges of the Series Pre-A and Series A redeemable convertible preferred shares are as follows: Redemption Rights The holders of redeemable convertible preferred shares have the right to require the Company to redeem their investments, at any time upon the earlier occurrence of: ● the failure by the Company to complete a Qualified IPO on or before October 11, 2027; ● any material breach as defined in the shareholder agreement by Founders Offshore Vehicle or any entity of the Group, which has not been cured within ninety ( 90 ) days after being requested by relevant holders of redeemable convertible preferred shares; ● any dishonesty of Founders Offshore Vehicle, which results in material adverse effect to the operation of the Group and cannot be effectively remedied within twenty ( 20 ) business days. The redemption price for each issued and outstanding redeemable convertible preferred share held, shall be an amount equal to (i) 100% of the issuance price, plus (ii) interest at a simple rate of eight percent (8%) per annum accrued on the issuance price during the period from the issuance date to the redemption payment date, however, that the portion relevant to the Pre-A Investor A’s initial investment amount of RMB 150,000 shall accrue the interest from November 29, 2021, minus (iii) the amount of the dividends received, plus (iv) all declared but unpaid dividends. If the assets or funds of the Company which are legally available on the date that any redemption price is due are insufficient to pay in full all redemption price, those assets or funds which are legally available shall nonetheless be paid and applied in the following preferential sequence: (i) firstly, to the extent permitted by applicable law to pay all redemption price due on such date on the Series A Preferred Shares in proportion to the full amounts to which the holders of Series A Preferred Shares to which such redemption price are due would otherwise be respectively entitled thereon; (ii) secondly, following the full payment of the relevant redemption price to the holders of Series A Preferred Shares, to the extent permitted by applicable law to pay all redemption price due on such date on the Series Pre-A Preferred Shares in proportion to the full amounts to which the holders of Series Pre-A Preferred Shares to which such redemption price are due would otherwise be respectively entitled thereon. On October 11, 2022, the Company and holders of Series Pre-A Preferred Shares agreed to extend the redemption date of the Series Pre-A Preferred Shares from February 28, 2027 to October 11, 2027. The Company determines the modification to the terms of Series Pre-A Preferred Shares represents a modification, because the difference of the fair values of the redeemable convertible preferred shares immediately before and after the amendment is less than 10%, therefore the Company applied modification accounting by analogy to the modification guidance contained in ASC 718-20, Compensation — Stock Compensation, and the modification that results in a decrease in the fair value of the modified preferred shares was not recognized. The fair value of Series Pre-A Preferred Shares before and after the modification were determined by management with the assistance of a third-party valuation firm. The Company used the following assumptions in the model: ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2022 – October 11, 2022 – ​ ​   before modification ​   after modification Risk-free interest rate 2.45 % 2.52 % Expected volatility 61.52 % 60.26 % Expected dividend yield 0.00 % 0.00 % Expected terms 2.22 – 4.39 years 2.22 – 5.00 years ​ Fair value of ordinary share US$3.79 US$3.66 ​ ​ The risk-free interest rate is based on the yields of China government bonds with a maturity period close to the expected remaining life of the redeemable convertible preferred shares. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected terms of the Company’s redeemable convertible preferred shares. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected terms are the remaining contract life of the redeemable convertible preferred shares. The estimated fair value was determined using the back-solve method based on the equity allocation model. Conversion Rights Each redeemable convertible preferred share may, at the option of the holders, be converted at any time after the date of issuance of such redeemable convertible preferred share into fully-paid and non-assessable ordinary shares at an initial conversion ratio of 1:1 subject to adjustment for share division, share combination, share dividend, reorganization, mergers, consolidations, reclassifications, exchanges, substitutions, recapitalization or similar events. Each redeemable convertible preferred share shall automatically be converted into ordinary shares, at the applicable then-effective conversion price upon the closing of a Qualified IPO. Voting Rights Each redeemable convertible preferred share issued and outstanding shall be entitled to the number of votes equal to the number of ordinary shares into which such redeemable convertible preferred share could be converted at the record date for determination of the shareholders entitled to vote on such matters. Dividend Rights All the holders of redeemable convertible preferred shares are entitled to receive the dividends on pro-rata basis according to the relative number of shares held by them on an as-converted basis. Liquidation Preferences In the event of any liquidation event, including (i) the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary; or (ii) trade sale, which means whether in a single transaction or series of related transactions, any of the following transactions: (a) the merger, acquisition or similar transaction of the Group (whether by a sale of equity, merger, consolidation, scheme of arrangement or amalgamation) in which the shareholders of the Company immediately prior to such transaction or series of transactions will cease to own a majority of the voting power of the surviving or resulting entity immediately after the consummation of such transaction or series of transactions; or (b) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Group or the licensing of all or substantially all of the Group’s intellectual property, the holders of redeemable convertible preferred shares shall be entitled to receive, prior and in preference to any distribution or payment shall be made to the holders of any ordinary shares, the liquidation preference amount per share is equal to (i) 100% of the issuance price, plus (ii) interest at a simple rate of eight percent (8%) per annum accrued on the issuance price during the period from the issuance date to the liquidation payment date, however, that the portion relevant to the Pre-A Investor A’s initial investment amount of RMB 150,000 shall accrue the interest from November 29, 2021, plus (iii) any declared but unpaid dividends, plus (iv) interest at a simple rate of three percent (3%) per annum accrued on the WFOE Exchangeable Notes during the period from November 5, 2021 to the issuance date, only applicable to the WFOE Exchangeable Notes Holder. If the Company’s available funds and assets are insufficient for the full payment of liquidation preference amounts to all holders of redeemable convertible preferred shares, then the Company’s entire available funds and assets shall be distributed ratably among the holders of redeemable convertible preferred shares in proportion to the aggregate liquidation preference amounts such holder is otherwise entitled to receive. Liquidation preference is as follows in sequence: Series A Preferred Shares, Series Pre-A Preferred Shares. After distribution or payment in full of the liquidation preference amounts for Series A Preferred Shares and Series Pre-A Preferred Shares, the holders of ordinary shares shall be entitled to receive liquidation amount that equals to the corresponding investment amount paid by the relevant holders of ordinary shares to the Company. After distribution or payment in full of above liquidation amounts, the remaining available funds and assets, if any, shall be distributed ratably among the holders of ordinary shares and Series Pre-A Preferred Shares in proportion to the relative number of ordinary shares held by such shareholders on an as converted basis. Performance Adjustment Mechanism In the event that the Group fails to achieve the agreed milestones, including mass production of Eletre no later than June 30, 2023 and mass production of Emeya (Type 133) no later than June 30, 2024 (collectively as “SOP Milestones”) as requested by the Pre-A Investor A, for every six ( 6 Accounting of Redeemable Convertible Preferred Shares The Company has classified the redeemable convertible preferred shares as mezzanine equity in the consolidated balance sheets as they are contingently redeemable upon the occurrence of certain events outside of the Company’s control. The Company concluded the embedded conversion and redemption option did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. The Company also determined that the warrant granted to Pre-A Investor A is a freestanding instrument that was accounted for as a warrant liability, as the warrant could be legally detachable and separately exercisable from the Series Pre-A Preferred Shares. At initial recognition, proceeds were first allocated to the warrant based on its fair value and then the residual to the Series Pre-A Preferred Shares. For subsequent measurement, the Company recorded the changes in fair value of warrant liability in the consolidated and combined statements of comprehensive loss. The Company expects that the agreed Milestones will be achieved, thus the Company concludes that the fair value of the warrant liability is minimal as of the issuance date and December 31, 2023 and 2022, respectively. The SOP Milestones for Eletre and Emeya were achieved in December 31, 2022 and January 2024, respectively, therefore no additional Series Pre-A Preferred Shares shall be issued. Since the Company has adopted ASU 2020-06 on January 1, 2021, the Company did not assess whether the redeemable convertible preferred shares contain beneficial conversion features. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of redeemable convertible preferred shares to their maximum redemption amount at the end of each reporting period, as if it were also the redemption date for redeemable convertible preferred shares. As mentioned above, the Series A Preferred Shares issued to the WFOE Exchangeable Notes Holder was exchanged by the WFOE Exchangeable Notes issued in November 2021. The Company evaluated accounting of the exchange under ASC 470-50 and determined that they qualified for extinguishment accounting. As such the Company derecognized the carrying amount of the WFOE Exchangeable Notes of US$60,419 and recognized Series A Preferred Shares of US$60,419. Upon exchange, the accumulated recognized other comprehensive loss relating to fair value changes of the WFOE Exchangeable Notes due to instrument-specific credit risk of US$64 was recycled to the consolidated and combined statements of comprehensive loss. During the year ended December 31, 2022, the Company did not record any increase in the carrying amount of Series A Preferred Shares issued to the WFOE Exchangeable Notes Holder as its redemption value was lower than its initial carrying amount. As the Company’s redeemable convertible preferred shares are denominated in RMB other than the functional currency of the Company, i.e., US$, the measurement of redemption value incorporates the effect of exchange rates on the functional currency amount of the redemption feature. The foreign currency exchange rates are considered in that measurement and their effect either increases or reduces the effect dividends on income available to ordinary shareholders and reported loss per share.

MANDATORILY REDEEMABLE NONCONTR

MANDATORILY REDEEMABLE NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2023
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST	18. MANDATORILY REDEEMABLE NONCONTROLLING INTEREST ​ ​ ​ ​ ​ US$ Balance as of January 1, 2021 — Issuance of mandatorily redeemable noncontrolling interest 6,299 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk 302 Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk 13 Foreign currency translation adjustment (21) Balance as of December 31, 2021 6,593 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk 5,565 Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk (30) Foreign currency translation adjustment (747) Balance as of December 31, 2022 11,381 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk ​ 108 Redemption of mandatorily redeemable noncontrolling interest ​ (11,554) Foreign currency translation adjustment ​ 65 Balance as of December 31, 2023 — ​ On November 12, 2021, the Company’s VIE and Momenta (Suzhou) Technology Limited Company (“Momenta”) incorporated Ningbo Robotics. The VIE and Momenta hold 60% and 40% equity interest and invested US$9,449 and US$6,299 in Ningbo Robotics, respectively. Pursuant to the shareholder agreement entered by the VIE and Momenta: 1) If there is any disagreement or disputes arising between Ningbo Robotics and Momenta, Momenta has the right to require WFOE or VIE or the entity designated by WFOE or VIE to acquire the 40% equity interest in Ningbo Robotics at the consideration of RMB 40,000 in cash. 2) Momenta is required to sell its 40% equity interest in Ningbo Robotics to WFOE or VIE or the entity designated by WFOE or VIE no later than the third anniversary date of the incorporation of Ningbo Robotics. The redemption price between the date of incorporation and the first anniversary of Ningbo Robotics is RMB 40,000 , between the first anniversary and the second anniversary of the incorporation Ningbo Robotics is RMB 80,000 , and between the second anniversary and the third anniversary of the incorporation Ningbo Robotics is RMB 120,000 . At the sole discretion of Momenta, Momenta is entitled to elect either to redeem in cash or exchange for the Company’s shares with the equivalent monetary value. 3) If the Company’s Board of Directors approved the Company’s Qualified IPO within the third anniversary date of the incorporation of Ningbo Robotics, Momenta is required to sell its 40% equity interest in Ningbo Robotics at the consideration same as the mechanism mentioned in 2). At the sole discretion of Momenta, Momenta is entitled to elect either to redeem in cash or exchange for the Company’s shares with the equivalent monetary value. In March 2022, the VIE transfers its 60% equity interest of Ningbo Robotics to its wholly owned subsidiary, Sanya Lotus. The Group is contractually obligated to repurchase the 40% noncontrolling interests (“NCI”) held by Momenta within the three years from its incorporation. The NCI, together with the embedded repurchase contract, is accounted for as a liability and recorded as “Mandatorily redeemable noncontrolling interest” in the Company’s consolidated balance sheets. On April 28, 2023, the Group and Momenta entered into an agreement, pursuant to which, the Group redeemed Momenta’s 40% equity interest in Ningbo Robotics for a cash consideration of RMB80,000 (equivalent to US$11,554) pursuant to Momenta’s redemption right under the shareholders’ agreement of Ningbo Robotics (the “Robotics Redemption”). As mentioned in note 15, on May 30, 2023, the Company issued a convertible note to Momenta Global Limited, a related party of Momenta, following the Robotics Redemption. The Group elected the fair value option to account for the mandatorily redeemable noncontrolling interest. The Group believes the fair value option best reflects the economics of the underlying transaction. Changes in fair values due to the instrument-specific credit risk of nil, US$30 and US$13 were debited/ (credited) in other comprehensive income (loss) and all other changes in fair values of US$108, US$5,565 and US$302 were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. Upon redemption, the accumulated recognized other comprehensive income (loss) relating to fair value changes of the mandatorily redeemable noncontrolling interest due to instrument-specific credit risk of US$17 was recycled to the consolidated and combined statements of comprehensive loss. The Group adopted a scenario-weighted average method to determine the fair value of the mandatorily redeemable noncontrolling interest, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the mandatorily redeemable noncontrolling interest is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 Discount rate 19.00 % Bond yields 6.74% – 7.37 % Expected terms 0.33-1.86 ​ ​

OTHER NON-CURRENT LIABILITIES -

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES	19. OTHER NON-CURRENT LIABILITIES – THIRD PARTIES Other non-current liabilities – third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 ​ 2023   ​ US$ US$ Deposits from third parties 19,163 19,210 Conditional and refundable government grants 77,173 77,654 Warranty provision 11,957 6,539 Total 108,293 103,403 (i)	19. OTHER NON-CURRENT LIABILITIES – THIRD PARTIES Other non-current liabilities – third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022   ​ US$ US$ Deposits from third parties 19,210 15,824 Conditional and refundable government grants (i) 77,654 — Warranty provision 6,539 — Total 103,403 15,824 (i) The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

ORDINARY SHARES

ORDINARY SHARES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ORDINARY SHARES
ORDINARY SHARES	20. ORDINARY SHARES Following the Merger Transaction, the Company’s Articles were amended. The new authorized shares of the Company is US$50 divided into 5,000,000,000 shares comprising of ordinary shares with par value of US$0.00001 each. As mentioned in note 1(a) in connection with the issuance of ordinary shares upon the consummation of the Merger Transaction, the number of ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023 was 677,231,538 and 474,621,603, respectively.	20. ORDINARY SHARES Upon incorporation on August 9, 2021, the Company issued 191,981,772 ordinary shares to the Founders Offshore Vehicle at US$0.70 per share with total consideration of US$133,683 to the Company, which was fully paid up as of December 31, 2023. As mentioned in Note 17, on March 18, 2022, an ordinary shareholder of the Company, sold its 5,332,827 ordinary shares at US$4.43 per share to Pre-A Investor B with a cash consideration of US$23,650. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series Pre-A Preferred Shares. On November 11, 2021, the Company issued 95,990,886 ordinary shares to Lotus Technology International Investment Limited, ultimately 100% owned by Geely Holding, at US$0.70 with total consideration of US$67,566, which was fully paid as of December 31, 2022. On September 24, 2021, Etika, through Lotus HK, subscribed for 33.33% equity interest in WFOE with total consideration of RMB650,100 (equivalent to US$100,690) and paid up on September 28, 2021. On November 11, 2021, the Company issued 143,986,329 ordinary shares to Etika Automotive SDN BHD (“Etika”) through exchange of 100% equity interest in Lotus Advanced Technology Limited (“Lotus HK”) held by Etika. On December 24, 2021, the Company issued 47,995,443 ordinary shares to LGIL for the “Lotus” trademark licenses with a fair value of US$116,041 licensed by Group Lotus Limited, a wholly owned subsidiary of LGIL. As noted in Note 1(b), following the Merger Transaction, the Company’s Articles were amended. As such, the shares and corresponding capital amounts and loss per share prior to the Merger have been retroactively adjusted. The new authorized shares of the Company is US$50 divided into 5,000,000,000 shares comprising of ordinary shares with par value of US$0.00001 each. The number of shares issued and outstanding as of December 31, 2023 and 2022 is 474,621,603 ordinary shares.

DISTRIBUTION AGREEMENT

DISTRIBUTION AGREEMENT	12 Months Ended
	Dec. 31, 2023
DISTRIBUTION AGREEMENT
DISTRIBUTION AGREEMENT	21. DISTRIBUTION AGREEMENT On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which, the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP18,055 (equivalent to US$22,296). The Group determined that the acquisition of distribution right did not result in a change in the reporting entity and was accounted for prospectively from the date of the transfer. The acquisition of the distribution right was accounted for as a transaction between entities under common control, with the asset recognized at the historical cost of the ultimate parent. The difference between purchase price of US$22,296 and historical cost of nil was recorded as a distribution to shareholders in additional paid-in capital.

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2023
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST	22. NON-CONTROLLING INTEREST In May 2023, the Company incorporated Hangzhou Kingway Technology Co., Ltd. (“Kingway Technology”), in which the Company held 100% equity interest with total cash contribution of US$4,857. In September 2023, a related party ultimately controlled by the Controlling Shareholder of the Company and a third party made capital contributions of US$4,182 and US$278 to Kingway Technology, respectively. As a result, the Company’s equity interest in Kingway Technology decreased to 54.3% according to the Articles of Association of Kingway Technology. The Group recorded an increase in additional paid-in capital of US$968 due to the change of the Company’s its equity interest in Kingway Technology.

INCOME TAX

INCOME TAX	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INCOME TAX
INCOME TAX	21. INCOME TAX The statutory income tax rate for the Group’s major operating entities is 25% for the six months ended June 30, 2024 and 2023. The effective income tax rate for the six months ended June 30, 2024 and 2023 was (0.08%) and 0.01%, respectively. The effective income tax rate for the six months ended June 30, 2024 and 2023 differs from the PRC statutory income tax rate of 25%, primarily due to the recognition of valuation allowance for deferred income tax assets of loss-making entities.	23. INCOME TAX a) Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. The first HK$2 million of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to elect only one company in the group to benefit from the progressive anti-fragmentation two-tier rates. The PRC, excluding Hong Kong The Group’s PRC subsidiaries and consolidated VIEs are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. Under the EIT Law and its implementation rules, an enterprise established outside the PRC with a “place of effective management” within the PRC is considered a PRC resident enterprise for PRC enterprise income tax purposes. A PRC resident enterprise is generally subject to certain PRC tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%. Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries after January 1, 2008 would be subject to a withholding tax. The EIT law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008. Other Countries The maximum applicable income tax rates of other countries where the Company’s subsidiaries having significant operations in the years ended December 31, 2023, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 ​ 2022 2021 ​ Germany ​  – Corporation tax* 15.825 % 15.825 % 15.825 %  – Trade tax* 14.35 % 14.35 % 13.825 % UK** 25 % 19 % 19 % Netherlands 25.8 % 25.8 % 25.8 % * This corporate tax rate excludes trade tax, which rate depends on the municipality in which Lotus GmbH conducts its business. Trade Tax is calculated by determining the Trade Tax Base with 3.5% of the trade income and applying the tax factor which differs according to the specific municipality in Germany and equals 410%, 410% and 395% for the municipality of Raunheim in 2023, 2022 and 2021, respectively. ** UK corporate income tax rate changed from 19% to 25% since April 2023. The components of loss before income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ The PRC, excluding Hong Kong (514,816) (652,302) (113,598) Germany (5,370) 801 2,060 UK (166,174) 821 2,415 Netherlands (46,774) (47,710) (1,415) Cayman Islands (4,383) (25,598) 1,860 Hong Kong ​ (1,859) ​ 78 ​ — Others (9,766) (361) — Total (749,142) (724,271) (108,678) ​ The components of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Current income tax expense −The PRC, excluding Hong Kong 727 73 852 − Germany 332 400 603 − UK — (187) 182 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others 54 6 — Total current tax provision 1,113 292 1,637 Deferred income tax expense ​ − The PRC, excluding Hong Kong — — — − Germany — — — − UK — — 216 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others — — — Total deferred tax expense — — 216 Total income tax expense 1,113 292 1,853 ​ The actual income tax expense reported in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021 differs from the amount computed by applying the PRC income tax rate of 25% to loss before income taxes due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Computed expected income tax benefit at the PRC statutory tax rate of 25% ​ (187,286) ​ (181,068) (27,170) Effect on tax rates in different tax jurisdiction 824 5,997 (373) Preferential tax rate impact ​ (423) ​ — ​ — Tax effect of non-deductible expenses 2,474 480 110 Tax effect of R&D expenses additional deduction (17,732) (3,068) (134) Change in valuation allowance 202,586 177,715 29,784 Tax filing difference ​ 663 ​ — ​ — Others 7 236 (364) Actual income tax expense 1,113 292 1,853 ​ b) Deferred income taxes The tax effects of temporary differences that give rise to the deferred tax assets (liabilities) balances as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$  Deferred tax assets: Net operating losses carryforwards 186,642 78,971 Accrued expenses 22,664 23,271 Deferral of tax deduction of R&D expenses 308,850 263,384 Operating lease liabilities 31,633 29,201 Exchangeable notes 5,061 3,532 Mandatorily redeemable noncontrolling interest — 1,463 Convertible notes 3,620 1,289 Deferral of tax deduction of advertising expenses 10,054 6,404 Property, equipment and software 2,908 364 Equity investments 843 667 Deferred revenue 19,102 1,619 Total gross deferred tax assets 591,377 410,165 Valuation allowance on deferred tax assets (390,737) (202,715) Deferred tax assets, net of valuation allowance 200,640 207,450 Deferred tax liabilities: ​ Property, equipment and software (3,430) (285) Derivative assets (17) — Government grants (155,717) (178,090) Operating lease right-of-use assets (41,476) (29,201) Total deferred tax liabilities (200,640) (207,576) Net deferred tax liabilities — (126) ​ The deferred taxes noted above are classified as follows in the Company’s consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ ​ US$ Deferred tax assets — — Deferred tax liabilities — (126) Net deferred tax liabilities — (126) ​ A valuation allowance is provided against deferred income tax assets when the Group determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2023, the valuation allowances of US$390,737 were related to the deferred income tax assets of the certain subsidiaries of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Changes in valuation allowance are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ US$ Balance at the beginning of the year 202,715 32,914 3,130 Addition 215,886 177,715 29,784 Deduction ​ (25,934) ​ — ​ — Effect of foreign currency translation (1,930) (7,914) — Balance at the end of the year 390,737 202,715 32,914 ​ As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries and VIEs in the PRC amounted to US$470,713, which can be carried forward for five years to offset future taxable profit. The net operating loss carryforwards of the Company’s subsidiaries and VIEs in the PRC, excluding Hong Kong, will expire during the period from year 2026 to year 2028, if unused by the following year-end: ​ ​ ​ ​ Year ending December 31, Amount ​ US$ 2026 43,523 2027 151,292 2028 ​ 275,898 Total 470,713 ​ As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries incorporated in Netherlands amounted to US$94,088. Operating losses can be carried forward without time limitation but are available to offset the first EUR 1,000 of taxable profits and 50% of taxable profits in excess of this of the current fiscal year. As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries incorporated in UK amounted to US$140,725. Operating losses can be carried forward without time limitation but the annual limit of utilization of carryforward loss, without any cash tax impact, is GBP 5,000.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	22. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Numerator: Net loss attributable to ordinary shareholders (459,319) (347,163) Accretion of redeemable convertible preferred shares (2,979) (258) Numerator for basic and diluted net loss per ordinary share calculation (462,298) (347,421) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) ​ 616,941,673 474,621,603 Denominator for basic and diluted net loss per ordinary share calculation (1) 616,941,673 474,621,603 Net loss per ordinary share attributable to ordinary shareholders ​ ​  – Basic and diluted (0.75) (0.74) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the six months ended June 30, 2024 and 2023, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(a)), as if the Recapitalization had occurred at the beginning of the earliest period presented. The calculation of basic loss per share excludes 1,417,544 unvested earn-out shares issued to LCAA Sponsor which can only be vested upon meeting certain conditions. ​ The following outstanding potentially dilutive ordinary share equivalents adjusted to reflect the effect of Recapitalization have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the years presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ US$ ​ US$ Redeemable convertible preferred shares (note 18) — 68,228,526 Exchangeable notes (i) — 33,675,700 Share options (ii) 15,622,994 10,274,118 Warrant (iii) ​ — ​ 711,044 2024 Convertible Notes (iv) ​ 16,716,188 ​ — 2023 Convertible Notes (v) ​ — ​ 2,248,065 Meritz put option (vi) 50,000,000 — Public Warrant (note 13) ​ 9,054,522 ​ — Sponsor Warrant (note 13) ​ 5,486,784 ​ — Total 96,880,488 115,137,453 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,400,000 (equivalent of US $336,757 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023. (ii) For the six months ended June 30, 2024, 15,622,994 vested and unvested share options are not included in the calculation of basic loss per share, as such awards were not exercised as of June 30, 2024, and those share options are not included in the calculation of dilutive loss per share due to their antidilutive effect. For the six months ended June 30, 2023, 10,274,118 outstanding share options are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the period end. (iii) For the six months ended June 30, 2023, the warrant to purchase maximum 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US $109,784 divided by the estimated fair value of ordinary shares as of June 30, 2024. (v) For the six months ended June 30, 2023, the conversion of 2023 Convertible Notes as mentioned in note 16 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (vi) For the six months ended June 30, 2024, as mentioned in note 14, the exercise of put option issued to Meritz are not included in the calculation of diluted loss per share due to antidilutive effect using reverse treasury stock method. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 15 and note 16, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect. (viii)	24. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Numerator: Net loss attributable to ordinary shareholders (742,001) (723,921) (110,531) Accretion of redeemable convertible preferred shares (15,121) (910) — Numerator for basic and diluted net loss per ordinary share calculation (757,122) (724,831) (110,531) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) 474,621,603 475,805,054 334,127,181 Denominator for basic and diluted net loss per ordinary share calculation (1) 474,621,603 475,805,054 334,127,181 Net loss per ordinary share attributable to ordinary shareholders ​ ​ ​  – Basic and diluted (1) (1.60) (1.52) (0.33) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the years ended December 31, 2023, 2022 and 2021, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(b)), as if the Recapitalization had occurred at the beginning of the earliest period presented. ​ The following outstanding potentially dilutive ordinary share equivalents adjusted to reflect the effect of Recapitalization have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the years presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Redeemable convertible preferred shares (note 17) 68,228,526 68,228,526 — Exchangeable notes (i) 36,709,165 34,459,983 12,547,642 Series Pre-A Note (ii) — — 5,332,827 2023 Convertible notes (iii) ​ 2,029,407 ​ — ​ — Mandatorily redeemable noncontrolling interest (iv) ​ — ​ 1,148,666 ​ 627,382 Share options (v) ​ 10,073,233 ​ 10,378,710 ​ — Warrant (vi) 711,044 711,044 — Total 117,751,375 114,926,929 18,507,851 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,600,000 (equivalent of US $367,092 ), RMB 2,400,000 (equivalent of US $344,600 ) and RMB 800,000 (equivalent of US $125,476 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023, 2022 and 2021, respectively. (ii) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 150,000 (equivalent of US $21,178 ) divided by the then conversion price after Recapitalization as of December 31, 2021. (iii) For the year ended December 31, 2023, the conversion of 2023 Convertible Notes as mentioned in note 15 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 80,000 (equivalent of US $11,487 )and RMB 40,000 (equivalent of US $6,274 ) divided by the fixed conversion price of US $10 per share as of December 31, 2022 and 2021, respectively. (v) For the years ended December 31, 2023 and 2022, 10,073,233 and 10,378,710 outstanding share options, respectively, are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the year end. (vi) For the years ended December 31, 2023 and 2022, the warrant to purchase maximum 711,044 and 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the year end. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 14 and note 15, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect. (viii) For the year ended December 31, 2023, the put options as mentioned in note 12 are not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent on the satisfaction of exercise condition, which was not satisfied as of the period end.

REVENUES

REVENUES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REVENUES
REVENUES	23. REVENUES The Group’s revenues are disaggregated by product and service lines as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Sales of goods – third parties  – BEV lifestyle models 262,849 72,790  – Sports cars ​ 102,618 ​ 49,146  – Others 15,096 2,111 ​ 380,563 124,047 Sales of goods – related parties ​ ​  – BEV lifestyle models ​ 535 ​ 436  – Sports cars ​ 91 ​ —  – Others 1,704 371 ​ 2,330 807 Subtotal 382,893 124,854 Services- third parties ​ ​  – R&D service 56 —  – others (1) 4,504 160 ​ ​ 4,560 ​ 160 Services- related parties ​ ​ ​ ​  – R&D service ​ 6,366 ​ 4,983  – others (2) ​ 4,296 ​ 38 ​ ​ 10,662 ​ 5,021 Subtotal 15,222 5,181 Total revenues 398,115 130,035 (1) Others primarily include trainings, installed premium intelligent driving system upgrades, free battery charging services, maintenance services and vehicle internet connection services. ​ (2) Others primarily include commission service fee. Geographic information The following summarizes the Group’s revenues by geographic areas (based on the locations of customers): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Chinese mainland 138,210 93,013 UK 69,728 7,396 Thailand 24,594 248 Malaysia ​ 23,652 ​ 1,040 Belgium ​ 21,155 ​ — Italy ​ 17,522 ​ — Japan ​ 16,943 ​ 16,217 Germany ​ 14,951 ​ — Netherlands ​ 11,145 ​ — France ​ 10,553 ​ — Others ​ 49,662 ​ 12,121 Revenues 398,115 130,035 ​ Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 50,054 44,184  – Contract liabilities – related parties* 11,036 1 Non-current liabilities ​  – Contract liabilities – third parties 7,024 6,245 Contract liabilities, current and non-current 68,114 50,430 * This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Among the balance of contract liabilities of US$50,430 as of December 31, 2023, US$ 16,915 was recognized as revenue during the six months ended June 30, 2024. The contract liabilities relate to up-front payments from the Group’s customers for purchase of vehicles or services in advance of transfer of the control of the products and services under the contract. Amounts that are expected to recognize as revenues within one-year are included as current contract liabilities with the remaining balance recognized as other non-current liabilities. The Group expects that US$255,159 of transaction price allocated to unsatisfied performance obligation as of June 30, 2024 will be recognized as revenues within one year. The remaining US$7,045 will be recognized over the remaining contract periods over 1 to 10 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less.	25. REVENUES The Group’s revenues are disaggregated by service lines as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Service line Sales of goods – third parties  – BEV lifestyle models 464,172 — —  – Sports cars ​ 183,160 ​ 828 ​ 369  – Others 9,394 335 — ​ 656,726 1,163 369 Sales of goods – related parties ​ ​ ​  – BEV lifestyle models ​ 1,093 ​ — ​ —  – Sports cars ​ 951 ​ — ​ —  – Others 1,388 23 — ​ 3,432 23 — Subtotal 660,158 1,186 369 Services ​ ​ ​  – related parties 12,573 8,344 3,280  – third parties 6,277 27 38 Subtotal 18,850 8,371 3,318 Total revenues 679,008 9,557 3,687 ​ Geographic information The following summarizes the Group’s revenues by geographic areas (based on the locations of customers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Chinese mainland 419,448 8,816 3,109 UK 83,827 437 439 Japan 26,390 — — Australia ​ 20,335 ​ — ​ — Belgium ​ 20,701 ​ — ​ — France ​ 16,341 ​ — ​ — Italy ​ 14,650 ​ — ​ — Germany ​ 15,904 ​ — ​ — Netherlands ​ 13,729 ​ — ​ — Others ​ 47,683 ​ 304 ​ 139 Revenues 679,008 9,557 3,687 ​ Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 44,184 7,843  – Contract liabilities – related parties* 1 8 Non-current liabilities ​  – Contract liabilities – third parties 6,245 — Contract liabilities, current and non-current 50,430 7,851 * This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Among the balance of contract liabilities of US$7,851 as of December 31, 2022, US$ 5,438 was recognized as revenue during the year ended December 31, 2023. The contract liabilities relate to up-front payments from the Group’s customers for purchase of vehicles or services in advance of transfer of the control of the products and services under the contract. Amounts that are expected to be recognized as revenues within one-year are included as current contract liabilities with the remaining balance recognized as other non-current liabilities. The Group expects that US$333,985 of transaction price allocated to unsatisfied performance obligation as of December 31, 2023 will be recognized as revenues within one year. The remaining US$12,067 will be recognized over the remaining contract periods over 1 to 10 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	24. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value on a recurring basis include derivative assets, investment securities, securities pledged to an investor, exchangeable notes, convertible notes, warrant liabilities and put option liabilities. The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of June 30, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 2,168 2,168 — — Securities pledged to an investor ​ 310,477 ​ 310,477 ​ — ​ — Derivative asset ​ 236 ​ — ​ 236 ​ — Subtotal ​ 312,881 ​ 312,645 ​ 236 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 175,651 — — 175,651 Warrant liabilities – Public Warrants ​ 3,395 ​ 3,395 ​ — ​ — Warrant liabilities – Sponsor Warrants ​ 2,154 ​ — ​ — ​ 2,154 Convertible notes 186,631 — — 186,631 Exchangeable notes 77,087 — — 77,087 Subtotal ​ 444,918 ​ 3,395 ​ — ​ 441,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Subtotal ​ 3,393 ​ 3,326 ​ 67 ​ — Liabilities ​ Put option liabilities ​ 11,884 ​ — ​ — ​ 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 Subtotal 568,112 — — 568,112 ​ Valuation Techniques Investment securities: The Group invested in a listed equity securities ECARX Holdings Inc. (“Ecarx”) and values the equity securities using quoted prices for the underlying securities in active markets. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1. As of June 30, 2024 and December 31, 2023, the Group’s equity securities were US$2,168 and US$3,326, respectively. The Group recorded the fair value loss of US$1,158 and US$1,085 in “Investment (loss) income, net” in the unaudited condensed consolidated statements of comprehensive loss for the six months ended June 30,2024 and 2023, respectively. Derivative asset: Derivative asset represents forward currency contracts. The fair value is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates (Level 2). Securities pledged to an investor: The estimated fair values of the securities are determined using available market information. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1. Put option liabilities, exchangeable notes, convertible notes: As the Group’s put option liabilities, exchangeable notes, and convertible notes are not traded in an active market with readily observable quoted prices, the Group uses significant unobservable inputs (Level 3) to measure the fair value of the put option liabilities, exchangeable notes, and convertible notes at inception and at each subsequent balance sheet date. See notes 12, 15 and 16 for information about the significant unobservable inputs used in the respective fair value measurements. Public Warrants and Sponsor Warrants: Public Warrants is classified as Level 1 due to the use of the observed trading price. For Sponsor Warrants, see notes 13 for information about the significant unobservable inputs (Level 3) used in the fair value measurements. The other financial assets and liabilities of the Group primarily consist of cash, restricted cash, accounts receivable, loan receivables and other receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and other non-current liabilities and operating lease liabilities. As of June 30, 2024 and December 31, 2023, the fair values of financial assets and liabilities included in non-current assets, operating leases liabilities and other non-current liabilities approximated to their carrying values, which were due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities. As of June 30, 2024 and December 31, 2023, the carrying amounts of other financial instruments approximated to their fair values due to short term maturity of these instruments. The Group’s non - financial assets, such as property, equipment and software and intangible assets, would be measured at fair value only if they were determined to be impaired.	26. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value on a recurring basis include derivative assets, investment securities, exchangeable notes, convertible notes, mandatorily redeemable noncontrolling interest and put option liabilities. The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 11,884 — — 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 8,411 8,411 — — Liabilities ​ Convertible notes 76,770 — — 76,770 Exchangeable notes 427,112 — — 427,112 Mandatorily redeemable noncontrolling interest 11,381 — — 11,381 ​ Valuation Techniques Derivative asset: Derivative asset represents forward currency contracts. The fair value is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. Investment securities: On May 13, 2022, the Group purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by ECARX Holdings Inc. (“Ecarx”), which is a related party controlled by the Controlling Shareholder of the Company and listed in NASDAQ on December 21, 2022. Upon the listing of Ecarx, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. The Group classifies the listed equity securities as investments with readily determinable fair values and reported at fair value. As such the Group derecognized the carrying amount of the Note of US$11,316 and recognized the listed equity securities of US$11,316 at fair value on December 21, 2022. The Group values the listed equity securities using quoted prices for the underlying securities in active markets and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085 and US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the year ended December 31, 2023, 2022 and 2021, respectively. Put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest,: As the Group’s put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest are not traded in an active market with readily observable quoted prices, the Group uses significant unobservable inputs (Level 3) to measure the fair value of the put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest at inception and at each subsequent balance sheet date. See notes 12, 14, 15 and 18 for information about the significant unobservable inputs used in the respective fair value measurements. The other financial assets and liabilities of the Group primarily consist of cash, restricted cash, accounts receivable, loan receivables and other receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and other non-current liabilities and operating lease liabilities. As of December 31, 2023 and 2022, the fair values of financial assets and liabilities included in non-current assets, operating leases liabilities and other non-current liabilities approximated to their carrying values, which were due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities. As of December 31, 2023 and 2022, the carrying amounts of other financial instruments approximated to their fair values due to short term maturity of these instruments. The Group’s non-financial assets, such as property, equipment and software and intangible assets, would be measured at fair value only if they were determined to be impaired.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	25. SHARE-BASED COMPENSATION The Company’ s shareholders approved and adopted a share incentive plan in September 2022, or the 2022 Share Incentive Plan, for the purpose of attracting and retaining the best available personnel, providing additional incentives to employees, directors and consultants, and promoting the success of the Group’s business. Under the 2022 Share Incentive Plan, the Company is authorized to grant options. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2022 Share Incentive Plan is 51,550,661. During the six months ended June 30, 2024 and 2023, 6,184,901 and 2,691,667 options were granted under the 2022 Share Incentive Plan, among which, 64,229 and nil share options were granted to non-employee service providers for providing operation consultation and business development services, respectively. 5,768 and nil share option had been granted to directors or officers during the six months ended June 30, 2024 and 2023, respectively. Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period ranged from nil Share options A summary of the share options activities for the six months ended June 30, 2024 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ ​ US$ Outstanding at December 31, 2023 10,073,233 2.89 2.08 ​ ​ ​ Granted 6,184,901 2.89 3.20 ​ ​ ​ Forfeited ​ (635,140) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Vested and expected to vest as of June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Exercisable as of June 30, 2024 14,587,728 2.89 2.46 8.87 167,915 ​ As of June 30, 2024, no share options were exercised. Compensation expenses recognized for options for the six months ended June 30, 2024 and 2023 is allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023   ​ ​ US$ ​ US$   ​ ​ ​ ​ ​ Research and development expenses 19,968 — Selling and marketing expenses 3,252 — General and administrative expenses 12,674 — ​ 35,894 — ​ As of June 30, 2024, for the cumulative options granted to employees of an entity controlled by the Controlling Shareholder of the Company to purchase 5,730,859 shares, the Group elects to recognize the fair value of these options as dividends to the shareholder. The total fair value relating to these awards was US$2,851. Note that the company under common control is providing sports cars to the Group and the Group pays the purchase price at market rates, so no compensation expense is reflected for these grants. The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, Grant dates: 2024 2023 ​ Risk-free interest rate (i) 4.46%-4.58 % 3.4%-4.79 % Expected volatility (ii) 54.06%-54.57 % 54.06%-54.48 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20-2.80 2.20-2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.78-US$9.81 US$5.91-US$8.93 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.	27. SHARE-BASED COMPENSATION The Company’ s shareholders approved and adopted a share incentive plan in September 2022, or the 2022 Share Incentive Plan, for the purpose of attracting and retaining the best available personnel, providing additional incentives to employees, directors and consultants, and promoting the success of the Group’s business. Under the 2022 Share Incentive Plan, the Company is authorized to grant options. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2022 Share Incentive Plan is 51,550,661. During the years ended December 31,2023 and 2022, 775,561 and 10,378,710 options were granted under the 2022 Share Incentive Plan, among which, nil and 312,292 share options were granted to non-employee service providers for providing operation consultation and business development services, and nil and 1,028,126 share options were granted to employees of an entity ultimately controlled by the Controlling Shareholder of the Company, respectively. No share option had been granted to directors or officers during the years ended December 31,2023 and 2022. Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period ranged from nil Share options A summary of the share options activities for the years ended December 31, 2023 and 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ US$ Outstanding at January 1, 2022 — — — ​ ​ ​ Granted 10,378,710 2.89 1.90 ​ ​ ​ Outstanding at December 31, 2022 ​ 10,378,710 ​ 2.89 ​ 1.90 ​ ​ ​ ​ Granted ​ 775,561 ​ 2.89 ​ 4.83 ​ ​ ​ ​ Forfeited ​ (1,081,038) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at December 31, 2023 10,073,233 2.89 2.08 8.82 60,831 ​ As of December 31, 2023, no share options were exercisable since their exercisability is subject to the occurrence of a Qualified IPO. As of December 31, 2023, for the cumulative options granted to employees and non-employee service providers to purchase 9,132,593 shares, nil share-based compensation expense was recognized for these awards as the qualifying event was not probable as of December 31, 2023. The total unrecognized share-based compensation expense relating to these awards as of December 31, 2023 was US$ 18,776, of which US$ 16,243 was based on the degree of service period that had been completed as of December 31, 2023. The Group will recognize compensation expenses relating to the awards cumulatively upon the consummation of a Qualified IPO. As of December 31, 2023, for the cumulative options granted to employees of an entity controlled by the Controlling Shareholder of the Company to purchase 940,640 shares, the Group elects to recognize the fair value of these options as dividends to the shareholder. The total fair value relating to these awards was US$ 2,101. Note that the company under common control is providing sports cars to the Group and the Group pays the purchase price at market rates, so no compensation expense is reflected for these grants. The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Grant dates: 2023 2022 ​ Risk-free interest rate (i) 3.4% – 4.79 % 3.71% – 4.15 % Expected volatility (ii) 54.06% – 54.48 % 56.13% – 56.32 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20 – 2.80 2.20 – 2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.91 – US$8.93 US$3.61 – US$4.11 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	26. COMMITMENTS AND CONTINGENCIES Purchase commitment As of June 30, 2024, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 89,004 ​ — ​ 89,004 ​ Capital commitment Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 12,077 ​ 9 ​ 12,086 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling. Repurchase commitment The Group has entered into repurchase agreements with a lending institution in connection with its dealers’ wholesale floor-plan financing of vehicles. Pursuant to the agreements, in the event that a dealer has declared the intention to file for bankruptcy, and a lender is able to repossess the vehicle and deliver the repossessed vehicle to the Group, the Group is obligated to repurchase the vehicle from the lender at the unpaid balance of the original invoice price for the vehicle. The Group did not repurchase any vehicles under its repurchase agreements since the inception of the repurchase agreements, and the Group believes that, based on historical experience, the likelihood of a material loss pursuant to these repurchase obligations is remote. The total amount financed under the floor financing programs with repurchase obligations was US $21,872 as of June 30, 2024.	28. COMMITMENTS AND CONTINGENCIES Purchase commitment As of December 31, 2023, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 179,490 ​ 2,511 ​ 182,001 ​ Capital commitment Total capital expenditures contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 59,304 ​ 264 ​ 59,568 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	27. RELATED PARTY TRANSACTIONS (a) Related parties ​  Names of the major related parties Nature of relationship Geely Holding ​ Entity controlled by the controlling shareholder of the Company Ningbo Geely R&D ​ Entity controlled by the controlling shareholder of the Company Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) ​ Entity controlled by the controlling shareholder of the Company LGIL ​ Entity controlled by the controlling shareholder of the Company Founders Onshore Vehicle ​ Entity controlled by the controlling shareholder of the Company Geely HK ​ Entity controlled by the controlling shareholder of the Company Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) ​ Entity controlled by the controlling shareholder of the Company Ecarx ​ Entity controlled by the controlling shareholder of the Company ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) ​ Entity controlled by the controlling shareholder of the Company Hubei ECARX Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company LCL ​ Entity controlled by the controlling shareholder of the Company Beijing Lotus Cars Sales Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely UK Limited ​ Entity controlled by the controlling shareholder of the Company Volvo Car Corporation ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jirun Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Xuanyu Human Resources Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Business Service Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company China Euro Vehicle Technology AB ​ Entity controlled by the controlling shareholder of the Company Radar New Energy Automobile (Zhejiang) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Group Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Sales Netherlands BV ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Research Institute (Ningbo) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Polestar Automotive China Distribution Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Fenghua Souvenir Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jisu procurement management Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Huanfu Technology Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Chengdu Jinluda Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hubei Changjiang Chegu Industry Investment Fund Partnership ​ Entity which is under significant influence of the Company Wuxi Stardrive Technology Co., Ltd. ​ Entity which is under significant influence of the Company Zhejiang Xitumeng Digital Technology Co., Ltd. ​ Entity that the controlling shareholder of the Company has significant influence Northpole GLY 3 LP ​ Entity controlled by one of the directors of the Company Lotus Cars USA Inc. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Investment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Geely EVUN Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Jizhi Culture Creative Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Volvo Personvagnar Aktiebolag ​ Entity controlled by the controlling shareholder of the Company Shanghai Global Trading Corporation ​ Entity controlled by the controlling shareholder of the Company Viridi E-Mobility (Ningbo) Co.,LTD ​ Entity controlled by the controlling shareholder of the Company Zhejiang Yaoning New Materials Technology Co., Ltd ​ Entity controlled by the controlling shareholder of the Company ​ During the six months ended June 30, 2024 and 2023, in addition to the related party transactions disclosed in note 12 of Put Option Liabilities, note 15 of Exchangeable Notes, note 16 of Convertible Notes, note 18 of Redeemable Convertible Preferred Shares, note 20 of ordinary shares to the financial statements, and note 25 of Share-based Compensation, the Group entered into the following significant related party transactions. (b) Significant related party transactions During the six months ended June 30, 2024 and 2023, the Group entered into the following significant related party transactions: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Provision of services(i) 10,662 ​ 5,021 Sales of goods(i) 2,330 ​ 807 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Purchase of products and services ((iii).a) 521,836 264,440 Purchase of products and services for R&D activities ((iii).b) 38,311 40,348 Payment of deposits ((ii).f) 1,126 — Purchase of equipment and software ((iii).c) 530 3,943 Short-term lease cost ((iii).e) 474 63 Loans to related parties ((ii).b) 222,865 865 Proceed from settlement of related party loans ((ii).b) 140 — Interest income on loans due from related parties ((ii).b) 4,472 57 Acquisition of right-of-use assets (iv) — 8 Payment of lease liabilities (iv) ​ 828 ​ 10 Payments on behalf of related parties ((ii).a) ​ 648 ​ 1,405 Payments by related parties on behalf of the Group ((iii).d) ​ 3,316 ​ 8,308 ​ (c) Significant related party balances The outstanding balances mainly arising from the above transactions as of June 30, 2024 and December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 19,674 22,430 Contract liabilities – related parties* (i) 11,036 1 Prepayments and other current assets – related parties (ii) 40,381 28,744 Other non-current assets – related parties ((ii).c) 2,689 2,706 Accounts payable-related parties ((iii).a) 413,779 340,419 Accrued expenses and other current liabilities – related parties (iii) 230,993 289,845 Other non-current liabilities – related parties ((iii).f) 1,548 1,634 Operating lease liabilities– related parties, current* (iv) 995 840 Operating lease liabilities– related parties, non-current (iv) 11,314 12,064  Investment securities – related parties 2,168 3,326 Loans receivable from a related party ((ii).b) ​ 224,042 ​ — * These items are included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Note: (i) The Group sold sports cars, BEV 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 $10,662 and US $5,021 for the six months ended June 30, 2024 and 2023, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US $2,330 and US $807 for the six months ended June 30, 2024 and 2023, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US $19,674 and US $22,430 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, receipts in advance of US $11,036 and US $1 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties and other non-current assets – related parties of the Group are 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 as follows. a. The Group made payments of US $648 and US $1,405 on behalf of related parties for the six months ended June 30, 2024 and 2023, respectively. Related parties collected cash receipts of US $809 and nil for the six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, receivables of US $4,110 and USD $4,271 was included in prepayments and other current assets – related parties, respectively. b. During the six months ended June 30, 2024 and 2023, the Group provided unsecured short-term loans of nil and US $865 , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $69 and US $57 for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Group proceed from settlement of unsecured short-term loans of US $140 and nil , respectively. As of June 30, 2024 and December 31, 2023, the receivable for the loan principal and interest of US $3,141 and US $3,010 was included in prepayments and other current assets – related parties, respectively. On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of US $354,000 with term of 5 years and annual interest rate of 6.95% . During the six months period ended June 30, 2024, the Group provided loan of US $222,865 to the related party. As of June 30, 2024, the total outstanding principal was US $219,644 and the total outstanding interest income was US $4,398 . 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 $33,191 and US $21,404 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,689 and US $2,706 was included in other non-current assets-related parties as of June 30, 2024 and December 31, 2023, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of nil and US $82 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. e. For the six months ended June 30, 2024, the Group recorded US $40 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of June 30, 2024, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $61 . f. During the six months ended June 30, 2024, the Group has paid US $1,126 as deposit for services. (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the six months ended June 30, 2024 and 2023, these purchases amounted to US $521,836 and US $264,440 , among which, US $326,187 and US $118,714 were recognized as cost of goods sold for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, purchases including sports cars, BEV lifestyle models, auto parts and peripheral products of US $166,318  and US $248,331 were recorded as inventories, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$15,599 and US$27,660 were included in accrued expenses and other current liabilities – related parties, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$413,779 and US$340,419 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $38,311 and US $40,348 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of products and services for R&D activities of US $207,487 and US $217,256 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $530 and US $3,943 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of equipment and software of US $4,897 and US $19,786 were included in accrued expenses and other current liabilities – related parties, respectively. d. For the six months ended June 30, 2024 and 2023, related parties paid US $3,316 and US $8,308 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $2,723 and US $1,605 were included in accrued expenses and other current liabilities – related parties as of June 30, 2024 and December 31, 2023, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the six months ended June 30, 2024 and 2023, the Group incurred short-term lease costs of US $474 and US $63 , respectively. As of June 30, 2024 and December 31, 2023, payables for short-term leases of US $71 and US $323 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of nil and US $3 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, US $216 and US $168 were included in accrued expenses and other current liabilities – related parties, and US $1,548 and US $1,634 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). During the six months ended June 30, 2024, LCL has settled GBP 18,055 (equivalent to US $22,938 ). As of June 30, 2024 and December 31, 2023, payable for the distribution right of nil and US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the six months ended June 30, 2024 and 2023, the Group recognized right-of-use assets of nil and US $8 from related parties, respectively. The Group paid lease liabilities of US $828 and US $10 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, current operating lease liabilities were US $995 and US $840 , respectively, and non-current operating lease liabilities were US $11,314 and US $12,064 , respectively. ​ (d) Manufacturing agreement with the Geely Group The Group entered into a manufacturing agreement with Geely Auto Wuhan Branch and Wuhan Geely Auto Parts (collectively as “OEMs”), for the manufacture of the Group’s electrical vehicles for 10 years starting from June 21, 2022. Pursuant to the manufacturing agreement, the Group commissioned OEMs for the production of electrical vehicles and agreed to authorize OEMs to access the Group’s technologies for the production of such models. The Group is mainly responsible for the design and development of the models, designation of suppliers, product announcement, and ensuring consistency with global standards of the Lotus brand. The Group also provides OEMs the necessary intellectual properties for the manufacture of electrical vehicles. OEMs are mainly responsible for the procurement and inspection of raw materials, production planning, production quality control, logistics and transportation of manufactured vehicles, and construction and operation of the manufacturing plant. Particularly, quality control is carried out in accordance with the Group’s quality assurance framework and approved by OEMs. In addition, OEMs are responsible for obtaining certificates for the manufactured vehicles. (e) Lotus Application Entrusted Operation & Maintenance Contract with Wuhan Quanqing The Group entered into an application entrusted operation & maintenance contract with Wuhan Quanqing, in May 2023. Pursuant to the contract, the Group will pay Wuhan Quanqing certain service fee, on the incurred basis, for the entrusted daily operation and maintenance service provided by Wuhan Quanqing for the Group’s Lotus App. As of June 30, 2024, nil service fee has been incurred.	29. RELATED PARTY TRANSACTIONS (a) Related parties ​  Names of the major related parties Nature of relationship Geely Holding ​ Entity controlled by the controlling shareholder of the Company Ningbo Geely R&D ​ Entity controlled by the controlling shareholder of the Company Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) ​ Entity controlled by the controlling shareholder of the Company LGIL ​ Entity controlled by the controlling shareholder of the Company Founders Onshore Vehicle ​ Entity controlled by the controlling shareholder of the Company Geely HK ​ Entity controlled by the controlling shareholder of the Company Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) ​ Entity controlled by the controlling shareholder of the Company Ecarx ​ Entity controlled by the controlling shareholder of the Company ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) ​ Entity controlled by the controlling shareholder of the Company Hubei ECARX Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company LCL ​ Entity controlled by the controlling shareholder of the Company Beijing Lotus Cars Sales Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely UK Limited ​ Entity controlled by the controlling shareholder of the Company Volvo Car Corporation ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jirun Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Xuanyu Human Resources Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Business Service Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company China Euro Vehicle Technology AB ​ Entity controlled by the controlling shareholder of the Company Radar New Energy Automobile (Zhejiang) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Group Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Sales Netherlands BV ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Research Institute (Ningbo) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Polestar Automotive China Distribution Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Fenghua Souvenir Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jisu procurement management Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Huanfu Technology Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Chengdu Jinluda Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hubei Changjiang Chegu Industry Investment Fund Partnership ​ Entity which is under significant influence of the Company Wuxi Stardrive Technology Co., Ltd. ​ Entity which is under significant influence of the Company Zhejiang Xitumeng Digital Technology Co., Ltd. ​ Entity that the controlling shareholder of the Company has significant influence Northpole GLY 3 LP ​ Entity controlled by one of the directors of the Company Lotus Cars USA Inc. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Investment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Geely EVUN Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Jizhi Culture Creative Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Volvo Personvagnar Aktiebolag ​ Entity controlled by the controlling shareholder of the Company RENAULT S.A.S ​ Entity that the controlling shareholder of the Company has significant influence ​ During the years ended December 31, 2023, 2022 and 2021, in addition to the related party transactions disclosed in note 12 of Put Option Liabilities, note 14 of Exchangeable Notes, note 15 of Convertible Notes, note 17 of Redeemable Convertible Preferred Shares and note 20 of Ordinary Shares to the financial statements, the Group entered into the following significant related party transactions. (b) Significant related party transactions During the years ended December 31, 2023, 2022 and 2021, the Group entered into the following significant related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Provision of services (i) 12,573 ​ 8,344 ​ 3,280 Sales of goods (i) 3,432 ​ 23 ​ — Payments on behalf of related parties ((ii).a) 4,022 244 — Cash receipts by related parties on behalf of the Group ((ii).a) 3,695 — — Loans to related parties ((ii).b) 1,227 2,310 — Interest income on loans due from related parties ((ii).b) 122 24 — Purchase of products and services ((iii).a) 852,623 44,347 14,259 Purchase of products and services for R&D activities ((iii).b) 134,721 167,012 47,442 Purchase of equipment and software ((iii).c) 11,223 42,798 6,255 Payment by related parties on behalf of the Group ((iii).d) 14,514 2,952 — Short-term lease cost ((iii).e) 765 347 243 Deposits received from related party suppliers ((iii).f) 251 1,584 — Acquisition of the distribution right ((iii).g) 22,296 — — Interest expense on borrowing due to related parties (iv) — 90 220 Repayment of borrowing from related party (iv) — 10,573 — Acquisition of right-of-use assets (v) ​ 12,166 ​ 214 ​ 1,333 Payment of lease liabilities (v) ​ 269 ​ 98 ​ 545 Purchase of Geely License (vi) ​ — ​ — ​ 288,948 Purchase of trademark licenses (vii) ​ — ​ — ​ 116,041 Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control (viii) — 15,512 — Payment for purchase of a short-term investment (ix) — 10,000 — ​ (c) Significant related party balances The outstanding balances mainly arising from the above transactions as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 22,430 8,545 Contract liabilities – related parties* (i) 1 8 Prepayments and other current assets – related parties (ii) 28,744 8,732 Other non-current assets – related parties ((ii).c) 2,706 — Accounts payable-related parties ((iii).a) 340,419 5,770 Accrued expenses and other current liabilities – related parties (iii) 289,845 183,216 Other non-current liabilities – related parties ((iii).f) 1,634 1,584 Operating lease liabilities– related parties, current* (v) 840 13 Operating lease liabilities– related parties, non-current (v) 12,064 170  Investment securities – related parties (ix) 3,326 8,411 * These items are included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Note: (i) The Group sold sports cars, BEV 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$12,573, US$8,344 and US$3,280 for the years ended December 31, 2023, 2022 and 2021, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US$3,432, US$23 and nil for the years end December 31, 2023, 2022 and 2021, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US$22,430 and US$8,545 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, receipts in advance of US$1 and US$8 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties other non-current assets – related parties of the Group are arising from transactions related to purchase of products and services (see note (iii).a), loans to related parties, and cash receipts on behalf of the Group as follows. a. The Group made payments of US $4,022 , US $244 and nil on behalf of related parties for the years ended December 31, 2023, 2022 and 2021, respectively. Related parties collected cash receipts of US $3,695 , nil and nil on behalf of the Group for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, receivables of US $4,271 and USD $244 was included in prepayments and other current assets – related parties, respectively. b. During the years ended December 31, 2023, 2022 and 2021, the Group provided unsecured short-term loans of US $1,227, US $2,310 and nil , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $122, US$ 24 and nil for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the receivable for the loan principal and interest of US $3,010 and US$ 2,369 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 $21,404 and US$ 6,119 were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,706 and nil was included in other non-current assets-related parties as of December 31, 2023 and 2022, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US $82 and nil were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. e. As of January 1, 2023, upon the adoption of ASC 326 as mentioned in note 2(j), the expected credit loss provision for prepayments and other current assets – related parties not under common control was US $12 . For the year ended December 31, 2023, the Group recorded US $11 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of December 31, 2023, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $23 . (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the years ended December 31, 2023, 2022 and 2021, these purchases amounted to US $852,623, US $44,347 and US $14,259 , among which, US $549,893 , US $839  and US$  331 were recognized as cost of goods sold for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, purchases including sports cars, BEVs lifestyle models, auto parts and peripheral products of US $248,331 and US $21,880 were recorded as inventories, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$27,660 and US$8,684 were included in accrued expenses and other current liabilities – related parties, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$340,419 and US$5,770 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $134,721, US $167,012 and US $47,442 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related partis for purchase of products and services for R&D activities of US $217,256 and US $162,942 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $11,223 , US $42,798 and US $6,255 from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of equipment and software of US $19,786 and US $8,366 were included in accrued expenses and other current liabilities – related parties, respectively. d. Related parties paid US $14,514 and US $2,952 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $1,605 and US $2,952 were included in accrued expenses and other current liabilities – related parties as of December 31, 2023 and 2022, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the years ended December 31, 2023, 2022 and 2021, the Group incurred short-term lease costs of US $765 , US $347 and US$ 243 , respectively. As of December 31, 2023 and 2022, payables for short-term leases of US $323 and US $272 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of US$ 251 , US$ 1,584 and nil from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, US$ 168 and nil were included in accrued expenses and other current liabilities – related parties, and US $1,634 and US $1,584 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). As of December 31, 2023, payable for the distribution right of US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) In 2019, the Company’s subsidiary, Lotus Tech UK, borrowed a one-year unsecured loan from a related party with the principal amount of US$10,211,bearing an interest rate of 2% per annum, which was renewed to be mature on August 31, 2022. The borrowing was repaid in August 2022. During the years ended December 31, 2022 and 2021, the Group incurred interest expenses of US$90 and US$220, respectively. (v) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the years ended December 31, 2023, 2022 and 2021, the Group recognized right-of-use assets of US$12,166, US$214 and US$1,333 from related parties, respectively. The Group paid lease liabilities of US$269, US$98 and US$545 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, current operating lease liabilities were US$840 and US$13, respectively, and non-current operating lease liabilities were US$12,064 and US$170, respectively. (vi) On March 12, 2021, the Group entered into a license agreement with Zhejiang Liankong, a subsidiary of Geely Holding. Under the terms of the agreement, the Group received a non-exclusive, perpetual, irrevocable and non-sublicensable license for the electric automotive chassis and autonomous driving technology platform (the “Geely License”) with consideration of US$288,948. The Geely License is contractually restricted to be used in certain R&D projects of the Group. The Group concludes that the Geely License has no alternative future use, therefore the cost of the license has been expensed as research and development expenses in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2021. (vii) In November 2021, the Group obtained the trademark licenses (Note 7), from Group Lotus Limited, a related party controlled by Geely Holding, by issuing the Company’s 47,995,443 ordinary shares to LGIL, a related party controlled by Geely Holding. (viii) On December 2, 2021, the Company, through its subsidiary, Lotus Technology Innovative Limited, entered into an equity transfer agreement, pursuant to which, Lotus Technology Innovative Limited agreed to acquire 100% equity interest in Lotus Tech Innovation Centre GmbH from a related party, Geely UK Limited, at the consideration of US $15,512 , which was settled in June 2022. The transaction was accounted for as common control transaction and completed in June 2022. (ix) On May 13, 2022, the Company purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by Ecarx. Upon the listing of Ecarx on December 21, 2022, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. As of December 31, 2023 and 2022, the fair value of listed equity securities was US$3,326 and US$8,411, respectively. (d) Manufacturing agreement with the Geely Group The Group entered into a manufacturing agreement with Geely Auto Wuhan Branch and Wuhan Geely Auto Parts (collectively as “OEMs”), for the manufacture of the Group’s electrical vehicles for 10 years starting from June 21, 2022. Pursuant to the manufacturing agreement, the Group commissioned OEMs for the production of electrical vehicles and agreed to authorize OEMs to access the Group’s technologies for the production of such models. The Group is mainly responsible for the design and development of the models, designation of suppliers, product announcement, and ensuring consistency with global standards of the Lotus brand. The Group also provides OEMs the necessary intellectual properties for the manufacture of electrical vehicles. OEMs are mainly responsible for the procurement and inspection of raw materials, production planning, production quality control, logistics and transportation of manufactured vehicles, and construction and operation of the manufacturing plant. Particularly, quality control is carried out in accordance with the Group’s quality assurance framework and approved by OEMs. In addition, OEMs are responsible for obtaining certificates for the manufactured vehicles. (e) Lotus Application Entrusted Operation & Maintenance Contract with Wuhan Quanqing The Group entered into an application entrusted operation & maintenance contract with Wuhan Quanqing, in May 2023. Pursuant to the contract, the Group will pay Wuhan Quanqing certain service fee for the entrusted daily operation and maintenance service provided by Wuhan Quanqing for the Group’s Lotus App. As of December 31, 2023, nil service fee has been incurred.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	28. SUBSEQUENT EVENTS (i) On August 23, 2024, the Group issued 16,000,000 ordinary shares to Deutsche Bank Trust Company Americas, for a bulk issuance of ordinary shares reserved for future issuances upon the exercise or vesting of share options granted under the 2022 Share Incentive Plan. On September 16, 2024, the Group entered into a Security Purchase Agreement(“Purchase Agreement”) with Westwood Capital Group LLC(“Westwood”), pursuant to which, as consideration for Westwood's irrevocable commitment to purchase the ordinary shares under the Purchase Agreement, the Group issued to Westwood 700,000 ordinary shares as commitment ordinary shares on September 19,2024. The Group may sell up to US$350,000 of ordinary shares to Westwood under the Purchase Agreement. ​	30. SUBSEQUENT EVENTS (i) Merger Transaction On February 22, 2024, the Merger Transaction was consummated as disclosed in note 1(b). (ii) PIPE Investments On February 15, 2024, the Group entered into a new PIPE investment agreement with an investor as disclosed in note 13. (iii) New grants of share options From January 1, 2024 to March 31, 2024, the Company granted an aggregated number of 5,972,760 share options to employees pursuant to the 2022 Share Incentive Plan, at a weighted average exercise price of US$2.89 per share option. (iv) Loans to a related party On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of GBP 275,000 (equivalent to US$354,000) with term of 5 years and annual interest rate of 6.95%. (v) Termination of pledge The pledge of the land use right of US$32,653 included in the operating lease right-of-use assets and corporate buildings under construction of US$37,287 included in property, equipment and software as of December 31, 2023 was terminated in April 2024. ​

PARENT COMPANY ONLY CONDENSED F

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION	31. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying consolidated and combined financial statements. For the purposes of presenting the Company’s separate financial information, the Company records its investments in its subsidiaries and VIE under the equity method of accounting. As of December 31, 2023 and 2022, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated and combined financial statements. (a) Parent Company Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ ASSETS Current assets Cash 33,888 353,107 Amounts due from inter-companies 46,087 6,089 Prepayments and other current assets – third parties 1,687 — Total current assets 81,662 359,196 Non-current assets ​ ​ Investment securities – related parties 3,326 8,411 Total non-current assets 3,326 8,411 Total assets 84,988 367,607 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) ​ ​ Current liabilities ​ ​ Convertible notes 20,277 — Accrued expenses and other current liabilities – third parties 714 — Total current liabilities 20,991 — Non-current liabilities ​ ​ Share of losses in excess of investments in subsidiaries and consolidated VIEs 873,881 451,571 Put option liabilities 11,884 — Total non-current liabilities 885,765 451,571 Total liabilities 906,756 451,571 Total mezzanine equity 383,530 368,409 Shareholders’ equity (deficit) ​ ​ Ordinary Shares 21 21 Additional paid-in capital ​ 358,187 ​ 403,103 Receivable from shareholders ​ — ​ (26,447) Accumulated other comprehensive income 25,267 17,707 Accumulated deficit (1,588,773) (846,757) Total shareholders’ deficit (1,205,298) (452,373) Total liabilities, mezzanine equity and shareholders’ deficit 84,988 367,607 ​ (b) Parent Company Condensed Statements of Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Total operating expenses (2,983) (11,127) (263) Interest income 6,979 2,839 — Interest expenses — — — Investment loss, net (5,084) (4,242) — Foreign currency exchange gains (losses), net (171) (13,068) 2,124 Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk (616) — — Changes in fair values of put option liabilities (2,508) — — Share of losses from subsidiaries and consolidated VIEs (737,618) (698,323) (112,392) Loss before income taxes (742,001) (723,921) (110,531) Income tax expense  — — — Net loss (742,001) (723,921) (110,531) Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes ​ (8,650) ​ (893) ​ 119 Foreign currency translation adjustment, net of nil income taxes ​ 16,210 ​ 18,669 ​ (843) Total comprehensive loss (734,441) (706,145) (111,255) ​ (c) Parent Company Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Net cash generated from (used in) operating activities 3,127 2,682 (997) Net cash used in investing activities (347,697) (113,216) — Net cash provided by financing activities 27,163 392,053 82,076 Effect of exchange rate changes on cash (1,812) (10,161) 670 Net increase in cash (319,219) 271,358 81,749 Cash at the beginning of the year 353,107 81,749 — Cash at the end of the year 33,888 353,107 81,749 ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Lotus Technology Inc. (“the Company”), its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (the “VIEs”, collectively referred to “the Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated and combined financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Group as of December 31, 2023, and the related consolidated and combined statements of comprehensive loss, changes in shareholders’ deficit and cash flows for the year then ended. Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which Wuhan Lotus Technology Limited Company (“WFOE”), the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2024, the results of operations and cash flows for the six months ended June 30, 2024 and 2023, have been made. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of June 30, 2024, the Group had an accumulated deficit of US$2,048,092 and net current liabilities exceeded current assets in the amount of US$561,241. In addition, the Group recorded net cash used in operating activities in the amount of US$468,361 for the six months ended June 30, 2024. Historically, the Group had relied principally on proceeds from the issuance of ordinary shares, redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported revenues and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) warrant liabilities; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.	(a) Basis of Presentation The accompanying consolidated and combined financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated and combined financial statements are presented in United States dollar (“US$”), rounded to the nearest thousand. These consolidated and combined financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of December 31, 2023, the Group had an accumulated deficit of US$1,588,773 and net current liabilities of US$873,569. In addition, the Group recorded net cash used in operating activities in the amount of US$386,932 for the year ended December 31, 2023. Historically, the Group had relied principally on proceeds from the issuance of redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all.
Principles of Consolidation		(b) Principles of Consolidation The consolidated and combined financial statements presented herein include the financial statements of the Company, its subsidiaries, the VIE for which WFOE is the primary beneficiary, and the VIE’s subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates		(c) Use of Estimates The preparation of the consolidated and combined financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated and combined financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) mandatorily redeemable noncontrolling interest; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the consolidated and combined financial statements.
Commitments and Contingencies		(d) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.
Cash	(b) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of June 30, 2024 and December 31, 2023. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941 ​ Cash that is restricted for withdrawal or use is reported separately in the condensed consolidated balance sheets. The Group’s restricted cash mainly represents deposits for short-term borrowings as mentioned in note 10, deposits made to banks to secure bank acceptance notes, funds in escrow accounts as mentioned in note 14, and deposits made to landlords for certain long-term leases.	(e) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of December 31, 2023 and 2022. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ US$ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − 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 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605
Restricted Cash		(f) Restricted Cash Cash that is restricted for withdrawal or use is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents deposits made to banks to secure bank acceptance notes, a letter of guarantee, and deposits made to landlords for certain long-term leases.
Derivative financial instruments		(g) Derivative financial instruments The Group selectively uses financial instruments to manage market risk associated with exposure to fluctuations in foreign currency rates with foreign exchange forwards, which are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The Group’s derivative instruments are not qualified for hedge accounting, thus changes in fair value are recognized in the consolidated and combined statements of comprehensive loss. As of December 31, 2023 and 2022, the Group’s derivative instruments were US$67 and nil, respectively, included in “ prepayments and other current assets – third parties, net Investment income (loss), net
Short-term investments		(h) Short-term investments The Group’s short-term investments represent investments in a convertible note and wealth management products. The Group has elected the fair value option to account for an investment in a convertible note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Group recorded the fair value gain of nil, US$1,316 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. The Group’s investments in wealth management products are redeemable at the option of the Group on any working day. The Group elects the fair value option at the date of initial recognition and carries these investments at fair value, since the Group believes the fair value option best reflects the economics of the underlying transactions. Changes in the fair value of these investments are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. The Group recorded the fair value gain of US$97, US$996 and nil in “Investment income (loss), net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022.
Investment securities		(i) Investment securities The Group invests in marketable equity securities, which are classified as investments with readily determinable fair values and reported at fair value in the consolidated balance sheets. The unrealized gains and losses on equity securities are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085, US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.
Accounts Receivable and expected credit losses		(j) Accounts Receivable and expected credit losses Accounts receivable is recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated and combined statements of cash flows. The Company maintains a specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances are reviewed by management individually. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance sheet credit exposure related to its customers. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The new accounting standard does not apply to loans and receivables between entities under common control. The Group adopted the ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with accumulative effect recorded as an increase of accumulated deficit in the amount of US$15. The Group assessed that accounts receivable, other receivables, loan receivables, short-term and long-term deposits are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and suppliers, and the related accounts receivable, loan receivables, other current assets and other non-current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Company considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations.
Inventories		(k) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is calculated on specific identification or the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
Equity investments		(l) Equity investments The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize our proportionate share of each equity investee’s net income or loss into earnings after the date of investment. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. There was no equity method goodwill recognized.
Property, equipment and software, net		(m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows: ​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms ​ Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.
Operating Leases		(n) Operating Leases The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases. The Group recognizes lease liabilities and right-of-use (“ROU”) assets at lease commencement date. Lease liabilities are measured at the present value of unpaid lease payments at the lease commencement date and are subsequently measured at amortized cost using the effective-interest method. Since the Group’s leases do not provide an implicit rate, the Group uses its own incremental borrowing rate in determining the present value of unpaid lease payments. The incremental borrowing rate was determined based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China and the US, the Company’s credit rating and lease term, and is updated for measurement of new lease liabilities. ROU assets are initially measured at cost, which consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term. The Group has elected not to recognize ROU assets and lease liabilities for short-term leases (i.e. leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise). As a practical expedient, the Group has elected that for all leases, where it is the lessee, not to separate non-lease components from lease components and instead to account for all lease and non-lease components associated with each lease as a single lease component. If a lease is modified and that modification is not accounted for as a separate contract, the classification of the lease is reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date.
Intangible Assets		(o) Intangible Assets Intangible assets with indefinite useful lives represent acquired license plates and trademark licenses since the Group has the right and the intention to continue to use the license plates and trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.
Land use rights		(p) Land use rights Land use rights in Chinese mainland represents an exclusive right to occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use rights. Land use rights are recorded in operating lease right-of-use assets with lease term of 40 years
Impairment of Long-lived Assets and intangible assets with indefinite lives		(q) Impairment of Long-lived Assets and intangible assets with indefinite lives Long-lived assets, including property, equipment and software and ROU assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets or asset group over the fair value of the assets or asset group. No such impairment losses were recorded for the years ended December 31, 2023, 2022 and 2021. Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs a quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. The Group did not record any impairment charges for the years ended December 31, 2023, 2022 and 2021.
Value Added Taxes		(r) Value Added Taxes Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity by entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables or be refunded upon application. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets.
Warranties	(c) Product warranties The following table shows the movement of product warranty reserve: ​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957	(s) Warranties The Group provides standard warranties on BEV lifestyle models based on the contracts with its customers at the time of sale of BEV lifestyle models. The Group accrues a warranty reserve for the new BEV lifestyle models sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on the estimates of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of revenues in the consolidated and combined statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis. The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain. The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance-type warranty to customers that ensures that products will function as intended and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees The following table shows the movement of warranty reserve: ​ ​ ​ ​ ​ 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 ​ For the years ended December 31, 2022 and 2021, nil warranty provision was recognized.
Fair Value Measurements		(t) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
Revenue recognition		(u) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition. When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability. A contract asset is recorded when the Group transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents a contract liability when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group generates revenue from sales of vehicles and any bundled products and services to end-users and distributors. The Group also generates revenue from provision of automotive design and development services to various automobile manufacturers. Further details of the Group’s revenue recognition policies are as follows: Sales transactions with end-users Sales of BEV lifestyle models The Group started to deliver BEV lifestyle models to customers in March 2023. In certain countries, the Group sells BEV lifestyle models Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows: i. Revenue from Eletre is recognized at a point in time when the control of Eletre is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle. ii. Revenue from the installed premium intelligent driving system is recognized when the functionality is activated, and the portion related to upgrades is recognized ratably over the estimated period of vehicle usage by the customer. iii. Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location. iv. Revenue from charging cards is recognized when the customer uses the card to redeem for charging services. v. Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer. vi. Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales. vii. Revenue from maintenance services is recognized over the service period based on the number of maintenance services delivered to date relative to the estimated remaining number of maintenance services to be delivered. viii. Revenue from vehicle internet connection services is recognized ratably over the estimated useful life of the vehicle as this service is transferrable from the customer to another car user if the customer resells the vehicle. Initial refundable deposits received from customers for intention orders prior to vehicle purchase agreements are signed are recognized as refundable deposits from customers (accrued expenses and other current liabilities). When vehicle purchase agreements are signed, these initial deposits are reclassified to contract liabilities. Any other non-refundable payments received prior to the transfer of goods or services are also recognized as contract liabilities. Sales of sports cars The Group generates revenue from the distribution of Lotus-brand sports cars developed and produced by LCL. Revenue from sports cars sales is recognized at a point in time, when the control of the sports cars is transferred to the customer, which is the point in time when the customer takes possession of and accepts the sports cars. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales and concludes that free pick-up and delivery service for maintenance, door-to-door troubleshooting and lifetime roadside assistance are immaterial and therefore the Group does not assess whether these promised services are performance obligations. When reaching this conclusion, the Group considered that these promises are value-added services to enhance customer experience rather than critical items for vehicle driving and forecasted that usage of these services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of foresaid services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise. Sales transactions with distributors and business customers Apart from selling vehicles to end-users, the Group also sells vehicles to distributors and business customers and parts to distributors. In the sales transactions with distributors and business customers, the Group’s only promise is to deliver the vehicles or parts to the distributors and business customers. Revenue from sales to distributors and business customers is recognized at a point in time, when the control of the vehicles or parts is transferred to the distributors and business customers, which is the point in time when the distributors and business customers take possession of and accept the vehicles or parts. BEV lifestyle models standard warranty is provided by the Group and sports cars standard warranty is provided by LCL. The estimated costs for the standard warranty provided by the Group are recorded as a liability when the Group transfers the control of vehicle or parts to an end user or business customer. Provision of automotive design and development services The Group generates revenue by provision of automotive design and development services. As the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs, revenue is recognized over time, using the output or input method. Costs incurred to fulfill such service contracts which are not in the scope of other guidance are recognized as contract cost assets when those costs: ● relate directly to the service contracts that the Group can specifically identify; ● are expected to be recovered; and ● generate or enhance resources of the Group that will be used in satisfying performance obligations in the future.
Cost of sales		(v) Cost of sales Sales of goods Cost of sales of goods primarily consists of purchase costs of vehicles, charging piles, parts and accessories, depreciation of molds tooling equipment, warehousing transportation costs and customs duties. Cost of vehicle sales also includes reserves for estimated warranty expenses and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value. Services Cost of services generally includes cost of direct parts, materials, and costs associated with providing extended warranty service and after-sales services, depreciation of associated assets used for providing services, labor costs, rental expenses, consumed materials and depreciation of associated assets used for providing the automotive design and development services.
Research and development		(w) Research and development All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses consist primarily of salaries, bonuses and benefits for those employees engaged in research, design and development activities, license fees, outsourced development expenses, materials, rental expenses, depreciation of equipment and software of R&D activities and other expenses.
Selling and Marketing Expenses		(x) Selling and Marketing Expenses Selling and marketing expenses mainly consist of advertising costs and market promotion expenses, payroll and related expenses for personnel engaged in selling and marketing activities and rental and depreciation expenses relating to facilities and equipment used by those employees. The Group expenses all advertising expenditures as incurred and classifies these costs as selling and marketing expenses. For the years ended December 31, 2023, 2022 and 2021, advertising expenditures totaled US$150,920, US$90,431 and US$21,207, respectively.
General and Administrative Expenses		(y) General and Administrative Expenses General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, depreciation and amortization expenses, primarily consisting of depreciation and amortization of leasehold improvements, IT equipment and software, professional service fees and other general corporate expenses.
Government Grants		(z) Government Grants Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received. Government grants that are received in advance relating to the compensation of R&D costs incurred are initially recognized in deferred income in the consolidated balance sheets and subsequently amortized and recognized as government grants in the consolidated and combined statements of comprehensive loss over the period necessary to match them with the R&D costs that they are intended to compensate. Government grants that are received in advance relating to the acquisition of an asset are initially recognized in deferred income in the consolidated balance sheets and subsequently amortized and recognized as government grants in the consolidated and combined statements of comprehensive loss as the assets are depreciated. Government grant for the purpose of giving immediate financial support to the Group with no future related costs is recognized as government grants in the Group’s consolidated and combined statements of comprehensive loss when the grant becomes receivable. The Group received government grants of US$4,077, US$870 and US$233 with no future related costs required during the years ended December 31, 2023,2022 and 2021, which were directly recognized as government grants in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.
Employee Benefits		(aa) Employee Benefits The Group compensates its employees through short-term employee benefits and defined contribution plans. Short-term employee benefits consist of salaries, social benefit costs, paid annual leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within accrued expenses and other current liabilities in the consolidated balance sheets. For defined contribution plans, premiums are paid monthly to a separate legal entity or the local labor bureau that manages pension plans on behalf of various employers. The Group has no further commitments beyond its monthly contribution. Contributions payable are recognized in the reporting period in which services are rendered and presented within accrued expenses and other current liabilities in the consolidated balance sheets. Contribution rates are unique to each employee in Netherlands, while the contribution rates are standard in UK, Germany and Chinese mainland. Employee social benefits included as expenses in the accompanying consolidated and combined statements of comprehensive loss amounted to US$46,969, US$36,534 and US$15,324 for the years ended December 31, 2023, 2022 and 2021, respectively.
Share-based compensation		(bb) Share-based compensation Share-based awards granted to the employees and non-employee service providers in the form of share options are subject to service and performance conditions. They are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded attribution over the requisite service period, if and when the Group considers that it is probable that the performance condition will be achieved. The fair value of the share awards is estimated using the binomial option pricing model and is affected by the price of the ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions. The Group elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.
Income Taxes		(cc) Income Taxes The Group accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Tax. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the consolidated and combined statements of comprehensive loss in the period that includes the enactment date. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carry forward periods, the Group’s experience with operating loss and tax credit carry forwards, if any, not expiring. The Group applies a “more-likely-than-not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated and combined financial statements if the tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated and combined financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in income tax expenses.
Foreign Currency		(dd) Foreign Currency The Company’s reporting currency is US$. The functional currency of the Company and its subsidiaries in Hong Kong is US$. The functional currency of the Company’s subsidiaries in Chinese mainland is RMB. The functional currency of the entities incorporated in UK is GBP. The functional currency of the entities incorporated in Netherlands and Germany is Euro. The Group’s entities incorporated in other jurisdictions generally use their respective local currencies as their functional currencies. Transactions denominated in currencies other than the functional currency are re-measured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet dates. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated and combined statements of comprehensive loss. The Group entities with functional currencies other than the US$ are translated from the functional currency into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet dates. Equity accounts other than deficit generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant periods. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the consolidated and combined statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the consolidated and combined statements of changes in shareholders’ equity (deficit).
Concentration and Risk	(d) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 69.75% and 97.57% of the Group’s accounts receivable — related parties as of June 30, 2024 and December 31, 2023, respectively. During the the six months ended June 30, 2024 and 2023, Geely Group contributed US$9,590 and US$4,923 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for the six months ended June 30, 2024 and 2023. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ Suppliers contributed more than 10.0% of total purchases for the six months ended June 30, 2024 and 2023 are as below. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of June 30, 2024 and December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, accounts receivable, loan receivables, and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loans receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them.	(ee) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 97.57% and 96.24% of the Group’s accounts receivable — related parties as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, Geely Group contributed US$11,031, US$8,036 and US$3,280 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for years ended December 31, 2023, 2022 and 2021. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of December 31, 2023 and 2022 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total accounts ​ ​ ​ receivable balance Geely Group ​ 22.09 % 95.00 % ​ Suppliers contributed more than 10.0% of total purchases for the years ended December 31, 2023 2022 and 2021 are as below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 74.95 % 39.28 % 74.96 % ​ Payable balances with greater than 10.0% of the Group’s amounts due to suppliers as of December 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total payables balance ​ Geely Group ​ 65.96 % 38.29 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, investment securities, accounts receivable, and loan receivables and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loan receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them.
Loss per Share		(ff) Loss per Share Basic loss per ordinary share is computed by dividing net loss attributable to the Company’s ordinary shareholders, taking into consideration the accretions to redemption value of redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on participating rights in undistributed earnings. The Company’s redeemable convertible preferred shares are participating securities since the holders of these securities participate in dividends on the same basis as ordinary shareholders. These participating securities are not included in the computation of basic loss per ordinary share in periods when the Company reports net loss, because these participating security holders have no obligation to share in the losses of the Company. Diluted loss per share is calculated by dividing net loss attributable to the Company’s ordinary shareholders as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the year. Ordinary share equivalents include the ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method), and the conversion of redeemable convertible preferred shares, mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted loss per share if the impact is anti-dilutive.
Segment Reporting		(gg) Segment Reporting The Group’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s chief executive officer and management personnel do not segregate the Group’s business by product or service. Management has determined that the Group has one operating segment. As of December 31, 2023 and 2022, the long-lived assets amounted to US$46,827 and US$4,180 were located in UK, US$54,470 and US$26,544 were located in European Union countries, respectively, and the remaining long-lived assets were primarily in the PRC.
Statutory Reserves		(hh) Statutory Reserves In accordance with the PRC Company Laws, the Group’s subsidiaries and consolidated VIEs in Chinese mainland must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the companies in Chinese mainland. Appropriation to the discretionary surplus fund is made at the discretion of the companies in Chinese mainland. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. No appropriation to the reserve fund was made by the Company’s subsidiaries and consolidated VIEs in Chinese mainland, as these companies did not earn any after-tax profits or had accumulated losses as determined under PRC GAAP for the years ended December 31, 2023 and 2022. The Group’s ability to pay dividends may depend on the Group receiving distributions of funds from its subsidiaries. Relevant statutory laws and regulations permit payments of dividends by the Group’s subsidiaries only out of its retained earnings. Relevant statutory laws and regulations restrict the subsidiaries from transferring a portion of their net assets, equivalent to the balance of their statutory reserves and their paid in capital to the Company in the form of loans, advances or cash dividends. The balances of restricted net assets were US$160,651 and US$85,164 as of December 31, 2023 and 2022, respectively.
Recent Accounting Pronouncements	(e) Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Group will adopt ASU 2023-07 for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Group has evaluated the accounting standard update and it has no material impact on the consolidated financial statements.	(ii) Recent Accounting Pronouncements In June 2016, the FASB amended ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) Financial Instruments — Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842) Financial Instruments — Credit Losses In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842) In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures

DESCRIPTION OF BUSINESS AND O_2

DESCRIPTION OF BUSINESS AND ORGANIZATION (Tables)	12 Months Ended
	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND ORGANIZATION
Summary of consolidated consolidated assets and liabilities, revenues, net loss and cash flow information	​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ US$ Cash 156,571 Inventories 108 Prepayments and other current assets – third parties 2,313 Total current assets 158,992 Property, equipment and software, net 14,189 Operating lease right-of-use assets 12,388 Other non-current assets 1,122 Total assets 186,691 Amounts due to inter-companies (i) 10,551 Operating lease liabilities – third parties 716 Accrued expenses and other current liabilities – third parties 35,254 Accrued expenses and other current liabilities – related parties 801 Mandatorily redeemable noncontrolling interest 11,381 Total current liabilities 58,703 Operating lease liabilities – third parties 1,662 Exchangeable notes (ii) 71,792 Convertible notes (ii) 76,770 Total liabilities 208,927 (i) As of December 31, 2022, amounts due to inter-companies represent the payables that the VIEs had with the Company’s subsidiaries, which were eliminated in the Company’s consolidated and combined financial statements. (ii) As of December 31, 2022, the exchangeable notes of US $71,792 was guaranteed by the WFOE and the convertible notes of US $76,770 was guaranteed by the Company and the WFOE. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From January 1, 2023 ​ Year ended ​ Year ended ​ to the completion of ​ December 31, ​ December 31, ​ ​ the Restructuring 2022 2021 ​ ​ US$ ​ US$ ​ US$ Revenues — ​ — — Net loss (i) (74,137) ​ (52,431) (8,737) Net cash used in operating activities (ii) (8,281) ​ (8,869) (7,993) Net cash used in investing activities (38,400) ​ (5,630) — Net cash(used in) provided by financing activities (iii) (107,317) ​ 137,876 55,951 Effect of exchange rate changes on cash (2,573) ​ (15,900) 1,136 Net decrease in cash (156,571) ​ 107,477 49,094 Cash at beginning of the period/year 156,571 ​ 49,094 — Cash at end of the period/year — ​ 156,571 49,094 (i) Net loss includes other expenses of US $56,752 and nil and nil arising from the transfer of VIE’s assets and liabilities to a subsidiary of WFOE for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (ii) Net cash used in operating activities includes amounts of US $88,423 , US $3,348 and nil paid to the Company’s subsidiaries and amounts of US $86,697 , US $34 and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (iii) Net cash (used in) provided by financing activities includes amounts of US $158,509 , US $10,611 and US $11,055 paid to the Company’s subsidiaries and amounts of US $32,715 , nil and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation.
Summary of carrying amount of net liabilities of subsidiary	​ ​ ​ ​   ​ US$ Cash 6 Inventories 158 Accounts receivable 1,131 Prepayments and other current assets 1,279 Property, equipment and software, net 2,784 Operating lease right-of-use assets 5,585 Other non-current assets 510 Short‑term borrowings (2,365) Accounts payable (1,298) Accrued expenses and other current liabilities (4,684) Operating lease liabilities (5,409) Net liabilities (2,303)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of cash on hand and cash at bank	​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ US$ 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$”) 7,232 165,068 − Denominated in Great Britain Pound (“GBP”) 127 2,984 − Denominated in Euro Dollar (“EUR”) 361 347 Total cash balances held at the PRC financial institutions 389,610 715,700 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 11,871 5,778 − Denominated in USD ​ 794 ​ — − Denominated in EUR ​ 4,969 ​ — − Denominated in RMB ​ 161 ​ — Total cash balances held at UK financial institutions 17,795 5,778 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 11 18 − Denominated in EUR 5,035 8,899 − Denominated in other currencies ​ 58 ​ — Total cash balances held at Netherlands financial institutions 5,104 8,917 Financial institutions in Germany ​ − Denominated in EUR 2,149 5,347 Total cash balances held at German financial institutions 2,149 5,347 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605
Schedule of property, equipment and software, net		​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms
Schedule of movement of warranty reserve	​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957	​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 %	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total accounts ​ ​ ​ receivable balance Geely Group ​ 22.09 % 95.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 74.95 % 39.28 % 74.96 % ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total payables balance ​ Geely Group ​ 65.96 % 38.29 %

ACCOUNT RECEIVABLES - THIRD P_2

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
Schedule of accounts receivable - third parties, net	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2024 2023   ​  US$ US$ Accounts receivable-third parties 73,481 77,047 Less: Allowance for credit losses (683) (383)   ​ ​ ​ Total 72,798 76,664 ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 383 Provisions 308 Foreign currency translation adjustment (8) Balance at the end of the period 683 ​	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022   ​ US$ US$ Accounts receivable-third parties 77,047 111 Less: Allowance for credit losses (383) —   ​   ​ Total 76,664 111 ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 1 Balance as of January 1, 2023 1 Provisions 374 Foreign currency translation adjustment 8 Balance as of December 31, 2023 383 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Products available for sale 340,142 246,419 Raw materials ​ 1,233 ​ — Goods in transit 43,825 18,771 Total 385,200 265,190	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Products available for sale 246,419 13,714 Goods in transit 18,771 8,989 Total 265,190 22,703

PREPAYMENTS AND OTHER CURRENT_2

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES
Schedule of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT ​ 69,684 ​ 41,066 Prepayments to third-party suppliers 34,994 11,280 Deposits 4,975 3,995 Deferred listing expenses ​ — ​ 1,686 Others ​ 8,846 ​ 5,850 Less: Allowance for credit losses (i) (7) (7) Total 118,492 63,870 (i)	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deductible VAT ​ 41,066 ​ 36,508 Prepayments to third-party suppliers 11,280 2,446 Deposits 3,995 3,747 Deferred listing expenses ​ 1,686 ​ — Others ​ 5,850 ​ 1,674 Less: Allowance for credit losses (i) (7) — Total 63,870 44,375 (i) The movement of the allowance for credit losses is as follows:
Schedule of allowance for credit losses	​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 7 Provisions 1 Foreign currency translation adjustment (1) Balance at the end of the period 7 ​	​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 2 Balance as of January 1, 2023 2 Provisions 4 Foreign currency translation adjustment 1 Balance as of December 31, 2023 7 ​

PROPERTY, EQUIPMENT AND SOFTW_2

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Schedule of property, equipment and software, net	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Machinery and R&D equipment 28,367 26,551 Molds and tooling 137,855 84,367 Motor vehicles 49,461 50,935 Office and electronic equipment 34,607 32,325 Purchased software 71,827 68,422 Leasehold improvements 43,645 35,506 Property, equipment and software 365,762 298,106 Less: Accumulated depreciation (98,699) (66,258) Construction in progress (i) 78,273 122,769 Property, equipment and software, net 345,336 354,617 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Machinery and R&D equipment 26,551 16,997 Molds and tooling 84,367 79,963 Motor vehicles 50,935 15,586 Office and electronic equipment 32,325 17,271 Purchased software 68,422 49,905 Leasehold improvements 35,506 22,431 Property, equipment and software 298,106 202,153 Less: Accumulated depreciation (66,258) (15,455) Construction in progress(i) 122,769 66,773 Property, equipment and software, net 354,617 253,471 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.
Schedule of allocation of depreciation expenses on property, equipment and software	​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cost of revenues 13,628 7,115 Research and development expenses 2,457 1,240 Selling and marketing expenses 13,282 6,871 General and administrative expenses 9,919 7,415 Total depreciation expenses 39,286 22,641 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cost of revenues 16,111 38 25 Research and development expenses 3,238 2,681 1,626 Selling and marketing expenses 18,350 5,476 61 General and administrative expenses 17,258 4,595 344 Total depreciation expenses 54,957 12,790 2,056

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 275 277 Others ​ 168 ​ — Intangible assets 116,526 116,360 ​	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 277 281 Intangible assets 116,360 116,364

LEASES (Tables)

LEASES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
LEASES
Schedule of components of lease cost	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating lease cost 14,222 13,334 Short-term lease cost 1,431 2,901 Variable lease cost 83 62 Total 15,736 16,297	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Operating lease cost 27,815 21,701 6,389 Short-term lease cost 4,288 2,595 847 Variable lease cost 141 49 231 Total 32,244 24,345 7,467
Schedule of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash outflows from operating leases ​ 13,522 ​ 21,051 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ Operating leases 2,640 24,699	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash outflows from operating leases* ​ 34,752 ​ 16,085 ​ 56,024 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases 42,707 76,584 56,610
Schedule of supplemental balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets 158,864 173,103 Total operating lease assets 158,864 173,103 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 14,526 16,760 − Operating lease liabilities-related parties* 995 840 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 81,393 91,929 − Operating lease liabilities-related parties 11,314 12,064 Total operating lease liabilities 108,228 121,593 *	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets* 173,103 158,724 Total operating lease assets 173,103 158,724 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 16,760 15,815 − Operating lease liabilities-related parties** 840 13 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 91,929 98,963 − Operating lease liabilities-related parties 12,064 170 Total operating lease liabilities 121,593 114,961 * **
Schedule of weighted average remaining lease term and weighted average discount rate for operating leases	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ ​ US$ ​ US$ ​ Weighted-average remaining lease term Operating leases 7.78 years 7.94 years ​ Weighted-average discount rate ​ Operating leases 6.64 % 6.93 % ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 2022 2021 ​ Weighted-average remaining lease term Operating leases 8.01 years 8.37 years ​ 7.36 years ​ Weighted-average discount rate ​ Operating leases 6.60 % 6.99 % 5.74 %
Schedule of operating lease liabilities of maturities		​ ​ ​ ​ ​ As of ​ ​ December 31, ​ 2023 ​ US$ 2024 23,902 2025 20,884 2026 19,482 2027 17,137 2028 16,001 Thereafter 55,092 Total undiscounted lease payments 152,498 Less: imputed interest (30,905) Total lease liabilities 121,593

OTHER NON-CURRENT ASSETS - TH_2

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT ASSETS - THIRD PARTIES
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT 54,808 41,859 Deposits for long-term operating leases 2,938 3,288 Prepayments for purchases of property, equipment and software 2,289 920 Equity investments 4,634 4,466 Others ​ 1,123 ​ — Total 65,792 50,533 ​	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deposits for long-term operating leases 3,288 3,486 Prepayments for purchases of property, equipment and software 920 1,442 Deductible VAT 41,859 5,815 Equity investment(i) 4,466 240 Total 50,533 10,983 (i)

SHORT-TERM BORROWINGS - THIRD_2

SHORT-TERM BORROWINGS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHORT-TERM BORROWINGS - THIRD PARTIES
Schedule of short-term borrowings-third parties	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Borrowings from banks 517,902 226,772 Secured loans from a financial institution 577 — Total ​ 518,479 ​ 226,772	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Borrowings from banks 226,772 28,748

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Accrued salaries and benefits 61,300 68,160 Payables for R&D expenses 71,571 75,578 Payables for marketing events 62,520 48,190 Payables for purchase of property, equipment and software 58,457 51,278 Refundable deposits from customers 27,461 27,007 Deposits from third parties (i) 11,659 19,608 VAT and other taxes payables 18,736 23,190 Payables for service fees 87,727 33,229 Bank acceptance notes and letter of credit — 38,290 Refundable deposits in connection with the PIPE investments ​ — ​ 9,699 Others 31,792 25,193 Total 431,223 419,422 (i) Represents short -term deposits from third party suppliers.	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accrued salaries and benefits 68,160 46,362 Payables for R&D expenses 75,578 83,261 Payables for marketing events 48,190 47,729 Payables for purchase of property, equipment and software 51,278 88,286 Refundable deposits from customers 27,007 3,410 Deposits from third parties(i) 19,608 4,684 VAT and other taxes payables 23,190 4,843 Payables for service fees 33,229 21,176 Bank acceptance notes and letter of credit 38,290 11,025 Refundable deposits in connection with the PIPE investments ​ 9,699 ​ — Others 25,193 12,523 Total 419,422 323,299 (i) Represents short -term deposits from third party suppliers.

PUT OPTION LIABILITIES (Tables)

PUT OPTION LIABILITIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PUT OPTION LIABILITIES
Schedule of roll forward of put option liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Meritz put option ​ ​ ​ ​ (Note 14) ​ LGIL put option ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 — 11,884 11,884 Issuance of put options 130,082 — 130,082 Change in fair values 45,132 (11,447) 33,685 Balance as of June 30, 2024 175,214 437 175,651 - Current portion ​ — ​ 437 ​ 437 - Non-current portion ​ 175,214 ​ — ​ 175,214	​ ​ ​ ​ ​ US$ Balance as of December 31, 2022 — Issuance of put options 9,376 Change in fair values 2,508 Balance as of December 31, 2023 11,884
Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model		​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​

EXCHANGEABLE NOTES (Tables)

EXCHANGEABLE NOTES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Exchangeable notes
EXCHANGEABLE NOTES
Schedule of exchangeable notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 378,638 75,678 454,316 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ (11,509) ​ 1,790 ​ (9,719) Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ — ​ 93 ​ 93 Repayments ​ (365,994) ​ — ​ (365,994) Foreign currency translation adjustment ​ (1,135) ​ (474) ​ (1,609) Balance as of June 30, 2024 ​ — ​ 77,087 ​ 77,087 – Current portion — — — – Non-current portion — 77,087 77,087	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — — Issuance of exchangeable notes 125,039 — 125,039 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 1,065 — 1,065 Changes in fair values of exchangeable notes due to the instrument-specific credit risk (132) — (132) Foreign currency translation adjustment 448 — 448 Balance as of December 31, 2021 126,420 — 126,420 Issuance of exchangeable notes 307,172 71,792 378,964 Exchange to Series A redeemable convertible preferred shares (note 17) (60,419) — (60,419) Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 13,162 — 13,162 Changes in fair values of exchangeable notes due to the instrument-specific credit risk 33 — 33 Foreign currency translation adjustment (31,048) — (31,048) Balance as of December 31, 2022 355,320 71,792 427,112 Issuance of exchangeable notes ​ 27,883 ​ — ​ 27,883 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ 737 ​ 3,711 ​ 4,448 Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ 272 ​ 1,398 ​ 1,670 Foreign currency translation adjustment ​ (5,574) ​ (1,223) ​ (6,797) Balance as of December 31, 2023 ​ 378,638 ​ 75,678 ​ 454,316 – Current portion 378,638 — 378,638 – Non-current portion — 75,678 75,678
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Schedule of assumptions used in determination of fair value of Exchangeable Notes		​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 Risk-free interest rate 1.75 % 2.07 % Discount rate 20.00 % 20.00 % Probability of conversion 90.00 % 50.00% – 75.00 % Bond yields 3.27%-4.06 % 7.35% – 7.76 % Probability of occurrence of Qualified IPO 90.00 % 45.00 %
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Schedule of assumptions used in determination of fair value of Exchangeable Notes	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ Risk-free interest rates 1.45%-1.71 % 2.08%-2.29 % Probability of conversion 75.00 % 75.00 % Bond yield 3.42 % 4.03 % ​	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.08%-2.29 % 2.40% – 2.60 % Probability of conversion 75.00 % 75.00 % Bond yield 4.03 % 7.11 % ​

CONVERTIBLE NOTES (Tables)

CONVERTIBLE NOTES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Convertible notes
CONVERTIBLE NOTES
Schedule of convertible notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary 2023 2024 ​ ​ ​ Convertible Note ​ Convertible Notes ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 ​ 81,635 ​ 20,277 ​ — ​ 101,912 Issuance of convertible notes ​ — ​ 9,500 ​ 109,784 ​ 119,284 Interest paid ​ (5,357) ​ — ​ — ​ (5,357) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ (296) ​ 337 ​ 877 ​ 918 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ 493 ​ — ​ — ​ 493 Conversion to ordinary shares ​ — ​ (30,114) ​ — ​ (30,114) Foreign currency translation adjustment ​ (505) ​ — ​ — ​ (505) Balance as of June 30, 2024 ​ 75,970 ​ — ​ 110,661 ​ 186,631 – Current portion ​ — ​ — ​ 110,661 ​ 110,661 – Non-current portion ​ 75,970 — — 75,970	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Subsidiary 2023 ​ ​ ​ Pre-A Note ​ Convertible Note ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — ​ — Issuance of convertible notes 23,445 — ​ 23,445 Balance as of December 31, 2021 23,445 — — 23,445 Issuance of convertible notes — 75,037 — 75,037 Conversion to Series Pre-A redeemable convertible preferred shares (note 17) (23,445) — — (23,445) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk — 4,264 — 4,264 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — 890 — 890 Foreign currency translation adjustment ​ — (3,421) — (3,421) Balance as of December 31, 2022 ​ — ​ 76,770 ​ — ​ 76,770 Issuance of convertible notes ​ — ​ — ​ 25,297 ​ 25,297 Partial redemption of convertible notes ​ — ​ — ​ (5,648) ​ (5,648) Interest paid ​ — ​ (3,072) ​ — ​ (3,072) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ — ​ 2,376 ​ 616 ​ 2,992 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — ​ 6,951 ​ 12 ​ 6,963 Foreign currency translation adjustment ​ — ​ (1,390) ​ — ​ (1,390) Balance as of December 31, 2023 ​ — ​ 81,635 ​ 20,277 ​ 101,912 – Current portion ​ — ​ — ​ 20,277 ​ 20,277 – Non-current portion ​ — 81,635 — 81,635
Series Pre-A Note
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note		​ ​ ​ ​ ​ ​ As of December 31, 2021 Risk-free interest rate 2.28 % Probability of conversion 75.00 % Bond yield 5.89 %
Subsidiary Convertible Note
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ Risk-free interest rates 1.93 % 2.40 % Probability of conversion 10.00 % 10.00 % Bond yields 4.80%-5.17 % 4.85%-5.84 %	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.40 % 2.52% – 2.73 % Probability of conversion 10.00 % 12.00 % Bond yields 4.85%-5.84 % 6.88% – 8.92 %
2023 Convertible Notes
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note		​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ ​ ​ ​ Risk‑free interest rate 5.51%-5.52 % Probability of conversion 90.00 % Bond yields 7.01%-8.47 % ​

DEFERRED INCOME (Tables)

DEFERRED INCOME (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DEFERRED INCOME.
Schedule of benefit recognized from asset and research and development related subsidy	​ ​ ​ ​ ​ Asset-related ​ ​ subsidy ​ ​ US$ Balance as of December 31, 2023 ​ 270,097 Subsidy received during the year ​ 28,063 Foreign currency translation adjustment ​ (1,671) Balance as of June 30, 2024 296,489	​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-related R&D-related ​ ​ ​ subsidy ​ subsidy ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — 541,592 541,592 Government grants received during the year 279,052 — 279,052 Recognized as income during the year — (490,461) (490,461) Foreign currency translation adjustment 3,270 6,843 10,113 Balance as of December 31, 2021 282,322 57,974 340,296 Recognized as income during the year — (54,954) (54,954) Foreign currency translation adjustment (23,872) (3,020) (26,892) Balance as of December 31, 2022 ​ 258,450 ​ — ​ 258,450 Subsidy received during the year ​ 16,345 ​ — ​ 16,345 Recognized as income during the year ​ — ​ — ​ — Foreign currency translation adjustment ​ (4,698) ​ — ​ (4,698) Balance as of December 31, 2023 270,097 — 270,097

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Schedule of Company's activities with respect to the redeemable convertible preferred shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A ​ Series A ​ ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$  Shares US$  Shares US$  Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 Accretion of redeemable convertible preferred shares ​ — ​ 1,385 ​ — ​ 1,594 ​ — ​ 2,979 Conversion to ordinary shares ​ (40,885,006) ​ (185,894) ​ (27,343,520) ​ (200,615) ​ (68,228,526) ​ (386,509) Balance as of June 30, 2024 — — — — — — ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A Series A ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$   ​ Shares US$   ​ Shares US$   Balance as of January 1, 2021 and 2022 — — — — — — Issuance of preferred shares 35,552,179 153,126 27,343,520 190,723 62,895,699 343,849 Re-designation of ordinary shares into preferred shares 5,332,827 23,650 — — 5,332,827 23,650 Accretion of redeemable convertible preferred shares — 508 — 402 — 910 Balance as of December 31, 2022 40,885,006 177,284 27,343,520 191,125 68,228,526 368,409 Accretion of redeemable convertible preferred shares ​ — ​ 7,225 ​ — ​ 7,896 ​ — ​ 15,121 Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530
Schedule of assumptions used in determination of fair value of Series Pre-A Preferred Shares before and after the modification		​ ​ ​ ​ ​ ​ ​ ​ October 11, 2022 – October 11, 2022 – ​ ​   before modification ​   after modification Risk-free interest rate 2.45 % 2.52 % Expected volatility 61.52 % 60.26 % Expected dividend yield 0.00 % 0.00 % Expected terms 2.22 – 4.39 years 2.22 – 5.00 years ​ Fair value of ordinary share US$3.79 US$3.66 ​

MANDATORILY REDEEMABLE NONCON_2

MANDATORILY REDEEMABLE NONCONTROLLING INTEREST (Tables)	12 Months Ended
	Dec. 31, 2023
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Schedule of mandatorily redeemable non-controlling interest	​ ​ ​ ​ ​ US$ Balance as of January 1, 2021 — Issuance of mandatorily redeemable noncontrolling interest 6,299 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk 302 Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk 13 Foreign currency translation adjustment (21) Balance as of December 31, 2021 6,593 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk 5,565 Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument-specific credit risk (30) Foreign currency translation adjustment (747) Balance as of December 31, 2022 11,381 Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk ​ 108 Redemption of mandatorily redeemable noncontrolling interest ​ (11,554) Foreign currency translation adjustment ​ 65 Balance as of December 31, 2023 —
Schedule of key assumptions used for fair value measurement of mandatorily redeemable noncontrolling interest	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 Discount rate 19.00 % Bond yields 6.74% – 7.37 % Expected terms 0.33-1.86 ​ ​

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES
Schedule of other non-current liabilities - third parties	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 ​ 2023   ​ US$ US$ Deposits from third parties 19,163 19,210 Conditional and refundable government grants 77,173 77,654 Warranty provision 11,957 6,539 Total 108,293 103,403 (i)	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022   ​ US$ US$ Deposits from third parties 19,210 15,824 Conditional and refundable government grants (i) 77,654 — Warranty provision 6,539 — Total 103,403 15,824 (i) The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAX
Schedule of maximum applicable income tax rates of other countries where the Company's subsidiaries having significant operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 ​ 2022 2021 ​ Germany ​  – Corporation tax* 15.825 % 15.825 % 15.825 %  – Trade tax* 14.35 % 14.35 % 13.825 % UK** 25 % 19 % 19 % Netherlands 25.8 % 25.8 % 25.8 % * This corporate tax rate excludes trade tax, which rate depends on the municipality in which Lotus GmbH conducts its business. Trade Tax is calculated by determining the Trade Tax Base with 3.5% of the trade income and applying the tax factor which differs according to the specific municipality in Germany and equals 410%, 410% and 395% for the municipality of Raunheim in 2023, 2022 and 2021, respectively. ** UK corporate income tax rate changed from 19% to 25% since April 2023.
Schedule of component of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ The PRC, excluding Hong Kong (514,816) (652,302) (113,598) Germany (5,370) 801 2,060 UK (166,174) 821 2,415 Netherlands (46,774) (47,710) (1,415) Cayman Islands (4,383) (25,598) 1,860 Hong Kong ​ (1,859) ​ 78 ​ — Others (9,766) (361) — Total (749,142) (724,271) (108,678) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Current income tax expense −The PRC, excluding Hong Kong 727 73 852 − Germany 332 400 603 − UK — (187) 182 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others 54 6 — Total current tax provision 1,113 292 1,637 Deferred income tax expense ​ − The PRC, excluding Hong Kong — — — − Germany — — — − UK — — 216 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others — — — Total deferred tax expense — — 216 Total income tax expense 1,113 292 1,853
Schedule of reconciliation of actual income tax expense reported from the amount computed by applying the PRC income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Computed expected income tax benefit at the PRC statutory tax rate of 25% ​ (187,286) ​ (181,068) (27,170) Effect on tax rates in different tax jurisdiction 824 5,997 (373) Preferential tax rate impact ​ (423) ​ — ​ — Tax effect of non-deductible expenses 2,474 480 110 Tax effect of R&D expenses additional deduction (17,732) (3,068) (134) Change in valuation allowance 202,586 177,715 29,784 Tax filing difference ​ 663 ​ — ​ — Others 7 236 (364) Actual income tax expense 1,113 292 1,853
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$  Deferred tax assets: Net operating losses carryforwards 186,642 78,971 Accrued expenses 22,664 23,271 Deferral of tax deduction of R&D expenses 308,850 263,384 Operating lease liabilities 31,633 29,201 Exchangeable notes 5,061 3,532 Mandatorily redeemable noncontrolling interest — 1,463 Convertible notes 3,620 1,289 Deferral of tax deduction of advertising expenses 10,054 6,404 Property, equipment and software 2,908 364 Equity investments 843 667 Deferred revenue 19,102 1,619 Total gross deferred tax assets 591,377 410,165 Valuation allowance on deferred tax assets (390,737) (202,715) Deferred tax assets, net of valuation allowance 200,640 207,450 Deferred tax liabilities: ​ Property, equipment and software (3,430) (285) Derivative assets (17) — Government grants (155,717) (178,090) Operating lease right-of-use assets (41,476) (29,201) Total deferred tax liabilities (200,640) (207,576) Net deferred tax liabilities — (126) ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ ​ US$ Deferred tax assets — — Deferred tax liabilities — (126) Net deferred tax liabilities — (126)
Summary of valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ US$ Balance at the beginning of the year 202,715 32,914 3,130 Addition 215,886 177,715 29,784 Deduction ​ (25,934) ​ — ​ — Effect of foreign currency translation (1,930) (7,914) — Balance at the end of the year 390,737 202,715 32,914
Schedule of operating loss carryforwards	​ ​ ​ ​ Year ending December 31, Amount ​ US$ 2026 43,523 2027 151,292 2028 ​ 275,898 Total 470,713

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
NET LOSS PER SHARE
Schedule of computation of basic and diluted net loss per ordinary share	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Numerator: Net loss attributable to ordinary shareholders (459,319) (347,163) Accretion of redeemable convertible preferred shares (2,979) (258) Numerator for basic and diluted net loss per ordinary share calculation (462,298) (347,421) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) ​ 616,941,673 474,621,603 Denominator for basic and diluted net loss per ordinary share calculation (1) 616,941,673 474,621,603 Net loss per ordinary share attributable to ordinary shareholders ​ ​  – Basic and diluted (0.75) (0.74) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Numerator: Net loss attributable to ordinary shareholders (742,001) (723,921) (110,531) Accretion of redeemable convertible preferred shares (15,121) (910) — Numerator for basic and diluted net loss per ordinary share calculation (757,122) (724,831) (110,531) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) 474,621,603 475,805,054 334,127,181 Denominator for basic and diluted net loss per ordinary share calculation (1) 474,621,603 475,805,054 334,127,181 Net loss per ordinary share attributable to ordinary shareholders ​ ​ ​  – Basic and diluted (1) (1.60) (1.52) (0.33) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the years ended December 31, 2023, 2022 and 2021, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(b)), as if the Recapitalization had occurred at the beginning of the earliest period presented. ​
Schedule of potentially dilutive ordinary share equivalents excluded from the computation of net loss per share	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ US$ ​ US$ Redeemable convertible preferred shares (note 18) — 68,228,526 Exchangeable notes (i) — 33,675,700 Share options (ii) 15,622,994 10,274,118 Warrant (iii) ​ — ​ 711,044 2024 Convertible Notes (iv) ​ 16,716,188 ​ — 2023 Convertible Notes (v) ​ — ​ 2,248,065 Meritz put option (vi) 50,000,000 — Public Warrant (note 13) ​ 9,054,522 ​ — Sponsor Warrant (note 13) ​ 5,486,784 ​ — Total 96,880,488 115,137,453 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,400,000 (equivalent of US $336,757 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023. (ii) For the six months ended June 30, 2024, 15,622,994 vested and unvested share options are not included in the calculation of basic loss per share, as such awards were not exercised as of June 30, 2024, and those share options are not included in the calculation of dilutive loss per share due to their antidilutive effect. For the six months ended June 30, 2023, 10,274,118 outstanding share options are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the period end. (iii) For the six months ended June 30, 2023, the warrant to purchase maximum 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US $109,784 divided by the estimated fair value of ordinary shares as of June 30, 2024. (v) For the six months ended June 30, 2023, the conversion of 2023 Convertible Notes as mentioned in note 16 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (vi) For the six months ended June 30, 2024, as mentioned in note 14, the exercise of put option issued to Meritz are not included in the calculation of diluted loss per share due to antidilutive effect using reverse treasury stock method. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 15 and note 16, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect.	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Redeemable convertible preferred shares (note 17) 68,228,526 68,228,526 — Exchangeable notes (i) 36,709,165 34,459,983 12,547,642 Series Pre-A Note (ii) — — 5,332,827 2023 Convertible notes (iii) ​ 2,029,407 ​ — ​ — Mandatorily redeemable noncontrolling interest (iv) ​ — ​ 1,148,666 ​ 627,382 Share options (v) ​ 10,073,233 ​ 10,378,710 ​ — Warrant (vi) 711,044 711,044 — Total 117,751,375 114,926,929 18,507,851 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,600,000 (equivalent of US $367,092 ), RMB 2,400,000 (equivalent of US $344,600 ) and RMB 800,000 (equivalent of US $125,476 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023, 2022 and 2021, respectively. (ii) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 150,000 (equivalent of US $21,178 ) divided by the then conversion price after Recapitalization as of December 31, 2021. (iii) For the year ended December 31, 2023, the conversion of 2023 Convertible Notes as mentioned in note 15 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 80,000 (equivalent of US $11,487 )and RMB 40,000 (equivalent of US $6,274 ) divided by the fixed conversion price of US $10 per share as of December 31, 2022 and 2021, respectively. (v) For the years ended December 31, 2023 and 2022, 10,073,233 and 10,378,710 outstanding share options, respectively, are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the year end. (vi) For the years ended December 31, 2023 and 2022, the warrant to purchase maximum 711,044 and 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the year end. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 14 and note 15, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REVENUES
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Sales of goods – third parties  – BEV lifestyle models 262,849 72,790  – Sports cars ​ 102,618 ​ 49,146  – Others 15,096 2,111 ​ 380,563 124,047 Sales of goods – related parties ​ ​  – BEV lifestyle models ​ 535 ​ 436  – Sports cars ​ 91 ​ —  – Others 1,704 371 ​ 2,330 807 Subtotal 382,893 124,854 Services- third parties ​ ​  – R&D service 56 —  – others (1) 4,504 160 ​ ​ 4,560 ​ 160 Services- related parties ​ ​ ​ ​  – R&D service ​ 6,366 ​ 4,983  – others (2) ​ 4,296 ​ 38 ​ ​ 10,662 ​ 5,021 Subtotal 15,222 5,181 Total revenues 398,115 130,035 (1) Others primarily include trainings, installed premium intelligent driving system upgrades, free battery charging services, maintenance services and vehicle internet connection services. ​ (2) Others primarily include commission service fee. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Chinese mainland 138,210 93,013 UK 69,728 7,396 Thailand 24,594 248 Malaysia ​ 23,652 ​ 1,040 Belgium ​ 21,155 ​ — Italy ​ 17,522 ​ — Japan ​ 16,943 ​ 16,217 Germany ​ 14,951 ​ — Netherlands ​ 11,145 ​ — France ​ 10,553 ​ — Others ​ 49,662 ​ 12,121 Revenues 398,115 130,035	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Service line Sales of goods – third parties  – BEV lifestyle models 464,172 — —  – Sports cars ​ 183,160 ​ 828 ​ 369  – Others 9,394 335 — ​ 656,726 1,163 369 Sales of goods – related parties ​ ​ ​  – BEV lifestyle models ​ 1,093 ​ — ​ —  – Sports cars ​ 951 ​ — ​ —  – Others 1,388 23 — ​ 3,432 23 — Subtotal 660,158 1,186 369 Services ​ ​ ​  – related parties 12,573 8,344 3,280  – third parties 6,277 27 38 Subtotal 18,850 8,371 3,318 Total revenues 679,008 9,557 3,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Chinese mainland 419,448 8,816 3,109 UK 83,827 437 439 Japan 26,390 — — Australia ​ 20,335 ​ — ​ — Belgium ​ 20,701 ​ — ​ — France ​ 16,341 ​ — ​ — Italy ​ 14,650 ​ — ​ — Germany ​ 15,904 ​ — ​ — Netherlands ​ 13,729 ​ — ​ — Others ​ 47,683 ​ 304 ​ 139 Revenues 679,008 9,557 3,687
Schedule of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 50,054 44,184  – Contract liabilities – related parties* 11,036 1 Non-current liabilities ​  – Contract liabilities – third parties 7,024 6,245 Contract liabilities, current and non-current 68,114 50,430 * This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023.	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 44,184 7,843  – Contract liabilities – related parties* 1 8 Non-current liabilities ​  – Contract liabilities – third parties 6,245 — Contract liabilities, current and non-current 50,430 7,851 * This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Schedule of major financial instruments measured at fair value, by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 2,168 2,168 — — Securities pledged to an investor ​ 310,477 ​ 310,477 ​ — ​ — Derivative asset ​ 236 ​ — ​ 236 ​ — Subtotal ​ 312,881 ​ 312,645 ​ 236 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 175,651 — — 175,651 Warrant liabilities – Public Warrants ​ 3,395 ​ 3,395 ​ — ​ — Warrant liabilities – Sponsor Warrants ​ 2,154 ​ — ​ — ​ 2,154 Convertible notes 186,631 — — 186,631 Exchangeable notes 77,087 — — 77,087 Subtotal ​ 444,918 ​ 3,395 ​ — ​ 441,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Subtotal ​ 3,393 ​ 3,326 ​ 67 ​ — Liabilities ​ Put option liabilities ​ 11,884 ​ — ​ — ​ 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 Subtotal 568,112 — — 568,112	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 11,884 — — 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 8,411 8,411 — — Liabilities ​ Convertible notes 76,770 — — 76,770 Exchangeable notes 427,112 — — 427,112 Mandatorily redeemable noncontrolling interest 11,381 — — 11,381

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Schedule of share options activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ ​ US$ Outstanding at December 31, 2023 10,073,233 2.89 2.08 ​ ​ ​ Granted 6,184,901 2.89 3.20 ​ ​ ​ Forfeited ​ (635,140) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Vested and expected to vest as of June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Exercisable as of June 30, 2024 14,587,728 2.89 2.46 8.87 167,915	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ US$ Outstanding at January 1, 2022 — — — ​ ​ ​ Granted 10,378,710 2.89 1.90 ​ ​ ​ Outstanding at December 31, 2022 ​ 10,378,710 ​ 2.89 ​ 1.90 ​ ​ ​ ​ Granted ​ 775,561 ​ 2.89 ​ 4.83 ​ ​ ​ ​ Forfeited ​ (1,081,038) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at December 31, 2023 10,073,233 2.89 2.08 8.82 60,831
Schedule of assumptions of share options granted	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, Grant dates: 2024 2023 ​ Risk-free interest rate (i) 4.46%-4.58 % 3.4%-4.79 % Expected volatility (ii) 54.06%-54.57 % 54.06%-54.48 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20-2.80 2.20-2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.78-US$9.81 US$5.91-US$8.93 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.	​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Grant dates: 2023 2022 ​ Risk-free interest rate (i) 3.4% – 4.79 % 3.71% – 4.15 % Expected volatility (ii) 54.06% – 54.48 % 56.13% – 56.32 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20 – 2.80 2.20 – 2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.91 – US$8.93 US$3.61 – US$4.11 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
Schedule of future minimum purchase commitment	As of June 30, 2024, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 89,004 ​ — ​ 89,004	As of December 31, 2023, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 179,490 ​ 2,511 ​ 182,001
Schedule of capital expenditure commitment	Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 12,077 ​ 9 ​ 12,086 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.	Total capital expenditures contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 59,304 ​ 264 ​ 59,568 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of Related party transactions	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Provision of services(i) 10,662 ​ 5,021 Sales of goods(i) 2,330 ​ 807 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Purchase of products and services ((iii).a) 521,836 264,440 Purchase of products and services for R&D activities ((iii).b) 38,311 40,348 Payment of deposits ((ii).f) 1,126 — Purchase of equipment and software ((iii).c) 530 3,943 Short-term lease cost ((iii).e) 474 63 Loans to related parties ((ii).b) 222,865 865 Proceed from settlement of related party loans ((ii).b) 140 — Interest income on loans due from related parties ((ii).b) 4,472 57 Acquisition of right-of-use assets (iv) — 8 Payment of lease liabilities (iv) ​ 828 ​ 10 Payments on behalf of related parties ((ii).a) ​ 648 ​ 1,405 Payments by related parties on behalf of the Group ((iii).d) ​ 3,316 ​ 8,308 ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 19,674 22,430 Contract liabilities – related parties* (i) 11,036 1 Prepayments and other current assets – related parties (ii) 40,381 28,744 Other non-current assets – related parties ((ii).c) 2,689 2,706 Accounts payable-related parties ((iii).a) 413,779 340,419 Accrued expenses and other current liabilities – related parties (iii) 230,993 289,845 Other non-current liabilities – related parties ((iii).f) 1,548 1,634 Operating lease liabilities– related parties, current* (iv) 995 840 Operating lease liabilities– related parties, non-current (iv) 11,314 12,064  Investment securities – related parties 2,168 3,326 Loans receivable from a related party ((ii).b) ​ 224,042 ​ — * These items are included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Note: (i) The Group sold sports cars, BEV 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 $10,662 and US $5,021 for the six months ended June 30, 2024 and 2023, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US $2,330 and US $807 for the six months ended June 30, 2024 and 2023, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US $19,674 and US $22,430 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, receipts in advance of US $11,036 and US $1 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties and other non-current assets – related parties of the Group are 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 as follows. a. The Group made payments of US $648 and US $1,405 on behalf of related parties for the six months ended June 30, 2024 and 2023, respectively. Related parties collected cash receipts of US $809 and nil for the six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, receivables of US $4,110 and USD $4,271 was included in prepayments and other current assets – related parties, respectively. b. During the six months ended June 30, 2024 and 2023, the Group provided unsecured short-term loans of nil and US $865 , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $69 and US $57 for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Group proceed from settlement of unsecured short-term loans of US $140 and nil , respectively. As of June 30, 2024 and December 31, 2023, the receivable for the loan principal and interest of US $3,141 and US $3,010 was included in prepayments and other current assets – related parties, respectively. On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of US $354,000 with term of 5 years and annual interest rate of 6.95% . During the six months period ended June 30, 2024, the Group provided loan of US $222,865 to the related party. As of June 30, 2024, the total outstanding principal was US $219,644 and the total outstanding interest income was US $4,398 . 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 $33,191 and US $21,404 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,689 and US $2,706 was included in other non-current assets-related parties as of June 30, 2024 and December 31, 2023, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of nil and US $82 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. e. For the six months ended June 30, 2024, the Group recorded US $40 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of June 30, 2024, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $61 . f. During the six months ended June 30, 2024, the Group has paid US $1,126 as deposit for services. (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the six months ended June 30, 2024 and 2023, these purchases amounted to US $521,836 and US $264,440 , among which, US $326,187 and US $118,714 were recognized as cost of goods sold for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, purchases including sports cars, BEV lifestyle models, auto parts and peripheral products of US $166,318  and US $248,331 were recorded as inventories, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$15,599 and US$27,660 were included in accrued expenses and other current liabilities – related parties, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$413,779 and US$340,419 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $38,311 and US $40,348 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of products and services for R&D activities of US $207,487 and US $217,256 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $530 and US $3,943 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of equipment and software of US $4,897 and US $19,786 were included in accrued expenses and other current liabilities – related parties, respectively. d. For the six months ended June 30, 2024 and 2023, related parties paid US $3,316 and US $8,308 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $2,723 and US $1,605 were included in accrued expenses and other current liabilities – related parties as of June 30, 2024 and December 31, 2023, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the six months ended June 30, 2024 and 2023, the Group incurred short-term lease costs of US $474 and US $63 , respectively. As of June 30, 2024 and December 31, 2023, payables for short-term leases of US $71 and US $323 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of nil and US $3 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, US $216 and US $168 were included in accrued expenses and other current liabilities – related parties, and US $1,548 and US $1,634 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). During the six months ended June 30, 2024, LCL has settled GBP 18,055 (equivalent to US $22,938 ). As of June 30, 2024 and December 31, 2023, payable for the distribution right of nil and US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the six months ended June 30, 2024 and 2023, the Group recognized right-of-use assets of nil and US $8 from related parties, respectively. The Group paid lease liabilities of US $828 and US $10 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, current operating lease liabilities were US $995 and US $840 , respectively, and non-current operating lease liabilities were US $11,314 and US $12,064 , respectively. ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Provision of services (i) 12,573 ​ 8,344 ​ 3,280 Sales of goods (i) 3,432 ​ 23 ​ — Payments on behalf of related parties ((ii).a) 4,022 244 — Cash receipts by related parties on behalf of the Group ((ii).a) 3,695 — — Loans to related parties ((ii).b) 1,227 2,310 — Interest income on loans due from related parties ((ii).b) 122 24 — Purchase of products and services ((iii).a) 852,623 44,347 14,259 Purchase of products and services for R&D activities ((iii).b) 134,721 167,012 47,442 Purchase of equipment and software ((iii).c) 11,223 42,798 6,255 Payment by related parties on behalf of the Group ((iii).d) 14,514 2,952 — Short-term lease cost ((iii).e) 765 347 243 Deposits received from related party suppliers ((iii).f) 251 1,584 — Acquisition of the distribution right ((iii).g) 22,296 — — Interest expense on borrowing due to related parties (iv) — 90 220 Repayment of borrowing from related party (iv) — 10,573 — Acquisition of right-of-use assets (v) ​ 12,166 ​ 214 ​ 1,333 Payment of lease liabilities (v) ​ 269 ​ 98 ​ 545 Purchase of Geely License (vi) ​ — ​ — ​ 288,948 Purchase of trademark licenses (vii) ​ — ​ — ​ 116,041 Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control (viii) — 15,512 — Payment for purchase of a short-term investment (ix) — 10,000 — ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 22,430 8,545 Contract liabilities – related parties* (i) 1 8 Prepayments and other current assets – related parties (ii) 28,744 8,732 Other non-current assets – related parties ((ii).c) 2,706 — Accounts payable-related parties ((iii).a) 340,419 5,770 Accrued expenses and other current liabilities – related parties (iii) 289,845 183,216 Other non-current liabilities – related parties ((iii).f) 1,634 1,584 Operating lease liabilities– related parties, current* (v) 840 13 Operating lease liabilities– related parties, non-current (v) 12,064 170  Investment securities – related parties (ix) 3,326 8,411 * These items are included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Note: (i) The Group sold sports cars, BEV 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$12,573, US$8,344 and US$3,280 for the years ended December 31, 2023, 2022 and 2021, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US$3,432, US$23 and nil for the years end December 31, 2023, 2022 and 2021, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US$22,430 and US$8,545 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, receipts in advance of US$1 and US$8 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties other non-current assets – related parties of the Group are arising from transactions related to purchase of products and services (see note (iii).a), loans to related parties, and cash receipts on behalf of the Group as follows. a. The Group made payments of US $4,022 , US $244 and nil on behalf of related parties for the years ended December 31, 2023, 2022 and 2021, respectively. Related parties collected cash receipts of US $3,695 , nil and nil on behalf of the Group for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, receivables of US $4,271 and USD $244 was included in prepayments and other current assets – related parties, respectively. b. During the years ended December 31, 2023, 2022 and 2021, the Group provided unsecured short-term loans of US $1,227, US $2,310 and nil , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $122, US$ 24 and nil for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the receivable for the loan principal and interest of US $3,010 and US$ 2,369 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 $21,404 and US$ 6,119 were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,706 and nil was included in other non-current assets-related parties as of December 31, 2023 and 2022, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US $82 and nil were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. e. As of January 1, 2023, upon the adoption of ASC 326 as mentioned in note 2(j), the expected credit loss provision for prepayments and other current assets – related parties not under common control was US $12 . For the year ended December 31, 2023, the Group recorded US $11 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of December 31, 2023, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $23 . (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the years ended December 31, 2023, 2022 and 2021, these purchases amounted to US $852,623, US $44,347 and US $14,259 , among which, US $549,893 , US $839  and US$  331 were recognized as cost of goods sold for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, purchases including sports cars, BEVs lifestyle models, auto parts and peripheral products of US $248,331 and US $21,880 were recorded as inventories, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$27,660 and US$8,684 were included in accrued expenses and other current liabilities – related parties, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$340,419 and US$5,770 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $134,721, US $167,012 and US $47,442 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related partis for purchase of products and services for R&D activities of US $217,256 and US $162,942 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $11,223 , US $42,798 and US $6,255 from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of equipment and software of US $19,786 and US $8,366 were included in accrued expenses and other current liabilities – related parties, respectively. d. Related parties paid US $14,514 and US $2,952 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $1,605 and US $2,952 were included in accrued expenses and other current liabilities – related parties as of December 31, 2023 and 2022, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the years ended December 31, 2023, 2022 and 2021, the Group incurred short-term lease costs of US $765 , US $347 and US$ 243 , respectively. As of December 31, 2023 and 2022, payables for short-term leases of US $323 and US $272 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of US$ 251 , US$ 1,584 and nil from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, US$ 168 and nil were included in accrued expenses and other current liabilities – related parties, and US $1,634 and US $1,584 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). As of December 31, 2023, payable for the distribution right of US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) In 2019, the Company’s subsidiary, Lotus Tech UK, borrowed a one-year unsecured loan from a related party with the principal amount of US$10,211,bearing an interest rate of 2% per annum, which was renewed to be mature on August 31, 2022. The borrowing was repaid in August 2022. During the years ended December 31, 2022 and 2021, the Group incurred interest expenses of US$90 and US$220, respectively. (v) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the years ended December 31, 2023, 2022 and 2021, the Group recognized right-of-use assets of US$12,166, US$214 and US$1,333 from related parties, respectively. The Group paid lease liabilities of US$269, US$98 and US$545 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, current operating lease liabilities were US$840 and US$13, respectively, and non-current operating lease liabilities were US$12,064 and US$170, respectively. (vi) On March 12, 2021, the Group entered into a license agreement with Zhejiang Liankong, a subsidiary of Geely Holding. Under the terms of the agreement, the Group received a non-exclusive, perpetual, irrevocable and non-sublicensable license for the electric automotive chassis and autonomous driving technology platform (the “Geely License”) with consideration of US$288,948. The Geely License is contractually restricted to be used in certain R&D projects of the Group. The Group concludes that the Geely License has no alternative future use, therefore the cost of the license has been expensed as research and development expenses in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2021. (vii) In November 2021, the Group obtained the trademark licenses (Note 7), from Group Lotus Limited, a related party controlled by Geely Holding, by issuing the Company’s 47,995,443 ordinary shares to LGIL, a related party controlled by Geely Holding. (viii) On December 2, 2021, the Company, through its subsidiary, Lotus Technology Innovative Limited, entered into an equity transfer agreement, pursuant to which, Lotus Technology Innovative Limited agreed to acquire 100% equity interest in Lotus Tech Innovation Centre GmbH from a related party, Geely UK Limited, at the consideration of US $15,512 , which was settled in June 2022. The transaction was accounted for as common control transaction and completed in June 2022. (ix) On May 13, 2022, the Company purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by Ecarx. Upon the listing of Ecarx on December 21, 2022, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. As of December 31, 2023 and 2022, the fair value of listed equity securities was US$3,326 and US$8,411, respectively.

PARENT COMPANY ONLY CONDENSED_2

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Schedule of parent company condensed balance sheets	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ ASSETS Current assets Cash 33,888 353,107 Amounts due from inter-companies 46,087 6,089 Prepayments and other current assets – third parties 1,687 — Total current assets 81,662 359,196 Non-current assets ​ ​ Investment securities – related parties 3,326 8,411 Total non-current assets 3,326 8,411 Total assets 84,988 367,607 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) ​ ​ Current liabilities ​ ​ Convertible notes 20,277 — Accrued expenses and other current liabilities – third parties 714 — Total current liabilities 20,991 — Non-current liabilities ​ ​ Share of losses in excess of investments in subsidiaries and consolidated VIEs 873,881 451,571 Put option liabilities 11,884 — Total non-current liabilities 885,765 451,571 Total liabilities 906,756 451,571 Total mezzanine equity 383,530 368,409 Shareholders’ equity (deficit) ​ ​ Ordinary Shares 21 21 Additional paid-in capital ​ 358,187 ​ 403,103 Receivable from shareholders ​ — ​ (26,447) Accumulated other comprehensive income 25,267 17,707 Accumulated deficit (1,588,773) (846,757) Total shareholders’ deficit (1,205,298) (452,373) Total liabilities, mezzanine equity and shareholders’ deficit 84,988 367,607
Schedule of parent company condensed statements of comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Total operating expenses (2,983) (11,127) (263) Interest income 6,979 2,839 — Interest expenses — — — Investment loss, net (5,084) (4,242) — Foreign currency exchange gains (losses), net (171) (13,068) 2,124 Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk (616) — — Changes in fair values of put option liabilities (2,508) — — Share of losses from subsidiaries and consolidated VIEs (737,618) (698,323) (112,392) Loss before income taxes (742,001) (723,921) (110,531) Income tax expense  — — — Net loss (742,001) (723,921) (110,531) Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes ​ (8,650) ​ (893) ​ 119 Foreign currency translation adjustment, net of nil income taxes ​ 16,210 ​ 18,669 ​ (843) Total comprehensive loss (734,441) (706,145) (111,255)
Schedule of parent company condensed statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Net cash generated from (used in) operating activities 3,127 2,682 (997) Net cash used in investing activities (347,697) (113,216) — Net cash provided by financing activities 27,163 392,053 82,076 Effect of exchange rate changes on cash (1,812) (10,161) 670 Net increase in cash (319,219) 271,358 81,749 Cash at the beginning of the year 353,107 81,749 — Cash at the end of the year 33,888 353,107 81,749

DESCRIPTION OF BUSINESS AND O_3

DESCRIPTION OF BUSINESS AND ORGANIZATION - Merger and recaptilizaiton (Details) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 22, 2024 USD ($) $ / shares shares	Feb. 15, 2024 shares	Jan. 31, 2024 shares	Jun. 30, 2024 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023
Class of Stock [Line Items]
Initial conversion ratio						1
Ordinary shares issued pursuant to conversion Pre-IPO Notes				(68,228,526)
Value of shares issued | $					$ 311,770
Meritz Securities Co., Ltd
Class of Stock [Line Items]
Number of shares issued		50,000,000
PIPE Investors
Class of Stock [Line Items]
Number of shares issued		35,849,458
LCAA
Class of Stock [Line Items]
Value of shares issued | $				$ 1,050
Lotus E V | Lotus Technology Inc | Subsequent events
Class of Stock [Line Items]
Number of shares issued	474,621,603
Recapitalization factor	0.2215
Initial conversion ratio	1
Number of shares recapitalized into ordinary shares	68,228,526
Number of ordinary shares to PIPE investors	35,849,458
Consideration for shares issued to PIPE investors | $	$ 358,495
Lotus E V | Lotus Technology Inc | Meritz Securities Co., Ltd | Subsequent events
Class of Stock [Line Items]
Number of shares issued	50,000,000
Value of shares issued | $	$ 500,000
Gross proceeds deposited into treasury | $	$ 500,000
Lotus E V | Lotus Technology Inc | LCAA | Subsequent events
Class of Stock [Line Items]
Number of shares issued	8,427,821
Percentage of shares held by Sponsor remain unvested	20
Exercise price of warrants | $ / shares	$ 11.50
Lotus E V | Lotus Technology Inc | Public shareholders | Subsequent events
Class of Stock [Line Items]
Number of shares issued	1,265,103
Number of warrants issued	9,550,246
Lotus E V | Lotus Technology Inc | LCA Acquisition Sponsor LP | Subsequent events
Class of Stock [Line Items]
Number of shares issued	7,087,718
Number of warrants issued	5,486,784
Lotus E V | Lotus Technology Inc | Directors and officers | Subsequent events
Class of Stock [Line Items]
Number of shares issued	75,000
Lotus E V | Lotus Technology Inc | WFOE Exchangeable Notes
Class of Stock [Line Items]
Number of shares agreed to be issued following the settlement of debt	36,597,038
Lotus E V | Lotus Technology Inc | WFOE Exchangeable Notes | Subsequent events
Class of Stock [Line Items]
Number of shares agreed to be issued following the settlement of debt	36,597,038
Lotus E V | Lotus Technology Inc | Momenta Note
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes			577,456
Lotus E V | Lotus Technology Inc | Momenta Note | Subsequent events
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes	577,456
Lotus E V | Lotus Technology Inc | Pre-IPO Note
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes			2,433,912
Lotus E V | Lotus Technology Inc | Pre-IPO Note | Subsequent events
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes	2,433,912

DESCRIPTION OF BUSINESS AND O_4

DESCRIPTION OF BUSINESS AND ORGANIZATION - History of group and basis of presentation (Details) - shares							1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 22, 2024	Dec. 24, 2021	Nov. 11, 2021	Nov. 04, 2021	Sep. 24, 2021	Aug. 09, 2021	Feb. 28, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 29, 2020
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired									100%
Lotus E V | Lotus Technology Inc | Subsequent events
DESCRIPTION OF BUSINESS AND ORGANIZATION
Number of shares issued	474,621,603
Geely holding | Lotus Technology International Investment Limited
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)			100%
Geely holding | WFOE
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)										60%
Founders Offshore Vehicle | WFOE
DESCRIPTION OF BUSINESS AND ORGANIZATION
Ownership interest held (as a percent)										40%
Founders Offshore Vehicle
DESCRIPTION OF BUSINESS AND ORGANIZATION
Common stock subscribed						191,981,772
Number of shares issued						191,981,772
WFOE | Sanya Lotus and Hangzhou Lotus
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired							100%	100%
WFOE | Etika
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired					33.33%
WFOE | Geely holding
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired					22.22%
WFOE | Founders Offshore Vehicle
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired					44.45%
Etika
DESCRIPTION OF BUSINESS AND ORGANIZATION
Number of shares issued			143,986,329
Lotus Technology International Investment Limited
DESCRIPTION OF BUSINESS AND ORGANIZATION
Percentage of equity interest acquired			100%
Number of shares issued			95,990,886						95,990,886
LGIL
DESCRIPTION OF BUSINESS AND ORGANIZATION
Number of shares issued		47,995,443		47,995,443

DESCRIPTION OF BUSINESS AND O_5

DESCRIPTION OF BUSINESS AND ORGANIZATION - Summarized Statement of assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
VIEs
Cash			$ 1
Inventories	$ 385,200	$ 265,190	22,703
Total current assets	1,279,213	883,712	823,463
Property, equipment and software, net	345,336	354,617	253,471
Operating lease right-of-use assets	158,864	173,103	158,724
Total assets	2,506,254	1,584,678	1,371,952
Operating lease liabilities, current	14,526	16,760
Mandatorily redeemable noncontrolling interest (including mandatorily redeemable noncontrolling interest of VIEs without recourse to the Company of nil and US$11,381 as of December 31, 2023 and 2022, respectively)			11,381
Total current liabilities	1,840,454	1,757,281	932,879
Exchangeable notes	77,087	75,678	71,792
Convertible notes	75,970	81,635	76,770
Total liabilities	2,680,335	2,411,850	1,456,558
Related party
VIEs
Prepayments and other current assets	40,381	28,744	8,732
Other non-current assets	2,689	2,706
Operating lease liabilities, non-current	11,314	12,064	170
Third parties
VIEs
Prepayments and other current assets	118,492	63,870	44,375
Other non-current assets	65,792	50,533	10,983
Operating lease liabilities, current	14,526	16,760	15,815
Operating lease liabilities, non-current	$ 81,393	91,929	98,963
VIEs
VIEs
Cash			156,571
Inventories			108
Prepayments and other current assets			2,313
Total current assets			158,992
Property, equipment and software, net			14,189
Operating lease right-of-use assets			12,388
Other non-current assets			1,122
Total assets			186,691
Amounts due to inter-companies			10,551
Mandatorily redeemable noncontrolling interest (including mandatorily redeemable noncontrolling interest of VIEs without recourse to the Company of nil and US$11,381 as of December 31, 2023 and 2022, respectively)		0	11,381
Total current liabilities			58,703
Operating lease liabilities, non-current			1,662
Exchangeable notes			71,792
Convertible notes			76,770
Total liabilities			208,927
VIEs | Financial guarantee by WFOE
VIEs
Exchangeable notes			71,792
Convertible notes			76,770
VIEs | Related party
VIEs
Accrued expenses and other current liabilities			801
Operating lease liabilities, non-current		0	0
VIEs | Third parties
VIEs
Operating lease liabilities, current		0	716
Accrued expenses and other current liabilities			35,254
Operating lease liabilities, non-current		$ 0	$ 1,662

DESCRIPTION OF BUSINESS AND O_6

DESCRIPTION OF BUSINESS AND ORGANIZATION - Summarized Income and Cash Flow Statement (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
VIEs
Net loss attributable to ordinary shareholders	$ (459,319)	$ (347,163)	$ (742,001)	$ (723,921)	$ (110,531)
Net cash used in operating activities	(468,361)	(303,700)	(386,932)	(351,419)	(126,505)
Net cash (used in) provided by investing activities	(542,860)	(103,733)	(197,985)	(149,414)	244,476
Net cash provided by financing activities	1,248,800	415,283	284,708	758,131	364,853
Cash and restricted cash at beginning of the year	427,135	739,533	739,533	531,452	45,685
Cash and restricted cash at end of the year	$ 643,815	729,027	427,135	739,533	531,452
VIEs
VIEs
Net loss attributable to ordinary shareholders		(74,137)		(52,431)	(8,737)
Net cash used in operating activities		(8,281)		(8,869)	(7,993)
Net cash (used in) provided by investing activities		(38,400)		(5,630)
Net cash provided by financing activities		(107,317)		137,876	55,951
Effect of exchange rate changes on cash		(2,573)		(15,900)	1,136
Net increase in cash		(156,571)		107,477	49,094
Cash and restricted cash at beginning of the year		156,571	$ 156,571	49,094
Cash and restricted cash at end of the year				156,571	49,094
VIEs | Consolidation, eliminations
VIEs
Other expenses		56,752		0	0
Net cash used in operating activities		88,423		3,348	0
Net cash provided by operating activities		86,697		34	0
Net cash used in financing activities		158,509		10,611	11,055
Net cash provided by financing activities		$ 32,715		$ 0	$ 0

DESCRIPTION OF BUSINESS AND O_7

DESCRIPTION OF BUSINESS AND ORGANIZATION - VIE narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024	Dec. 31, 2022
VIEs
Exchangeable notes	$ 75,678	$ 77,087	$ 71,792
Convertible notes	$ 81,635	$ 75,970	76,770
WFOE
VIEs
Percentage of service fee	100%
Exchangeable notes	$ 76,770
VIEs
VIEs
Additional paid-in capital of VIE's to settle obligations of VIE's	$ 155		71,792
Exchangeable notes			71,792
Convertible notes			76,770
VIEs | Financial guarantee by WFOE
VIEs
Exchangeable notes			71,792
Convertible notes			$ 76,770

DESCRIPTION OF BUSINESS AND O_8

DESCRIPTION OF BUSINESS AND ORGANIZATION - Disposal of subsidiary (Details) - USD ($) $ in Thousands		5 Months Ended	12 Months Ended
	Nov. 29, 2021	Jun. 30, 2023	Dec. 31, 2023	Aug. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of the debt instrument	1 year
Excess of cash consideration over net liabilities derecognized			$ 3,756
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Investment Income, Net
Subsidiary | Non discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration		$ 1,385
Cash		6
Inventories		158
Accounts receivable		1,131
Prepayments and other current assets		1,279
Property, equipment and software, net		2,784
Operating lease right-of-use assets		5,585
Other non-current assets		510
Shortterm borrowings		(2,365)
Accounts payable		(1,298)
Accrued expenses and other current liabilities		(4,684)
Operating lease liabilities		(5,409)
Net liabilities		(2,303)
Principal amount of debt		$ 2,346
Loans receivable				$ 2,365
Aggregate Interest rate		3.65%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Loss	$ (460,252)	$ (352,942)	$ (750,255)	$ (724,563)	$ (110,531)
Net cash used in operating activities	(468,361)	(303,700)	(386,932)	(351,419)	(126,505)
Accumulated deficit	(2,048,092)		(1,588,773)	(846,757)
Net current liabilities	(561,241)		(873,569)
Inventory write-downs	$ 4,711	$ 848	1,668	0	0
Impairment losses			0	0	0
Advertising expenditures			150,920	90,431	21,207
Government grants			4,077	870	233
Employee social benefits			46,969	36,534	$ 15,324
Restricted net assets			$ 160,651	$ 85,164

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty at beginning of the year	$ 7,022
Additions	8,790	$ 8,492
Utilization	(1,541)	(1,499)
Foreign currency translation adjustment	(55)	29
Accrued warranty at end of the year	14,216	7,022
Including: Current portion of warranty	2,259	483
Non-current portion of warranty	$ 11,957	6,539
Product Warranty Expense		$ 8,492	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash on hand and cash at bank
Total cash balances held at financial institutions	$ 268,781	$ 418,941	$ 736,604
Cash on hand			1
Total cash balances	268,781	418,941	736,605
Deposits at the PRC financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	240,361	389,610	715,700
Deposits at the PRC financial Institutions | Chinese Renminbi
Cash on hand and cash at bank
Total cash balances held at financial institutions	196,598	381,890	547,301
Deposits at the PRC financial Institutions | United States Dollars
Cash on hand and cash at bank
Total cash balances held at financial institutions	43,156	7,232	165,068
Deposits at the PRC financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	255	127	2,984
Deposits at the PRC financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	352	361	347
Deposits At The UK Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	14,480	17,795	5,778
Deposits At The UK Financial Institutions | Chinese Renminbi
Cash on hand and cash at bank
Total cash balances held at financial institutions	255	161
Deposits At The UK Financial Institutions | United States Dollars
Cash on hand and cash at bank
Total cash balances held at financial institutions	1,980	794
Deposits At The UK Financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	12,193	11,871	5,778
Deposits At The UK Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	52	4,969
Deposits At The Netherlands Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,963	5,104	8,917
Deposits At The Netherlands Financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	283	11	18
Deposits At The Netherlands Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,662	5,035	8,899
Deposits At The Netherlands Financial Institutions | Other Currency
Cash on hand and cash at bank
Total cash balances held at financial institutions	18	58
Deposits At The German Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,952	2,149	5,347
Deposits At The German Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,952	2,149	5,347
Deposits At Financial Institutions In Other Jurisdictions
Cash on hand and cash at bank
Total cash balances held at financial institutions	$ 8,025	$ 4,283	$ 862

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Derivative asset	$ 67	$ 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current
Fair value loss		$ 2,653
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Investment Income, Net
Fair value gain	$ 67		$ 2,229
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Investment Income, Net		Investment Income, Net

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Short-term investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fair value gain	$ 0	$ 1,316	$ 0
Short term investment outstanding	0	0
Fair value gain/loss	$ 97	$ 996	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Investment Income, Net	Investment Income, Net
Carrying amount of equity securities	$ 3,326	$ 8,411
Marketable securities gain/(loss) before adoption		$ 2,905	$ 0
Marketable securities gain/(loss), after adoption	$ 5,085

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable and expected credit losses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit	$ (174,081)	$ (1,210,702)	$ (778,451)		$ (453,015)	$ 195,321	$ 16,107
Adjustment
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit					(15)
Accumulated deficit
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit	$ (2,048,092)	$ (1,588,773)	$ (1,193,935)		(846,757)	$ (122,836)	$ (10,425)
Accumulated deficit | Adjustment
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit					$ (15)
Accumulated deficit | Adjustment | ASC 326
Accounts Receivable and expected credit losses
Adopted of ASC 326 and several associated ASU related with accumulated deficit				$ 15

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, equipment and software, net (Details)	Dec. 31, 2023
Machinery and R&D equipment | Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Machinery and R&D equipment | Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years
Molds and tooling | Minimum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Molds and tooling | Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years
Motor vehicles | Minimum
Property, equipment and software, net
Property plant and equipment useful life	2 years
Motor vehicles | Maximum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Office and electronic equipment | Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Office and electronic equipment | Maximum
Property, equipment and software, net
Property plant and equipment useful life	5 years
Purchased software | Minimum
Property, equipment and software, net
Property plant and equipment useful life	3 years
Purchased software | Maximum
Property, equipment and software, net
Property plant and equipment useful life	10 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Land use rights and Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)
Leases
Number of operating segment | segment	1
Property, equipment and software, net	$ 354,617	$ 345,336	$ 253,471
UK
Leases
Property, equipment and software, net	46,827		4,180
Germany
Leases
Property, equipment and software, net	$ 54,470		$ 26,544
Land Improvements [Member] | Minimum
Leases
Operating lease term of contract	40 years
Land Improvements [Member] | Maximum
Leases
Operating lease term of contract	50 years

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and Risk (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Concentration and Risk
Related party transactions | $	$ 9,590	$ 4,923	$ 11,031	$ 8,036	$ 3,280
Number of customer | customer	0	0	0	0	0
Maximum insured amount by government authority | ¥						¥ 500	¥ 500
Revenue Benchmark | Customer Concentration Risk | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	69.75%		97.57%	96.24%
Accounts receivable | Credit concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	14.84%		22.09%	95%
Purchases | Supplier concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	69.70%	72.72%	74.95%	39.28%	74.96%
Accounts Payable | Supplier concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	59.49%		65.96%	38.29%

ACCOUNT RECEIVABLES - THIRD P_3

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Details) - Nonrelated Party - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
Accounts receivable-third parties	$ 73,481	$ 77,047	$ 111
Less: Allowance for credit losses	(683)	(383)	0
Total	$ 72,798	$ 76,664	$ 111

ACCOUNT RECEIVABLES - THIRD P_4

ACCOUNT RECEIVABLES - THIRD PARTIES, NET - Movement (Details) - Nonrelated Party - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Movement of the allowance for credit losses
Balance as of December 31, 2022	$ 383	$ 0
Provisions	308	374
Foreign currency translation adjustment	(8)	8
Balance as of December 31, 2023	$ 683	383
Adjustment | ASC 326
Movement of the allowance for credit losses
Balance as of December 31, 2022		1
Adjusted balance
Movement of the allowance for credit losses
Balance as of December 31, 2022		$ 1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVENTORIES
Products available for sale	$ 340,142		$ 246,419	$ 13,714
Goods in transit	43,825		18,771	8,989
Total	385,200		265,190	22,703
Inventory write-downs	$ 4,711	$ 848	$ 1,668	$ 0	$ 0

PREPAYMENTS AND OTHER CURRENT_3

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Details) - Third parties - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
PREPAYMENTS AND OTHER CURRENT ASSETS
Deductible VAT	$ 69,684	$ 41,066	$ 36,508
Prepayments to third-party suppliers	34,994	11,280	2,446
Deposits	4,975	3,995	3,747
Deferred listing expenses		1,686
Others	8,846	5,850	1,674
Less: Allowance for credit losses (i)	(7)	(7)
Total	$ 118,492	$ 63,870	$ 44,375

PREPAYMENTS AND OTHER CURRENT_4

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES - Movement (Details) - Nonrelated Party - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning	$ 7
Provisions	1	$ 4
Foreign currency translation adjustment	(1)	1
Balance at the end	$ 7	7
Cumulative effect of adoption of new accounting standard | ASC 326
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning		2
Adjusted balance
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning		$ 2

PROPERTY, EQUIPMENT AND SOFTW_3

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 365,762	$ 298,106	$ 202,153
Less: Accumulated depreciation	(98,699)	(66,258)	(15,455)
Construction in progress	78,273	122,769	66,773
Property, equipment and software, net	345,336	354,617	253,471
Machinery and R&D equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	28,367	26,551	16,997
Molds and tooling
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	137,855	84,367	79,963
Motor vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	49,461	50,935	15,586
Office and electronic equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	34,607	32,325	17,271
Purchased software
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	71,827	68,422	49,905
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 43,645	$ 35,506	$ 22,431

PROPERTY, EQUIPMENT AND SOFTW_4

PROPERTY, EQUIPMENT AND SOFTWARE, NET - Allocation of depreciation expenses on property, equipment and software (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 39,286	$ 22,641	$ 54,957	$ 12,790	$ 2,056
Property, equipment and software, net	345,336		354,617	253,471
Asset Pledged as Collateral | WFOE Exchangeable Notes
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software, net			37,287	0
Cost of revenues
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	13,628	7,115	16,111	38	25
Research and development expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	2,457	1,240	3,238	2,681	1,626
Selling and marketing expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	13,282	6,871	18,350	5,476	61
General and administrative expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 9,919	$ 7,415	$ 17,258	$ 4,595	$ 344

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 04, 2021
INTANGIBLE ASSETS
Trademark licenses with indefinite useful lives	$ 116,083	$ 116,083	$ 116,083	$ 116,041
License plates with indefinite useful lives	275	277	281
Intangible assets	$ 116,526	$ 116,360	$ 116,364

LEASES - Lease cost (Details)

LEASES - Lease cost (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease cost	$ 14,222	$ 13,334	$ 27,815	$ 21,701	$ 6,389
Short-term lease cost	1,431	2,901	4,288	2,595	847
Variable lease cost	83	62	141	49	231
Total	$ 15,736	$ 16,297	$ 32,244	$ 24,345	$ 7,467

LEASES - Supplemental cash flow

LEASES - Supplemental cash flows information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating cash outflows from operating leases	$ 13,522	$ 21,051	$ 34,752	[1]	$ 16,085	[1]	$ 56,024	[1]
Operating leases	$ 2,640	$ 24,699	$ 42,707		$ 76,584		$ 56,610
Maximum
Lessee, Lease, Description [Line Items]
Lease term			50 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term			40 years		40 years		40 years
Use Rights
Lessee, Lease, Description [Line Items]
Prepayments for land use right			$ 10,900		$ 0		$ 49,237
[1] For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years .

LEASES - Supplemental balance s

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 158,864	$ 173,103	$ 158,724
Operating lease liabilities, current	14,526	16,760
Total lease liabilities	108,228	121,593	114,961
Related party
Operating Leases
Operating lease liabilities-related parties	995	840	13
Operating lease liabilities, non-current	11,314	12,064	170
Nonrelated Party
Operating Leases
Operating lease liabilities, current	14,526	16,760	15,815
Operating lease liabilities, non-current	$ 81,393	$ 91,929	$ 98,963

LEASES - Weighted-average remai

LEASES - Weighted-average remaining lease term and discount rate (Details)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Weighted-average remaining lease term - Operating leases	7 years 9 months 10 days	8 years 3 days	7 years 11 months 8 days	8 years 4 months 13 days	7 years 4 months 9 days
Weighted-average discount rate - Operating leases	6.64%	6.60%	6.93%	6.99%	5.74%

LEASES - Maturities of operatin

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Future Minimum Lease Payments
2024		$ 23,902
2025		20,884
2026		19,482
2027		17,137
2028		16,001
Thereafter		55,092
Total undiscounted lease payments		152,498
Less: imputed interest		(30,905)
Total lease liabilities	$ 108,228	$ 121,593	$ 114,961

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 173,103	$ 158,864	$ 158,724
Future minimum lease payments for short term operating lease	79
Asset Pledged as Collateral | WFOE Exchangeable Notes | Use Rights
Operating Leases
Operating lease right-of-use assets	32,653		0
Land use rights
Operating Leases
Operating lease right-of-use assets	$ 52,811		$ 43,974

OTHER NON-CURRENT ASSETS - TH_3

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments		$ 281	$ 5,059	$ 5,059	$ 3,114
Related party
Schedule of Equity Method Investments [Line Items]
Total		2,689		2,706
Nonrelated Party
Schedule of Equity Method Investments [Line Items]
Deposits for long-term operating leases		2,938		3,288	3,486
Prepayments for purchases of property, equipment and software		2,289		920	1,442
Deductible VAT		54,808		41,859	5,815
Equity investments		4,634		4,466	240
Total		$ 65,792		$ 50,533	$ 10,983
Hubei Changjiang Chegu Industry Investment Fund Partnership
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments	$ 4,317
Percentage of investment fund partnership	16.67%

SHORT-TERM BORROWINGS - THIRD_3

SHORT-TERM BORROWINGS - THIRD PARTIES (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Nov. 29, 2021	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
SHORT-TERM BORROWINGS-THIRD PARTIES
Borrowings from banks		$ 518,479	$ 226,772	$ 28,748
Loan term	1 year
Interest rate on short-term borrowings		4.03%	3.90%	3.90%
Line of credit		$ 946,716	$ 279,300	$ 28,748
Unused portion		262,569	14,119	$ 0
Unsecured borrowings from a bank
SHORT-TERM BORROWINGS-THIRD PARTIES
Borrowings from banks		517,902	226,772
Principal amount of debt		$ 151,118	$ 272,897
Loan term		1 year	1 year	1 year
Variable interest rate		0.10%
Unsecured borrowings from a bank | PRC
SHORT-TERM BORROWINGS-THIRD PARTIES
Principal amount of debt		$ 439,922	$ 481,176	$ 28,170
Variable interest rate		0.25%		0.25%
Unsecured borrowings from a bank | PRC | Minimum
SHORT-TERM BORROWINGS-THIRD PARTIES
Variable interest rate			0.10%
Unsecured borrowings from a bank | PRC | Maximum
SHORT-TERM BORROWINGS-THIRD PARTIES
Variable interest rate			0.25%

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
Accrued salaries and benefits	$ 61,300	$ 68,160	$ 46,362
Payables for R&D expenses	71,571	75,578	83,261
Payables for marketing events	62,520	48,190	47,729
Payables for purchase of property, equipment and software	58,457	51,278	88,286
Refundable deposits from customers	27,461	27,007	3,410
Deposits from third parties	11,659	19,608	4,684
VAT and other taxes payables	18,736	23,190	4,843
Payable for service fees	87,727	33,229	21,176
Bank acceptance notes and letter of credit		38,290	11,025
Refundable deposits in connection with the PIPE investments		9,699
Others	31,792	25,193	12,523
Total	$ 431,223	$ 419,422	$ 323,299

PUT OPTION LIABILITIES - Roll f

PUT OPTION LIABILITIES - Roll forward (Details) - Put option agreements with Geely HK and Etika - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PUT OPTION LIABILITIES
Balance at the beginning	$ 11,884
Issuance of put options	130,082	$ 9,376
Change in fair values	33,685	2,508
Balance at the ending	$ 175,651	$ 11,884
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair values of put option liabilities	Changes in fair values of put option liabilities

PUT OPTION LIABILITIES - Narrat

PUT OPTION LIABILITIES - Narrative (Details) - Put option agreements with Geely HK and Etika $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($) item $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
PUT OPTION LIABILITIES
Consideration		$ 0
Multiplication factor for calculation of pre-agreed price		1.15
Number of vehicles to be sold, pre-agreed condition | item		5,000
Listing price per share | $ / shares		$ 10
Fair value of put option liabilities		$ 9,376
Increase in fair value of the put option liabilities	$ 2,508		$ 0	$ 0

PUT OPTION LIABILITIES - Assump

PUT OPTION LIABILITIES - Assumptions (Details) - Put option agreements with Geely HK and Etika - Level 3	Dec. 31, 2023
Risk-free interest rate
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.0487
Expected volatility
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.2633
Expected dividend yield
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0
Expected terms
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	1.5
Probability of exercise condition
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.5000
Fair value of underlying ordinary share of LGIL
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.81

PIPE Investments (Details)

PIPE Investments (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Feb. 22, 2024	Feb. 15, 2024	Nov. 16, 2023	Nov. 15, 2023	Dec. 31, 2023
PIPE Investments
Refundable deposits in connection with the PIPE investments					$ 9,699
PIPE Investors
PIPE Investments
Number of shares issued		35,849,458
Meritz subscription agreements and PIPE subscription agreements
PIPE Investments
Number of shares issued					0
Meritz Subscription Agreement
PIPE Investments
Number of shares agreed to issue				50,000,000
Agreed investment amount				$ 500,000
Threshold period for deposit in restricted securities account				2 days
Internal rate of return on investments				12.50%
Share price				$ 14
Number of shares issued	50,000,000
Meritz Subscription Agreement | U.S. treasury bonds
PIPE Investments
Aggregate outstanding principal deposited in restricted securities account			$ 325,000
Meritz Subscription Agreement | U.S. treasury bills
PIPE Investments
Aggregate outstanding principal deposited in restricted securities account				$ 175,000
PIPE Subscription Agreements
PIPE Investments
Share price					$ 10
Refundable deposits in connection with the PIPE investments					$ 10,000
Investment interest rate					8%
PIPE Subscription Agreements | Geely
PIPE Investments
Agreed investment amount					$ 127,500
PIPE Subscription Agreements | Etika
PIPE Investments
Agreed investment amount					122,500
PIPE Subscription Agreements | PIPE Investors
PIPE Investments
Agreed investment amount		$ 15,000			$ 94,713
Share price		$ 10

EXCHANGEABLE NOTES (Details)

EXCHANGEABLE NOTES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EXCHANGEABLE NOTES
Balance as of beginning	$ 454,316	$ 427,112	$ 427,112	$ 126,420
Issuance of exchangeable notes	361,262		27,883	378,964	$ 125,039
Exchange to Series A redeemable convertible preferred shares (note 14)				(60,419)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	(9,719)		4,448	13,162	1,065
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	93		1,670	33	(132)
Foreign currency translation adjustment	(1,609)		(6,797)	(31,048)	448
Balance as of ending	77,087		454,316	427,112	126,420
- Current portion			378,638
- Non-current portion	77,087		75,678
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning	378,638	355,320	355,320	126,420
Issuance of exchangeable notes			27,883	307,172	125,039
Exchange to Series A redeemable convertible preferred shares (note 14)				(60,419)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	(11,509)	3,144	737	13,162	1,065
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	0	651	272	33	(132)
Foreign currency translation adjustment	(1,135)		(5,574)	(31,048)	448
Balance as of ending			378,638	355,320	126,420
- Current portion			378,638
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning	75,678	71,792	71,792
Issuance of exchangeable notes				71,792
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	1,790	3,155	3,711	0	0
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	93	$ 423	1,398	0	$ 0
Foreign currency translation adjustment	(474)		(1,223)
Balance as of ending	77,087		75,678	$ 71,792
- Non-current portion	$ 77,087		$ 75,678

EXCHANGEABLE NOTES - Additional

EXCHANGEABLE NOTES - Additional information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands														1 Months Ended				6 Months Ended		12 Months Ended
	Sep. 22, 2023 USD ($)	Sep. 22, 2023 CNY (¥)	Apr. 27, 2023 USD ($) $ / shares	Apr. 27, 2023 CNY (¥)	Aug. 02, 2022 USD ($)	Aug. 02, 2022 CNY (¥)	Jan. 18, 2022 USD ($)	Jan. 18, 2022 CNY (¥)	Jan. 07, 2022 USD ($)	Jan. 07, 2022 CNY (¥)	Nov. 29, 2021	Nov. 05, 2021 USD ($)	Nov. 05, 2021 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Nov. 30, 2021 CNY (¥)	Sep. 30, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ¥ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Sep. 30, 2023 USD ($)	Nov. 30, 2022 CNY (¥)	Nov. 30, 2021 USD ($)
EXCHANGEABLE NOTES
Loan term											1 year
Issuance of exchangeable notes	$ 27,883	¥ 200,000			$ 118,585	¥ 800,000	$ 94,457	¥ 600,000	$ 94,130	¥ 600,000		$ 125,039	¥ 800,000
Operating lease right-of-use assets														$ 158,724				$ 158,864		$ 173,103	$ 173,103	$ 158,724
Property, equipment and software, net														253,471				345,336		354,617	354,617	253,471
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		93		1,670		33	$ (132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		(9,719)		4,448		13,162	1,065
Changes In Fair Values Of Mandatorily Redeemable Noncontrolling Interest, Exchangeable Notes And Convertible Notes, Excluding Impact Of Instrument-Specific Credit Risk																		8,801	$ (12,758)	(7,531)		(22,991)	(1,367)
Asset Pledged as Collateral | WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Property, equipment and software, net														0						37,287	37,287	0
Asset Pledged as Collateral | WFOE Exchangeable Notes | Use Rights
EXCHANGEABLE NOTES
Operating lease right-of-use assets																				$ 32,653	$ 32,653
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Aggregate principal amount of loan | ¥																								¥ 3,000,000
Maximum Exchangeable Notes entitled to issue | ¥																	¥ 3,000,000
Interest rate																	3%			3%	3%			3%
Loan term																	1 year
Debt instrument conversion price per share | $ / shares			$ 10
Debt instrument amount derecognized			$ 367,092	¥ 2,600,000
Percentage of change in present values of the exchangeable Notes before and after the amendment			10%	10%
Change in fair value of exchangeable notes due to modification			$ 661
Founders Onshore Vehicle, Transfer of shares, Price per share | ¥ / shares																					$ 1
Maximum percentage of shareholding for Notes Holder if there is required investment																				5%
Percentage of shareholding adjusted on pro-rata basis if there is less than required investment																				5%
Founders Onshore Vehicle, Purchase price of shares, Interest rate on debt if consummation of Qualified IPO not within threshold period (in percent)																				3%
Founders Onshore Vehicle, Threshold period for consummation of Qualified IPO																				7 years
Founders Onshore Vehicle, Purchase price of shares, Percentage of shares held by Notes Holer to be purchased																				60%
Founders Onshore Vehicle, Purchase price of shares, Interest rate on debt if prior to consummation of Qualified IPO																				8%
Fair value of the guarantees and Rights and Obligations provided by the Founders Onshore Vehicle														$ 8,135								8,135			$ 909		$ 3,391
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		0	651	$ 272		33	(132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		(11,509)	3,144	$ 737		$ 13,162	1,065
WFOE Exchangeable Notes | Series A Preferred Shares Preferred Shares
EXCHANGEABLE NOTES
Amount issued exchanged for shares | ¥																¥ 400,000
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Aggregate principal amount of loan | ¥																										¥ 1,000,000
Interest rate														110%						110%	110%	110%		110%
Loan term														5 years	5 years					5 years
Issuance of exchangeable notes														$ 71,792	¥ 500,000
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		93	423	$ 1,398		$ 0	0
Outstanding principal and interests at maturity																		0		0		0
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		$ 1,790	$ 3,155	$ 3,711		$ 0	$ 0
Maximum extension term of each tranche														1 year	1 year					1 year

EXCHANGEABLE NOTES - Assumption

EXCHANGEABLE NOTES - Assumptions used in determining fair values of Exchangeable Notes (Details)	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
WFOE Exchangeable Notes | Risk-free interest rate
EXCHANGEABLE NOTES
Measurement input		0.0175	0.0207
WFOE Exchangeable Notes | Discount rate
EXCHANGEABLE NOTES
Measurement input		0.2000	0.2000
WFOE Exchangeable Notes | Probability of conversion
EXCHANGEABLE NOTES
Measurement input		0.9000
WFOE Exchangeable Notes | Probability of conversion | Minimum
EXCHANGEABLE NOTES
Measurement input			0.5000
WFOE Exchangeable Notes | Probability of conversion | Maximum
EXCHANGEABLE NOTES
Measurement input			0.7500
WFOE Exchangeable Notes | Bond yields | Minimum
EXCHANGEABLE NOTES
Measurement input		0.0327	0.0735
WFOE Exchangeable Notes | Bond yields | Maximum
EXCHANGEABLE NOTES
Measurement input		0.0406	0.0776
WFOE Exchangeable Notes | Probability of occurrence of Qualified IPO
EXCHANGEABLE NOTES
Measurement input		0.9000	0.4500
Lightning Speed Exchangeable Notes | Risk-free interest rate | Minimum
EXCHANGEABLE NOTES
Measurement input	0.0145	0.0208	0.0240
Lightning Speed Exchangeable Notes | Risk-free interest rate | Maximum
EXCHANGEABLE NOTES
Measurement input	0.0171	0.0229	0.0260
Lightning Speed Exchangeable Notes | Probability of conversion
EXCHANGEABLE NOTES
Measurement input	0.7500	0.7500	0.7500
Lightning Speed Exchangeable Notes | Bond yields
EXCHANGEABLE NOTES
Measurement input	0.0342	0.0403	0.0711

CONVERTIBLE NOTES (Details)

CONVERTIBLE NOTES (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
CONVERTIBLE NOTES
Issuance of convertible notes				$ 25,297	$ 75,037	$ 23,445
Conversion to Series Pre-A redeemable convertible preferred shares (note 14)		$ (30,114)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(9,719)		4,448	13,162	1,065
Changes in fair values of convertible notes due to the instrument-specific credit risk		93		1,670	33	(132)
Foreign currency translation adjustment		(1,609)		(6,797)	(31,048)	448
- Current portion				20,277
- Non-current portion		75,970		81,635	76,770
Convertible notes
CONVERTIBLE NOTES
Beginning balance		101,912	$ 76,770	76,770	23,445
Issuance of convertible notes		119,284		25,297	75,037	23,445
Conversion to Series Pre-A redeemable convertible preferred shares (note 14)					(23,445)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(918)		2,992	4,264
Changes in fair values of convertible notes due to the instrument-specific credit risk		493		6,963	890
Foreign currency translation adjustment		(505)		(1,390)	(3,421)
Partial redemption of convertible notes					(5,648)
Interest paid		(5,357)			(3,072)
Ending balance		186,631		101,912	76,770	23,445
- Current portion		110,661		20,277
- Non-current portion		75,970		81,635
Series Pre-A Note
CONVERTIBLE NOTES
Beginning balance					23,445
Issuance of convertible notes						23,445
Conversion to Series Pre-A redeemable convertible preferred shares (note 14)					(23,445)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk | ¥	¥ 0
Ending balance						23,445
Subsidiary Convertible Note
CONVERTIBLE NOTES
Beginning balance		81,635	76,770	76,770
Issuance of convertible notes					75,037
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		296	6,232	2,376	4,264	0
Changes in fair values of convertible notes due to the instrument-specific credit risk		493	486	6,951	890	0
Foreign currency translation adjustment		(505)		(1,390)	(3,421)
Interest paid		(5,357)			(3,072)
Ending balance		75,970		81,635	76,770
- Non-current portion		75,970		81,635
2023 Convertible Notes
CONVERTIBLE NOTES
Beginning balance		20,277
Issuance of convertible notes		9,500		25,297
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(337)	136	616	0	0
Changes in fair values of convertible notes due to the instrument-specific credit risk		$ 0	$ 18	12	0	$ 0
Partial redemption of convertible notes					$ (5,648)
Ending balance				20,277
- Current portion				$ 20,277

CONVERTIBLE NOTES - Series Pre-

CONVERTIBLE NOTES - Series Pre-A Note (Details) ¥ in Thousands, $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2022 shares	Nov. 29, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 29, 2021 CNY (¥)
EXCHANGEABLE NOTES
Term of the debt instrument		1 year
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk				$ (9,719)	$ 4,448	$ 13,162	$ 1,065
Changes in fair values of convertible notes due to the instrument-specific credit risk				$ 93	$ 1,670	$ 33	$ (132)
Series Pre-A Note
EXCHANGEABLE NOTES
Term of the debt instrument		1 year
Aggregate principal amount of loan		$ 23,445						¥ 150,000
Interest rate		8%						8%
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk | ¥			¥ 0
Conversion of shares | shares	5,332,827

CONVERTIBLE NOTES - Key assumpt

CONVERTIBLE NOTES - Key assumptions used in determining fair value of Series Pre-A Note (Details) - Series Pre-A Note	Dec. 31, 2021
Risk-free interest rate
EXCHANGEABLE NOTES
Measurement input	0.0228
Probability of conversion
EXCHANGEABLE NOTES
Measurement input	0.7500
Bond yields
EXCHANGEABLE NOTES
Measurement input	0.0589

CONVERTIBLE NOTES - Subsidiary

CONVERTIBLE NOTES - Subsidiary Convertible Note (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands			1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 08, 2022 USD ($) shares	Nov. 29, 2021	Jun. 30, 2022 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 08, 2022 CNY (¥) ¥ / shares shares
EXCHANGEABLE NOTES
Term of the debt instrument		1 year
Changes in fair values of convertible notes due to the instrument-specific credit risk				$ 93		$ 1,670	$ 33	$ (132)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk				(9,719)		4,448	13,162	1,065
Subsidiary Convertible Note
EXCHANGEABLE NOTES
Term of the debt instrument	7 years		7 years
Aggregate principal amount of loan	$ 75,037		¥ 500,000						¥ 500,000
Variable interest rate	79.80%		79.80%
Debt instrument conversion price per share | ¥ / shares			¥ 135						¥ 135
Number of shares represented for 1 RMB registered capital | shares	1		1						1
Written notice period date for redeeming note	15 days
Penalty percentage per day (%)	0.05%
Changes in fair value of the convertible notes				197	$ 6,718	9,327	5,154	0
Changes in fair values of convertible notes due to the instrument-specific credit risk				493	486	6,951	890	0
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk				$ 296	$ 6,232	$ 2,376	$ 4,264	$ 0
Subsidiary Convertible Note | Five-year LPR
EXCHANGEABLE NOTES
Term of the debt instrument	5 years		5 years

CONVERTIBLE NOTES - Key assum_2

CONVERTIBLE NOTES - Key assumptions used in determining fair value of Subsidiary Convertible Note (Details) - Subsidiary Convertible Note	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Risk-free interest rate
Debt Instrument [Line Items]
Measurement input	0.0193	0.0240
Risk-free interest rate | Maximum
Debt Instrument [Line Items]
Measurement input		0.0273
Risk-free interest rate | Minimum
Debt Instrument [Line Items]
Measurement input	0.0240	0.0252
Probability of conversion
Debt Instrument [Line Items]
Measurement input	0.1000	0.1000	0.1200
Bond yields | Maximum
Debt Instrument [Line Items]
Measurement input	0.0517	0.0584	0.0892
Bond yields | Minimum
Debt Instrument [Line Items]
Measurement input	0.0480	0.0485	0.0688

CONVERTIBLE NOTES - 2023 Conver

CONVERTIBLE NOTES - 2023 Convertible Notes (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands						6 Months Ended		12 Months Ended
	Nov. 11, 2023 USD ($)	May 30, 2023 USD ($)	May 28, 2023 $ / shares	Apr. 28, 2023 CNY (¥)	Nov. 29, 2021	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2024 USD ($)
CONVERTIBLE NOTES
Term of the debt instrument					1 year
Changes in fair values of exchangeable notes due to the instrument- specific credit risk						$ 93		$ 1,670	$ 33	$ (132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk						(9,719)		4,448	13,162	1,065
2023 Convertible notes
CONVERTIBLE NOTES
Aggregate principal amount of loan								23,500
Payment of partial redemption price									5,648
Changes in fair value of the convertible notes						337	$ 118	628	0	0
Changes in fair values of exchangeable notes due to the instrument- specific credit risk						0	18	12	0	0
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk						$ (337)	$ 136	616	$ 0	$ 0
Pre-IPO Notes
CONVERTIBLE NOTES
Principal amount of debt agreed to issue								$ 23,500
Term of the debt instrument								1 year
Additional term of debt instrument								6 months
Cash consideration for agreed subscription of notes								$ 9,500
Aggregate principal amount of loan								$ 14,000			$ 9,500
Interest rate								8%
Conversion price of convertible notes (in RMB per share) | $ / shares								$ 10
Momenta Note
CONVERTIBLE NOTES
Aggregate principal amount of loan				¥ 80,000				$ 5,649
Interest rate				8%
Conversion price of convertible notes (in RMB per share) | $ / shares			$ 10
Threshold number of business days after the maturity date for redemption				1 year
Percentage of redemption price on principal amount			50%
Payment of partial redemption price	$ 5,648
Momenta Note | Ningbo Robotics
CONVERTIBLE NOTES
Aggregate principal amount of loan		$ 11,297
Percentage of equity interest to be acquired		40%
Cash Consideration upon Acquisition of Equity Interest		$ 80,000

CONVERTIBLE NOTES - Key assum_3

CONVERTIBLE NOTES - Key assumptions used in determining fair value of 2023 Convertible Notes (Details) - 2023 Convertible Notes	Dec. 31, 2023
Risk-free interest rate | Minimum
Debt Instrument [Line Items]
Measurement input	0.0551
Risk-free interest rate | Maximum
Debt Instrument [Line Items]
Measurement input	0.0552
Probability of conversion
Debt Instrument [Line Items]
Measurement input	0.9000
Bond yields | Minimum
Debt Instrument [Line Items]
Measurement input	0.0701
Bond yields | Maximum
Debt Instrument [Line Items]
Measurement input	0.0847

DEFERRED INCOME (Details)

DEFERRED INCOME (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
DEFERRED INCOME
Balance at the beginning of the year	$ 270,097	$ 258,450	$ 258,450	$ 340,296	$ 541,592
Government grants received during the year	28,063	14,533	16,345		279,052
Recognized as income during the year				(54,954)	(490,461)
Foreign currency translation adjustment			(4,698)	(26,892)	10,113
Balance at the end of the year	296,489		270,097	258,450	340,296
Government grants	2,488	662	4,077	55,824	490,694
Asset-related subsidy
DEFERRED INCOME
Balance at the beginning of the year	270,097	$ 258,450	258,450	282,322
Government grants received during the year	28,063		16,345		279,052
Recognized as income during the year			0
Foreign currency translation adjustment	(1,671)		(4,698)	(23,872)	3,270
Balance at the end of the year	296,489		270,097	258,450	282,322
Asset-related subsidy | corporate buildings and plant under construction
DEFERRED INCOME
Government grants received during the year	$ 28,063		16,345	0	279,052
R&D-related subsidy
DEFERRED INCOME
Balance at the beginning of the year				57,974	541,592
Recognized as income during the year				(54,954)	(490,461)
Foreign currency translation adjustment				(3,020)	6,843
Balance at the end of the year					57,974
Proceeds from subsidy related to R&D expenditures						$ 755,581
Government grants			0	54,954	490,461
Government grants
DEFERRED INCOME
Government grants			$ 4,077	$ 870	$ 233

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Activities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 383,530	$ 368,409
Beginning balance (in shares)		68,228,526	68,228,526
Issuance of preferred shares				$ 343,849
Issuance of preferred shares (in shares)				62,895,699
Re-designation of ordinary share into preferred shares				$ 23,650
Re-designation of ordinary share into preferred shares (in shares)				5,332,827
Accretion of redeemable convertible preferred shares		$ 2,979	$ 15,121	$ 910
Ending balance	$ 368,409		$ 383,530	$ 368,409
Ending balance (in shares)	68,228,526		68,228,526	68,228,526
Series Pre-A Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 184,509	$ 177,284
Beginning balance (in shares)		40,885,006	40,885,006
Issuance of preferred shares				$ 153,126
Issuance of preferred shares (in shares)				35,552,179
Re-designation of ordinary share into preferred shares				$ 23,650
Re-designation of ordinary share into preferred shares (in shares)				5,332,827
Accretion of redeemable convertible preferred shares		$ 1,385	$ 7,225	$ 508
Ending balance	$ 177,284		$ 184,509	$ 177,284
Ending balance (in shares)	40,885,006		40,885,006	40,885,006
Series A Preferred Shares Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 199,021	$ 191,125
Beginning balance (in shares)		27,343,520	27,343,520
Issuance of preferred shares				$ 190,723
Issuance of preferred shares (in shares)	27,343,520			27,343,520
Accretion of redeemable convertible preferred shares		$ 1,594	$ 7,896	$ 402
Ending balance	$ 191,125		$ 199,021	$ 191,125
Ending balance (in shares)	27,343,520		27,343,520	27,343,520

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Terms and redemption rights (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands					3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 22, 2022 USD ($) shares	Mar. 18, 2022 USD ($) shares	Mar. 18, 2022 CNY (¥) shares	Nov. 29, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Jul. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) D $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 CNY (¥)
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares									62,895,699
Price per share | $ / shares						$ 11.50
Cash consideration						$ 858,495				$ 197,918
Number of shares redesignated from ordinary shares | shares									5,332,827
Excess of the preferred shares' fair value over the ordinary shares' fair value was recognized as share-based compensation expenses									$ 10,625
Threshold curing period								90 days
Threshold number of business days to effectively provide remedy for any material adverse effect to the operation of the Group | D								20
Redemption price as a percentage of issuance price (in percent)											100%
Redemption rights, Simple interest rate (in percent)											8%
Initial investment amount of the investor considered for interest accrual from a specified date | ¥											¥ 150,000
Pre-A Investor B
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares		5,332,827	5,332,827
Cash consideration		$ 23,650	¥ 150,000
Series Pre-A Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares									35,552,179
Number of shares redesignated from ordinary shares | shares									5,332,827
Excess of the preferred shares' fair value over the ordinary shares' fair value was recognized as share-based compensation expenses								$ 10,625
Series Pre-A Preferred Shares | Pre-A Investor A
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares							35,552,179
Aggregate consideration							$ 153,126
Aggregate consideration settled by cash							$ 129,681
Series Pre-A Preferred Shares | Pre-A Investor A | Series Pre-A Note
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Aggregate consideration settled by issuance of notes				$ 23,445
Series Pre-A Preferred Shares | Pre-A Investor B
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares redesignated from ordinary shares | shares	5,332,827
Excess of ordinary shares' fair value over its par value charged to additional paid-in capital	$ 13,024
Series A Preferred Shares Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares					27,343,520				27,343,520
Par value (in dollars per share) | $ / shares					$ 0.00001	$ 0.00001		$ 0.00001	$ 0.00001
Aggregate consideration					$ 187,734
Aggregate consideration settled by cash					130,304
Series A Preferred Shares Preferred Shares | WFOE Exchangeable Notes
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Aggregate consideration settled by issuance of notes					$ 57,430
Series A Preferred Shares Preferred Shares | Related party | Northpole GLY 3 LP
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Number of shares issued (in shares) | shares					2,818,400
Aggregate consideration settled by cash					$ 20,000

REDEEMABLE CONVERTIBLE PREFER_5

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Assumptions used in determination of fair value (Details) - Series Pre-A Preferred Shares	Oct. 11, 2022 Y $ / shares
Before modification | Risk-free interest rate
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0.0245
Before modification | Expected volatility
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0.6152
Before modification | Expected dividend yield
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0
Before modification | Expected terms | Minimum
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	2.22
Before modification | Expected terms | Maximum
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	4.39
Before modification | Fair value of underlying ordinary share of LGIL
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input | $ / shares	3.79
After modification | Risk-free interest rate
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0.0252
After modification | Expected volatility
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0.6026
After modification | Expected dividend yield
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	0
After modification | Expected terms | Minimum
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	2.22
After modification | Expected terms | Maximum
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input	5
After modification | Fair value of underlying ordinary share of LGIL
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Redeemable convertible preferred shares, measurement input | $ / shares	3.66

REDEEMABLE CONVERTIBLE PREFER_6

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Additional information (Details) ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Sep. 30, 2021
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Initial conversion ratio			1				1
Liquidation preference amount per share as a percentage of issuance price (in percent)			100%				100%
Liquidation preference amount per share, Simple interest rate (in percent)			8%				8%
Total consideration for additional shares issuable upon failure to achieve SOP milestones | ¥				¥ 1
Fair value changes recycled to the consolidated and combined statements of comprehensive loss	$ 401	$ 1,559	$ 8,650		$ 893	$ (119)
WFOE Exchangeable Notes
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Interest rate			3%				3%	3%
Carrying amount of notes derecognized upon exchange			$ 60,419
Fair value changes recycled to the consolidated and combined statements of comprehensive loss			$ 64
Series Pre-A Preferred Shares | WFOE Exchangeable Notes
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Period of delay in achieving SOP Milestones, considered for issuance of additional number of preferred shares			6 months	6 months
Series Pre-A Preferred Shares | Pre-A Investor A
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Percentage of the then issued and outstanding shares of the Company immediately prior to issuance, considered for determination of nominal price of additional shares issuable (in percent)			0.50%				0.50%
Maximum percentage of shares then held by the investor, considered for issuance of additional shares			2%				2%
Series Pre-A Preferred Shares | Pre-A Investor A | WFOE Exchangeable Notes
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Initial investment amount of the investor considered for interest accrual from a specified date | ¥							¥ 150,000
Series A Preferred Shares Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Value of shares recognized upon exchange			$ 60,419

MANDATORILY REDEEMABLE NONCON_3

MANDATORILY REDEEMABLE NONCONTROLLING INTEREST - Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mandatorily Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 11,381	$ 6,593
Issuance of mandatorily redeemable noncontrolling interest			$ 6,299
Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk	108	5,565	302
Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument specific credit risk	0	(30)	13
Redemption of mandatorily redeemable noncontrolling interest	(11,554)
Foreign currency translation adjustment	$ 65	(747)	(21)
Ending balance		$ 11,381	$ 6,593

MANDATORILY REDEEMABLE NONCON_4

MANDATORILY REDEEMABLE NONCONTROLLING INTEREST (Details) ¥ in Thousands, $ in Thousands						1 Months Ended	12 Months Ended
	Apr. 28, 2023 USD ($)	Apr. 28, 2023 CNY (¥)	Apr. 23, 2023 USD ($)	Nov. 12, 2021 USD ($)	Nov. 12, 2021 CNY (¥)	Mar. 31, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of Equity Interest Acquired							100%
Changes in fair values of mandatorily redeemable noncontrolling interest due to the instrument specific credit risk							$ 0	$ (30)	$ 13
Changes in fair values of mandatorily redeemable noncontrolling interest impact of instrument specific credit risk recycled amount			$ 17
Changes in fair values of mandatorily redeemable noncontrolling interest, excluding impact of instrument-specific credit risk							$ 108	$ 5,565	$ 302
Ningbo Robotics Co., Ltd.
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of Equity Interest Acquired	40%	40%
Cash consideration amount	$ 11,554	¥ 80,000
Ningbo Robotics | Momenta
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of ownership by non-controlling interest in newly incorporated company				40%	40%
Amount invested in newly incorporated company				$ 6,299
Ningbo Robotics | VIEs
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of ownership by VIE in newly incorporated company				60%	60%
Amount invested in newly incorporated company				$ 9,449
Percentage of interest to be acquired by VIE and sold by Momenta							40%
Period within which the noncontrolling interest is to be repurchased							3 years
Ningbo Robotics | VIEs | Sanya Lotus
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of equity interest sold						60%
Ningbo Robotics | VIEs | If there is any disagreement or disputes arising between Ningbo Robotics and Momenta
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Cash consideration to acquire equity interest | ¥					¥ 40,000
Ningbo Robotics | VIEs | Momenta | If there is any disagreement or disputes arising between Ningbo Robotics and Momenta
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of interest to be acquired by VIE and sold by Momenta				40%	40%
Ningbo Robotics | VIEs | Momenta | No later than the third anniversary date of the incorporation of Ningbo Robotics
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of interest to be acquired by VIE and sold by Momenta				40%	40%
Ningbo Robotics | VIEs | Momenta | Redemption between the date of incorporation and the first anniversary of Ningbo Robotics
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Redemption price at which the equity interest is to be sold by noncontrolling owners | ¥					¥ 40,000
Ningbo Robotics | VIEs | Momenta | Redemption between the first anniversary and the second anniversary of the incorporation Ningbo Robotics
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Redemption price at which the equity interest is to be sold by noncontrolling owners | ¥					80,000
Ningbo Robotics | VIEs | Momenta | Redemption between the second anniversary and the third anniversary of the incorporation Ningbo Robotics
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Redemption price at which the equity interest is to be sold by noncontrolling owners | ¥					¥ 120,000
Ningbo Robotics | VIEs | Momenta | If Qualified IPO is approved within the third anniversary date of the incorporation of Ningbo Robotics
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Percentage of interest to be acquired by VIE and sold by Momenta				40%	40%

MANDATORILY REDEEMABLE NONCON_5

MANDATORILY REDEEMABLE NONCONTROLLING INTEREST - Key assumptions used in determination of fair value (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Measurement input		0.1900
Bond yields | Maximum
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Measurement input	0.0737
Bond yields | Minimum
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Measurement input	0.0674
Expected terms | Maximum
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Measurement input	1.86
Expected terms | Minimum
MANDATORILY REDEEMABLE NONCONTROLLING INTEREST
Measurement input	0.33

OTHER NON-CURRENT LIABILITIES_3

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023		Dec. 31, 2022
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Warranty provision		$ 11,957	$ 6,539
Nonrelated Party
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Deposits from third parties		19,163	19,210		$ 15,824
Conditional and refundable government grants (i)	[1]	77,173	77,654	[2]
Warranty provision		11,957	6,539
Total		$ 108,293	$ 103,403		$ 15,824
[1]The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the unaudited condensed consolidated statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of June 30, 2024, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.[2] The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands							6 Months Ended		12 Months Ended
	Mar. 18, 2022 USD ($) $ / shares shares	Dec. 24, 2021 USD ($) shares	Nov. 11, 2021 USD ($) $ / shares shares	Nov. 04, 2021 shares	Sep. 24, 2021 CNY (¥)	Aug. 09, 2021 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Feb. 22, 2024 $ / shares shares	Sep. 24, 2021 $ / shares
ORDINARY SHARES
Common shares, shares authorized			5,000,000,000				5,000,000,000		5,000,000,000	5,000,000,000		5,000,000,000
Common shares, par value (in dollars per share) | $ / shares							$ 0.00001		$ 0.00001	$ 0.00001		$ 0.00001
Price per share | $ / shares							$ 11.50
Value of shares issued | $											$ 311,770
Number of shares redesignated from ordinary shares										5,332,827
Re-designation of ordinary share into preferred shares | $										$ 23,650
Percentage of equity interest acquired									100%
Total consideration | $							$ 281	$ 5,059	$ 5,059	$ 3,114
Common shares, shares issued							677,231,538		474,621,603	474,621,603
Common shares, shares outstanding							677,231,538		474,621,603	474,621,603
Common Stock, Authorized Price per Share | $ / shares			$ 0.00001									$ 50	$ 50
Series PreA Redeemable Convertible Preferred Shares [Member] | Pre A Investor B
ORDINARY SHARES
Number of shares redesignated from ordinary shares	5,332,827
Number of per shares redesignated from ordinary shares | $ / shares	$ 4.43
Re-designation of ordinary share into preferred shares | $	$ 23,650
Lotus Technology International Investment Limited
ORDINARY SHARES
Value of shares issued | $			$ 67,566
Geely holding | Lotus Technology International Investment Limited
ORDINARY SHARES
Ownership interest held (as a percent)			100%
Etika | Lotus Technology International Investment Limited
ORDINARY SHARES
Value of shares issued | $		$ 116,041
Founders Offshore Vehicle
ORDINARY SHARES
Number of shares issued						191,981,772
Price per share | $ / shares						$ 0.70
Value of shares issued | $						$ 133,683
Lotus Technology International Investment Limited
ORDINARY SHARES
Number of shares issued			95,990,886						95,990,886
Price per share | $ / shares			$ 0.70
Percentage of equity interest acquired			100%
WFOE | Geely holding
ORDINARY SHARES
Percentage of equity interest acquired					22.22%
WFOE | Etika
ORDINARY SHARES
Percentage of equity interest acquired					33.33%
Total consideration			$ 100,690		¥ 650,100
Etika
ORDINARY SHARES
Number of shares issued			143,986,329
Lotus HK
ORDINARY SHARES
Percentage of equity interest acquired			100%
LGIL
ORDINARY SHARES
Number of shares issued		47,995,443		47,995,443

DISTRIBUTION AGREEMENT (Details

DISTRIBUTION AGREEMENT (Details) - LCL £ in Thousands, $ in Thousands	Jan. 31, 2023 GBP (£)	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
DISTRIBUTION AGREEMENT
Cash consideration	£ 18,055	$ 22,296
Purchase price of distribution right			$ 22,296
Historical cost of distribution right			$ 0

NON-CONTROLLING INTEREST (Detai

NON-CONTROLLING INTEREST (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2023	May 31, 2023	Jun. 30, 2024	Dec. 31, 2021
NON-CONTROLLING INTEREST
Capital contributions from shareholders				$ 15,695
Increase in additional paid-in capital	$ 968
Nonrelated Party
NON-CONTROLLING INTEREST
Capital contributions from shareholders			$ 13,191
Kingway Technology
NON-CONTROLLING INTEREST
Ownership interest held (as a percent)	54.30%	100%
Capital contributions from shareholders		$ 4,857
Kingway Technology | Related party
NON-CONTROLLING INTEREST
Capital contributions from shareholders	$ 4,182
Kingway Technology | Nonrelated Party
NON-CONTROLLING INTEREST
Capital contributions from shareholders	$ 278

INCOME TAX - Effective income t

INCOME TAX - Effective income tax reconciliation (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	(0.08%)	0.01%
Statutory income tax rate	25%	25%	25%	25%	25%
Withholding tax rate			10%
Hong Kong
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate			16.50%
Base assessable profits			$ 2
First HK$2 million of profits, tax rate			8.25%
Germany
Effective Income Tax Rate Reconciliation [Line Items]
Corporate Tax			15.825%	15.825%	15.825%
Trade Tax			14.35%	14.35%	13.825%
Percentage of trade income for trade tax base			3.50%
Percentage of tax factor for specific municipality			410%	410%	395%
UK
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate			25%	19%	19%
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate			25.80%	25.80%	25.80%

INCOME TAX - Component of loss

INCOME TAX - Component of loss before income tax (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			$ (749,142)	$ (724,271)	$ (108,678)
Total current tax provision			1,113	292	1,637
Total deferred tax expense			(126)		216
Actual income tax expense	$ 355	$ (18)	1,113	292	1,853
The PRC, excluding Hong Kong
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(514,816)	(652,302)	(113,598)
Total current tax provision			727	73	852
Germany
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(5,370)	801	2,060
Total current tax provision			332	400	603
UK
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(166,174)	821	2,415
Total current tax provision				(187)	182
Total deferred tax expense					216
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(46,774)	(47,710)	(1,415)
Cayman Islands
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(4,383)	(25,598)	$ 1,860
Hong Kong
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(1,859)	78
Others
Effective Income Tax Rate Reconciliation [Line Items]
Loss before income tax			(9,766)	(361)
Total current tax provision			$ 54	$ 6

INCOME TAX - Computation of act

INCOME TAX - Computation of actual income tax expense (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Computed expected income tax benefit at the PRC statutory tax rate of 25%			$ (187,286)	$ (181,068)	$ (27,170)
Effect on tax rates in different tax jurisdiction			824	5,997	(373)
Preferential tax rate impact			(423)
Tax effect of non-deductible expenses			2,474	480	110
Tax effect of R&D expenses additional deduction			(17,732)	(3,068)	(134)
Change in valuation allowance			202,586	177,715	29,784
Tax filing difference			663
Others			7	236	(364)
Actual income tax expense	$ 355	$ (18)	$ 1,113	$ 292	$ 1,853
Statutory income tax rate	25%	25%	25%	25%	25%

INCOME TAX -Deferred income tax

INCOME TAX -Deferred income tax (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses carryforwards	$ 186,642	$ 78,971
Accrued expenses	22,664	23,271
Deferral of tax deduction of R&D expenses	308,850	263,384
Operating lease liabilities	31,633	29,201
Exchangeable notes	5,061	3,532
Mandatorily redeemable noncontrolling interest		1,463
Convertible notes	3,620	1,289
Deferral of tax deduction of advertising expenses	10,054	6,404
Property, equipment and software	2,908	364
Equity investments	843	667
Deferred revenue	19,102	1,619
Total gross deferred tax assets	591,377	410,165
Valuation allowance on deferred tax assets	(390,737)	(202,715)	$ (32,914)	$ (3,130)
Deferred tax assets, net of valuation allowance	200,640	207,450
Deferred tax liabilities:
Property, equipment and software	(3,430)	(285)
Derivative asset	(17)
Government grants	(155,717)	(178,090)
Operating lease right-of-use assets	(41,476)	(29,201)
Total deferred tax liabilities	$ (200,640)	(207,576)
Net deferred tax liabilities		(126)
Deferred tax liabilities		(126)
Net deferred tax liabilities		$ 126

INCOME TAX -Valuation allowance

INCOME TAX -Valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Balance at the beginning of the year	$ 202,715	$ 32,914	$ 3,130
Addition	215,886	177,715	29,784
Deduction	(25,934)
Effect of foreign currency translation	(1,930)	(7,914)
Balance at the end of the year	$ 390,737	$ 202,715	$ 32,914

INCOME TAX -Operating loss carr

INCOME TAX -Operating loss carryforward (Details) € in Thousands, £ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards			$ 470,713
Effective income tax rate	(0.08%)	0.01%
2026
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards			43,523
2027
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards			151,292
2028
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards			275,898
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards subject to expiration			$ 94,088
Term of operating loss carry forward | €						€ 1,000
Effective income tax rate			25.80%	25.80%	25.80%
Percentage of taxable profits			50%
UK
Effective Income Tax Rate Reconciliation [Line Items]
Net operating loss carryforwards subject to expiration			$ 140,725
Effective income tax rate			25%	19%	19%
Annual limit of utilization | £							£ 5,000

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to ordinary shareholders	$ (459,319)	$ (347,163)	$ (742,001)	$ (723,921)	$ (110,531)
Accretion of Redeemable Convertible Preferred Shares	(2,979)	(258)	(15,121)	(910)
Net loss available to ordinary shareholders	$ (462,298)	$ (347,421)	$ (757,122)	$ (724,831)	$ (110,531)
Denominator:
Weighted average number of ordinary shares, basic (in shares)	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Weighted average number of ordinary shares, diluted (in shares)	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Net loss per ordinary share attributable to ordinary shareholders - Basic (in dollars per share)	$ (0.75)	$ (0.74)	$ (1.60)	$ (1.52)	$ (0.33)
Net loss per ordinary share attributable to ordinary shareholders - Diluted (in dollars per share)			$ (1.60)	$ (1.52)	$ (0.33)

NET LOSS PER SHARE - Potentiall

NET LOSS PER SHARE - Potentially Dilutive Securities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 CNY (¥) shares	Jun. 30, 2023 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	96,880,488	115,137,453	117,751,375	114,926,929	18,507,851
Fixed monetary value used in conversion					¥ 150,000	$ 109,784			$ 21,178
Redeemable convertible preferred shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		68,228,526	68,228,526	68,228,526
Exchangeable notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		33,675,700	36,709,165	34,459,983	12,547,642
Fixed monetary value used in conversion	¥ 2,400,000		¥ 2,600,000	¥ 2,400,000	¥ 800,000	$ 336,757	$ 367,092	$ 344,600	$ 125,476
Debt instrument conversion price per share | $ / shares							$ 10	$ 10	$ 10
Series Pre-A Preferred Shares Preferred Shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)					5,332,827
2023 Convertible notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		2,248,065	2,029,407
Mandatorily redeemable noncontrolling interest
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)				1,148,666	627,382
Fixed monetary value used in conversion				¥ 80,000	¥ 40,000			$ 11,487	$ 6,274
Debt instrument conversion price per share | $ / shares								$ 10	$ 10
Outstanding share options
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	15,622,994	10,274,118	10,073,233	10,378,710
Outstanding share options		10,274,118	10,073,233	10,378,710
Warrant
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		711,044	711,044	711,044
Outstanding share options		711,044	711,044	711,044

REVENUES - Disaggregation of re

REVENUES - Disaggregation of revenue (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
Chinese mainland
REVENUES
Revenues	138,210	93,013	419,448	8,816	3,109
UK
REVENUES
Revenues	69,728	7,396	83,827	437	439
Japan
REVENUES
Revenues	16,943	16,217	26,390
AUSTRALIA
REVENUES
Revenues			20,335
Belgium
REVENUES
Revenues	21,155		20,701
France
REVENUES
Revenues	10,553		16,341
Italy
REVENUES
Revenues	17,522		14,650
Germany
REVENUES
Revenues	14,951		15,904
Netherlands
REVENUES
Revenues	11,145		13,729
Others
REVENUES
Revenues	49,662	12,121	47,683	304	139
Goods
REVENUES
Revenues	382,893	124,854	660,158	1,186	369
Goods | Third parties
REVENUES
Revenues	380,563	124,047	656,726	1,163	369
Goods | Related parties
REVENUES
Revenues	2,330	807	3,432	23	0
BEV lifestyle models | Third parties
REVENUES
Revenues	262,849	72,790	464,172
BEV lifestyle models | Related parties
REVENUES
Revenues	535	436	1,093
Sports cars | Third parties
REVENUES
Revenues	102,618	49,146	183,160	828	369
Sports cars | Related parties
REVENUES
Revenues	91		951
Others | Third parties
REVENUES
Revenues	15,096	2,111	9,394	335
Others | Related parties
REVENUES
Revenues	1,704	371	1,388	23
Service
REVENUES
Revenues	15,222	5,181	18,850	8,371	3,318
Service | Third parties
REVENUES
Revenues	4,560	160	6,277	27	38
Service | Related parties
REVENUES
Revenues	$ 10,662	$ 5,021	$ 12,573	$ 8,344	$ 3,280

REVENUES - Contract liabilities

REVENUES - Contract liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Contract liabilities, current	$ 50,054	$ 44,184
Contract liabilities - related parties	11,036	1	$ 8
Contract liabilities, non-current	7,024	6,245
Contract liabilities	68,114	50,430	7,851
Third parties
REVENUES
Contract liabilities, current	50,054	44,184	7,843
Contract liabilities, non-current	7,024	6,245
Related parties
REVENUES
Contract liabilities - related parties	$ 11,036	1	8
Contract liabilities		$ 1	$ 8

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Contract liabilities	$ 68,114	$ 50,430	$ 7,851
Contract liabilities, revenue recognized	16,915	5,438
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenues
Transaction price of remaining performance obligation	$ 255,159	$ 333,985
Recognized revenue	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Transaction price of remaining performance obligation	$ 7,045	$ 12,067
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Recognized revenue	1 year	1 year
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Recognized revenue	10 years	10 years

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of major financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Derivative asset		$ 67	$ 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Prepaid Expense and Other Assets, Current
Level 1
Assets
Investment securities	$ 2,168	$ 3,326	8,411
Level 2
Assets
Derivative asset	236	67
Level 3
Liabilities
Put option liabilities	175,651	11,884
Convertible notes	186,631	101,912	76,770
Exchangeable notes	77,087	454,316	427,112
Mandatorily redeemable noncontrolling interest			11,381
Recurring
Assets
Investment securities	2,168	3,326	8,411
Derivative asset	236	67
Liabilities
Put option liabilities	175,651	11,884
Convertible notes	186,631	101,912	76,770
Exchangeable notes	$ 77,087	$ 454,316	427,112
Mandatorily redeemable noncontrolling interest			$ 11,381

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended	12 Months Ended
	Dec. 21, 2022	May 13, 2022	Nov. 29, 2021	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENT
Term of the debt instrument			1 year
Fair value gain (loss) of the financial assets included in earnings					$ 0	$ 1,316	$ 0
Amount recognized of the converted financial instrument				$ 30,114
Fair value of Group's equity securities					3,326	8,411
Convertible Note
FAIR VALUE MEASUREMENT
Debt instrument amount derecognized	$ 11,316
Equity securities
FAIR VALUE MEASUREMENT
Amount recognized of the converted financial instrument	$ 11,316
Level 1 | Equity securities
FAIR VALUE MEASUREMENT
Fair value gain (loss) of the financial assets included in earnings				1,158	1,085
Fair value of Group's equity securities				$ 2,168	3,326	8,411
Related party | Level 1 | Equity securities
FAIR VALUE MEASUREMENT
Fair value gain (loss) of the financial assets included in earnings					$ 5,085	$ 2,905	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]					Investment (loss) income, net	Investment (loss) income, net	Investment (loss) income, net
Related party | ECARX | Convertible Note
FAIR VALUE MEASUREMENT
Term of the debt instrument		1 year
Principal amount of debt		$ 10,000
Related party | ECARX | Equity securities
FAIR VALUE MEASUREMENT
Debt instrument conversion price per share	$ 9.5

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of share options activities (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Outstanding, Beginning balance	10,073,233	10,378,710	0
Granted	6,184,901	775,561	10,378,710
Forfeited	(635,140)	(1,081,038)
Outstanding, Ending balance	15,622,994	10,073,233	10,378,710
Weighted average exercise price
Outstanding, Beginning balance	$ 2.89	$ 2.89	$ 0
Granted	2.89	2.89	2.89
Forfeited	2.89	2.89
Outstanding, Ending balance	2.89	2.89	2.89
Weighted average grant-date fair value
Outstanding, Beginning balance	2.08	1.90	0
Granted	3.20	4.83	1.90
Forfeited	2.21	2.21
Outstanding, Ending balance	$ 2.51	$ 2.08	$ 1.90
Weighted remaining contractual years
Weighted remaining contractual years	8 years 10 months 9 days	8 years 9 months 25 days
Aggregate intrinsic value
Outstanding, Beginning balance	$ 60,831
Outstanding, Ending balance	$ 182,813	$ 60,831

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of assumptions of share options granted (Details) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
SHARE-BASED COMPENSATION
Expected dividend yield			0%	0%
Options
SHARE-BASED COMPENSATION
Risk-free interest rate, Minimum	4.46%	3.40%	3.40%	3.71%
Risk-free interest rate, Maximum	4.58%	4.79%	4.79%	4.15%
Expected volatility, Minimum	54.06%	54.06%	54.06%	56.13%
Expected volatility, Maximum	54.57%	54.48%	54.48%	56.32%
Expected dividend yield	0%	0%
Expected terms	10 years	10 years	10 years	10 years
Options | Minimum
SHARE-BASED COMPENSATION
Exercise multiple	2.20	2.20	2.20	2.20
Fair value of underlying ordinary share	$ 5.78	$ 5.91	$ 5.91	$ 3.61
Options | Maximum
SHARE-BASED COMPENSATION
Exercise multiple	2.80	2.80	2.80	2.80
Fair value of underlying ordinary share	$ 9.81	$ 8.93	$ 8.93	$ 4.11

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
SHARE-BASED COMPENSATION
Number of options granted during the period	6,184,901		775,561	10,378,710
Share based compensation expense	$ 35,894		$ 0
Options
SHARE-BASED COMPENSATION
Number of options granted during the period			940,640
Number of shares issued	5,730,859		9,132,593
Share based compensation expense			$ 0
Unrecognized share-based compensation expense	$ 2,851		18,776
Share-based compensation expense recognized based on period of service	$ 0		$ 16,243
Options | 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Aggregate number of shares that may be issued					51,550,661
Number of options granted during the period	6,184,901	2,691,667	775,561	10,378,710
Share options, contractual term (in years)	10 years		10 years
Number of options that were exercisable			0
Options | 2022 Share Incentive Plan | Minimum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	0 years		0 years
Options | 2022 Share Incentive Plan | Maximum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	3 years		3 years
Options | Employee
SHARE-BASED COMPENSATION
Number of options granted during the period	5,768		0	1,028,126
Fair value of awards recognized as dividends			$ 2,101
Options | Employee | 2022 Share Incentive Plan | Director or Officer
SHARE-BASED COMPENSATION
Number of options granted during the period	0		0
Options | Non employee | 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Number of options granted during the period	64,229	0	0	312,292

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Purchase commitment (Details) - purchase commitment related to vehicles, research and development services and other operating expenses - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Less than one year	$ 89,004	$ 179,490
More than one year		2,511
Total	$ 89,004	$ 182,001

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Capital commitment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
Less than one year	$ 12,077	$ 59,304
More than one year	9	264
Total	$ 12,086	$ 59,568

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) £ in Thousands, $ in Thousands				6 Months Ended			12 Months Ended						36 Months Ended
	Mar. 11, 2024	May 13, 2022 USD ($)	Dec. 02, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)		Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Loans to related parties				$ 222,865		$ 865
Short term lease cost				1,431		2,901	$ 4,288		$ 2,595		$ 847
Acquisition of the distribution right				9,590		4,923	11,031		8,036		3,280
Interest income on loans due from related parties				8,658		5,848	9,204		12,188		6,219
Interest expense on borrowing due to related parties				11,708		3,470	10,200		8,542		3,615
Repayment of borrowing from related party									9,844
Payment of lease liabilities				13,522		21,051	$ 34,752	[1]	$ 16,085	[1]	$ 56,024	[1]
Payment by related parties on behalf of the Group				$ 3,316		$ 8,308
Minimum
RELATED PARTY TRANSACTIONS
Interest rate on debt (as a percent)				3.65%	3.65%								3.65%
Maximum
RELATED PARTY TRANSACTIONS
Interest rate on debt (as a percent)						4.50%	4.50%		4.50%		4.50%
Related party
RELATED PARTY TRANSACTIONS
Cash receipts by related parties on behalf of the Group				$ 809		$ 0	$ 3,695		$ 0		$ 0
Loans to related parties				222,865		865
Interest income on loans due from related parties				4,472		57
Acquisition of right-of-use assets				0		8
Payment of lease liabilities				828		10
Payment by related parties on behalf of the Group				648		1,405	4,022		244		0
Payment for purchase of a short-term investment		$ 10,000							10,000
Related party | Lotus Technology Innovative Limited | Lotus Tech Innovation Centre GmbH
RELATED PARTY TRANSACTIONS
Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control			$ 15,512						15,512
Related party | Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchases							4,022		244		288,948
Related party | Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases				521,836		264,440	852,623		44,347		14,259
Related party | Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases				38,311		40,348	134,721		167,012		47,442
Related party | Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases							11,223		42,798		6,255
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost				474		63	765		347		243
Related party | Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Loans to related parties				0		865	1,227		2,310		0
Interest rate on debt (as a percent)	6.95%
Interest income on loans due from related parties				69		57	122		24		0
Related party | Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Interest expense on borrowing due to related parties									90		220
Repayment of borrowing from related party									10,573
Related party | Lease agreements
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets				828		10	12,166		214		1,333
Payment of lease liabilities							269		98		545
Related party | License Agreement | Trademark
RELATED PARTY TRANSACTIONS
Purchase of license											116,041
Related party | Deposits received from related party suppliers
RELATED PARTY TRANSACTIONS
Deposits received from related party suppliers							251		1,584
Related party | Acquisition of distribution right
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				22,938	£ 18,055		22,296
Related party | Provision of services
RELATED PARTY TRANSACTIONS
Revenues				10,662		5,021	12,573		8,344		3,280
Related party | Sales of goods
RELATED PARTY TRANSACTIONS
Revenues				$ 2,330		$ 807	$ 3,432		$ 23		$ 0
[1] For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years .

RELATED PARTY TRANSACTIONS - Si

RELATED PARTY TRANSACTIONS - Significant related party balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Contract liabilities - third parties	$ 50,054	$ 44,184
Contract liabilities - related parties	11,036	1	$ 8
Shortterm borrowings - third parties	518,479	226,772	28,748
Operating lease liabilities, current	14,526	16,760
Investment securities - related parties		3,326
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable	19,674	22,430	8,545
Contract liabilities - related parties	11,036	1	8
Prepayments and other current assets	40,381	28,744	8,732
Other non-current assets	2,689	2,706
Accounts payable	413,779	340,419	5,770
Accrued expenses and other current liabilities	230,993	289,845	183,216
Other non-current liabilities	1,548	1,634	1,584
Operating lease liabilities-related parties, current	995	840	13
Operating lease liabilities, non-current	11,314	12,064	170
Investment securities - related parties	$ 2,168	$ 3,326	$ 8,411

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Revenue and Prepayments and other current assets (Details) - USD ($) $ in Thousands				6 Months Ended		12 Months Ended			36 Months Ended
	Mar. 11, 2024	Jan. 01, 2023	May 13, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Apr. 30, 2021
RELATED PARTY TRANSACTIONS
Receipts in advance				$ 68,114		$ 50,430	$ 7,851		$ 50,430
Short term lease cost				1,431	$ 2,901	4,288	2,595	$ 847
Salary and other expenses paid on behalf of related party				3,316	8,308
Loans to related parties				222,865	865
Interest income				$ 8,658	$ 5,848	$ 9,204	$ 12,188	$ 6,219
Maximum
RELATED PARTY TRANSACTIONS
Interest rate on loan					4.50%	4.50%	4.50%	4.50%
Minimum
RELATED PARTY TRANSACTIONS
Interest rate on loan				3.65%					3.65%
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable				$ 19,674		$ 22,430	$ 8,545		$ 22,430
Receipts in advance						1	8		1
Cash receipts by related parties on behalf of the Group				809	$ 0	3,695	0	$ 0
Allowance for prepayments and other current assets						23			23
Salary and other expenses paid on behalf of related party				648	1,405	4,022	244	0
Term of loan			1 year
Loans to related parties				222,865	865
Interest income				4,472	57
Related party | Adjusted balance
RELATED PARTY TRANSACTIONS
Allowance for prepayments and other current assets				61		11			11
Related party | General and administrative expenses
RELATED PARTY TRANSACTIONS
Prepayments and other current assets		$ 12		40
Related party | Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchase cost						4,022	244	288,948
Related party | Purchase of Geely License | Zhejiang Liankong
RELATED PARTY TRANSACTIONS
Purchase cost			$ 288,948
Related party | Salary and other expenses | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				4,110		4,271	244		4,271
Related party | Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Term of loan	5 years
Loans to related parties				0	865	1,227	2,310	0
Interest rate on loan	6.95%
Interest income				69	57	122	24	0
Related party | Unsecured loan to a related party | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				3,141		3,010	2,369		3,010	$ 3,010
Related party | pertaining to purchase of vehicles, auto parts and peripheral products | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				33,191		21,404	6,119		21,404
Related party | Purchase of equipment
RELATED PARTY TRANSACTIONS
Purchase cost				2,689		2,706	0
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost				474	63	765	347	243
Related party | Short-term lease | Other expenses
RELATED PARTY TRANSACTIONS
Short term lease cost						82	0
Related party | Provision of services
RELATED PARTY TRANSACTIONS
Revenues				10,662	5,021	12,573	8,344	3,280
Related party | Sales of goods
RELATED PARTY TRANSACTIONS
Revenues				2,330	$ 807	3,432	23	$ 0
Accounts Receivable				19,674		$ 22,430	$ 8,545		$ 22,430
Receipts in advance				$ 11,036

RELATED PARTY TRANSACTIONS - Ac

RELATED PARTY TRANSACTIONS - Accrued expenses and other current liabilities (Details) ¥ in Thousands, £ in Thousands, $ in Thousands			6 Months Ended			12 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 GBP (£)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Apr. 30, 2022 USD ($)
RELATED PARTY TRANSACTIONS
Amount recorded as inventories			$ 385,200			$ 265,190		$ 22,703
Amounts due to related parties			31,792			25,193		12,523
Short-term lease cost			1,431		$ 2,901	4,288		2,595		$ 847
Related party
RELATED PARTY TRANSACTIONS
Cash consideration	$ 22,296	£ 18,055
Accrued expenses and other current liabilities			230,993			289,845		183,216
Related party | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			2,723			1,605		2,952
Distribution agreement amount payable						23,047
Deposits included in other non-current liabilities - related parties			0			23,047
Related party | Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases			521,836		264,440	852,623		44,347		14,259
Cost of goods sold			326,187		118,714	549,893		839		331
Amount recorded as inventories			15,599			248,331
Related party | Purchase of products and services | BEV lifestyle models
RELATED PARTY TRANSACTIONS
Amount recorded as inventories			166,318			248,331
Related party | Purchase of products and services | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Related parties for purchase			413,779			340,419
Related party | Purchase of products and services | Accrued expenses and other current liabilities | Sports cars
RELATED PARTY TRANSACTIONS
Related parties for purchase						27,660
Related party | Purchase of products and services | Accrued expenses and other current liabilities | BEV lifestyle models
RELATED PARTY TRANSACTIONS
Related parties for purchase								8,684
Related party | Purchase of products and services | Accounts Payable
RELATED PARTY TRANSACTIONS
Related parties for purchase						340,419		5,770
Related party | Purchase of products and services | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount recorded as inventories						27,660		21,880
Related party | Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases			38,311		40,348	134,721		167,012		47,442
Related party | Purchase of products and services for R&D activities | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			207,487			217,256		162,942
Related party | Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases						11,223		42,798		6,255
Payments of expense by related party on behalf of group			530		3,943
Related party | Purchase of equipment and software | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			4,897			19,786		8,366
Related party | Purchase of R&D equipment and software
RELATED PARTY TRANSACTIONS
Purchases			530		3,943	11,223		42,798		6,255
Related party | Purchase of show cars for exhibition
RELATED PARTY TRANSACTIONS
Deposits received from related party				¥ 0	3		¥ 251		¥ 1,584	0
Deposits included in other non-current liabilities - related parties						1,634					¥ 1,548	¥ 1,634		$ 1,584
Related party | Purchase of show cars for exhibition | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties						168		0			¥ 216		¥ 168
Related party | Staff salary, social welfare and other travel expenses
RELATED PARTY TRANSACTIONS
Payments of expense by related party on behalf of group						14,514		2,952
Related party | Staff salary, social welfare and other travel expenses | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			3,316		8,308	14,514		2,952
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short-term lease cost			474		$ 63	765		347		$ 243
Related party | Short-term lease | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			$ 71			$ 323		$ 272

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended		12 Months Ended
	May 13, 2022	Dec. 02, 2021	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2019	Nov. 30, 2021
RELATED PARTY TRANSACTIONS
Borrowings from banks			$ 518,479		$ 226,772		$ 28,748
Interest expenses			11,708	$ 3,470	10,200		8,542		$ 3,615
Payment of lease liabilities			13,522	21,051	34,752	[1]	16,085	[1]	56,024	[1]
Operating lease liabilities, current			14,526		16,760
Fair value of listed equity securities					3,326
Acquisition of the distribution right			9,590	4,923	11,031		8,036		3,280
Lease agreements
RELATED PARTY TRANSACTIONS
Operating lease liabilities-related parties					840		13
Related party
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets			0	8
Payment of lease liabilities			828	10
Operating lease liabilities-related parties			995		840		13
Operating lease liabilities, non-current			11,314		$ 12,064		170
Term of investment	1 year
Payment for purchase of a short-term investment	$ 10,000						10,000
Conversion price					$ 9.5
Fair value of listed equity securities			$ 2,168		$ 3,326		8,411
Related party | Geely Auto Wuhan Branch and Wuhan Geely Auto Parts
RELATED PARTY TRANSACTIONS
Term of manufacturing agreement			10 years		10 years
Related party | Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Interest expenses							90		220
Related party | Lease agreements
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets			$ 828	$ 10	$ 12,166		214		1,333
Payment of lease liabilities					269		98		$ 545
Operating lease liabilities-related parties			995		840
Operating lease liabilities, non-current					12,064		170
Related party | License Agreement
RELATED PARTY TRANSACTIONS
Number of shares issued for obtaining the trademark licenses												47,995,443
Related party | Service fee for entrusted daily operation and maintenance service | Wuhan Quanqing
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right			$ 0		0
Related party | Lotus Tech UK | Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Term of debt											1 year
Principal amount of debt											$ 10,211
Interest rate on debt (as a percent)											2%
Interest expenses					$ 90		220
Related party | Lotus Technology Innovative Limited | Lotus Tech Innovation Centre GmbH
RELATED PARTY TRANSACTIONS
Equity interest acquired (as a percent)		100%
Consideration on acquisition of equity interest		$ 15,512					$ 15,512
[1] For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years .

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, £ in Thousands, $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 11, 2024 USD ($)	Nov. 29, 2021	Mar. 31, 2024 $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 30, 2024 USD ($)	Mar. 11, 2024 GBP (£)
SUBSEQUENT EVENTS
Number of options granted during the period | shares				6,184,901	775,561	10,378,710
Granted | $ / shares				$ 2.89	$ 2.89	$ 2.89
Operating lease right-of-use assets				$ 158,864	$ 173,103	$ 158,724
Property, equipment and software, net				$ 345,336	$ 354,617	$ 253,471
Loan term		1 year
PIPE Subscription Agreements
SUBSEQUENT EVENTS
Share Price | $ / shares					$ 10
Subsequent events
SUBSEQUENT EVENTS
Termination of pledge, property, equipment and software							$ 37,287
Subsequent events | Use Rights
SUBSEQUENT EVENTS
Termination of pledge, operating lease right of use asset							$ 32,653
Subsequent events | 2022 Share Incentive Plan | Employee
SUBSEQUENT EVENTS
Number of options granted during the period | shares			5,972,760
Granted | $ / shares			$ 2.89
Subsequent events | Related party
SUBSEQUENT EVENTS
Principal amount of debt	$ 354,000							£ 275,000
Loan term	5 years
Debt Instrument, Interest Rate, Stated Percentage	6.95%							6.95%

PARENT COMPANY ONLY CONDENSED_3

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 268,781	$ 418,941	$ 548,286	$ 736,605	$ 531,452
Total current assets	1,279,213	883,712		823,463
Non-current assets
Total non-current assets	1,227,041	700,966		548,489
Total assets	2,506,254	1,584,678		1,371,952
Current liabilities
Convertible notes		20,277
Total current liabilities	1,840,454	1,757,281		932,879
Non-current liabilities
Put option liabilities		11,884
Total non-current liabilities	839,881	654,569		523,679
Total liabilities	2,680,335	2,411,850		1,456,558
Shareholders' equity (deficit)
Ordinary Shares	7	21		21
Additional paid-in capital	1,855,063	358,187		403,103
Receivable from shareholders				(26,447)
Accumulated other comprehensive income (loss)	25,278	25,267		17,707
Accumulated deficit	(2,048,092)	(1,588,773)		(846,757)
Total shareholders' deficit attributable to ordinary shareholders	(167,744)	(1,205,298)		(452,373)
Total liabilities, mezzanine equity and shareholders' deficit	2,506,254	1,584,678		1,371,952
Related party
Current assets
Prepayments and other current assets	40,381	28,744		8,732
Current liabilities
Convertible notes	110,661
Accrued expenses and other current liabilities	243,024	290,686		183,237
Non-current liabilities
Put option liabilities		11,884
Nonrelated Party
Current assets
Prepayments and other current assets	118,492	63,870		44,375
Current liabilities
Convertible notes		20,277
Accrued expenses and other current liabilities	431,223	419,422		323,299
Non-current liabilities
Put option liabilities	$ 175,214
Parent Company
Current assets
Cash		33,888		353,107
Amounts due from inter-companies		46,087		6,089
Total current assets		81,662		359,196
Non-current assets
Investment securities - related parties		$ 3,326		8,411
Debt Securities, Available-for-Sale, Type [Extensible Enumeration]		Related party
Total non-current assets		$ 3,326		8,411
Total assets		84,988		367,607
Current liabilities
Convertible notes		20,277
Accrued expenses and other current liabilities		714
Total current liabilities		20,991
Non-current liabilities
Share of losses in excess of investments in subsidiaries and consolidated VIEs		873,881		451,571
Total non-current liabilities		885,765		451,571
Total liabilities		906,756		451,571
Total mezzanine equity		383,530		368,409
Shareholders' equity (deficit)
Ordinary Shares		21		21
Additional paid-in capital		358,187		403,103
Receivable from shareholders				(26,447)
Accumulated other comprehensive income (loss)		25,267		17,707
Accumulated deficit		(1,588,773)		(846,757)
Total shareholders' deficit attributable to ordinary shareholders		(1,205,298)		(452,373)
Total liabilities, mezzanine equity and shareholders' deficit		84,988		$ 367,607
Parent Company | Nonrelated Party
Current assets
Prepayments and other current assets		$ 1,687

PARENT COMPANY ONLY CONDENSED_4

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Total operating expenses	$ (488,618)	$ (350,539)	$ (838,120)	$ (689,720)	$ (113,499)
Interest expenses	11,708	3,470	10,200	8,542	3,615
Foreign currency exchange gains (losses), net	(4,429)	(3,619)	42	(11,505)	798
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk	(9,719)		4,448	13,162	1,065
Changes in fair values of put options	(33,685)	3,307	(2,508)
Loss before income taxes	(459,897)	(352,960)	(749,142)	(724,271)	(108,678)
Income tax expense	355	(18)	1,113	292	1,853
Net loss attributable to ordinary shareholders	(459,319)	(347,163)	(742,001)	(723,921)	(110,531)
Other comprehensive income (loss)
Total comprehensive loss attributable to ordinary shareholders	$ (459,308)	$ (314,349)	(734,441)	(706,145)	(111,255)
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Total operating expenses			(2,983)	(11,127)	(263)
Interest income			6,979	2,839
Investment loss, net			(5,084)	(4,242)
Foreign currency exchange gains (losses), net			(171)	(13,068)	2,124
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk			(616)
Changes in fair values of put options			(2,508)
Share of losses from subsidiaries and consolidated VIEs			(737,618)	(698,323)	(112,392)
Loss before income taxes			(742,001)	(723,921)	(110,531)
Net loss attributable to ordinary shareholders			(742,001)	(723,921)	(110,531)
Other comprehensive income (loss)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes			(8,650)	(893)	119
Foreign currency translation adjustment, net of nil income taxes			16,210	18,669	(843)
Total comprehensive loss attributable to ordinary shareholders			$ (734,441)	$ (706,145)	$ (111,255)

PARENT COMPANY ONLY CONDENSED_5

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Comprehensive Loss (Details) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended			36 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes	$ 0	$ 0	$ 0	$ 0	$ 0
Foreign currency translation adjustment, income taxes	$ 0	$ 0	0	0	0
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes						$ 0
Foreign currency translation adjustment, income taxes			$ 0	$ 0	$ 0

PARENT COMPANY ONLY CONDENSED_6

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Parent Company Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Net cash used in operating activities	$ (468,361)	$ (303,700)	$ (386,932)	$ (351,419)	$ (126,505)
Net cash (used in) provided by investing activities	(542,860)	(103,733)	(197,985)	(149,414)	244,476
Net cash provided by financing activities	1,248,800	415,283	284,708	758,131	364,853
Net increase in cash	216,680	(10,506)	(312,398)	208,081	485,767
Cash and restricted cash at beginning of the year	427,135	739,533	739,533	531,452	45,685
Cash and restricted cash at end of the year	643,815	729,027	427,135	739,533	531,452
Parent Company
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Net cash used in operating activities			3,127	2,682	(997)
Net cash (used in) provided by investing activities			(347,697)	(113,216)
Net cash provided by financing activities			27,163	392,053	82,076
Effect of exchange rate changes on cash			(1,812)	(10,161)	670
Net increase in cash			(319,219)	271,358	81,749
Cash and restricted cash at beginning of the year	$ 33,888	$ 353,107	353,107	81,749
Cash and restricted cash at end of the year			$ 33,888	$ 353,107	$ 81,749

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS $ in Thousands	Jun. 30, 2024 USD ($)
Current assets
Cash	$ 268,781
Restricted cash	373,887
Inventories	385,200
Total current assets	1,279,213
Non-current assets
Restricted cash	1,147
Securities pledged to an investor	310,477
Loan receivable from a related party	$ 224,042
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration]	Related party
Property, equipment and software, net	$ 345,336
Intangible assets	116,526
Operating lease right-of-use assets	158,864
Total non-current assets	1,227,041
Total assets	2,506,254
Current liabilities
Shortterm borrowings - third parties	518,479
Contract liabilities - third parties	50,054
Operating lease liabilities - third parties (including operating lease liabilities - third parties of VIEs without recourse to the Company of nil and US$716 as of December 31, 2023 and 2022, respectively)	14,526
Put option liabilities	437
Total current liabilities	1,840,454
Noncurrent liabilities
Contract liabilities - third parties	7,024
Warrant Liabilities	5,549
Exchangeable notes	77,087
Convertible notes	75,970
Deferred income	296,489
Total non-current liabilities	839,881
Total liabilities	2,680,335
Commitments and contingencies (note 28)
SHAREHOLDERS' EQUITY (DEFICIT)
Ordinary shares (US$0.00001 par value per share, 5,000,000,000 shares authorized as of December 31, 2023 and 2022; 474,621,603 shares issued and outstanding as of December 31, 2023 and 2022)	7
Additional paid-in capital	1,855,063
Accumulated other comprehensive income	25,278
Accumulated deficit	(2,048,092)
Total shareholders' deficit attributable to ordinary shareholders	(167,744)
Noncontrolling interests	(6,337)
Total shareholders' deficit	(174,081)
Total liabilities, mezzanine equity and shareholders' deficit	2,506,254
Related party
Current assets
Accounts receivable	19,674
Prepayments and other current assets	40,381
Non-current assets
Investment securities - related parties	2,168
Loan receivable from a related party	224,042
Other non-current assets	2,689
Current liabilities
Accounts payable	413,779
Accrued expenses and other current liabilities	243,024
Convertible notes	110,661
Noncurrent liabilities
Operating lease liabilities	11,314
Other non-current liabilities	1,548
Nonrelated Party
Current assets
Accounts receivable	72,798
Prepayments and other current assets	118,492
Non-current assets
Intangible assets	116,526
Other non-current assets	65,792
Current liabilities
Accounts payable	58,271
Contract liabilities - third parties	50,054
Operating lease liabilities - third parties (including operating lease liabilities - third parties of VIEs without recourse to the Company of nil and US$716 as of December 31, 2023 and 2022, respectively)	14,526
Accrued expenses and other current liabilities	431,223
Noncurrent liabilities
Contract liabilities - third parties	7,024
Operating lease liabilities	81,393
Put option liabilities	175,214
Other non-current liabilities	$ 108,293

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Mandatorily redeemable noncontrolling interest			$ 11,381
Redeemable Convertible Preferred stock, shares outstanding		68,228,526	68,228,526
Common shares, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common shares, shares authorized	5,000,000,000	5,000,000,000	5,000,000,000
Common shares, shares issued	677,231,538	474,621,603	474,621,603
Common shares, shares outstanding	677,231,538	474,621,603	474,621,603
VIEs
Mandatorily redeemable noncontrolling interest		$ 0	$ 11,381
Series Pre-A Preferred Shares Preferred Shares
Redeemable Convertible Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Redeemable Convertible Preferred stock, shares authorized	40,885,006	40,885,006	40,885,006
Redeemable Convertible Preferred stock, shares issued	40,885,006	40,885,006	40,885,006
Redeemable Convertible Preferred stock, shares outstanding	40,885,006	40,885,006	40,885,006
Redeemable Convertible Preferred stock, redemption value		$ 184,509	$ 174,429
Redeemable Convertible Preferred stock, liquidation preference value		$ 184,509	$ 174,429
Series A Preferred Shares Preferred Shares
Redeemable Convertible Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Redeemable Convertible Preferred stock, shares authorized	27,343,520	27,343,520	27,343,520
Redeemable Convertible Preferred stock, shares issued	27,343,520	27,343,520	27,343,520
Redeemable Convertible Preferred stock, shares outstanding		27,343,520	27,343,520
Redeemable Convertible Preferred stock, redemption value		$ 199,021	$ 187,441
Redeemable Convertible Preferred stock, liquidation preference value		$ 200,971	$ 189,424

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
Cost of revenues:
Cost of revenues	(347,203)	(123,908)	(576,827)	(7,250)	(3,130)
Gross profit	50,912	6,127	102,181	2,307	557
Operating expenses:
Research and development expenses (including related parties amounts of US$38,392 and US$40,405 for the six months ended June 30, 2024 and 2023, respectively)	(174,854)	(152,548)	(368,729)	(445,844)	(511,364)
Selling and marketing expenses (including related parties amounts of US$27,853 and US$14,752 for the six months ended June 30, 2024 and 2023, respectively)	(204,274)	(118,236)	(328,935)	(151,331)	(38,066)
General and administrative expenses (including related parties amounts of US$2,422 and US$4,853 for the six months ended June 30, 2024 and 2023, respectively)	(111,978)	(80,417)	(144,533)	(148,369)	(54,763)
Government grants	2,488	662	4,077	55,824	490,694
Total operating expenses	(488,618)	(350,539)	(838,120)	(689,720)	(113,499)
Operating loss	(437,706)	(344,412)	(735,939)	(687,413)	(112,942)
Interest expenses	(11,708)	(3,470)	(10,200)	(8,542)	(3,615)
Interest income	8,658	5,848	9,204	12,188	6,219
Investment income, net	3,496	2,770	(1,162)	(3,246)	2,229
Share of results of equity method investments	359	(626)	(1,048)	(2,762)
Foreign currency exchange losses, net	(4,429)	(3,619)	42	(11,505)	798
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk	8,801	(12,758)	(7,531)	(22,991)	(1,367)
Changes in fair values	(6,317)
Changes in fair values of put option liabilities	(33,685)	3,307	(2,508)
Loss before income taxes	(459,897)	(352,960)	(749,142)	(724,271)	(108,678)
Income tax benefit (expense)	(355)	18	(1,113)	(292)	(1,853)
Net loss	(460,252)	(352,942)	(750,255)	(724,563)	(110,531)
Less: Net loss attributable to noncontrolling interests	(933)	(5,779)	(8,254)	(642)
Net loss attributable to ordinary shareholders	(459,319)	(347,163)	(742,001)	(723,921)	(110,531)
Accretion of Redeemable Convertible Preferred Shares	(2,979)	(258)	(15,121)	(910)
Net loss available to ordinary shareholders	$ (462,298)	$ (347,421)	$ (757,122)	$ (724,831)	$ (110,531)
Loss per ordinary share - Basic	$ (0.75)	$ (0.74)	$ (1.60)	$ (1.52)	$ (0.33)
Loss per ordinary share - Diluted			$ (1.60)	$ (1.52)	$ (0.33)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Basic	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Diluted	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Other comprehensive income/(loss):
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes	$ (401)	$ (1,559)	$ (8,650)	$ (893)	$ 119
Foreign currency translation adjustment, net of nil income taxes	412	34,563	16,210	18,669	(843)
Total other comprehensive income (loss)	11	33,004	7,560	17,776	(724)
Total comprehensive loss	(460,241)	(319,938)	(742,695)	(706,787)	(111,255)
Less: Total comprehensive loss attributable to noncontrolling interests	(933)	(5,589)	(8,254)	(642)
Total comprehensive loss attributable to ordinary shareholders	(459,308)	(314,349)	(734,441)	(706,145)	(111,255)
Goods
Revenues:
Revenues	382,893	124,854	660,158	1,186	369
Cost of revenues:
Cost of revenues	(340,882)	(119,557)	(564,741)	(948)	(331)
Service
Revenues:
Revenues	15,222	5,181	18,850	8,371	3,318
Cost of revenues:
Cost of revenues	$ (6,321)	$ (4,351)	$ (12,086)	$ (6,302)	$ (2,799)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
Cost of revenues	347,203	123,908	576,827	7,250	3,130
Research and development expenses (including related parties amounts of US$38,392 and US$40,405 for the six months ended June 30, 2024 and 2023, respectively)	174,854	152,548	368,729	445,844	511,364
Selling and marketing expenses (including related parties amounts of US$27,853 and US$14,752 for the six months ended June 30, 2024 and 2023, respectively)	204,274	118,236	328,935	151,331	38,066
General and administrative expenses (including related parties amounts of US$2,422 and US$4,853 for the six months ended June 30, 2024 and 2023, respectively)	111,978	80,417	144,533	148,369	54,763
Interest income on loans due from related parties	8,658	5,848	9,204	12,188	6,219
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes	0	0	0	0	0
Foreign currency translation adjustment, income taxes	0	0	0	0	0
Goods
Revenues	382,893	124,854	660,158	1,186	369
Cost of revenues	340,882	119,557	564,741	948	331
Service
Revenues	15,222	5,181	18,850	8,371	3,318
Cost of revenues	6,321	4,351	12,086	6,302	2,799
Related party
Research and development expenses (including related parties amounts of US$38,392 and US$40,405 for the six months ended June 30, 2024 and 2023, respectively)	38,392	40,405	135,334	167,028	345,655
Selling and marketing expenses (including related parties amounts of US$27,853 and US$14,752 for the six months ended June 30, 2024 and 2023, respectively)	27,853	14,752	40,531	6,964	763
General and administrative expenses (including related parties amounts of US$2,422 and US$4,853 for the six months ended June 30, 2024 and 2023, respectively)	2,422	4,853	13,085	12,034	2,782
Interest income on loans due from related parties	4,472	57
Related party | Goods
Revenues	2,330	807	3,432	23	0
Cost of revenues	326,187	118,714	549,893	839	331
Related party | Service
Revenues	$ 10,662	$ 5,021	$ 12,573	$ 8,344	$ 3,280

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands		Total shareholders' (deficit) equity attributable to ordinary shareholders Series Pre-A Preferred Shares	Total shareholders' (deficit) equity attributable to ordinary shareholders Cumulative effect of adoption of new accounting standard	Total shareholders' (deficit) equity attributable to ordinary shareholders Adjusted balance	Total shareholders' (deficit) equity attributable to ordinary shareholders PIPE Investors And Meritz	Total shareholders' (deficit) equity attributable to ordinary shareholders LCAA	Total shareholders' (deficit) equity attributable to ordinary shareholders Convertible note	Total shareholders' (deficit) equity attributable to ordinary shareholders Exchangeable notes	Total shareholders' (deficit) equity attributable to ordinary shareholders	Ordinary shares Series Pre-A Preferred Shares	Ordinary shares Adjusted balance		Ordinary shares PIPE Investors And Meritz	Ordinary shares LCAA	Ordinary shares Convertible note	[2]	Ordinary shares Exchangeable notes	Ordinary shares		Additional paid-in capital Series Pre-A Preferred Shares	Additional paid-in capital Adjusted balance	Additional paid-in capital PIPE Investors And Meritz	Additional paid-in capital LCAA	Additional paid-in capital Convertible note	Additional paid-in capital Exchangeable notes	Additional paid-in capital	Receivables from shareholders Adjusted balance	Receivables from shareholders	Accumulated other comprehensive income (loss) Adjusted balance	Accumulated other comprehensive income (loss)	Accumulated deficit Cumulative effect of adoption of new accounting standard	Accumulated deficit Adjusted balance	Accumulated deficit	Noncontrolling interests Adjusted balance	Noncontrolling interests	Series Pre-A Preferred Shares	Cumulative effect of adoption of new accounting standard	Adjusted balance	PIPE Investors And Meritz	LCAA	Convertible note	Exchangeable notes	Total
Beginning balance at Dec. 31, 2020									$ 16,107																	$ 25,877				$ 655			$ (10,425)										$ 16,107
Net loss									(110,531)																								(110,531)										(110,531)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes									119																					119													119
Foreign currency translation adjustment, net of nil income taxes									(843)																					(843)													(843)
Total comprehensive loss									(111,255)																					(724)			(110,531)										(111,255)
Issuance of ordinary shares									311,770									$ 22								417,958		$ (106,210)															311,770
Issuance of ordinary shares (in shares)																		479,954,430
Shareholder contribution related to the issuance of exchangeable notes									3,391																	3,391																	3,391
Deemed distribution to shareholders									(38,507)																	(38,507)																	(38,507)
Capital contribution from shareholders									15,695																	15,695																	15,695
Dividends paid to a shareholder									(1,880)																								(1,880)										(1,880)
Ending balance at Dec. 31, 2021									195,321									$ 22								424,414		(106,210)		(69)			(122,836)										195,321
Ending balance (in shares) at Dec. 31, 2021																		479,954,430
Net loss									(723,921)																								(723,921)		$ (642)								(724,563)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes									(893)																					(893)													(893)
Foreign currency translation adjustment, net of nil income taxes									18,669																					18,669													18,669
Total comprehensive loss									(706,145)																					17,776			(723,921)		(642)								(706,787)
Settlement of receivable from shareholders									79,763																			79,763															79,763
Re-designation of ordinary shares to Series Pre-A Preferred Shares		$ (13,025)								$ (1)										$ (13,024)																$ (13,025)
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)										(5,332,827)
Shareholder contribution related to the issuance of exchangeable notes									8,135																	8,135																	8,135
Deemed distribution to shareholders									(15,512)																	(15,512)																	(15,512)
Accretion of redeemable convertible preferred shares									(910)																	(910)																	(910)
Contribution from a non-controlling shareholder																																			149								149
Liquidation of a subsidiary																																			(149)								(149)
Ending balance at Dec. 31, 2022			$ (15)	$ (452,388)					(452,373)		$ 21							$ 21			$ 403,103					403,103	$ (26,447)	(26,447)	$ 17,707	17,707	$ (15)	$ (846,772)	(846,757)	$ (642)	(642)		$ (15)	$ (453,030)					$ (453,015)
Ending balance (in shares) at Dec. 31, 2022											474,621,603	[1]						474,621,603	[1]																								474,621,603
Net loss									(347,163)																								(347,163)		(5,779)								$ (352,942)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes									(1,559)																					(1,559)													(1,559)
Foreign currency translation adjustment, net of nil income taxes									34,373																					34,373					190								34,563
Total comprehensive loss									(314,349)																					32,814			(347,163)		(5,589)								(319,938)
Settlement of receivable from shareholders									26,447																			26,447															26,447
Deemed distribution to shareholders									(31,672)																	(31,672)																	(31,672)
Accretion of redeemable convertible preferred shares									(258)																	(258)																	(258)
Ending balance at Jun. 30, 2023									(772,220)									$ 21								371,173				50,521			(1,193,935)		(6,231)								(778,451)
Ending balance (in shares) at Jun. 30, 2023	[1]																	474,621,603
Beginning balance at Dec. 31, 2022			$ (15)	$ (452,388)					(452,373)		$ 21							$ 21			$ 403,103					403,103	$ (26,447)	(26,447)	$ 17,707	17,707	$ (15)	$ (846,772)	(846,757)	$ (642)	(642)		$ (15)	$ (453,030)					$ (453,015)
Beginning balance (in shares) at Dec. 31, 2022											474,621,603	[1]						474,621,603	[1]																								474,621,603
Net loss									(742,001)																								(742,001)		(8,254)								$ (750,255)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes									(8,650)																					(8,650)													(8,650)
Foreign currency translation adjustment, net of nil income taxes									16,210																					16,210													16,210
Total comprehensive loss									(734,441)																					7,560			(742,001)		(8,254)								(742,695)
Settlement of receivable from shareholders									(26,447)																			$ (26,447)															(26,447)
Shareholder contribution related to the issuance of exchangeable notes									(909)																	(909)																	(909)
Deemed distribution to shareholders									(31,672)																	(31,672)																	(31,672)
Accretion of redeemable convertible preferred shares									(15,121)																	(15,121)																	(15,121)
Contribution from a non-controlling shareholder									968																	968									3,492								4,460
Ending balance at Dec. 31, 2023									(1,205,298)									$ 21								358,187				25,267			(1,588,773)		(5,404)								$ (1,210,702)
Ending balance (in shares) at Dec. 31, 2023																		474,621,603	[2]																								474,621,603
Net loss									(459,319)																								(459,319)		(933)								$ (460,252)
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument-specific credit risk, net of nil income taxes									(401)																					(401)													(401)
Foreign currency translation adjustment, net of nil income taxes									412																					412													412
Total comprehensive loss									(459,308)																					11			(459,319)		(933)								(460,241)
Recapitalization of ordinary shares																		$ (16)								16
Transaction costs of Merger and Private Investment in Public Equity ("PIPE") Transactions and Meritz									(54,084)																	(54,084)																	(54,084)
Share-based compensation									35,894																	35,894																	35,894
Re-designation of ordinary shares to Series Pre-A Preferred Shares							$ 30,114		386,509									$ 1						$ 30,114		386,508															$ 30,114		$ 386,509
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)															3,011,368			68,228,526	[2]																								(68,228,526)
Issuance of ordinary shares					$ 728,413	$ 1,050							$ 1									$ 728,412	$ 1,050																$ 728,413	$ 1,050
Issuance of ordinary shares (in shares)	[2]												85,849,458	8,427,821
Conversion of exchangeable notes to ordinary shares								$ 365,970																	$ 365,970																	$ 365,970
Conversion of exchangeable notes to ordinary shares (in shares)	[2]																36,597,038
Accretion of redeemable convertible preferred shares									(2,979)																	(2,979)																	$ (2,979)
Exercise of public warrants									5,975																	5,975																	5,975
Ending balance at Jun. 30, 2024									$ (167,744)									$ 7								$ 1,855,063				$ 25,278			$ (2,048,092)		$ (6,337)								$ (174,081)
Ending balance (in shares) at Jun. 30, 2024																		677,231,538	[2]																								677,231,538
Exercise of public warrants (in shares)	[2]																	495,724
[1] Shares outstanding for all periods reflect the adjustment for Recapitalization. Shares outstanding for all periods reflect the adjustment for Recapitalization.

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT (Parenthetical) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY
Fair value changes of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes due to instrument - specific credit risk, income taxes	$ 0	$ 0	$ 0	$ 0	$ 0
Foreign currency translation adjustment, income taxes	$ 0	$ 0	$ 0	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (460,252)	$ (352,942)	$ (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
Share-based compensation expense				10,625
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)
Operating lease liabilities			(29,357)	(14,610)	(55,421)
Net cash used in operating activities	(468,361)	(303,700)	(386,932)	(351,419)	(126,505)
Investing activities:
Payments for purchases of property, equipment and software and intangible assets	(49,510)	(113,207)	(213,714)	(133,345)	(34,590)
Proceeds from disposal of property, equipment and software	7,387	312	5,117	1,071	14
Payments for purchases of short-term investments	(48,150)	(38,254)	(38,254)	(300,662)
Proceeds from sales of short-term investments	48,257	37,428	37,428	289,587
Payments upon settlement of derivative instruments				(641)
Receipt of government grant related to assets	28,063	14,533	16,345		279,052
Payments for investments in equity investees	(281)	(5,059)	(5,059)	(3,114)
Proceeds from disposal of a subsidiary, net of cash disposed		1,379	1,379
Payments for purchases of securities pledged to an investor	(500,000)
Proceeds from sales of securities pledged to an investor	189,630
Proceeds from interest arising from securities pledged to an investor	4,469
Loans to related parties	(222,865)	(865)
Loans to related parties			(1,227)	(2,310)
Proceed from settlement of related party loans	140
Net cash provided by (used in) investing activities	(542,860)	(103,733)	(197,985)	(149,414)	244,476
Financing activities:
Proceeds from issuance of ordinary shares	858,495				197,918
Payments of issuance costs	(21,678)
Repayments of refundable deposits in connection with the PIPE investments	(10,264)
Repayments to exchangeable notes holders	(365,994)
Proceeds from issuance of exchangeable notes	361,262		27,883	378,964	125,039
Proceeds from settlement of receivables from shareholders			26,139	76,147
Total cash consideration from exercise of warrants	5,700
Proceeds from issuance of ordinary shares to shareholder of LCAA					15,695
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 PIPE investments			10,000
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	439,922	378,691	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	1,248,800	415,283	284,708	758,131	364,853
Effect of exchange rate changes on cash and restricted cash	(20,899)	(18,356)	(12,189)	(49,217)	2,943
Net increase in cash	216,680	(10,506)	(312,398)	208,081	485,767
Cash and restricted cash at beginning of the year	427,135	739,533	739,533	531,452	45,685
Cash and restricted cash at end of the year	643,815	729,027	427,135	739,533	531,452
Reconciliation of cash and restricted cash:
Cash	268,781	548,286	418,941	736,605	531,452
Restricted cash, current	373,887	180,049	7,873	2,392
Restricted cash, non-current	1,147	692	321	536
Total cash and restricted cash	643,815	729,027	427,135	739,533	531,452
Supplemental information
Interest paid	6,915	248	8,086	471
Income taxes paid	573	524	1,152	1,763	62
Income taxes refund	(13)		(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	63,354	73,073	71,064	108,045	18,321
Accretion of redeemable convertible preferred shares	2,979	258	15,121	910
Payable arising from a distribution agreement		22,296			36,844
Debt Conversion, Converted Instrument, Amount	30,114
Issuance of ordinary shares through conversion of redeemable convertible preferred shares	386,509
Issuance costs payable	32,406
Purchase of intangible assets through issuance of ordinary shares					116,041
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
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	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:
Prepayments and other current assets			(18,880)	405,176	83,160
Accounts payable			335,307	5,975
Other non-current liabilities			(91)	1,640
Investing activities:
Loans to related parties	(222,865)	(865)
Proceed from settlement of related party loans	140
Financing activities:
Proceeds from settlement of receivables from shareholders		26,139
Proceeds from issuance of convertible notes	119,284	22,297
Receipts of refundable deposits in connection with the PIPE investments		11,000
Payments to a noncontrolling interest in the liquidation of a subsidiary		(148)
Nonrelated Party
Changes in operating assets and liabilities:
Prepayments and other current assets			(20,268)	1,705	(41,369)
Accounts payable			21,067	1,583
Other non-current liabilities			$ 81,728	$ 16,147	$ 251
Financing activities:
Repayment of exchangeable notes for issuance of Series A Preferred Shares		(11,554)
Proceeds from issuance of ordinary shares to shareholder of LCAA	13,191
Repayments of bank loans	$ (151,118)	$ (11,142)

DESCRIPTION OF BUSINESS AND O_9

DESCRIPTION OF BUSINESS AND ORGANIZATION	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DESCRIPTION OF BUSINESS AND ORGANIZATION
DESCRIPTION OF BUSINESS AND ORGANIZATION	1. DESCRIPTION OF BUSINESS AND ORGANIZATION (a) Merger and recapitalization On February 22, 2024 (the “Closing Date”), the Company consummated its merger with LCAA pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among LCAA, the Company, a Cayman Islands exempted company, Lotus Temp Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 1”), and Lotus EV Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into LCAA (the “First Merger”), with LCAA surviving the First Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the First Merger, “Surviving Entity 1”) and the shareholders of LCAA becoming shareholders of the Company, and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger Transaction” or “Business Combination”). Upon the consummation of the Merger Transaction, (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Pursuant to the Mergers above stated, LCAA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of the Company represented a continuation of its operations with the Mergers treated as the equivalent of the Company issuing shares for the net assets of LCAA, accompanied by a recapitalization. The net assets of the Company are stated at historical cost, with no goodwill or other intangible assets recorded. The ordinary shares of the Company and the Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “LOT” and “LOTWW,” respectively, on February 23, 2024. ​	1. DESCRIPTION OF BUSINESS AND ORGANIZATION (a) Description of Business Lotus Technology Inc. (“the Company”), an exempted company with limited liability, was incorporated in Cayman Islands, on August 9, 2021. The Company, through its wholly owned subsidiaries, consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively, “the Group”), is primarily engaged in the design, develop, and sales of luxury battery electric lifestyle vehicles (“BEV lifestyle models”) under the “Lotus” brand (“Lotus BEV business”) and the Group is also a distributor that sells luxury sports cars under the “Lotus” brand (“Lotus sports car business”) across the world. The Group also provides other sales and ancillary services to customers. (b) Merger and recapitalization On February 22, 2024 (the “Closing Date”), the Company consummated its merger with L Catterton Asia Acquisition Corp (“LCAA”) pursuant to a merger agreement dated January 31, 2023 (as amended and restated dated as of October 11, 2023, the “Merger Agreement”) by and among LCAA, the Company, a Cayman Islands exempted company, Lotus Temp Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 1”), and Lotus EV Limited, a Cayman Islands exempted company and wholly-owned subsidiary of the Company (“Merger Sub 2”). Pursuant to the Merger Agreement, (i) Merger Sub 1 was merged with and into LCAA (the “First Merger”), with LCAA surviving the First Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the First Merger, “Surviving Entity 1”) and the shareholders of LCAA becoming shareholders of the Company, and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, Surviving Entity 1 was merged with and into Merger Sub 2 (the “Second Merger,” and together with the First Merger, the “Mergers”), with Merger Sub 2 surviving the Second Merger as a wholly-owned subsidiary of the Company (such company, as the surviving entity of the Second Merger, “Surviving Entity 2”) (collectively, the “Merger Transaction” or “Business Combination”). Upon the consummation of the Merger Transaction, (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Pursuant to the Mergers above stated, LCAA was considered as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of the Company represented a continuation of its operations with the Mergers treated as the equivalent of the Company issuing shares for the net assets of LCAA, accompanied by a recapitalization. The net assets of the Company are stated at historical cost, with no goodwill or other intangible assets recorded. The ordinary shares of the Company and the Public Warrants are listed on the Nasdaq Stock Market LLC, or “Nasdaq,” under the trading symbols “LOT” and “LOTWW,” respectively, on February 23, 2024. (c) History of the Group and basis of presentation The Group’s Lotus BEV business, founded in 2018, was carried out by Zhejiang Geely Holding Group (“Geely Holding”) through its subsidiaries, including Wuhan Lotus Cars Co., Ltd. (“Wuhan Lotus Cars”) and the Lotus BEV business unit of Ningbo Geely Automobile Research & Development Co., Ltd. (“Ningbo Geely R&D”) incorporated in the People’s Republic of China (“PRC”), Lotus Tech Creative Centre Limited (“Lotus Tech UK”) incorporated in United Kingdom (“UK”) and Lotus Tech Innovation Centre GmbH (“Lotus GmbH”) incorporated in Germany, which were all ultimately controlled by Mr. Li Shufu. On August 9, 2021, the Company was incorporated as a limited liability company in the Cayman Islands, and Lotus Advanced Technology Limited Partnership (“Founders Offshore Vehicle”) subscribed for 191,981,772 ordinary shares on August 9, 2021. On July 30, 2021, Ming Jun Holdings Limited owned by Mr. Li Shufu, Yin Qing Holdings Limited, Xing Rong Holdings Limited and Jing Can Holdings Limited (the “Four Core Investors”) in the Founders Offshore Vehicle signed an agreement (later joined by State Rainbow Investments Limited and Radiant Field Investments Limited) under which Yin Qing Holdings Limited, Xing Rong Holdings Limited, Jing Can Holdings Limited, State Rainbow Investments Limited and Radiant Field Investments Limited agreed to act in concert with Ming Jun Holdings Limited. Therefore, Mr. Li Shufu has the majority voting right and controlled the Founders Offshore Vehicle. On December 29, 2020, Geely Holding and Ningbo Juhe Yinqing Enterprise Management Consulting Partnership (Limited Partnership) (“Founders Onshore Vehicle”) incorporated Wuhan Lotus Technology Limited Company (“WFOE”). WFOE was 60% owned by Geely Holding and 40% owned by Founders Onshore Vehicle. Both Geely Holding and Founders Onshore Vehicle are controlled by Mr. Li Shufu. On September 24, 2021, Etika Automotive SDN BHD (“Etika”), through its subsidiary in Hong Kong, Lotus Advanced Technology Limited (“Lotus HK”), subscribed for 33.33% equity interest in WFOE, while Geely Holding and Founder Onshore Vehicle subscribed disproportionally. Upon the closing, Geely Holding, Etika, and Founders Onshore Vehicle held 22.22%, 33.33% and 44.45%, respectively, equity interest in WFOE. On November 11, 2021, the Company issued 143,986,329 ordinary shares to Etika through exchange of 100% equity interest in Lotus HK held by Etika. Lotus HK also acquired all the equity interest in WFOE held by Geely Holding and Founder Onshore Vehicle on December 15, 2021. On November 11, 2021, the Company issued 95,990,886 ordinary shares to Lotus Technology International Investment Limited, ultimately 100% owned by Geely Holding. Through a series of reorganization steps (the “Reorganization”), including transferring the assets and employees in the Lotus BEV business unit of Ningbo Geely R&D into Wuhan Lotus Cars and transferring the equity of Wuhan Lotus Cars to the WFOE, the Company gained control over WFOE through Lotus HK on December 15, 2021. The equity interests of Lotus Tech UK and Lotus GmbH were also transferred to the Group on December 29, 2021 and June 24, 2022, respectively. On November 4, 2021, the Group entered into trademark licenses agreements with a related party, Group Lotus Limited, a wholly owned subsidiary of Lotus Group International Limited (“LGIL”), which is ultimately controlled by Mr. Li Shufu. Pursuant to this agreement, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group issued 47,995,443 ordinary shares as consideration for such trademark licenses. The above Reorganization was completed on June 24, 2022. The Reorganization consists of transferring the Lotus BEV business to the Group. Before and after the Reorganization, the Lotus BEV business were ultimately controlled by Mr. Li Shufu. Accordingly, the Reorganization is accounted for under common control transaction. Therefore, the accompanying consolidated and combined financial statements include the assets, liabilities, revenue, expenses and cash flows of Lotus BEV business for the periods presented and are prepared as if the corporate structure of the Group after the Reorganization had been in existence throughout the periods presented. As mentioned in note 21, on January 31, 2023, the Group entered into a distribution agreement with Lotus Cars Limited (“LCL”), a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which, the Group was appointed as the exclusive global distributor (excluding in the United States of America) to distribute certain models of vehicles produced by LCL and to provide after-sale services and brand, marketing and public relations for such vehicles. (d) VIE Reorganization Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which WFOE, the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. The Group concludes that the Restructuring does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results. (e) VIE Prior to the Restructuring as described in note 1(d), the Company’s subsidiary, WFOE has entered into contractual arrangements with Wuhan Lotus E-commerce Co., Ltd. (“VIE”) and their respective shareholders, through which, the Company exercises control over the operations of the VIE and the VIE’s subsidiaries (collectively the “VIEs”). The VIEs are primarily engaged in the provision of value-added telecommunication services. The equity interests of the VIE are legally held by Mr. Li Shufu, Mr. Feng Qingfeng, Mr. Li Donghui and Mr. Liu Bin, who acted as the nominee equity holders of the VIE on behalf of the WFOE. On August 9, 2021, the Company’s wholly owned subsidiary, WFOE, the VIE and the VIE’s nominee equity holders entered into a contractual agreement, which was replaced by a series of contractual arrangements entered into by and among the WFOE, the VIE and the nominee equity holders on March 8, 2022, including (i) Exclusive Consulting and Service Agreement, (ii) Exclusive Purchase Option Agreement, (iii) Equity Pledge Agreement, (iv) Powers of Attorney and (v) Spousal Consent Letters. The above agreements are collectively referred to as VIE Arrangements. Through the VIE Arrangements, the nominee equity holders of the VIE had granted all their legal rights including voting rights and disposition rights of their equity interests in the VIE to the WFOE. The nominee equity holders of the VIE did not participate in income and loss and did not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the VIE was considered a variable interest entity. Because the WFOE has (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the right to receive benefits of the VIE that could potentially be significant to the VIE. Thus, WFOE is the primary beneficiary of the VIE. Under the terms of the VIE Arrangements, the Company, through the WFOE has (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the Exclusive Consulting and Service Agreement; (ii) the right to unconditionally receive all dividends or interest declared by the VIE and all of the assets of the VIE; (iii) the right to receive the benefits of the VIE through its exclusive option to acquire 100% of the equity interests in the VIE, to the extent permitted under respective laws and regulations. Accordingly, the financial statements of the VIE are included in the Company’s consolidated and combined financial statements. Under the terms of the VIE Arrangements, the VIE’s nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to the Company through WFOE. All of the deficit (net liabilities) and net loss of the VIEs are attributed to the Company through WFOE. The principal terms of the VIE Arrangements are as follows: Exclusive Consulting and Service Agreement Pursuant to the Exclusive Consulting and Service Agreement, WFOE has agreed to provide to the VIE with comprehensive consulting services and other services, including but not limited to licensing to VIE intellectual property rights legally owned by WFOE; development, installation, maintenance and update of website, apps, network and system involved in VIE’s business; providing VIE with software and software technology and solutions; technical support and training for employees of VIE; assisting VIE in market research, business planning and strategies; providing marketing and promotion services, customer management, finance management and other related services. VIE and VIE’s subsidiaries (together as VIEs) shall pay WFOE service fees at the amount of 100% of the total consolidated profit of VIEs, after deduction of any accumulated deficit of the VIEs in respect of the preceding financial year(s), necessary operating costs, expenses and taxes. Notwithstanding the foregoing, the WFOE may adjust the amount of the services fee according to services provided by WFOE to VIEs, the VIE’s operational conditions and development needs. The WFOE shall calculate the service fee on a quarterly basis and issue a corresponding invoice to the VIEs. The VIEs must make the payment to the WFOE within ten business days of receiving such invoice. In addition, absent the prior written consent of the WFOE, during the term of the Exclusive Consulting and Service Agreement, with respect to the services provided under the Exclusive Consulting and Service Agreement, the VIEs shall not accept the same or any similar services provided by any third party. The Exclusive Consulting and Service Agreement also provides that the WFOE has the exclusive proprietary rights to and interests in any and all intellectual property rights developed and created by the VIEs during the performance of the Exclusive Consulting and Service Agreement. The Exclusive Consulting and Service Agreement shall remain in effect permanently unless otherwise terminated by the WFOE. During the term of the Exclusive Consulting and Service Agreement, VIE shall not terminate the agreement for whatsoever reasons. Exclusive Purchase Option Agreement Under the Exclusive Purchase Option Agreement, the nominee equity holders of VIE irrevocably and exclusively granted WFOE or its designee an option to purchase their equity interest in VIE at the price equal to the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE should refund any amount that is paid by the WFOE or its designee in connection with the purchased equity interest in a way permitted by PRC law. The nominee equity holders of VIE also granted WFOE or its designee an option to purchase all or a portion of the assets of VIE for the minimum amount of consideration permitted by PRC law. The nominee equity holders of VIE agreed not to transfer or mortgage any equity interest in or dispose of or cause the management to dispose of any assets of VIE without the prior written consent of WFOE. The Exclusive Purchase Option Agreement shall remain in effect until all of the equity interests held by the nominee equity holders of VIE and all of the assets in VIE have been acquired by WFOE or its designee. Equity Pledge Agreement Under the Equity Pledge Agreement, the nominee equity holders of VIE pledged their respective equity interest in VIE to WFOE to guarantee the performance of contractual obligations and the payment of debts under the Exclusive Consulting and Service Agreement the nominee equity holders of VIE further agreed not to transfer or pledge their equity interests in VIE without the prior written consent of WFOE. The Equity Pledge Agreement will remain binding until all the contractual obligations of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully performed and all the outstanding debts of the nominee equity holders of VIE and the VIEs under the Exclusive Consulting and Service Agreement have been fully paid, or all of their equity interests in VIE have been acquired by WFOE or its designee. Registration of the equity pledge with competent PRC regulatory authority has been completed. Powers of Attorney Pursuant to the Powers of Attorney entered into by each of the nominee equity holders of VIE, the nominee equity holders of VIE unconditionally and irrevocably appointed the directors of WFOE’s direct or indirect shareholder(s) or WFOE’s other designated persons as their sole attorney-in-fact to exercise all equity holder rights, including, but not limited to, the right to attend shareholders’ meetings of the VIEs and sign any shareholders resolutions of the meetings on behalf of the nominee equity holder, to exercise all shareholders’ rights in accordance with the PRC laws and regulations and the articles of association of the VIEs, including but not limited to the shareholders’ voting rights, the rights to sale, transfer, pledge or disposal of all or any part of the equity interests in VIE, to appoint the legal representative, director, supervisor and other senior management personnel of VIE, the right to sign any document, meeting minutes and file documents with the competent PRC regulatory authority and the voting rights with respect to VIE’s bankruptcy. The powers of attorney will remain effective until such nominee equity holders cease to be nominee equity holders of the VIE or the WFOE notifies the nominee equity holder of VIE to terminate the relevant powers of attorney. Spousal Consent Letters The spouses of each of nominee equity holders signed Spousal Consent Letters. Under the Spousal Consent Letters, the signing spouse unconditionally and irrevocably agreed that the equity interest in VIE which is held by and registered under the name of her spouse will be disposed of pursuant to the abovementioned Equity Pledge Agreement, Exclusive Purchase Option Agreement, Exclusive Consulting and Service Agreement and Powers of Attorney. Moreover, the spouse confirmed she has no rights, and will not assert in the future any right, over the equity interests in VIE held by her spouse. In addition, in the event that the spouse obtains any equity interest in VIE held by her spouse for any reason, she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by her spouse, as may be amended from time to time. The Company relies on the VIE Arrangements to operate and control VIEs. All of the VIE Arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration under PRC laws. Accordingly, these agreements would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Company’s ability to enforce these VIE Arrangements. In the event that the Company is unable to enforce these VIE Arrangements, or if the Company suffers significant time delays or other obstacles in the process of enforcing these VIE Arrangements, it would be difficult to exert effective control over VIEs, and the Company’s ability to conduct its business and the results of operations and financial condition may be materially and adversely affected. In the opinion of management, based on the legal opinion obtained from the Company’s PRC legal counsel, the above VIE Arrangements were legally binding and enforceable and did not violate current PRC laws and regulations. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, if the PRC government finds that the VIE Arrangements do not comply with its restrictions on foreign ownership of businesses, or if the PRC government otherwise finds that the Company’s corporate structure and contractual arrangements are in violation of local laws or regulations or lack the necessary permits or licenses to operate the Company’s business, the relevant regulatory authorities would have broad discretion in dealing with such violations, including: ● revoking the business and operating licenses of such entities; ● discontinuing or restricting the operations or the Group’s right to collect revenues; ● imposing fines or confiscating any of VIEs’ income that they deem to have been obtained through illegal operations; ● imposing conditions or requirements with which the Group’s subsidiaries or the VIEs may not be able to comply; ● requiring the Company to restructure the ownership structure or operations, including terminating the contractual arrangements and deregistering equity pledges made by the nominee equity holders of the VIEs, which in term would affect the ability to consolidate, derive economic interests from, or exert effective control over the VIEs; ● restricting or prohibiting the Company’s use of the proceeds of overseas offering to finance the business and operations in Chinese mainland; or ● taking other regulatory or enforcement actions that could be harmful to the business. If the imposition of any of these penalties or requirement to restructure the Company’s corporate structure causes it to lose the rights to direct the activities of the VIEs or the Company’s right to receive its economic benefits, the Company would no longer be able to consolidate the financial results of the VIEs in its consolidated and combined financial statements. The Company’s involvement with the VIEs under the VIE Arrangements affected the Company’s consolidated financial position, consolidated and combined results of operations and cash flows as indicated below. Pursuant to the Restructuring, the Group ceased to consolidate the VIE on June 30, 2023. The following consolidated assets and liabilities information of the Group’s VIEs as of December 31, 2022, and consolidated revenues, net loss and cash flow information for the years ended December 31, 2023, 2022 and 2021 have been included in the accompanying consolidated and combined financial statements. All intercompany transactions and balances with the Company, and its subsidiaries, prior to the Restructuring, have been eliminated upon consolidation. ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ US$ Cash 156,571 Inventories 108 Prepayments and other current assets – third parties 2,313 Total current assets 158,992 Property, equipment and software, net 14,189 Operating lease right-of-use assets 12,388 Other non-current assets 1,122 Total assets 186,691 Amounts due to inter-companies (i) 10,551 Operating lease liabilities – third parties 716 Accrued expenses and other current liabilities – third parties 35,254 Accrued expenses and other current liabilities – related parties 801 Mandatorily redeemable noncontrolling interest 11,381 Total current liabilities 58,703 Operating lease liabilities – third parties 1,662 Exchangeable notes (ii) 71,792 Convertible notes (ii) 76,770 Total liabilities 208,927 (i) As of December 31, 2022, amounts due to inter-companies represent the payables that the VIEs had with the Company’s subsidiaries, which were eliminated in the Company’s consolidated and combined financial statements. (ii) As of December 31, 2022, the exchangeable notes of US $71,792 was guaranteed by the WFOE and the convertible notes of US $76,770 was guaranteed by the Company and the WFOE. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From January 1, 2023 ​ Year ended ​ Year ended ​ to the completion of ​ December 31, ​ December 31, ​ ​ the Restructuring 2022 2021 ​ ​ US$ ​ US$ ​ US$ Revenues — ​ — — Net loss (i) (74,137) ​ (52,431) (8,737) Net cash used in operating activities (ii) (8,281) ​ (8,869) (7,993) Net cash used in investing activities (38,400) ​ (5,630) — Net cash(used in) provided by financing activities (iii) (107,317) ​ 137,876 55,951 Effect of exchange rate changes on cash (2,573) ​ (15,900) 1,136 Net decrease in cash (156,571) ​ 107,477 49,094 Cash at beginning of the period/year 156,571 ​ 49,094 — Cash at end of the period/year — ​ 156,571 49,094 (i) Net loss includes other expenses of US $56,752 and nil and nil arising from the transfer of VIE’s assets and liabilities to a subsidiary of WFOE for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (ii) Net cash used in operating activities includes amounts of US $88,423 , US $3,348 and nil paid to the Company’s subsidiaries and amounts of US $86,697 , US $34 and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. (iii) Net cash (used in) provided by financing activities includes amounts of US $158,509 , US $10,611 and US $11,055 paid to the Company’s subsidiaries and amounts of US $32,715 , nil and nil provided by the Company’s subsidiaries for period between January 1, 2023 and the completion of the Restructuring, and the years ended December 31, 2022 and 2021, respectively, which were eliminated upon consolidation. In accordance with the VIE Arrangements, the Company has the power to direct the activities of the VIEs. Therefore, the Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs, except for paid-in-capital of US$155 as of December 31, 2022. Except for the exchangeable notes of US$71,792 guaranteed by the WFOE and the convertible notes of US$76,770 guaranteed by the Company and the WFOE as of December 31, 2022 as mentioned above, the creditors of VIEs do not have recourse to the general credit of the Company and its subsidiaries. During the years ended December 31, 2022 and 2021 and the period between January 1, 2023 and the completion of the Restructuring presented, the Company and its subsidiaries provided financial support to VIEs that they were not previously contractually required to provide in the form of advances. To the extent VIEs require financial support, the Company may, at its option and to the extent permitted under local laws, provide such support to VIEs through entrustment loans to VIEs. The unrecognized revenue-producing assets that are held by the VIEs comprise of internet content provider license (“ICP license”), internally developed software and intellectual property, patents and other licenses, which were not recorded on the Company’s consolidated balance sheets as they do not meet all the capitalization criteria. (f) Disposal of a subsidiary On June 30, 2023, the Company disposed a subsidiary to a third party for cash consideration of US$1,385. The carrying amount of the net liabilities of the subsidiary on the disposal date was as follows: ​ ​ ​ ​   ​ US$ Cash 6 Inventories 158 Accounts receivable 1,131 Prepayments and other current assets 1,279 Property, equipment and software, net 2,784 Operating lease right-of-use assets 5,585 Other non-current assets 510 Short‑term borrowings (2,365) Accounts payable (1,298) Accrued expenses and other current liabilities (4,684) Operating lease liabilities (5,409) Net liabilities (2,303) ​ Between February to June 2023, the Group provided one-year loans with aggregated principal amounts of US$2,346 bearing interest rate of 3.65% to the disposed subsidiary. Upon the disposal, the Group recognized the loan receivables of US$2,365, which were collected in August 2023. The excess of cash consideration over the net liabilities derecognized was recognized in “ Investment (loss) income, net The Group concludes that the disposal does not represent a strategic shift, nor it will have a major effect on the Group’s operations and financial results.

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Lotus Technology Inc. (“the Company”), its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (the “VIEs”, collectively referred to “the Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated and combined financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Group as of December 31, 2023, and the related consolidated and combined statements of comprehensive loss, changes in shareholders’ deficit and cash flows for the year then ended. Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which Wuhan Lotus Technology Limited Company (“WFOE”), the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2024, the results of operations and cash flows for the six months ended June 30, 2024 and 2023, have been made. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of June 30, 2024, the Group had an accumulated deficit of US$2,048,092 and net current liabilities exceeded current assets in the amount of US$561,241. In addition, the Group recorded net cash used in operating activities in the amount of US$468,361 for the six months ended June 30, 2024. Historically, the Group had relied principally on proceeds from the issuance of ordinary shares, redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported revenues and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) warrant liabilities; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements. (b) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of June 30, 2024 and December 31, 2023. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941 ​ Cash that is restricted for withdrawal or use is reported separately in the condensed consolidated balance sheets. The Group’s restricted cash mainly represents deposits for short-term borrowings as mentioned in note 10, deposits made to banks to secure bank acceptance notes, funds in escrow accounts as mentioned in note 14, and deposits made to landlords for certain long-term leases. (c) Product warranties The following table shows the movement of product warranty reserve: ​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957 ​ (d) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 69.75% and 97.57% of the Group’s accounts receivable — related parties as of June 30, 2024 and December 31, 2023, respectively. During the the six months ended June 30, 2024 and 2023, Geely Group contributed US$9,590 and US$4,923 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for the six months ended June 30, 2024 and 2023. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ Suppliers contributed more than 10.0% of total purchases for the six months ended June 30, 2024 and 2023 are as below. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of June 30, 2024 and December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, accounts receivable, loan receivables, and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loans receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them. (e) Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Group will adopt ASU 2023-07 for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Group has evaluated the accounting standard update and it has no material impact on the consolidated financial statements.	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying consolidated and combined financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated and combined financial statements are presented in United States dollar (“US$”), rounded to the nearest thousand. These consolidated and combined financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of December 31, 2023, the Group had an accumulated deficit of US$1,588,773 and net current liabilities of US$873,569. In addition, the Group recorded net cash used in operating activities in the amount of US$386,932 for the year ended December 31, 2023. Historically, the Group had relied principally on proceeds from the issuance of redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. These consolidated and combined financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Group were unable to continue as a going concern. (b) Principles of Consolidation The consolidated and combined financial statements presented herein include the financial statements of the Company, its subsidiaries, the VIE for which WFOE is the primary beneficiary, and the VIE’s subsidiaries. All intercompany transactions and balances have been eliminated. (c) Use of Estimates The preparation of the consolidated and combined financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated and combined financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) mandatorily redeemable noncontrolling interest; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the consolidated and combined financial statements. (d) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (e) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of December 31, 2023 and 2022. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − 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 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605 ​ (f) Restricted Cash Cash that is restricted for withdrawal or use is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents deposits made to banks to secure bank acceptance notes, a letter of guarantee, and deposits made to landlords for certain long-term leases. (g) Derivative financial instruments The Group selectively uses financial instruments to manage market risk associated with exposure to fluctuations in foreign currency rates with foreign exchange forwards, which are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The Group’s derivative instruments are not qualified for hedge accounting, thus changes in fair value are recognized in the consolidated and combined statements of comprehensive loss. As of December 31, 2023 and 2022, the Group’s derivative instruments were US$67 and nil, respectively, included in “ prepayments and other current assets – third parties, net Investment income (loss), net (h) Short-term investments The Group’s short-term investments represent investments in a convertible note and wealth management products. The Group has elected the fair value option to account for an investment in a convertible note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Group recorded the fair value gain of nil, US$1,316 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. The Group’s investments in wealth management products are redeemable at the option of the Group on any working day. The Group elects the fair value option at the date of initial recognition and carries these investments at fair value, since the Group believes the fair value option best reflects the economics of the underlying transactions. Changes in the fair value of these investments are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. The Group recorded the fair value gain of US$97, US$996 and nil in “Investment income (loss), net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. (i) Investment securities The Group invests in marketable equity securities, which are classified as investments with readily determinable fair values and reported at fair value in the consolidated balance sheets. The unrealized gains and losses on equity securities are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085, US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. (j) Accounts Receivable and expected credit losses Accounts receivable is recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated and combined statements of cash flows. The Company maintains a specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances are reviewed by management individually. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance sheet credit exposure related to its customers. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The new accounting standard does not apply to loans and receivables between entities under common control. The Group adopted the ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with accumulative effect recorded as an increase of accumulated deficit in the amount of US$15. The Group assessed that accounts receivable, other receivables, loan receivables, short-term and long-term deposits are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and suppliers, and the related accounts receivable, loan receivables, other current assets and other non-current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Company considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations. (k) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is calculated on specific identification or the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. (l) Equity investments The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize our proportionate share of each equity investee’s net income or loss into earnings after the date of investment. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. There was no equity method goodwill recognized. (m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows: ​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms ​ Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred. (n) Operating Leases The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases. The Group recognizes lease liabilities and right-of-use (“ROU”) assets at lease commencement date. Lease liabilities are measured at the present value of unpaid lease payments at the lease commencement date and are subsequently measured at amortized cost using the effective-interest method. Since the Group’s leases do not provide an implicit rate, the Group uses its own incremental borrowing rate in determining the present value of unpaid lease payments. The incremental borrowing rate was determined based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China and the US, the Company’s credit rating and lease term, and is updated for measurement of new lease liabilities. ROU assets are initially measured at cost, which consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term. The Group has elected not to recognize ROU assets and lease liabilities for short-term leases (i.e. leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise). As a practical expedient, the Group has elected that for all leases, where it is the lessee, not to separate non-lease components from lease components and instead to account for all lease and non-lease components associated with each lease as a single lease component. If a lease is modified and that modification is not accounted for as a separate contract, the classification of the lease is reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. (o) Intangible Assets Intangible assets with indefinite useful lives represent acquired license plates and trademark licenses since the Group has the right and the intention to continue to use the license plates and trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. (p) Land use rights Land use rights in Chinese mainland represents an exclusive right to occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use rights. Land use rights are recorded in operating lease right-of-use assets with lease term of 40 years (q) Impairment of Long-lived Assets and intangible assets with indefinite lives Long-lived assets, including property, equipment and software and ROU assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets or asset group over the fair value of the assets or asset group. No such impairment losses were recorded for the years ended December 31, 2023, 2022 and 2021. Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs a quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. The Group did not record any impairment charges for the years ended December 31, 2023, 2022 and 2021. (r) Value Added Taxes Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity by entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables or be refunded upon application. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets. (s) Warranties The Group provides standard warranties on BEV lifestyle models based on the contracts with its customers at the time of sale of BEV lifestyle models. The Group accrues a warranty reserve for the new BEV lifestyle models sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on the estimates of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of revenues in the consolidated and combined statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis. The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain. The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance-type warranty to customers that ensures that products will function as intended and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees The following table shows the movement of warranty reserve: ​ ​ ​ ​ ​ 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 ​ For the years ended December 31, 2022 and 2021, nil warranty provision was recognized. (t) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. (u) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition. When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability. A contract asset is recorded when the Group transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents a contract liability when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group generates revenue from sales of vehicles and any bundled products and services to end-users and distributors. The Group also generates revenue from provision of automotive design and development services to various automobile manufacturers. Further details of the Group’s revenue recognition policies are as follows: Sales transactions with end-users Sales of BEV lifestyle models The Group started to deliver BEV lifestyle models to customers in March 2023. In certain countries, the Group sells BEV lifestyle models Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows: i. Revenue from Eletre is recognized at a point in time when the control of Eletre is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle. ii. Revenue from the installed premium intelligent driving system is recognized when the functionality is activated, and the portion related to upgrades is recognized ratably over the estimated period of vehicle usage by the customer. iii. Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location. iv. Revenue from charging cards is recognized when the customer uses the card to redeem for charging services. v. Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer. vi. Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales. vii. Revenue from maintenance services is recognized over the service period based on the number of maintenance services delivered to date relative to the estimated remaining number of maintenance services to be delivered. viii. Revenue from vehicle internet connection services is recognized ratably over the estimated useful life of the vehicle as this service is transferrable from the customer to another car user if the customer resells the vehicle. Initial refundable deposits received from customers for intention orders prior to vehicle purchase agreements are signed are recognized as refundable deposits from customers (accrued expenses and other current liabilities). When vehicle purchase agreements are signed, these initial deposits are reclassified to contract liabilities. Any other non-refundable payments received prior to the transfer of goods or services are also recognized as contract liabilities. Sales of sports cars The Group generates revenue from the distribution of Lotus-brand sports cars developed and produced by LCL. Revenue from sports cars sales is recognized at a point in time, when the control of the sports cars is transferred to the customer, which is the point in time when the customer takes possession of and accepts the sports cars. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales and concludes that free pick-up and delivery service for maintenance, door-to-door troubleshooting and lifetime roadside assistance are immaterial and therefore the Group does not assess whether these promised services are performance obligations. When reaching this conclusion, the Group consi

ACCOUNT RECEIVABLES - THIRD P_5

ACCOUNT RECEIVABLES - THIRD PARTIES, NET	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
ACCOUNT RECEIVABLES - THIRD PARTIES, NET	3. ACCOUNT RECEIVABLES - THIRD PARTIES, NET ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2024 2023   ​  US$ US$ Accounts receivable-third parties 73,481 77,047 Less: Allowance for credit losses (683) (383)   ​ ​ ​ Total 72,798 76,664 ​ The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 383 Provisions 308 Foreign currency translation adjustment (8) Balance at the end of the period 683 ​	3. ACCOUNT RECEIVABLES - THIRD PARTIES, NET ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022   ​ US$ US$ Accounts receivable-third parties 77,047 111 Less: Allowance for credit losses (383) —   ​   ​ Total 76,664 111 ​ The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 1 Balance as of January 1, 2023 1 Provisions 374 Foreign currency translation adjustment 8 Balance as of December 31, 2023 383 ​

INVENTORIES_2

INVENTORIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
INVENTORIES	4. INVENTORIES Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Products available for sale 340,142 246,419 Raw materials ​ 1,233 ​ — Goods in transit 43,825 18,771 Total 385,200 265,190 ​ Inventory write-downs recognized in cost of revenues for the six months ended June 30, 2024 and 2023 were US$4,711 and US$848, respectively.	4. INVENTORIES Inventories consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Products available for sale 246,419 13,714 Goods in transit 18,771 8,989 Total 265,190 22,703 ​ Inventory write-downs recognized in cost of revenues for the years ended December 31, 2023, 2022 and 2021 were US$1,668, nil and nil, respectively.

PREPAYMENTS AND OTHER CURRENT_5

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES	5. PREPAYMENTS AND OTHER CURRENT ASSETS — THIRD PARTIES Prepayments and other current assets — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT ​ 69,684 ​ 41,066 Prepayments to third-party suppliers 34,994 11,280 Deposits 4,975 3,995 Deferred listing expenses ​ — ​ 1,686 Others ​ 8,846 ​ 5,850 Less: Allowance for credit losses (i) (7) (7) Total 118,492 63,870 (i) ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 7 Provisions 1 Foreign currency translation adjustment (1) Balance at the end of the period 7 ​	5. PREPAYMENTS AND OTHER CURRENT ASSETS — THIRD PARTIES Prepayments and other current assets — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deductible VAT ​ 41,066 ​ 36,508 Prepayments to third-party suppliers 11,280 2,446 Deposits 3,995 3,747 Deferred listing expenses ​ 1,686 ​ — Others ​ 5,850 ​ 1,674 Less: Allowance for credit losses (i) (7) — Total 63,870 44,375 (i) The movement of the allowance for credit losses is as follows: ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 2 Balance as of January 1, 2023 2 Provisions 4 Foreign currency translation adjustment 1 Balance as of December 31, 2023 7 ​

PROPERTY, EQUIPMENT AND SOFTW_5

PROPERTY, EQUIPMENT AND SOFTWARE, NET	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE, NET
PROPERTY, EQUIPMENT AND SOFTWARE, NET	6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Machinery and R&D equipment 28,367 26,551 Molds and tooling 137,855 84,367 Motor vehicles 49,461 50,935 Office and electronic equipment 34,607 32,325 Purchased software 71,827 68,422 Leasehold improvements 43,645 35,506 Property, equipment and software 365,762 298,106 Less: Accumulated depreciation (98,699) (66,258) Construction in progress (i) 78,273 122,769 Property, equipment and software, net 345,336 354,617 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction. Depreciation expenses on property, equipment and software were allocated to the following expense items: ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cost of revenues 13,628 7,115 Research and development expenses 2,457 1,240 Selling and marketing expenses 13,282 6,871 General and administrative expenses 9,919 7,415 Total depreciation expenses 39,286 22,641 ​	6. PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software, net, consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Machinery and R&D equipment 26,551 16,997 Molds and tooling 84,367 79,963 Motor vehicles 50,935 15,586 Office and electronic equipment 32,325 17,271 Purchased software 68,422 49,905 Leasehold improvements 35,506 22,431 Property, equipment and software 298,106 202,153 Less: Accumulated depreciation (66,258) (15,455) Construction in progress(i) 122,769 66,773 Property, equipment and software, net 354,617 253,471 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction. Depreciation expenses on property, equipment and software were allocated to the following expense items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cost of revenues 16,111 38 25 Research and development expenses 3,238 2,681 1,626 Selling and marketing expenses 18,350 5,476 61 General and administrative expenses 17,258 4,595 344 Total depreciation expenses 54,957 12,790 2,056 ​ Property, equipment and software with a net book value of US$37,287 and nil were pledged as security for the exchangeable notes subject to further notice by the exchangeable notes holder as mentioned in note 14 as of December 31, 2023 and 2022, respectively.

INTANGIBLE ASSETS_2

INTANGIBLE ASSETS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	7. INTANGIBLE ASSETS Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 275 277 Others ​ 168 ​ — Intangible assets 116,526 116,360 ​	7. INTANGIBLE ASSETS Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 277 281 Intangible assets 116,360 116,364 ​ On November 4, 2021, the Group entered into trademark licenses agreements with a related party (“Trademark Licenses Agreements”), Group Lotus Limited, a wholly owned subsidiary of LGIL, which is ultimately controlled by the Controlling Shareholder of the Company. Pursuant to the Trademark Licenses Agreements, the Group received the “Lotus” trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car): i) exclusively on lifestyle vehicles and parts and components in relation thereto the Group designs, develops, manufactures, assembles, distributes and sells or has designed, developed, manufactured or assembled by any third party; ii) non-exclusively for the Group’s business of providing related after-sale services for the lifestyle vehicles; iii) non-exclusively on the related products (excluding anything relating to the sports cars) such as accessories the Group designs, produces, distributes, and sells or has designed or produced by any third party on its behalf; iv) any other occasions in relation to the business conducted by the Group as duly approved by the Group’s Board (excluding anything relating to sports cars). The Group intends to market and distribute its products under the “Lotus” brand indefinitely, and the trademark licenses are expected to contribute to cash flows indefinitely. The cost of renewal in each jurisdiction is different, and the Company believes the amount of renewal costs is insignificant relative to the future cash flows from sales of lifestyle vehicles under the “Lotus” brand. Therefore the useful lives of the trademark licenses are considered to be indefinite. The trademark licenses were initially recognized at the amount of US$116,041 as of November 4, 2021, which is the same as the carrying amount from the perspective of the entity under common control and their estimated fair value determined using the relief from royalty method .

LEASES_2

LEASES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
LEASES
LEASES	8. LEASES The Group has entered into various non-cancellable operating lease agreements for land use rights, certain offices, warehouses, retail and service locations, and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating lease cost 14,222 13,334 Short-term lease cost 1,431 2,901 Variable lease cost 83 62 Total 15,736 16,297 ​ Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred. The above lease costs are recognized as cost of sales, selling and marketing expenses, general and administrative expenses and research and development expenses. Supplemental cash flows information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash outflows from operating leases ​ 13,522 ​ 21,051 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ Operating leases 2,640 24,699 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets 158,864 173,103 Total operating lease assets 158,864 173,103 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 14,526 16,760 − Operating lease liabilities-related parties* 995 840 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 81,393 91,929 − Operating lease liabilities-related parties 11,314 12,064 Total operating lease liabilities 108,228 121,593 * Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ ​ US$ ​ US$ ​ Weighted-average remaining lease term Operating leases 7.78 years 7.94 years ​ Weighted-average discount rate ​ Operating leases 6.64 % 6.93 % ​	8. LEASES The Group has entered into various non-cancellable operating agreements for land use rights, certain offices, warehouses, retail and service locations, and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The components of lease cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Operating lease cost 27,815 21,701 6,389 Short-term lease cost 4,288 2,595 847 Variable lease cost 141 49 231 Total 32,244 24,345 7,467 ​ Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred. The above lease costs are recognized as cost of sales, selling and marketing expenses, general and administrative expenses and research and development expenses. Supplemental cash flows information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash outflows from operating leases* ​ 34,752 ​ 16,085 ​ 56,024 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases 42,707 76,584 56,610 * For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years . Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets* 173,103 158,724 Total operating lease assets 173,103 158,724 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 16,760 15,815 − Operating lease liabilities-related parties** 840 13 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 91,929 98,963 − Operating lease liabilities-related parties 12,064 170 Total operating lease liabilities 121,593 114,961 * ** ​ Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 2022 2021 ​ Weighted-average remaining lease term Operating leases 8.01 years 8.37 years ​ 7.36 years ​ Weighted-average discount rate ​ Operating leases 6.60 % 6.99 % 5.74 % ​ Because the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Maturities of operating lease liabilities were as follows: ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ 2023 ​ US$ 2024 23,902 2025 20,884 2026 19,482 2027 17,137 2028 16,001 Thereafter 55,092 Total undiscounted lease payments 152,498 Less: imputed interest (30,905) Total lease liabilities 121,593 ​ As of December 31, 2023, the Group had future minimum lease payments for non-cancelable short-term operating leases of US$79.

OTHER NON-CURRENT ASSETS - TH_4

OTHER NON-CURRENT ASSETS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT ASSETS - THIRD PARTIES
OTHER NON-CURRENT ASSETS - THIRD PARTIES	9. OTHER NON-CURRENT ASSETS – THIRD PARTIES Other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT 54,808 41,859 Deposits for long-term operating leases 2,938 3,288 Prepayments for purchases of property, equipment and software 2,289 920 Equity investments 4,634 4,466 Others ​ 1,123 ​ — Total 65,792 50,533 ​	9. OTHER NON-CURRENT ASSETS – THIRD PARTIES Other non-current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deposits for long-term operating leases 3,288 3,486 Prepayments for purchases of property, equipment and software 920 1,442 Deductible VAT 41,859 5,815 Equity investment(i) 4,466 240 Total 50,533 10,983 (i) ​ In January 2023, the Group invested US$4,317 to incorporate Hubei Changjiang Chegu Industry Investment Fund Partnership (“Changjiang Chegu”) in Chinese mainland and holds 16.67% of Changjiang Chegu’s equity interests. The Group applies the equity method to account for the investment in Changjiang Chegu.

SHORT-TERM BORROWINGS - THIRD_4

SHORT-TERM BORROWINGS - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHORT-TERM BORROWINGS - THIRD PARTIES
SHORT-TERM BORROWINGS-THIRD PARTIES	10. SHORT-TERM BORROWINGS — THIRD PARTIES Short-term borrowings — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Borrowings from banks 517,902 226,772 Secured loans from a financial institution 577 — Total ​ 518,479 ​ 226,772 ​ During the six months ended June 30, 2024, the Group borrowed loans due within one year or less with aggregated principal amounts of US$439,922 from banks, bearing an interest rate of one-year loan prime rate The weighted average interest rate on short-term borrowings outstanding as of June 30, 2024 and December 31, 2023 is 4.03% and 3.90%, respectively. As of June 30, 2024 and December 31, 2023, the Group had a total line of credit in the amount of US$946,716 and US$279,300, of which the unused portion was US$262,569 and US$14,119, respectively. As of June 30, 2024 and December 31 2023, certain of the Group’s short-term borrowings were pledged with restricted cash of US$336,757 and nil, respectively.	10. SHORT-TERM BORROWINGS — THIRD PARTIES Short-term borrowings — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Borrowings from banks 226,772 28,748 ​ During the year ended December 31, 2023, the Group borrowed loans due within one year or less with aggregated principal amounts of US$481,176 from banks in Chinese mainland, bearing an interest rate of one-year loan prime rate (“LPR”) published by China Foreign Exchange Trade System at the date of utilization plus 0.10% to 0.25% per annum. The interests shall be repaid quarterly or monthly. During the year ended December 31, 2023, the Group repaid loans with principal amount of US$272,897. During the year ended December 31, 2022, the Group borrowed one The weighted average interest rate on short-term borrowings outstanding as of December 31, 2023 and 2022 is 3.90% and 3.90%, respectively. As of December 31, 2023 and 2022, the Group had a total line of credit in the amount of US$279,300 and US$28,748, of which the unused portion was US$14,119 and nil, respectively.

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES — THIRD PARTIES Accrued expenses and other current liabilities — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Accrued salaries and benefits 61,300 68,160 Payables for R&D expenses 71,571 75,578 Payables for marketing events 62,520 48,190 Payables for purchase of property, equipment and software 58,457 51,278 Refundable deposits from customers 27,461 27,007 Deposits from third parties (i) 11,659 19,608 VAT and other taxes payables 18,736 23,190 Payables for service fees 87,727 33,229 Bank acceptance notes and letter of credit — 38,290 Refundable deposits in connection with the PIPE investments ​ — ​ 9,699 Others 31,792 25,193 Total 431,223 419,422 (i) Represents short -term deposits from third party suppliers.	11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES — THIRD PARTIES Accrued expenses and other current liabilities — third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accrued salaries and benefits 68,160 46,362 Payables for R&D expenses 75,578 83,261 Payables for marketing events 48,190 47,729 Payables for purchase of property, equipment and software 51,278 88,286 Refundable deposits from customers 27,007 3,410 Deposits from third parties(i) 19,608 4,684 VAT and other taxes payables 23,190 4,843 Payables for service fees 33,229 21,176 Bank acceptance notes and letter of credit 38,290 11,025 Refundable deposits in connection with the PIPE investments ​ 9,699 ​ — Others 25,193 12,523 Total 419,422 323,299 (i) Represents short -term deposits from third party suppliers.

PUT OPTION LIABILITIES_2

PUT OPTION LIABILITIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PUT OPTION LIABILITIES
PUT OPTION LIABILITIES	12. PUT OPTION LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ Meritz put option ​ ​ ​ ​ (Note 14) ​ LGIL put option ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 — 11,884 11,884 Issuance of put options 130,082 — 130,082 Change in fair values 45,132 (11,447) 33,685 Balance as of June 30, 2024 175,214 437 175,651 - Current portion ​ — ​ 437 ​ 437 - Non-current portion ​ 175,214 ​ — ​ 175,214 ​ LGIL put option On January 31, 2023, the Company issued put options to each of Geely International (Hong Kong) Limited (“Geely HK”) and Etika at nil consideration. Pursuant to the put option agreements, each of Geely HK and Etika will have an option to require the Company to purchase the equity interests held by Geely HK and Etika in Lotus Advance Technologies Sdn Bhd, the immediate parent of LGIL, during the period from April 1, 2025 to June 30, 2025, at a pre-agreed price. Geely HK and Etika are entitled to exercise the put option on an individual standalone basis. If Geely HK or Etika exercises the put option, Geely HK or Etika shall put all its equity interests in Lotus Advance Technologies Sdn Bhd to the Company. The exercise price will be settled with the Company’s newly issued ordinary shares. The number of ordinary shares of the Company to be issued to each of Geely HK and Etika shall be equal to the quotient of (a) the exercise price, divided by (b) the per share listing price, i.e. US$10 per share, of ordinary shares of the Company. The put options are accounted for as liabilities in the scope of ASC Topic 480, Distinguishing Liabilities from Equity, The fair values of the Lotus Group International Limited (“LGIL”) put option liabilities as of June 30, 2024 and December 31, 2023 are estimated using the scenario-weighted average method with binominal model, with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 As of December 31, 2023 Risk‑free interest rate 4.69 % 4.87 % Expected volatility 23.80 % 26.33 % Expected dividend yield 0.00 % 0.00 % Remaining term 1 year 1.5 years Probability of exercise condition 50.00 % 50.00 % Fair value of underlying ordinary share of LGIL US$0.44 ​ US$0.81 ​ ​	12. PUT OPTION LIABILITIES ​ ​ ​ ​ ​ US$ Balance as of December 31, 2022 — Issuance of put options 9,376 Change in fair values 2,508 Balance as of December 31, 2023 11,884 ​ On January 31, 2023, the Company issued put options to each of Geely International (Hong Kong) Limited (“Geely HK”) and Etika at nil consideration. Pursuant to the put option agreements, each of Geely HK and Etika will have an option to require the Company to purchase the equity interests held by Geely HK and Etika in Lotus Advance Technologies Sdn Bhd, the immediate parent of LGIL, during the period from April 1, 2025 to June 30, 2025, at a pre-agreed price, i.e. 1.15 multiplied by the revenue of LGIL for the year ending December 31, 2024 plus the cash and cash equivalents of LGIL as of December 31, 2024, and minus the outstanding amount of indebtedness of LGIL as of December 31, 2024 (the “exercise price”), if the total number of vehicles sold by LGIL in 2024 exceeds 5,000 (the “exercise condition”). Geely HK and Etika are entitled to exercise the put option on an individual standalone basis. If Geely HK or Etika exercises the put option, Geely HK or Etika shall put all its equity interests in Lotus Advance Technologies Sdn Bhd to the Company. The exercise price will be settled with the Company’s newly issued ordinary shares. The number of ordinary shares of the Company to be issued to each of Geely HK and Etika shall be equal to the quotient of (a) the exercise price, divided by (b) the per share listing price, i.e. US$10 per share, of ordinary shares of the Company. The put options are determined to be freestanding financial instruments that are accounted for as liabilities in the scope of ASC Topic 480, Distinguishing Liabilities from Equity At initial recognition, the Company recognized the issuance of put options at its fair value of US$9,376 as dividends to the shareholders with a corresponding decrease in additional paid-in capital. The increase in fair value of the put option liabilities in the amount of US$2,508, nil and nil for the years ended December 31, 2023, 2022 and 2021 was recognized in the consolidated and combined statements of comprehensive loss, respectively. The fair value of the put option liabilities as of December 31, 2023 is estimated using the scenario-weighted average method with binominal model, with the following assumptions: ​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​

Warrant liabilities

Warrant liabilities	6 Months Ended
	Jun. 30, 2024
Warrant liabilities
Warrant liabilities	13.Warrant liabilities ​ ​ ​ ​ ​ US$ Balance as of December 31, 2023 — Issuance of warrant liabilities 12,141 Conversion to ordinary shares (275) Change in fair values (6,317) Balance as of June 30, 2024 5,549 ​ Public Warrant and Sponsor Warrants As stated in Note 1(a)(ix), 9,550,246 Public Warrants were issued to the then public shareholders of LCAA in exchange for the warrants held by public shareholders of LCAA, and 5,486,784 Sponsor warrants were issued to the Sponsor in exchange for warrants held by the Sponsor. The key terms of warrants are summarized as follows: The Public Warrants became exercisable on the date that is thirty days after February 22, 2024. The Sponsor Warrants became exercisable on the same date. Each whole Public Warrant or Sponsor Warrant entitles the registered holder to purchase one ordinary share in the form of American Depositary Shares (ADSs) at a price of US$11.50 per share, subject to adjustment. The Warrants will expire on February 22, 2029, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. For the Public Warrants, (i) if the price per ordinary share equals or exceeds US$18.00, the Company has the right to redeem the outstanding Public Warrants, in whole and not in part, at a price of US$0.01 per warrant; and (ii) if the price per ordinary share equals or exceeds US$10.00 but less than US$18.00, the Company has the right to redeem the outstanding Public Warrants, in whole and not in part, at a price of US$0.1 per warrant, and the Sponsor Warrants are also be concurrently called for redemption on the same terms as the outstanding Public Warrants. Before the Warrants redeemed by the Company under the circumstances set out in the contract, the warrant holders will be able to exercise their Warrants on a cashless basis and receive that number of shares determined based on the redemption date and the redemption fair market value of ordinary shares. The “cashless basis” means that the warrant holders would pay the exercise price by surrendering his, her or its warrants for that number of ordinary shares. The Sponsor Warrants are identical to the Public Warrants, except that so long as they are held by the initial holders of these warrants and their permitted transferees, the Sponsor Warrants (i) may be exercised for cash or on a cashless basis; (ii) include the ordinary shares issuable upon exercise of the Sponsor Warrants, may not be transferred, assigned or sold until 30 days after February 22, 2024; (iii) shall not be redeemable by the Company if the price per ordinary Share equals or exceeds US$18.00; (iv) shall only be redeemable by the Company, in whole and not in part, at a price of US$0.1 per warrant, if the price per ordinary share equals or exceeds US$10.00 but less than US$18.00. In addition, the Sponsor Warrants and the ordinary shares underlying the Sponsor Warrants are subject to lock-up restrictions. In certain cases, the calculation of exercise price may be different based on the valuation models for Public Warrants as compared to Sponsor Warrants. In case of any reclassification or reorganization of the outstanding ordinary shares (other than those described above or that solely affects the par value of such ordinary shares), or in the case of any merger or consolidation of the Company with or into another corporation or entity (other than a consolidation or merger in which the Company is the continuing corporation or company and that does not result in any reclassification or reorganization of the Company’s outstanding ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. Management considers Public Warrants and Sponsor Warrants as liabilities and measures them at fair value in accordance with ASC 815, with fair value changes recognized in the unaudited condensed consolidated statements of comprehensive loss, because: (i) (ii) In June 2024, 495,724 shares of Public Warrants were exercised at US$11.50 per share, with a total cash consideration of US$5,700. Given the Public Warrants are publicly traded on Nasdaq, the liability is measured at fair value using observable inputs and categorized in Level 1 of the fair value hierarchy, while the Sponsor Warrants liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Binomial Option Pricing Model with the following key assumptions is used for estimating the fair value of the Sponsor Warrants. As of June 30, 2024, the fair value of the Sponsor Warrants is estimated with the following assumptions: ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ ​ Risk-free interest rate 4.36 % Dividend rate 0.0 % Expected term (years) 4.65 years ​ Expected volatility 20.05 % Spot price US$6.62 ​ ​

Meritz Investments

Meritz Investments	6 Months Ended
	Jun. 30, 2024
Meritz Investments
Meritz Investments	14. Meritz Investments On February 22, 2024, the Company issued to Meritz 50,000,000 ordinary shares of the Company (“Meritz Subscription Shares”) at an aggregate subscription price equal to US$500,000 (“Meritz Investment”). Pursuant to the Meritz Investment, the Company shall deposit into a restricted securities account (“Restricted Securities Account”) consisting of: (i) certain U.S. treasury bonds with an aggregate outstanding principal amount of US$325,000, and (ii) certain U.S. treasury bonds and/or U.S. treasury bills with an aggregate outstanding principal amount of US$175,000. The Company shall be permitted to withdraw U.S. treasury bonds and/or U.S. treasury bills with outstanding principal amount equal to US$175,000 from the Restricted Securities Account, upon the later of (i) May 22, 2024 and (ii) satisfaction of the effective registration statement. As of June 30, 2024, the Company has withdrawn the U.S treasury bond and/or U.S. treasury bills with an aggregate outstanding principal amount of US$175,000 , After Meritz has released U.S. treasury bonds and/or U.S. treasury bills with outstanding principal amount equal to US$175,000, in the event that the closing price drops below a certain level, the Company is obligated to, within five In addition, Meritz has the right to freely sell, assign, pledge, rehypothecate, lend, invest, use, commingle or otherwise dispose of, and otherwise use in its business (with any of the foregoing being referred to herein as “Rehypothecate”) all collateralized U.S. treasury bonds and/or U.S. treasury bills during the applicable security period without any further consent of the Company, subject to the applicable terms and conditions of the security documents. Subject to the applicable terms and conditions of the security documents, Meritz shall be obligated to (a) in the event that the Company is permitted to withdraw any Rehypothecated U.S. treasury bonds and/or U.S. treasury bills and requests to do so, return U.S. treasury bonds and/or U.S. treasury bills in the same class and issue and outstanding principal amount as the U.S. treasury bonds and/or U.S. treasury bills subject to withdrawal to the Restricted Securities Account, and (b) return all Rehypothecated U.S. treasury bonds and/or U.S. treasury bills to the Restricted Securities Account upon the earlier of (i) the expiry of the applicable security period or (ii) the occurrence of any insolvency event, bankruptcy, liquidation, dissolution or winding up or similar event, whether voluntary of involuntary, or a filing for bankruptcy or similar proceedings in respect of Meritz. In connection with the Meritz Investment, the Company undertakes to ensure the total amount of freely available cash that is not subject to any legal or contractual restrictions as to withdrawal or use (excluding any restriction that is imposed by the foreign exchange rules or policies under applicable law) held by it as of the last date of each fiscal quarter shall be no less than US$175,000, in each case as evidenced in the applicable quarterly financial results filed or furnished by the Company with the U.S. Securities and Exchange Commission(“SEC”). Meritz has the option to sell all or part of the Meritz Subscription Shares to the Company upon the occurrence of certain triggering events, including certain credit events, collateral-related default, failure to comply with certain financial covenants, failure to satisfy certain registration condition with respect to Meritz Subscription Shares, or the third anniversary of the closing of the Meritz Investment, all or part of the Meritz Subscription Shares then held by Meritz to the Company at an agreed return, i.e. 12.5% internal rate (“Meritz put option”). The Company shall have certain call options to purchase up to an agreed number of Meritz Subscription Shares from Meritz, subject to satisfaction of certain conditions, in each case, at a per share price that is not lower than $14.00. The Meritz put option liability is determined to be a freestanding financial instrument that is accounted for as a liability in the scope of ASC Topic 480, Distinguishing Liabilities from Equity At initial recognition, the Company recognized the issuance of Meritz put option at its fair value of US$130,082. The increase in fair value of the put option liability in the amount of US$45,132 for the six months ended June 30, 2024 was recognized in the unaudited condensed consolidated statements of comprehensive loss. The fair value of the put option liability as of June 30, 2024 is estimated using the scenario-weighted average method with binomial model, with the following assumptions: ​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ ​ Risk‑free interest rate 4.59 % Expected volatility 53.79 % Expected dividend yield 0.00 % Remaining term 2.64 year Probability of exercise condition 50.00 % ​ The Meritz call options are accounted for under ASC 815-40 “Derivatives and Hedging — Contracts in Entity’s Own Equity” as they are determined to be freestanding financial instruments that are indexed to the Company’s own stock and will be physically settled in shares. The call options are classified as equity. The Company initially measured the call option at fair value basis of US$257 by allocation of remaining net proceeds after deducting the fair value of Mertiz put option between the call options recognized in additional paid-in capital and the ordinary shares issued on a relative fair value basis.

EXCHANGEABLE NOTES_2

EXCHANGEABLE NOTES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
EXCHANGEABLE NOTES
EXCHANGEABLE NOTES	15. EXCHANGEABLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 378,638 75,678 454,316 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ (11,509) ​ 1,790 ​ (9,719) Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ — ​ 93 ​ 93 Repayments ​ (365,994) ​ — ​ (365,994) Foreign currency translation adjustment ​ (1,135) ​ (474) ​ (1,609) Balance as of June 30, 2024 ​ — ​ 77,087 ​ 77,087 – Current portion — — — – Non-current portion — 77,087 77,087 ​ WFOE Exchangeable Notes As mentioned in Note 1(a)(iv), 36,597,038 ordinary shares were issued to WFOE Exchangeable Notes Holder following the settlement of the outstanding principal amount of the WFOE Exchangeable Notes to WFOE Exchangeable Notes Holder upon the consummation of the Merger Transaction. The Group elected the fair value option to account for the WFOE Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The WFOE Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the WFOE Exchangeable Notes due to the instrument-specific credit risk of nil and US$651 were debited to other comprehensive income (loss) and all other changes in fair values of US$11,509 and US$3,144 were (credited)/debited to “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. ​ Lightning Speed Exchangeable Notes In December 2022, the Company’s subsidiary, Hangzhou Lightning Speed Technology Co., Ltd. (“Lightning Speed”) issued the first tranche of exchangeable notes (the “Lightning Speed Exchangeable Notes”) with the principal amount of RMB500,000 to an investor (the “Lightning Speed Exchangeable Notes Holder”). Each tranche of Lightning Speed Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of loan prime rate published by China Foreign Exchange Trade System (“LPR”). With the consent of the Lightning Speed Exchangeable Notes Holder, Lightning Speed can extend the term of each tranche of Lightning Speed Exchangeable Notes twice, but each extension shall not exceed one year. During the extension period, the interest on the outstanding principal of the Lightning Speed Exchangeable Notes is calculated at the simple interest rate of 110% of LPR All interests shall be paid at maturity. During the period from the issuance date to the maturity date of each tranche of Lightning Speed Exchangeable Notes (subject to extension discussed above), the Lightning Speed Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the Lightning Speed Exchangeable Notes into the shares of Lightning Speed based on the equity valuation of Lightning Speed, which is subject to further agreement by both parties, at the conversion date. The Lightning Speed Exchangeable Notes Holder is entitled to request Lightning Speed to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Lightning Speed. During the six months ended June 30, 2024 and 2023, no default event was occurred. The Group elected the fair value option to account for the Lightning Speed Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Lightning Speed Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the Lightning Speed Exchangeable Notes due to the instrument-specific credit risk of US$93 and US$423 were debited to other comprehensive income (loss) and all other changes in fair values of US$1,790 and US$3,155 were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Lightning Speed Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the Lightning Speed Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ Risk-free interest rates 1.45%-1.71 % 2.08%-2.29 % Probability of conversion 75.00 % 75.00 % Bond yield 3.42 % 4.03 % ​	14. EXCHANGEABLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — — Issuance of exchangeable notes 125,039 — 125,039 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 1,065 — 1,065 Changes in fair values of exchangeable notes due to the instrument-specific credit risk (132) — (132) Foreign currency translation adjustment 448 — 448 Balance as of December 31, 2021 126,420 — 126,420 Issuance of exchangeable notes 307,172 71,792 378,964 Exchange to Series A redeemable convertible preferred shares (note 17) (60,419) — (60,419) Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 13,162 — 13,162 Changes in fair values of exchangeable notes due to the instrument-specific credit risk 33 — 33 Foreign currency translation adjustment (31,048) — (31,048) Balance as of December 31, 2022 355,320 71,792 427,112 Issuance of exchangeable notes ​ 27,883 ​ — ​ 27,883 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ 737 ​ 3,711 ​ 4,448 Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ 272 ​ 1,398 ​ 1,670 Foreign currency translation adjustment ​ (5,574) ​ (1,223) ​ (6,797) Balance as of December 31, 2023 ​ 378,638 ​ 75,678 ​ 454,316 – Current portion 378,638 — 378,638 – Non-current portion — 75,678 75,678 ​ WFOE Exchangeable Notes In September 2021, the Company’s subsidiary, WFOE, entered into an exchangeable note agreement with an investor. Pursuant to the agreement, WFOE is entitled to issue, from time to time, exchangeable notes (the “WFOE Exchangeable Notes”) to obtain financing from the investor (the “WFOE Exchangeable Notes Holder”) up to RMB3,000,000 with coupon rate of 3% per annum. Each tranche of WFOE Exchangeable Notes is scheduled to mature on the one-year anniversary date of issuance. The repayments of the WFOE Exchangeable Notes were guaranteed by Founders Onshore Vehicle. The Group issued RMB800,000 (equivalent to US$125,039), RMB600,000 (equivalent to US$94,130), RMB600,000 (equivalent to US$94,457), RMB800,000 (equivalent to US$118,585) and RMB200,000 (equivalent to US$27,883) on November 5, 2021, January 7, 2022, January 18, 2022, August 2, 2022 and September 22, 2023 to the WFOE Exchangeable Notes Holder, respectively, among which, RMB400,000 issued in November 2021 was exchanged for Series A redeemable convertible preferred shares in December 2022, as mentioned in note 17. At the time when there is a subsequent round of equity financing, upon the notification in writing by the Group, the WFOE Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the WFOE Exchangeable Notes into the shares of the subsequent round of equity financing at the post-money equity valuation based on a fixed monetary amount. Pursuant to the agreement, the land use right of US$32,653 included in operating lease right-of-use assets and corporate buildings under construction of US$37,287 included in property, equipment and software have been pledged to the WFOE Exchangeable Notes Holder as of December 31, 2023. Prior to a qualified initial public offering (“Qualified IPO” which is defined as an initial public offering and listing or back door listing (including via SPAC) or other similar transactions to achieve the listing of the shares of the Company): 1) Upon the conversion, the WFOE Exchangeable Notes Holder is entitled to require Founders Onshore Vehicle or its designated entity to transfer the Company’s shares at the price of RMB 1 per share to make the WFOE Exchangeable Notes Holder’s shareholding in the Company not less than 5% , based on an investment of RMB 3,000,000 . If the investment amount at time of conversion is less than RMB 3,000,000 , 5% shareholding shall be adjusted on a pro-rata basis. 2) The Founders Onshore Vehicle or its designated entity must purchase all or a portion of the shares held by the WFOE Exchangeable Notes Holder at a price equal to the outstanding principal amount of the WFOE Exchangeable Notes plus interest rate of 3% per annum, if the Company failed to the consummation of Qualified IPO within seven-year anniversary of issuance date for each tranche of WFOE Exchangeable Notes, at the option of the WFOE Exchangeable Notes Holder. 3) The Founders Onshore Vehicle or its designated entity has the right to purchase 60% of the shares held by the WFOE Exchangeable Notes Holder at a price equal to the outstanding principal amount of the WFOE Exchangeable Notes plus interest rate of 8% per annum prior to the consummation of Qualified IPO. The above three features are collectively referred to as the “Rights and Obligations provided by the Founders Onshore Vehicle”. The guarantees and Rights and Obligations provided by the Founders Onshore Vehicle were accounted for as shareholder contributions at its estimated fair value at the respective issuance date of each tranche of loans. The fair value of the guarantees and Rights and Obligations provided by the Founders Onshore Vehicle was US$909 for the tranche issued in September 2023, US$8,135 for the tranches issued during the year ended December 31, 2022 and US$3,391 for the tranche issued in November 2021. The fair value of the guarantees and Rights and Obligations was treated as debt issuance cost and charged to the interest expenses in the consolidated and combined statements of comprehensive loss. On April 27, 2023, the Company entered into a subscription agreement with the WFOE Exchangeable Notes Holder (the “Jingkai Subscription Agreement”), pursuant to which the WFOE Exchangeable Notes Holder has committed to subscribe for and purchase the Company’s ordinary shares for US$10.00 per share, for an investment amount of RMB2,600,000 (equivalent to US$367,092), which will be settled by the then outstanding principal amount of the WFOE Exchangeable Notes. Pursuant to Jingkai Subscription Agreement, the obligations of the parties to consummate the investment are subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, among others, (a) all conditions precedent under the Merger Agreement having been satisfied or waived, and (b) all of the consents from, and filings and/or registrations with, applicable governmental authority as required by applicable PRC laws for the WFOE Exchangeable Notes Holder’s outbound direct investment in the Company shall have been duly obtained and completed (collectively as “Closing Conditions”). The Jingkai Subscription Agreement shall terminate upon the earlier to occur of (a) termination of the Merger Agreement, and (b) March 15, 2024, or such later termination date of the Merger Agreement as agreed among the parties thereto, among other things. Pursuant to the above agreements, the maturity dates of the WFOE Exchangeable Notes were extended to the earlier of March 15, 2024 and termination of the Merger Agreement. The Group evaluated the amendment in accordance with ASC 470 - 50, Modifications and Extinguishments The Group elected the fair value option to account for the WFOE Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The WFOE Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the WFOE Exchangeable Notes due to the instrument-specific credit risk of US$272, US$33 and US$132 were debited/(credited) to other comprehensive income (loss) and all other changes in fair values of US$737, US$13,162 and US$1,065 were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the WFOE Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the WFOE Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 Risk-free interest rate 1.75 % 2.07 % Discount rate 20.00 % 20.00 % Probability of conversion 90.00 % 50.00% – 75.00 % Bond yields 3.27%-4.06 % 7.35% – 7.76 % Probability of occurrence of Qualified IPO 90.00 % 45.00 % ​ Lightning Speed Exchangeable Notes In November 2022, the Company’s subsidiary, Hangzhou Lightning Speed Technology Co., Ltd. (“Lightning Speed”), entered into an exchangeable note agreement with an investor. Pursuant to the agreement, Lightning Speed is entitled to issue exchangeable notes (the “Lightning Speed Exchangeable Notes”) of RMB1,000,000 to obtain financing from the investor (the “Lightning Speed Exchangeable Notes Holder”). The repayments of the Lightning Speed Exchangeable Notes were guaranteed by the immediate shareholders of Lightning Speed, i.e., Sanya Lotus Venture Investment Limited Company (“Sanya Lotus”), a wholly owned subsidiary of the VIE, and Ningbo Weili Enterprise Management Consulting Partnership (Limited Partnership). The WFOE provide a joint and several liability guarantee for the Lightning Speed Exchangeable Notes. In December 2022, Lightning Speed issued the first tranche of RMB500,000 (equivalent to US$71,792) to the Lightning Speed Exchangeable Notes Holder. Each tranche of Lightning Speed Exchangeable Notes is scheduled to mature on the five-year anniversary date of issuance and bearing a simple interest rate of loan prime rate published by China Foreign Exchange Trade System (“LPR”). With the consent of the Lightning Speed Exchangeable Notes Holder, Lightning Speed can extend the term of each tranche of Lightning Speed Exchangeable Notes twice, but each extension shall not exceed one year. During the extension period, the interest on the outstanding principal of the Lightning Speed Exchangeable Notes is calculated at the simple interest rate of 110% of LPR All interests shall be paid at maturity. During the period from the issuance date to the maturity date of each tranche of Lightning Speed Exchangeable Notes (subject to extension discussed above), the Lightning Speed Exchangeable Notes Holder is entitled to convert the whole or any portion of the outstanding principal amount of the Lightning Speed Exchangeable Notes into the shares of Lightning Speed based on the equity valuation of Lightning Speed, which is subject to further agreement by both parties, at the conversion date. The Lightning Speed Exchangeable Notes Holder is entitled to request Lightning Speed to repay all outstanding principal and interests at maturity or if there is any occurrence of events of default by Lightning Speed. During the years ended December 31, 2023 and 2022, no default event was occurred. The Group elected the fair value option to account for the Lightning Speed Exchangeable Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Lightning Speed Exchangeable Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. The changes in fair values of the Lightning Speed Exchangeable Notes due to the instrument-specific credit risk of US$1,398, nil and nil were debited to other comprehensive income (loss) and all other changes in fair values of US$3,711, nil and nil were recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Lightning Speed Exchangeable Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of the Lightning Speed Exchangeable Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.08%-2.29 % 2.40% – 2.60 % Probability of conversion 75.00 % 75.00 % Bond yield 4.03 % 7.11 % ​

CONVERTIBLE NOTES_2

CONVERTIBLE NOTES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
CONVERTIBLE NOTES
CONVERTIBLE NOTES	16. CONVERTIBLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary 2023 2024 ​ ​ ​ Convertible Note ​ Convertible Notes ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 ​ 81,635 ​ 20,277 ​ — ​ 101,912 Issuance of convertible notes ​ — ​ 9,500 ​ 109,784 ​ 119,284 Interest paid ​ (5,357) ​ — ​ — ​ (5,357) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ (296) ​ 337 ​ 877 ​ 918 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ 493 ​ — ​ — ​ 493 Conversion to ordinary shares ​ — ​ (30,114) ​ — ​ (30,114) Foreign currency translation adjustment ​ (505) ​ — ​ — ​ (505) Balance as of June 30, 2024 ​ 75,970 ​ — ​ 110,661 ​ 186,631 – Current portion ​ — ​ — ​ 110,661 ​ 110,661 – Non-current portion ​ 75,970 — — 75,970 ​ Subsidiary Convertible Note In June 2022, the Company’s subsidiary, Ningbo Robotics, issued a seven-year convertible note (the “Subsidiary Convertible Note”) with the principal amount of RMB500,000 to an investor (the “Subsidiary Convertible Note Holder”). The Subsidiary Convertible Note Holder is entitled to receive annual interest equal to the outstanding principal multiplied by the latest five-year loan prime rate The Group elected the fair value option for the Subsidiary Convertible Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Subsidiary Convertible Note was recognized at fair value at the issuance date and is measured subsequently at fair value. Changes in fair value of the Subsidiary Convertible Note were US$197 and US$6,718 for the six months ended June 30, 2024 and 2023, among which, changes in fair value due to the instrument-specific credit risk of US$493 and US$486 were debited to other comprehensive income (loss) and all other changes in fair values of US$296 and US$6,232 were (credited)/debited to “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated statements of comprehensive loss for the six months ended June 30, 2024 and 2023, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Subsidiary Convertible Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Subsidiary Convertible Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ Risk-free interest rates 1.93 % 2.40 % Probability of conversion 10.00 % 10.00 % Bond yields 4.80%-5.17 % 4.85%-5.84 % ​ 2023 Convertible Notes As of December 31, 2023, the Company issued US$23,500 aggregate principal amount of unsecured convertible notes (the “Pre-IPO Notes”) and US$5,649 aggregate principal amount of convertible note with Momenta Global Limited (the “Momenta Note”). In January 2024, the Company issued principal amount of US$9,500 to one of the investors of Pre-IPO Notes, a related party controlled by the Controlling Shareholder of the Company at the cash consideration of US$9,500. As mentioned in Note 1 (a), 577,456 ordinary shares were issued to Momenta Global Limited pursuant to the conversion of Momenta Note, including both principal and interest, and 2,433,912 ordinary shares were issued to a number of Pre-IPO Notes investors pursuant to the conversion of Pre-IPO Notes, including both principal and interest, upon the consummation of the Merger Transaction. The Group elected the fair value option for 2023 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2023 Convertible Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. Changes in fair value of the 2023 Convertible Notes was US$337 and US$118 for the six months ended June 30, 2024 and 2023, among which, changes in fair value due to the instrument-specific credit risk of nil and US$18 were credited to other comprehensive income (loss) and all other changes in fair values of US $337 2024 Convertible Notes On June 24 and June 25, 2024, the Company entered into short-term unsecured convertible notes (“2024 Convertible Notes”) agreement with a related party, Geely International (Hong Kong) Limited (“2024 Convertible Notes Holder”) and issued convertibles notes with principal amounts of US$54,904 and US$54,880, respectively, that will both be due on June 22, 2025. The 2024 Convertible Notes Holder is entitled to receive interest at coupon rate of Secured Overnight Financing Rate published on the New York Federal Reserve website(“SOFR”) plus 3.35% per annum. The 2024 Convertible Notes Holder has the right, at its option, to convert all or any portion of the notes, to the Company’s fully paid ordinary shares at any time during the conversion period. The conversion price equals to the volume-weighted average of the last reported sale price of the Company’s ADSs over the 10 consecutive trading days immediately preceding the applicable conversion date, subject to adjustment. The Group elected the fair value option to account for the 2024 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2024 Convertible Notes were recognized at fair value at the issuance date and is measured subsequently at fair value. The Group adopted a Binomial option-pricing model to estimate the fair value of the 2024 Convertible Notes, based on assumptions related to risk-free interest rate, expected share-price volatility, bond yield and dividend yield. On each node of the binomial lattice, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the 2024 Convertible Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of June 30, ​ ​ 2024 ​ ​ ​ ​ ​ Risk‑free interest rate 5.04 % Volatility 48.64 % Bond yield 6.50 % Dividend yield ​ 0 % ​	15. CONVERTIBLE NOTES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Subsidiary 2023 ​ ​ ​ Pre-A Note ​ Convertible Note ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — ​ — Issuance of convertible notes 23,445 — ​ 23,445 Balance as of December 31, 2021 23,445 — — 23,445 Issuance of convertible notes — 75,037 — 75,037 Conversion to Series Pre-A redeemable convertible preferred shares (note 17) (23,445) — — (23,445) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk — 4,264 — 4,264 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — 890 — 890 Foreign currency translation adjustment ​ — (3,421) — (3,421) Balance as of December 31, 2022 ​ — ​ 76,770 ​ — ​ 76,770 Issuance of convertible notes ​ — ​ — ​ 25,297 ​ 25,297 Partial redemption of convertible notes ​ — ​ — ​ (5,648) ​ (5,648) Interest paid ​ — ​ (3,072) ​ — ​ (3,072) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ — ​ 2,376 ​ 616 ​ 2,992 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — ​ 6,951 ​ 12 ​ 6,963 Foreign currency translation adjustment ​ — ​ (1,390) ​ — ​ (1,390) Balance as of December 31, 2023 ​ — ​ 81,635 ​ 20,277 ​ 101,912 – Current portion ​ — ​ — ​ 20,277 ​ 20,277 – Non-current portion ​ — 81,635 — 81,635 ​ Series Pre-A Note On November 29, 2021, the Company entered into one-year convertible notes with a principal amount of RMB150,000 (equivalent to US$23,445) with coupon rate of 8% per annum with an investor (“Series Pre-A Note”). During the one-year term of the Series Pre-A Note, the investor was entitled to (i) convert the whole or any portion of the outstanding principal amount of the convertible note into Series Pre-A preferred shares in its sole discretion at any time; and (ii) automatically convert all the outstanding principal of the convertible note into Series Pre-A redeemable convertible preferred shares upon the completion of Reorganization as mentioned in note 1(c), obtaining licenses from Zhejiang Liankong Technology Ltd. (“Geely License”) as mentioned in note 29(vi), and completion of employment with certain key operating staff. The WFOE as the guarantor provide a joint and several liability guarantee for the Series Pre-A Note. The Group elected the fair value option to account for the Series Pre-A Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Series Pre-A Note was recognized at fair value at the issuance date and is measured subsequently at fair value. There was no change in the fair value of the Series Pre-A Note from November 29, 2021 to December 31, 2021. The Group adopted a scenario-weighted average method to estimate the fair value of Series Pre-A Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Series Pre-A Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of December 31, 2021 Risk-free interest rate 2.28 % Probability of conversion 75.00 % Bond yield 5.89 % ​ On February 28, 2022, the Series Pre-A Note was converted into 5,332,827 Series Pre-A preferred shares within the terms of the agreement and no gain or loss was recorded. Subsidiary Convertible Note On June 8, 2022, the Company’s subsidiary, Ningbo Robotics Co., Ltd. (“Ningbo Robotics”), issued a seven-year convertible note (the “Subsidiary Convertible Note”) with the principal amount of RMB500,000 (equivalent to US$75,037) to an investor (the “Subsidiary Convertible Note Holder”). The Subsidiary Convertible Note Holder is entitled to receive annual interest equal to the outstanding principal multiplied by the latest five-year loan prime rate (“LPR”) published by China Foreign Exchange Trade System plus 79.8% per annum, i.e., LPR*(1+79.8%) (“interest rate”) on June 30 every year until the expiration of the Subsidiary Convertible Note. Conversion: ● The Subsidiary Convertible Note Holder has the right to convert the Subsidiary Convertible Note to the subsidiary’s equity within 7 years from the issuance date (i.e., convertible before June 8, 2029), if the agreed financial performance of Ningbo Robotics achieved. All outstanding interest shall be paid in cash immediately before the conversion. The conversion price is RMB 135 per ordinary share of Ningbo Robotics (1 paid in capital equal to 1 share), subject to anti-dilution adjustment. Redemption: ● Ningbo Robotics’ immediate parent company, a subsidiary of the VIE and the VIE have the right to redeem all or part of the Subsidiary Convertible Note at any time within 7 years from the issuance date (i.e., before June 8, 2029), giving written notice to the Subsidiary Convertible Note Holder at least 15 working days in advance. The redemption price equals to (i) the principal to be redeemed, plus (ii) the principal to be redeemed × interest rate ÷ 365 × the number of days from the issuance date to the redemption date corresponding to the principal to be redeemed, less (iii) the interest already paid for the principal to be redeemed. ● Ningbo Robotics’ immediate parent company and the VIE shall redeem all outstanding principal amount of Subsidiary Convertible Note at maturity (i.e., June 8, 2029). The redemption price at maturity is equal to (i) the outstanding principal, plus (ii) the outstanding principal × interest rate × 7 years, less (iii) the interest already paid for the outstanding principal. If Ningbo Robotics’ immediate parent company and the VIE delay in payments, 0.05% penalty per day of the overdue redemption price shall be paid to the Subsidiary Convertible Note Holder. ● If there is any occurrence of events of default, the Subsidiary Convertible Note Holder has the right to require Ningbo Robotics’ immediate parent company and the VIE to redeem all outstanding principal amount of the Subsidiary Convertible Note and settle the unpaid interest immediately. The redemption price upon the occurrence of events of default equals to (i) the outstanding principal, plus (ii) the outstanding principal × interest rate ÷ 365 × the number of days from the issuance date to the redemption date, less (iii) the interest already paid for the outstanding principal. If the Ningbo Robotics’ immediate parent company or the VIE delay in payments, 0.05% penalty per day of the overdue redemption price shall be paid to the Subsidiary Convertible Note Holder. During the years ended December 31, 2023 and 2022, no default event was occurred. The Company and the WFOE provide a joint and several liability guarantee for the Subsidiary Convertible Note. The Group elected the fair value option for the Subsidiary Convertible Note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Subsidiary Convertible Note was recognized at fair value at the issuance date and is measured subsequently at fair value. Changes in fair value of the Subsidiary Convertible Note was US$9,327, US$5,154 and nil for the years ended December 31, 2023, 2022 and 2021, among which, changes in fair value due to the instrument-specific credit risk of US$6,951, US$890 and nil was recognized in other comprehensive loss and all other changes in fair values of US$2,376, US$4,264 and nil was recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2023, 2022 and 2021, respectively. The Group adopted a scenario-weighted average method to estimate the fair value of the Subsidiary Convertible Note, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair value of the Subsidiary Convertible Note is estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.40 % 2.52% – 2.73 % Probability of conversion 10.00 % 12.00 % Bond yields 4.85%-5.84 % 6.88% – 8.92 % ​ 2023 Convertible Notes ​ During the year ended December 31, 2023, the Company issued the following convertible notes (“2023 Convertible Notes”). ​ i) Pre-IPO Notes ​ During the year ended December 31, 2023, the Company entered into convertible note purchase agreements with the certain investors (“Convertible Note Purchase Agreements”), pursuant to which the Company agreed to issue US$23,500 aggregate principal amount of unsecured convertible notes (the “Pre-IPO Notes”) with maturity date being the date that is one year following the issue date, which can be extended by the investors for an additional six months. One of the investors of Pre-IPO Notes, a related party controlled by the Controlling Shareholder of the Company, agreed to subscribe a convertible note for a cash consideration of US$9,500 and has not been issued as of December 31, 2023. As of December 31, 2023, the Pre-IPO Notes of US$14,000 have been issued. The Pre-IPO Notes bear a simple interest rate of 8% per annum. Pursuant to the terms of the Convertible Note Purchase Agreements, if the consummation of the Merger Transaction occurs prior to the maturity date, all of the then outstanding principal amount and any accrued but unpaid interest (as applicable) of the Pre-IPO Notes will be automatically converted into fully paid and non-assessable ordinary shares of the Company upon consummation of the Merger Transaction at a conversion price equal to the lesser of (A) US$10.00, and (B) the lowest per share price at which any of the Company’s ordinary shares are issued in connection with PIPE investments, if any. ​ ii) Momenta Note ​ On April 28, 2023, the Company entered into a convertible note purchase agreement with Momenta Global Limited, a related party of Momenta (Suzhou) Technology Limited Company, pursuant to which the Company agreed to issue to Momenta Global Limited a convertible note for a purchase price equal to US$ equivalent of RMB80,000 as calculated based on the US$/RMB central parity rate set by the People’s Bank of China as of the issue date (the “Momenta Note”) with maturity date being the date that is one year following the issue date. The Momenta Note in the principal amount of US$11,297 has been issued by the Company on May 30, 2023 following the Group’s acquisition of Momenta’s 40% equity interest in Ningbo Robotics for a cash consideration of RMB80,000 pursuant to Momenta’s redemption right under the shareholders’ agreement of Ningbo Robotics as mentioned in note 18. The Momenta Note bears (a) a simple interest rate of 8% per annum, if the consummation of the Business Combination fails to occur on or prior to November 12, 2023 due to reasons not attributable to Momenta Global Limited, or (b) no interest, under any other circumstance. According to the terms of the Momenta Note, if the consummation of the Business Combination occurs on or prior to the maturity date, all of the then outstanding principal amount and any accrued but unpaid interest (as applicable) of the Momenta Note shall be automatically converted into such number of fully paid and non-assessable ordinary shares of the Company, at a conversion price equal to the lesser of (A) US$10.00 and (B) the lowest per share price at which any ordinary shares of the Company are issued in any PIPE investment. If the consummation of the Business Combination fails to occur on or prior to the maturity date, Momenta Global Limited shall be entitled to request redemption of the then outstanding amount of the Momenta Note and the Company shall make payment of the redemption price in an amount equal to the outstanding principal amount and the accrued interest (as applicable) to Momenta Global Limited promptly (and in any event within two business days after the maturity date)(“Partial Redemption Price”). In addition, each of the Company and Momenta Global Limited has a voluntary redemption right to partially redeem or request redemption of the Momenta Note at any time during the period beginning from July 1, 2023 and ending on the date on which the Momenta Note has been fully converted into the Company’s ordinary shares, at a redemption price that is equal to 50% of the principal amount plus any accrued but unpaid interest (as applicable) (the “Partial Redemption Price”) by providing written notice to the other party, and the Company shall make payment of the Partial Redemption Price to Momenta Global Limited within ten business days following delivery or receipt of such written notice, as the case may be. ​ On November 11, 2023, the Company exercised such voluntary redemption right and subsequently made a payment of the Partial Redemption Price of US$ 5,648 to Momenta Global Limited. ​ The Group elected the fair value option for 2023 Convertible Notes, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The 2023 Convertible Notes were recognized at fair value at the issuance date and are measured subsequently at fair value. Changes in fair value of the 2023 Convertible Notes was US$628, nil and nil for the years ended December 31, 2023, 2022 and 2021, among which, changes in fair value due to the instrument-specific credit risk of US$12, nil and nil was recognized in other comprehensive loss and all other changes in fair values of US$616, nil and nil was recognized as “Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. ​ The Group adopted a scenario-weighted average method to estimate the fair values of the 2023 Convertible Notes, based on an analysis of future values of the settlement of the obligation, assuming various outcomes. The probability weightings assigned to certain potential scenarios were based on management’s assessment of the probability of settlement of the liability in cash or shares and an assessment of the timing of settlement. In each scenario, the obligation valuation was based on the contractually agreed cash payment or equivalent equity discounted to each valuation date. The fair values of 2023 Convertible Notes are estimated with the following key assumptions used: ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ ​ ​ ​ Risk‑free interest rate 5.51%-5.52 % Probability of conversion 90.00 % Bond yields 7.01%-8.47 % ​

DEFERRED INCOME_2

DEFERRED INCOME	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DEFERRED INCOME.
DEFERRED INCOME	17. DEFERRED INCOME ​ ​ ​ ​ ​ Asset-related ​ ​ subsidy ​ ​ US$ Balance as of December 31, 2023 ​ 270,097 Subsidy received during the year ​ 28,063 Foreign currency translation adjustment ​ (1,671) Balance as of June 30, 2024 296,489 ​ During the six months ended June 30, 2024, the Group received specific subsidies of US$28,063 for compensating the expenditures on the construction of the Group’s corporate buildings and plant (“asset-related subsidy”). The Group received government grants of US$2,488 with no future related costs required during the six months ended June 30, 2024, which were directly recognized as government grants in the unaudited condensed consolidated statements of comprehensive loss for the six months ended June 30, 2024.	​ 16. DEFERRED INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-related R&D-related ​ ​ ​ subsidy ​ subsidy ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — 541,592 541,592 Government grants received during the year 279,052 — 279,052 Recognized as income during the year — (490,461) (490,461) Foreign currency translation adjustment 3,270 6,843 10,113 Balance as of December 31, 2021 282,322 57,974 340,296 Recognized as income during the year — (54,954) (54,954) Foreign currency translation adjustment (23,872) (3,020) (26,892) Balance as of December 31, 2022 ​ 258,450 ​ — ​ 258,450 Subsidy received during the year ​ 16,345 ​ — ​ 16,345 Recognized as income during the year ​ — ​ — ​ — Foreign currency translation adjustment ​ (4,698) ​ — ​ (4,698) Balance as of December 31, 2023 270,097 — 270,097 ​ During the years ended December 31, 2023, 2022 and 2021, the Group received specific subsidies of US$16,345, nil and US$279,052 for compensating the expenditures on the construction of the Group’s corporate buildings and plant (“asset-related subsidy”), respectively. Since the corporate buildings and plant are still under construction as of December 31, 2023, the Group has not recognized any government grants relating to these subsidies in profit or loss. In 2018, the Group received a specific subsidy of US$755,581 relating to the Group’s R&D expenditures. During the years ended December 31, 2023, 2022 and 2021, the Group recognized government grants of nil, US$54,954 and US$490,461 for the R&D expenses incurred under this subsidy, respectively. The Group received government grants of US$4,077, US$870 and US$233 with no future related costs required during the years ended December 31, 2023, 2022 and 2021, which were directly recognized as government grants in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.

REDEEMABLE CONVERTIBLE PREFER_7

REDEEMABLE CONVERTIBLE PREFERRED SHARES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES
REDEEMABLE CONVERTIBLE PREFERRED SHARES	18. REDEEMABLE CONVERTIBLE PREFERRED SHARES The Company’s activities with respect to the redeemable convertible preferred shares are as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A ​ Series A ​ ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$  Shares US$  Shares US$  Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 Accretion of redeemable convertible preferred shares ​ — ​ 1,385 ​ — ​ 1,594 ​ — ​ 2,979 Conversion to ordinary shares ​ (40,885,006) ​ (185,894) ​ (27,343,520) ​ (200,615) ​ (68,228,526) ​ (386,509) Balance as of June 30, 2024 — — — — — — ​	17. REDEEMABLE CONVERTIBLE PREFERRED SHARES The Company’s activities with respect to the redeemable convertible preferred shares are as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A Series A ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$   ​ Shares US$   ​ Shares US$   Balance as of January 1, 2021 and 2022 — — — — — — Issuance of preferred shares 35,552,179 153,126 27,343,520 190,723 62,895,699 343,849 Re-designation of ordinary shares into preferred shares 5,332,827 23,650 — — 5,332,827 23,650 Accretion of redeemable convertible preferred shares — 508 — 402 — 910 Balance as of December 31, 2022 40,885,006 177,284 27,343,520 191,125 68,228,526 368,409 Accretion of redeemable convertible preferred shares ​ — ​ 7,225 ​ — ​ 7,896 ​ — ​ 15,121 Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 ​ Series Pre-A Preferred Shares During February to July 2022, the Company issued 35,552,179 Series Pre-A redeemable convertible preferred shares (“Series Pre-A Preferred Shares”) to two entities designated by an investor (“Pre-A Investor A”) for an aggregated consideration of US$153,126, among which US$129,681 was settled by cash and US$23,445 was settled by the Series Pre-A Note issued in November 2021 as mentioned in note 15. On March 18, 2022, an ordinary shareholder of the Company, who is also a member of management, entered into a share purchase agreement with an investor (“Pre-A Investor B”), pursuant to which the ordinary shareholder sold its 5,332,827 ordinary shares to the Pre-A Investor B with a cash consideration of RMB150,000 (equivalent to US$23,650). On March 22, 2022, the Company’s 5,332,827 ordinary shares were redesignated as Series Pre-A Preferred Shares. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series Pre-A Preferred Shares. The excess of the ordinary shares’ fair value over their par value in the amount of US$13,024 was charged to additional paid-in capital. The excess of the preferred shares’ fair value over the ordinary shares’ fair value in the amount of US$10,625 was recognized as share-based compensation expenses, included in “General and administrative expenses” in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2022. Series A Preferred Shares During October to December 2022, the Company issued 27,343,520 Series A redeemable convertible preferred shares (“Series A Preferred Shares”) to several investors for an aggregated consideration of US$187,734, among which US$130,304 was settled by cash and the remaining US$57,430 was exchanged by the WFOE Exchangeable Notes issued in November 2021 as mentioned in note 14. One of the investors of Series A Preferred Shares is Northpole GLY 3 LP, a related party controlled by one of the Company’s directors, subscribed 2,818,400 shares for a cash consideration of US$20,000. The rights, preferences and privileges of the Series Pre-A and Series A redeemable convertible preferred shares are as follows: Redemption Rights The holders of redeemable convertible preferred shares have the right to require the Company to redeem their investments, at any time upon the earlier occurrence of: ● the failure by the Company to complete a Qualified IPO on or before October 11, 2027; ● any material breach as defined in the shareholder agreement by Founders Offshore Vehicle or any entity of the Group, which has not been cured within ninety ( 90 ) days after being requested by relevant holders of redeemable convertible preferred shares; ● any dishonesty of Founders Offshore Vehicle, which results in material adverse effect to the operation of the Group and cannot be effectively remedied within twenty ( 20 ) business days. The redemption price for each issued and outstanding redeemable convertible preferred share held, shall be an amount equal to (i) 100% of the issuance price, plus (ii) interest at a simple rate of eight percent (8%) per annum accrued on the issuance price during the period from the issuance date to the redemption payment date, however, that the portion relevant to the Pre-A Investor A’s initial investment amount of RMB 150,000 shall accrue the interest from November 29, 2021, minus (iii) the amount of the dividends received, plus (iv) all declared but unpaid dividends. If the assets or funds of the Company which are legally available on the date that any redemption price is due are insufficient to pay in full all redemption price, those assets or funds which are legally available shall nonetheless be paid and applied in the following preferential sequence: (i) firstly, to the extent permitted by applicable law to pay all redemption price due on such date on the Series A Preferred Shares in proportion to the full amounts to which the holders of Series A Preferred Shares to which such redemption price are due would otherwise be respectively entitled thereon; (ii) secondly, following the full payment of the relevant redemption price to the holders of Series A Preferred Shares, to the extent permitted by applicable law to pay all redemption price due on such date on the Series Pre-A Preferred Shares in proportion to the full amounts to which the holders of Series Pre-A Preferred Shares to which such redemption price are due would otherwise be respectively entitled thereon. On October 11, 2022, the Company and holders of Series Pre-A Preferred Shares agreed to extend the redemption date of the Series Pre-A Preferred Shares from February 28, 2027 to October 11, 2027. The Company determines the modification to the terms of Series Pre-A Preferred Shares represents a modification, because the difference of the fair values of the redeemable convertible preferred shares immediately before and after the amendment is less than 10%, therefore the Company applied modification accounting by analogy to the modification guidance contained in ASC 718-20, Compensation — Stock Compensation, and the modification that results in a decrease in the fair value of the modified preferred shares was not recognized. The fair value of Series Pre-A Preferred Shares before and after the modification were determined by management with the assistance of a third-party valuation firm. The Company used the following assumptions in the model: ​ ​ ​ ​ ​ ​ ​ ​ October 11, 2022 – October 11, 2022 – ​ ​   before modification ​   after modification Risk-free interest rate 2.45 % 2.52 % Expected volatility 61.52 % 60.26 % Expected dividend yield 0.00 % 0.00 % Expected terms 2.22 – 4.39 years 2.22 – 5.00 years ​ Fair value of ordinary share US$3.79 US$3.66 ​ ​ The risk-free interest rate is based on the yields of China government bonds with a maturity period close to the expected remaining life of the redeemable convertible preferred shares. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected terms of the Company’s redeemable convertible preferred shares. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected terms are the remaining contract life of the redeemable convertible preferred shares. The estimated fair value was determined using the back-solve method based on the equity allocation model. Conversion Rights Each redeemable convertible preferred share may, at the option of the holders, be converted at any time after the date of issuance of such redeemable convertible preferred share into fully-paid and non-assessable ordinary shares at an initial conversion ratio of 1:1 subject to adjustment for share division, share combination, share dividend, reorganization, mergers, consolidations, reclassifications, exchanges, substitutions, recapitalization or similar events. Each redeemable convertible preferred share shall automatically be converted into ordinary shares, at the applicable then-effective conversion price upon the closing of a Qualified IPO. Voting Rights Each redeemable convertible preferred share issued and outstanding shall be entitled to the number of votes equal to the number of ordinary shares into which such redeemable convertible preferred share could be converted at the record date for determination of the shareholders entitled to vote on such matters. Dividend Rights All the holders of redeemable convertible preferred shares are entitled to receive the dividends on pro-rata basis according to the relative number of shares held by them on an as-converted basis. Liquidation Preferences In the event of any liquidation event, including (i) the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary; or (ii) trade sale, which means whether in a single transaction or series of related transactions, any of the following transactions: (a) the merger, acquisition or similar transaction of the Group (whether by a sale of equity, merger, consolidation, scheme of arrangement or amalgamation) in which the shareholders of the Company immediately prior to such transaction or series of transactions will cease to own a majority of the voting power of the surviving or resulting entity immediately after the consummation of such transaction or series of transactions; or (b) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Group or the licensing of all or substantially all of the Group’s intellectual property, the holders of redeemable convertible preferred shares shall be entitled to receive, prior and in preference to any distribution or payment shall be made to the holders of any ordinary shares, the liquidation preference amount per share is equal to (i) 100% of the issuance price, plus (ii) interest at a simple rate of eight percent (8%) per annum accrued on the issuance price during the period from the issuance date to the liquidation payment date, however, that the portion relevant to the Pre-A Investor A’s initial investment amount of RMB 150,000 shall accrue the interest from November 29, 2021, plus (iii) any declared but unpaid dividends, plus (iv) interest at a simple rate of three percent (3%) per annum accrued on the WFOE Exchangeable Notes during the period from November 5, 2021 to the issuance date, only applicable to the WFOE Exchangeable Notes Holder. If the Company’s available funds and assets are insufficient for the full payment of liquidation preference amounts to all holders of redeemable convertible preferred shares, then the Company’s entire available funds and assets shall be distributed ratably among the holders of redeemable convertible preferred shares in proportion to the aggregate liquidation preference amounts such holder is otherwise entitled to receive. Liquidation preference is as follows in sequence: Series A Preferred Shares, Series Pre-A Preferred Shares. After distribution or payment in full of the liquidation preference amounts for Series A Preferred Shares and Series Pre-A Preferred Shares, the holders of ordinary shares shall be entitled to receive liquidation amount that equals to the corresponding investment amount paid by the relevant holders of ordinary shares to the Company. After distribution or payment in full of above liquidation amounts, the remaining available funds and assets, if any, shall be distributed ratably among the holders of ordinary shares and Series Pre-A Preferred Shares in proportion to the relative number of ordinary shares held by such shareholders on an as converted basis. Performance Adjustment Mechanism In the event that the Group fails to achieve the agreed milestones, including mass production of Eletre no later than June 30, 2023 and mass production of Emeya (Type 133) no later than June 30, 2024 (collectively as “SOP Milestones”) as requested by the Pre-A Investor A, for every six ( 6 Accounting of Redeemable Convertible Preferred Shares The Company has classified the redeemable convertible preferred shares as mezzanine equity in the consolidated balance sheets as they are contingently redeemable upon the occurrence of certain events outside of the Company’s control. The Company concluded the embedded conversion and redemption option did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. The Company also determined that the warrant granted to Pre-A Investor A is a freestanding instrument that was accounted for as a warrant liability, as the warrant could be legally detachable and separately exercisable from the Series Pre-A Preferred Shares. At initial recognition, proceeds were first allocated to the warrant based on its fair value and then the residual to the Series Pre-A Preferred Shares. For subsequent measurement, the Company recorded the changes in fair value of warrant liability in the consolidated and combined statements of comprehensive loss. The Company expects that the agreed Milestones will be achieved, thus the Company concludes that the fair value of the warrant liability is minimal as of the issuance date and December 31, 2023 and 2022, respectively. The SOP Milestones for Eletre and Emeya were achieved in December 31, 2022 and January 2024, respectively, therefore no additional Series Pre-A Preferred Shares shall be issued. Since the Company has adopted ASU 2020-06 on January 1, 2021, the Company did not assess whether the redeemable convertible preferred shares contain beneficial conversion features. The Company recognized changes in the redemption value immediately as they occur and adjust the carrying value of redeemable convertible preferred shares to their maximum redemption amount at the end of each reporting period, as if it were also the redemption date for redeemable convertible preferred shares. As mentioned above, the Series A Preferred Shares issued to the WFOE Exchangeable Notes Holder was exchanged by the WFOE Exchangeable Notes issued in November 2021. The Company evaluated accounting of the exchange under ASC 470-50 and determined that they qualified for extinguishment accounting. As such the Company derecognized the carrying amount of the WFOE Exchangeable Notes of US$60,419 and recognized Series A Preferred Shares of US$60,419. Upon exchange, the accumulated recognized other comprehensive loss relating to fair value changes of the WFOE Exchangeable Notes due to instrument-specific credit risk of US$64 was recycled to the consolidated and combined statements of comprehensive loss. During the year ended December 31, 2022, the Company did not record any increase in the carrying amount of Series A Preferred Shares issued to the WFOE Exchangeable Notes Holder as its redemption value was lower than its initial carrying amount. As the Company’s redeemable convertible preferred shares are denominated in RMB other than the functional currency of the Company, i.e., US$, the measurement of redemption value incorporates the effect of exchange rates on the functional currency amount of the redemption feature. The foreign currency exchange rates are considered in that measurement and their effect either increases or reduces the effect dividends on income available to ordinary shareholders and reported loss per share.

OTHER NON-CURRENT LIABILITIES_4

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES	19. OTHER NON-CURRENT LIABILITIES – THIRD PARTIES Other non-current liabilities – third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 ​ 2023   ​ US$ US$ Deposits from third parties 19,163 19,210 Conditional and refundable government grants 77,173 77,654 Warranty provision 11,957 6,539 Total 108,293 103,403 (i)	19. OTHER NON-CURRENT LIABILITIES – THIRD PARTIES Other non-current liabilities – third parties consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022   ​ US$ US$ Deposits from third parties 19,210 15,824 Conditional and refundable government grants (i) 77,654 — Warranty provision 6,539 — Total 103,403 15,824 (i) The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

ORDINARY SHARES_2

ORDINARY SHARES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ORDINARY SHARES
ORDINARY SHARES	20. ORDINARY SHARES Following the Merger Transaction, the Company’s Articles were amended. The new authorized shares of the Company is US$50 divided into 5,000,000,000 shares comprising of ordinary shares with par value of US$0.00001 each. As mentioned in note 1(a) in connection with the issuance of ordinary shares upon the consummation of the Merger Transaction, the number of ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023 was 677,231,538 and 474,621,603, respectively.	20. ORDINARY SHARES Upon incorporation on August 9, 2021, the Company issued 191,981,772 ordinary shares to the Founders Offshore Vehicle at US$0.70 per share with total consideration of US$133,683 to the Company, which was fully paid up as of December 31, 2023. As mentioned in Note 17, on March 18, 2022, an ordinary shareholder of the Company, sold its 5,332,827 ordinary shares at US$4.43 per share to Pre-A Investor B with a cash consideration of US$23,650. The Company considered the redesignation, in substance, was effectively a repurchase and retirement of the ordinary shares and simultaneously an issuance of Series Pre-A Preferred Shares. On November 11, 2021, the Company issued 95,990,886 ordinary shares to Lotus Technology International Investment Limited, ultimately 100% owned by Geely Holding, at US$0.70 with total consideration of US$67,566, which was fully paid as of December 31, 2022. On September 24, 2021, Etika, through Lotus HK, subscribed for 33.33% equity interest in WFOE with total consideration of RMB650,100 (equivalent to US$100,690) and paid up on September 28, 2021. On November 11, 2021, the Company issued 143,986,329 ordinary shares to Etika Automotive SDN BHD (“Etika”) through exchange of 100% equity interest in Lotus Advanced Technology Limited (“Lotus HK”) held by Etika. On December 24, 2021, the Company issued 47,995,443 ordinary shares to LGIL for the “Lotus” trademark licenses with a fair value of US$116,041 licensed by Group Lotus Limited, a wholly owned subsidiary of LGIL. As noted in Note 1(b), following the Merger Transaction, the Company’s Articles were amended. As such, the shares and corresponding capital amounts and loss per share prior to the Merger have been retroactively adjusted. The new authorized shares of the Company is US$50 divided into 5,000,000,000 shares comprising of ordinary shares with par value of US$0.00001 each. The number of shares issued and outstanding as of December 31, 2023 and 2022 is 474,621,603 ordinary shares.

INCOME TAX_2

INCOME TAX	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INCOME TAX
INCOME TAX	21. INCOME TAX The statutory income tax rate for the Group’s major operating entities is 25% for the six months ended June 30, 2024 and 2023. The effective income tax rate for the six months ended June 30, 2024 and 2023 was (0.08%) and 0.01%, respectively. The effective income tax rate for the six months ended June 30, 2024 and 2023 differs from the PRC statutory income tax rate of 25%, primarily due to the recognition of valuation allowance for deferred income tax assets of loss-making entities.	23. INCOME TAX a) Income tax Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. The first HK$2 million of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to elect only one company in the group to benefit from the progressive anti-fragmentation two-tier rates. The PRC, excluding Hong Kong The Group’s PRC subsidiaries and consolidated VIEs are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. Under the EIT Law and its implementation rules, an enterprise established outside the PRC with a “place of effective management” within the PRC is considered a PRC resident enterprise for PRC enterprise income tax purposes. A PRC resident enterprise is generally subject to certain PRC tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%. Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries after January 1, 2008 would be subject to a withholding tax. The EIT law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008. Other Countries The maximum applicable income tax rates of other countries where the Company’s subsidiaries having significant operations in the years ended December 31, 2023, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 ​ 2022 2021 ​ Germany ​  – Corporation tax* 15.825 % 15.825 % 15.825 %  – Trade tax* 14.35 % 14.35 % 13.825 % UK** 25 % 19 % 19 % Netherlands 25.8 % 25.8 % 25.8 % * This corporate tax rate excludes trade tax, which rate depends on the municipality in which Lotus GmbH conducts its business. Trade Tax is calculated by determining the Trade Tax Base with 3.5% of the trade income and applying the tax factor which differs according to the specific municipality in Germany and equals 410%, 410% and 395% for the municipality of Raunheim in 2023, 2022 and 2021, respectively. ** UK corporate income tax rate changed from 19% to 25% since April 2023. The components of loss before income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ The PRC, excluding Hong Kong (514,816) (652,302) (113,598) Germany (5,370) 801 2,060 UK (166,174) 821 2,415 Netherlands (46,774) (47,710) (1,415) Cayman Islands (4,383) (25,598) 1,860 Hong Kong ​ (1,859) ​ 78 ​ — Others (9,766) (361) — Total (749,142) (724,271) (108,678) ​ The components of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Current income tax expense −The PRC, excluding Hong Kong 727 73 852 − Germany 332 400 603 − UK — (187) 182 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others 54 6 — Total current tax provision 1,113 292 1,637 Deferred income tax expense ​ − The PRC, excluding Hong Kong — — — − Germany — — — − UK — — 216 − Netherlands — — — − Cayman Islands — — — − Hong Kong ​ — ​ — ​ — − Others — — — Total deferred tax expense — — 216 Total income tax expense 1,113 292 1,853 ​ The actual income tax expense reported in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021 differs from the amount computed by applying the PRC income tax rate of 25% to loss before income taxes due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ US$ US$ US$ Computed expected income tax benefit at the PRC statutory tax rate of 25% ​ (187,286) ​ (181,068) (27,170) Effect on tax rates in different tax jurisdiction 824 5,997 (373) Preferential tax rate impact ​ (423) ​ — ​ — Tax effect of non-deductible expenses 2,474 480 110 Tax effect of R&D expenses additional deduction (17,732) (3,068) (134) Change in valuation allowance 202,586 177,715 29,784 Tax filing difference ​ 663 ​ — ​ — Others 7 236 (364) Actual income tax expense 1,113 292 1,853 ​ b) Deferred income taxes The tax effects of temporary differences that give rise to the deferred tax assets (liabilities) balances as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$  Deferred tax assets: Net operating losses carryforwards 186,642 78,971 Accrued expenses 22,664 23,271 Deferral of tax deduction of R&D expenses 308,850 263,384 Operating lease liabilities 31,633 29,201 Exchangeable notes 5,061 3,532 Mandatorily redeemable noncontrolling interest — 1,463 Convertible notes 3,620 1,289 Deferral of tax deduction of advertising expenses 10,054 6,404 Property, equipment and software 2,908 364 Equity investments 843 667 Deferred revenue 19,102 1,619 Total gross deferred tax assets 591,377 410,165 Valuation allowance on deferred tax assets (390,737) (202,715) Deferred tax assets, net of valuation allowance 200,640 207,450 Deferred tax liabilities: ​ Property, equipment and software (3,430) (285) Derivative assets (17) — Government grants (155,717) (178,090) Operating lease right-of-use assets (41,476) (29,201) Total deferred tax liabilities (200,640) (207,576) Net deferred tax liabilities — (126) ​ The deferred taxes noted above are classified as follows in the Company’s consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ ​ US$ Deferred tax assets — — Deferred tax liabilities — (126) Net deferred tax liabilities — (126) ​ A valuation allowance is provided against deferred income tax assets when the Group determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2023, the valuation allowances of US$390,737 were related to the deferred income tax assets of the certain subsidiaries of the Company which were in loss position. These entities were in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Changes in valuation allowance are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ US$ Balance at the beginning of the year 202,715 32,914 3,130 Addition 215,886 177,715 29,784 Deduction ​ (25,934) ​ — ​ — Effect of foreign currency translation (1,930) (7,914) — Balance at the end of the year 390,737 202,715 32,914 ​ As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries and VIEs in the PRC amounted to US$470,713, which can be carried forward for five years to offset future taxable profit. The net operating loss carryforwards of the Company’s subsidiaries and VIEs in the PRC, excluding Hong Kong, will expire during the period from year 2026 to year 2028, if unused by the following year-end: ​ ​ ​ ​ Year ending December 31, Amount ​ US$ 2026 43,523 2027 151,292 2028 ​ 275,898 Total 470,713 ​ As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries incorporated in Netherlands amounted to US$94,088. Operating losses can be carried forward without time limitation but are available to offset the first EUR 1,000 of taxable profits and 50% of taxable profits in excess of this of the current fiscal year. As of December 31, 2023, the net operating loss carryforwards of the Company’s subsidiaries incorporated in UK amounted to US$140,725. Operating losses can be carried forward without time limitation but the annual limit of utilization of carryforward loss, without any cash tax impact, is GBP 5,000.

NET LOSS PER SHARE_2

NET LOSS PER SHARE	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	22. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Numerator: Net loss attributable to ordinary shareholders (459,319) (347,163) Accretion of redeemable convertible preferred shares (2,979) (258) Numerator for basic and diluted net loss per ordinary share calculation (462,298) (347,421) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) ​ 616,941,673 474,621,603 Denominator for basic and diluted net loss per ordinary share calculation (1) 616,941,673 474,621,603 Net loss per ordinary share attributable to ordinary shareholders ​ ​  – Basic and diluted (0.75) (0.74) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the six months ended June 30, 2024 and 2023, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(a)), as if the Recapitalization had occurred at the beginning of the earliest period presented. The calculation of basic loss per share excludes 1,417,544 unvested earn-out shares issued to LCAA Sponsor which can only be vested upon meeting certain conditions. ​ The following outstanding potentially dilutive ordinary share equivalents adjusted to reflect the effect of Recapitalization have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the years presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ US$ ​ US$ Redeemable convertible preferred shares (note 18) — 68,228,526 Exchangeable notes (i) — 33,675,700 Share options (ii) 15,622,994 10,274,118 Warrant (iii) ​ — ​ 711,044 2024 Convertible Notes (iv) ​ 16,716,188 ​ — 2023 Convertible Notes (v) ​ — ​ 2,248,065 Meritz put option (vi) 50,000,000 — Public Warrant (note 13) ​ 9,054,522 ​ — Sponsor Warrant (note 13) ​ 5,486,784 ​ — Total 96,880,488 115,137,453 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,400,000 (equivalent of US $336,757 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023. (ii) For the six months ended June 30, 2024, 15,622,994 vested and unvested share options are not included in the calculation of basic loss per share, as such awards were not exercised as of June 30, 2024, and those share options are not included in the calculation of dilutive loss per share due to their antidilutive effect. For the six months ended June 30, 2023, 10,274,118 outstanding share options are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the period end. (iii) For the six months ended June 30, 2023, the warrant to purchase maximum 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US $109,784 divided by the estimated fair value of ordinary shares as of June 30, 2024. (v) For the six months ended June 30, 2023, the conversion of 2023 Convertible Notes as mentioned in note 16 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (vi) For the six months ended June 30, 2024, as mentioned in note 14, the exercise of put option issued to Meritz are not included in the calculation of diluted loss per share due to antidilutive effect using reverse treasury stock method. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 15 and note 16, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect. (viii)	24. NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Numerator: Net loss attributable to ordinary shareholders (742,001) (723,921) (110,531) Accretion of redeemable convertible preferred shares (15,121) (910) — Numerator for basic and diluted net loss per ordinary share calculation (757,122) (724,831) (110,531) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) 474,621,603 475,805,054 334,127,181 Denominator for basic and diluted net loss per ordinary share calculation (1) 474,621,603 475,805,054 334,127,181 Net loss per ordinary share attributable to ordinary shareholders ​ ​ ​  – Basic and diluted (1) (1.60) (1.52) (0.33) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the years ended December 31, 2023, 2022 and 2021, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(b)), as if the Recapitalization had occurred at the beginning of the earliest period presented. ​ The following outstanding potentially dilutive ordinary share equivalents adjusted to reflect the effect of Recapitalization have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the years presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Redeemable convertible preferred shares (note 17) 68,228,526 68,228,526 — Exchangeable notes (i) 36,709,165 34,459,983 12,547,642 Series Pre-A Note (ii) — — 5,332,827 2023 Convertible notes (iii) ​ 2,029,407 ​ — ​ — Mandatorily redeemable noncontrolling interest (iv) ​ — ​ 1,148,666 ​ 627,382 Share options (v) ​ 10,073,233 ​ 10,378,710 ​ — Warrant (vi) 711,044 711,044 — Total 117,751,375 114,926,929 18,507,851 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,600,000 (equivalent of US $367,092 ), RMB 2,400,000 (equivalent of US $344,600 ) and RMB 800,000 (equivalent of US $125,476 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023, 2022 and 2021, respectively. (ii) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 150,000 (equivalent of US $21,178 ) divided by the then conversion price after Recapitalization as of December 31, 2021. (iii) For the year ended December 31, 2023, the conversion of 2023 Convertible Notes as mentioned in note 15 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 80,000 (equivalent of US $11,487 )and RMB 40,000 (equivalent of US $6,274 ) divided by the fixed conversion price of US $10 per share as of December 31, 2022 and 2021, respectively. (v) For the years ended December 31, 2023 and 2022, 10,073,233 and 10,378,710 outstanding share options, respectively, are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the year end. (vi) For the years ended December 31, 2023 and 2022, the warrant to purchase maximum 711,044 and 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the year end. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 14 and note 15, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect. (viii) For the year ended December 31, 2023, the put options as mentioned in note 12 are not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent on the satisfaction of exercise condition, which was not satisfied as of the period end.

REVENUES_2

REVENUES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REVENUES
REVENUES	23. REVENUES The Group’s revenues are disaggregated by product and service lines as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Sales of goods – third parties  – BEV lifestyle models 262,849 72,790  – Sports cars ​ 102,618 ​ 49,146  – Others 15,096 2,111 ​ 380,563 124,047 Sales of goods – related parties ​ ​  – BEV lifestyle models ​ 535 ​ 436  – Sports cars ​ 91 ​ —  – Others 1,704 371 ​ 2,330 807 Subtotal 382,893 124,854 Services- third parties ​ ​  – R&D service 56 —  – others (1) 4,504 160 ​ ​ 4,560 ​ 160 Services- related parties ​ ​ ​ ​  – R&D service ​ 6,366 ​ 4,983  – others (2) ​ 4,296 ​ 38 ​ ​ 10,662 ​ 5,021 Subtotal 15,222 5,181 Total revenues 398,115 130,035 (1) Others primarily include trainings, installed premium intelligent driving system upgrades, free battery charging services, maintenance services and vehicle internet connection services. ​ (2) Others primarily include commission service fee. Geographic information The following summarizes the Group’s revenues by geographic areas (based on the locations of customers): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Chinese mainland 138,210 93,013 UK 69,728 7,396 Thailand 24,594 248 Malaysia ​ 23,652 ​ 1,040 Belgium ​ 21,155 ​ — Italy ​ 17,522 ​ — Japan ​ 16,943 ​ 16,217 Germany ​ 14,951 ​ — Netherlands ​ 11,145 ​ — France ​ 10,553 ​ — Others ​ 49,662 ​ 12,121 Revenues 398,115 130,035 ​ Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 50,054 44,184  – Contract liabilities – related parties* 11,036 1 Non-current liabilities ​  – Contract liabilities – third parties 7,024 6,245 Contract liabilities, current and non-current 68,114 50,430 * This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Among the balance of contract liabilities of US$50,430 as of December 31, 2023, US$ 16,915 was recognized as revenue during the six months ended June 30, 2024. The contract liabilities relate to up-front payments from the Group’s customers for purchase of vehicles or services in advance of transfer of the control of the products and services under the contract. Amounts that are expected to recognize as revenues within one-year are included as current contract liabilities with the remaining balance recognized as other non-current liabilities. The Group expects that US$255,159 of transaction price allocated to unsatisfied performance obligation as of June 30, 2024 will be recognized as revenues within one year. The remaining US$7,045 will be recognized over the remaining contract periods over 1 to 10 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less.	25. REVENUES The Group’s revenues are disaggregated by service lines as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Service line Sales of goods – third parties  – BEV lifestyle models 464,172 — —  – Sports cars ​ 183,160 ​ 828 ​ 369  – Others 9,394 335 — ​ 656,726 1,163 369 Sales of goods – related parties ​ ​ ​  – BEV lifestyle models ​ 1,093 ​ — ​ —  – Sports cars ​ 951 ​ — ​ —  – Others 1,388 23 — ​ 3,432 23 — Subtotal 660,158 1,186 369 Services ​ ​ ​  – related parties 12,573 8,344 3,280  – third parties 6,277 27 38 Subtotal 18,850 8,371 3,318 Total revenues 679,008 9,557 3,687 ​ Geographic information The following summarizes the Group’s revenues by geographic areas (based on the locations of customers): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Chinese mainland 419,448 8,816 3,109 UK 83,827 437 439 Japan 26,390 — — Australia ​ 20,335 ​ — ​ — Belgium ​ 20,701 ​ — ​ — France ​ 16,341 ​ — ​ — Italy ​ 14,650 ​ — ​ — Germany ​ 15,904 ​ — ​ — Netherlands ​ 13,729 ​ — ​ — Others ​ 47,683 ​ 304 ​ 139 Revenues 679,008 9,557 3,687 ​ Contract Liabilities ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 44,184 7,843  – Contract liabilities – related parties* 1 8 Non-current liabilities ​  – Contract liabilities – third parties 6,245 — Contract liabilities, current and non-current 50,430 7,851 * This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Among the balance of contract liabilities of US$7,851 as of December 31, 2022, US$ 5,438 was recognized as revenue during the year ended December 31, 2023. The contract liabilities relate to up-front payments from the Group’s customers for purchase of vehicles or services in advance of transfer of the control of the products and services under the contract. Amounts that are expected to be recognized as revenues within one-year are included as current contract liabilities with the remaining balance recognized as other non-current liabilities. The Group expects that US$333,985 of transaction price allocated to unsatisfied performance obligation as of December 31, 2023 will be recognized as revenues within one year. The remaining US$12,067 will be recognized over the remaining contract periods over 1 to 10 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less.

FAIR VALUE MEASUREMENT_2

FAIR VALUE MEASUREMENT	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	24. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value on a recurring basis include derivative assets, investment securities, securities pledged to an investor, exchangeable notes, convertible notes, warrant liabilities and put option liabilities. The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of June 30, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 2,168 2,168 — — Securities pledged to an investor ​ 310,477 ​ 310,477 ​ — ​ — Derivative asset ​ 236 ​ — ​ 236 ​ — Subtotal ​ 312,881 ​ 312,645 ​ 236 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 175,651 — — 175,651 Warrant liabilities – Public Warrants ​ 3,395 ​ 3,395 ​ — ​ — Warrant liabilities – Sponsor Warrants ​ 2,154 ​ — ​ — ​ 2,154 Convertible notes 186,631 — — 186,631 Exchangeable notes 77,087 — — 77,087 Subtotal ​ 444,918 ​ 3,395 ​ — ​ 441,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Subtotal ​ 3,393 ​ 3,326 ​ 67 ​ — Liabilities ​ Put option liabilities ​ 11,884 ​ — ​ — ​ 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 Subtotal 568,112 — — 568,112 ​ Valuation Techniques Investment securities: The Group invested in a listed equity securities ECARX Holdings Inc. (“Ecarx”) and values the equity securities using quoted prices for the underlying securities in active markets. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1. As of June 30, 2024 and December 31, 2023, the Group’s equity securities were US$2,168 and US$3,326, respectively. The Group recorded the fair value loss of US$1,158 and US$1,085 in “Investment (loss) income, net” in the unaudited condensed consolidated statements of comprehensive loss for the six months ended June 30,2024 and 2023, respectively. Derivative asset: Derivative asset represents forward currency contracts. The fair value is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates (Level 2). Securities pledged to an investor: The estimated fair values of the securities are determined using available market information. Accordingly, the Group classifies the valuation technique that use these inputs as Level 1. Put option liabilities, exchangeable notes, convertible notes: As the Group’s put option liabilities, exchangeable notes, and convertible notes are not traded in an active market with readily observable quoted prices, the Group uses significant unobservable inputs (Level 3) to measure the fair value of the put option liabilities, exchangeable notes, and convertible notes at inception and at each subsequent balance sheet date. See notes 12, 15 and 16 for information about the significant unobservable inputs used in the respective fair value measurements. Public Warrants and Sponsor Warrants: Public Warrants is classified as Level 1 due to the use of the observed trading price. For Sponsor Warrants, see notes 13 for information about the significant unobservable inputs (Level 3) used in the fair value measurements. The other financial assets and liabilities of the Group primarily consist of cash, restricted cash, accounts receivable, loan receivables and other receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and other non-current liabilities and operating lease liabilities. As of June 30, 2024 and December 31, 2023, the fair values of financial assets and liabilities included in non-current assets, operating leases liabilities and other non-current liabilities approximated to their carrying values, which were due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities. As of June 30, 2024 and December 31, 2023, the carrying amounts of other financial instruments approximated to their fair values due to short term maturity of these instruments. The Group’s non - financial assets, such as property, equipment and software and intangible assets, would be measured at fair value only if they were determined to be impaired.	26. FAIR VALUE MEASUREMENT Assets and liabilities measured at fair value on a recurring basis include derivative assets, investment securities, exchangeable notes, convertible notes, mandatorily redeemable noncontrolling interest and put option liabilities. The following tables set the major financial instruments measured at fair value, by level within the fair value hierarchy as of December 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 11,884 — — 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 8,411 8,411 — — Liabilities ​ Convertible notes 76,770 — — 76,770 Exchangeable notes 427,112 — — 427,112 Mandatorily redeemable noncontrolling interest 11,381 — — 11,381 ​ Valuation Techniques Derivative asset: Derivative asset represents forward currency contracts. The fair value is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. Investment securities: On May 13, 2022, the Group purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by ECARX Holdings Inc. (“Ecarx”), which is a related party controlled by the Controlling Shareholder of the Company and listed in NASDAQ on December 21, 2022. Upon the listing of Ecarx, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. The Group classifies the listed equity securities as investments with readily determinable fair values and reported at fair value. As such the Group derecognized the carrying amount of the Note of US$11,316 and recognized the listed equity securities of US$11,316 at fair value on December 21, 2022. The Group values the listed equity securities using quoted prices for the underlying securities in active markets and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085 and US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the year ended December 31, 2023, 2022 and 2021, respectively. Put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest,: As the Group’s put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest are not traded in an active market with readily observable quoted prices, the Group uses significant unobservable inputs (Level 3) to measure the fair value of the put option liabilities, exchangeable notes, convertible notes and mandatorily redeemable noncontrolling interest at inception and at each subsequent balance sheet date. See notes 12, 14, 15 and 18 for information about the significant unobservable inputs used in the respective fair value measurements. The other financial assets and liabilities of the Group primarily consist of cash, restricted cash, accounts receivable, loan receivables and other receivables included in prepayments and other current assets and other non-current assets, short-term borrowings, accounts payable, other payables included in accrued expenses and other current liabilities and other non-current liabilities and operating lease liabilities. As of December 31, 2023 and 2022, the fair values of financial assets and liabilities included in non-current assets, operating leases liabilities and other non-current liabilities approximated to their carrying values, which were due to that the underlying interest rates approximated to the market rates for similar instruments with similar maturities. As of December 31, 2023 and 2022, the carrying amounts of other financial instruments approximated to their fair values due to short term maturity of these instruments. The Group’s non-financial assets, such as property, equipment and software and intangible assets, would be measured at fair value only if they were determined to be impaired.

SHARE-BASED COMPENSATION_2

SHARE-BASED COMPENSATION	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	25. SHARE-BASED COMPENSATION The Company’ s shareholders approved and adopted a share incentive plan in September 2022, or the 2022 Share Incentive Plan, for the purpose of attracting and retaining the best available personnel, providing additional incentives to employees, directors and consultants, and promoting the success of the Group’s business. Under the 2022 Share Incentive Plan, the Company is authorized to grant options. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2022 Share Incentive Plan is 51,550,661. During the six months ended June 30, 2024 and 2023, 6,184,901 and 2,691,667 options were granted under the 2022 Share Incentive Plan, among which, 64,229 and nil share options were granted to non-employee service providers for providing operation consultation and business development services, respectively. 5,768 and nil share option had been granted to directors or officers during the six months ended June 30, 2024 and 2023, respectively. Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period ranged from nil Share options A summary of the share options activities for the six months ended June 30, 2024 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ ​ US$ Outstanding at December 31, 2023 10,073,233 2.89 2.08 ​ ​ ​ Granted 6,184,901 2.89 3.20 ​ ​ ​ Forfeited ​ (635,140) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Vested and expected to vest as of June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Exercisable as of June 30, 2024 14,587,728 2.89 2.46 8.87 167,915 ​ As of June 30, 2024, no share options were exercised. Compensation expenses recognized for options for the six months ended June 30, 2024 and 2023 is allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023   ​ ​ US$ ​ US$   ​ ​ ​ ​ ​ Research and development expenses 19,968 — Selling and marketing expenses 3,252 — General and administrative expenses 12,674 — ​ 35,894 — ​ As of June 30, 2024, for the cumulative options granted to employees of an entity controlled by the Controlling Shareholder of the Company to purchase 5,730,859 shares, the Group elects to recognize the fair value of these options as dividends to the shareholder. The total fair value relating to these awards was US$2,851. Note that the company under common control is providing sports cars to the Group and the Group pays the purchase price at market rates, so no compensation expense is reflected for these grants. The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, Grant dates: 2024 2023 ​ Risk-free interest rate (i) 4.46%-4.58 % 3.4%-4.79 % Expected volatility (ii) 54.06%-54.57 % 54.06%-54.48 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20-2.80 2.20-2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.78-US$9.81 US$5.91-US$8.93 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.	27. SHARE-BASED COMPENSATION The Company’ s shareholders approved and adopted a share incentive plan in September 2022, or the 2022 Share Incentive Plan, for the purpose of attracting and retaining the best available personnel, providing additional incentives to employees, directors and consultants, and promoting the success of the Group’s business. Under the 2022 Share Incentive Plan, the Company is authorized to grant options. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2022 Share Incentive Plan is 51,550,661. During the years ended December 31,2023 and 2022, 775,561 and 10,378,710 options were granted under the 2022 Share Incentive Plan, among which, nil and 312,292 share options were granted to non-employee service providers for providing operation consultation and business development services, and nil and 1,028,126 share options were granted to employees of an entity ultimately controlled by the Controlling Shareholder of the Company, respectively. No share option had been granted to directors or officers during the years ended December 31,2023 and 2022. Share options granted under the 2022 Share Incentive Plan have a contractual term of ten years and have varying vesting terms that requires the grantees to render services for a period ranged from nil Share options A summary of the share options activities for the years ended December 31, 2023 and 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ US$ Outstanding at January 1, 2022 — — — ​ ​ ​ Granted 10,378,710 2.89 1.90 ​ ​ ​ Outstanding at December 31, 2022 ​ 10,378,710 ​ 2.89 ​ 1.90 ​ ​ ​ ​ Granted ​ 775,561 ​ 2.89 ​ 4.83 ​ ​ ​ ​ Forfeited ​ (1,081,038) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at December 31, 2023 10,073,233 2.89 2.08 8.82 60,831 ​ As of December 31, 2023, no share options were exercisable since their exercisability is subject to the occurrence of a Qualified IPO. As of December 31, 2023, for the cumulative options granted to employees and non-employee service providers to purchase 9,132,593 shares, nil share-based compensation expense was recognized for these awards as the qualifying event was not probable as of December 31, 2023. The total unrecognized share-based compensation expense relating to these awards as of December 31, 2023 was US$ 18,776, of which US$ 16,243 was based on the degree of service period that had been completed as of December 31, 2023. The Group will recognize compensation expenses relating to the awards cumulatively upon the consummation of a Qualified IPO. As of December 31, 2023, for the cumulative options granted to employees of an entity controlled by the Controlling Shareholder of the Company to purchase 940,640 shares, the Group elects to recognize the fair value of these options as dividends to the shareholder. The total fair value relating to these awards was US$ 2,101. Note that the company under common control is providing sports cars to the Group and the Group pays the purchase price at market rates, so no compensation expense is reflected for these grants. The fair values of the options granted are estimated on the dates of grant using the binomial option pricing model with the following assumptions used: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Grant dates: 2023 2022 ​ Risk-free interest rate (i) 3.4% – 4.79 % 3.71% – 4.15 % Expected volatility (ii) 54.06% – 54.48 % 56.13% – 56.32 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20 – 2.80 2.20 – 2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.91 – US$8.93 US$3.61 – US$4.11 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model.

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	26. COMMITMENTS AND CONTINGENCIES Purchase commitment As of June 30, 2024, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 89,004 ​ — ​ 89,004 ​ Capital commitment Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 12,077 ​ 9 ​ 12,086 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling. Repurchase commitment The Group has entered into repurchase agreements with a lending institution in connection with its dealers’ wholesale floor-plan financing of vehicles. Pursuant to the agreements, in the event that a dealer has declared the intention to file for bankruptcy, and a lender is able to repossess the vehicle and deliver the repossessed vehicle to the Group, the Group is obligated to repurchase the vehicle from the lender at the unpaid balance of the original invoice price for the vehicle. The Group did not repurchase any vehicles under its repurchase agreements since the inception of the repurchase agreements, and the Group believes that, based on historical experience, the likelihood of a material loss pursuant to these repurchase obligations is remote. The total amount financed under the floor financing programs with repurchase obligations was US $21,872 as of June 30, 2024.	28. COMMITMENTS AND CONTINGENCIES Purchase commitment As of December 31, 2023, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 179,490 ​ 2,511 ​ 182,001 ​ Capital commitment Total capital expenditures contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 59,304 ​ 264 ​ 59,568 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

RELATED PARTY TRANSACTIONS_2

RELATED PARTY TRANSACTIONS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	27. RELATED PARTY TRANSACTIONS (a) Related parties ​  Names of the major related parties Nature of relationship Geely Holding ​ Entity controlled by the controlling shareholder of the Company Ningbo Geely R&D ​ Entity controlled by the controlling shareholder of the Company Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) ​ Entity controlled by the controlling shareholder of the Company LGIL ​ Entity controlled by the controlling shareholder of the Company Founders Onshore Vehicle ​ Entity controlled by the controlling shareholder of the Company Geely HK ​ Entity controlled by the controlling shareholder of the Company Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) ​ Entity controlled by the controlling shareholder of the Company Ecarx ​ Entity controlled by the controlling shareholder of the Company ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) ​ Entity controlled by the controlling shareholder of the Company Hubei ECARX Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company LCL ​ Entity controlled by the controlling shareholder of the Company Beijing Lotus Cars Sales Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely UK Limited ​ Entity controlled by the controlling shareholder of the Company Volvo Car Corporation ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jirun Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Xuanyu Human Resources Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Business Service Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company China Euro Vehicle Technology AB ​ Entity controlled by the controlling shareholder of the Company Radar New Energy Automobile (Zhejiang) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Group Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Sales Netherlands BV ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Research Institute (Ningbo) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Polestar Automotive China Distribution Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Fenghua Souvenir Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jisu procurement management Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Huanfu Technology Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Chengdu Jinluda Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hubei Changjiang Chegu Industry Investment Fund Partnership ​ Entity which is under significant influence of the Company Wuxi Stardrive Technology Co., Ltd. ​ Entity which is under significant influence of the Company Zhejiang Xitumeng Digital Technology Co., Ltd. ​ Entity that the controlling shareholder of the Company has significant influence Northpole GLY 3 LP ​ Entity controlled by one of the directors of the Company Lotus Cars USA Inc. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Investment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Geely EVUN Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Jizhi Culture Creative Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Volvo Personvagnar Aktiebolag ​ Entity controlled by the controlling shareholder of the Company Shanghai Global Trading Corporation ​ Entity controlled by the controlling shareholder of the Company Viridi E-Mobility (Ningbo) Co.,LTD ​ Entity controlled by the controlling shareholder of the Company Zhejiang Yaoning New Materials Technology Co., Ltd ​ Entity controlled by the controlling shareholder of the Company ​ During the six months ended June 30, 2024 and 2023, in addition to the related party transactions disclosed in note 12 of Put Option Liabilities, note 15 of Exchangeable Notes, note 16 of Convertible Notes, note 18 of Redeemable Convertible Preferred Shares, note 20 of ordinary shares to the financial statements, and note 25 of Share-based Compensation, the Group entered into the following significant related party transactions. (b) Significant related party transactions During the six months ended June 30, 2024 and 2023, the Group entered into the following significant related party transactions: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Provision of services(i) 10,662 ​ 5,021 Sales of goods(i) 2,330 ​ 807 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Purchase of products and services ((iii).a) 521,836 264,440 Purchase of products and services for R&D activities ((iii).b) 38,311 40,348 Payment of deposits ((ii).f) 1,126 — Purchase of equipment and software ((iii).c) 530 3,943 Short-term lease cost ((iii).e) 474 63 Loans to related parties ((ii).b) 222,865 865 Proceed from settlement of related party loans ((ii).b) 140 — Interest income on loans due from related parties ((ii).b) 4,472 57 Acquisition of right-of-use assets (iv) — 8 Payment of lease liabilities (iv) ​ 828 ​ 10 Payments on behalf of related parties ((ii).a) ​ 648 ​ 1,405 Payments by related parties on behalf of the Group ((iii).d) ​ 3,316 ​ 8,308 ​ (c) Significant related party balances The outstanding balances mainly arising from the above transactions as of June 30, 2024 and December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 19,674 22,430 Contract liabilities – related parties* (i) 11,036 1 Prepayments and other current assets – related parties (ii) 40,381 28,744 Other non-current assets – related parties ((ii).c) 2,689 2,706 Accounts payable-related parties ((iii).a) 413,779 340,419 Accrued expenses and other current liabilities – related parties (iii) 230,993 289,845 Other non-current liabilities – related parties ((iii).f) 1,548 1,634 Operating lease liabilities– related parties, current* (iv) 995 840 Operating lease liabilities– related parties, non-current (iv) 11,314 12,064  Investment securities – related parties 2,168 3,326 Loans receivable from a related party ((ii).b) ​ 224,042 ​ — * These items are included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Note: (i) The Group sold sports cars, BEV 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 $10,662 and US $5,021 for the six months ended June 30, 2024 and 2023, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US $2,330 and US $807 for the six months ended June 30, 2024 and 2023, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US $19,674 and US $22,430 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, receipts in advance of US $11,036 and US $1 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties and other non-current assets – related parties of the Group are 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 as follows. a. The Group made payments of US $648 and US $1,405 on behalf of related parties for the six months ended June 30, 2024 and 2023, respectively. Related parties collected cash receipts of US $809 and nil for the six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, receivables of US $4,110 and USD $4,271 was included in prepayments and other current assets – related parties, respectively. b. During the six months ended June 30, 2024 and 2023, the Group provided unsecured short-term loans of nil and US $865 , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $69 and US $57 for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Group proceed from settlement of unsecured short-term loans of US $140 and nil , respectively. As of June 30, 2024 and December 31, 2023, the receivable for the loan principal and interest of US $3,141 and US $3,010 was included in prepayments and other current assets – related parties, respectively. On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of US $354,000 with term of 5 years and annual interest rate of 6.95% . During the six months period ended June 30, 2024, the Group provided loan of US $222,865 to the related party. As of June 30, 2024, the total outstanding principal was US $219,644 and the total outstanding interest income was US $4,398 . 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 $33,191 and US $21,404 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,689 and US $2,706 was included in other non-current assets-related parties as of June 30, 2024 and December 31, 2023, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of nil and US $82 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. e. For the six months ended June 30, 2024, the Group recorded US $40 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of June 30, 2024, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $61 . f. During the six months ended June 30, 2024, the Group has paid US $1,126 as deposit for services. (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the six months ended June 30, 2024 and 2023, these purchases amounted to US $521,836 and US $264,440 , among which, US $326,187 and US $118,714 were recognized as cost of goods sold for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, purchases including sports cars, BEV lifestyle models, auto parts and peripheral products of US $166,318  and US $248,331 were recorded as inventories, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$15,599 and US$27,660 were included in accrued expenses and other current liabilities – related parties, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$413,779 and US$340,419 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $38,311 and US $40,348 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of products and services for R&D activities of US $207,487 and US $217,256 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $530 and US $3,943 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of equipment and software of US $4,897 and US $19,786 were included in accrued expenses and other current liabilities – related parties, respectively. d. For the six months ended June 30, 2024 and 2023, related parties paid US $3,316 and US $8,308 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $2,723 and US $1,605 were included in accrued expenses and other current liabilities – related parties as of June 30, 2024 and December 31, 2023, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the six months ended June 30, 2024 and 2023, the Group incurred short-term lease costs of US $474 and US $63 , respectively. As of June 30, 2024 and December 31, 2023, payables for short-term leases of US $71 and US $323 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of nil and US $3 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, US $216 and US $168 were included in accrued expenses and other current liabilities – related parties, and US $1,548 and US $1,634 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). During the six months ended June 30, 2024, LCL has settled GBP 18,055 (equivalent to US $22,938 ). As of June 30, 2024 and December 31, 2023, payable for the distribution right of nil and US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the six months ended June 30, 2024 and 2023, the Group recognized right-of-use assets of nil and US $8 from related parties, respectively. The Group paid lease liabilities of US $828 and US $10 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, current operating lease liabilities were US $995 and US $840 , respectively, and non-current operating lease liabilities were US $11,314 and US $12,064 , respectively. ​ (d) Manufacturing agreement with the Geely Group The Group entered into a manufacturing agreement with Geely Auto Wuhan Branch and Wuhan Geely Auto Parts (collectively as “OEMs”), for the manufacture of the Group’s electrical vehicles for 10 years starting from June 21, 2022. Pursuant to the manufacturing agreement, the Group commissioned OEMs for the production of electrical vehicles and agreed to authorize OEMs to access the Group’s technologies for the production of such models. The Group is mainly responsible for the design and development of the models, designation of suppliers, product announcement, and ensuring consistency with global standards of the Lotus brand. The Group also provides OEMs the necessary intellectual properties for the manufacture of electrical vehicles. OEMs are mainly responsible for the procurement and inspection of raw materials, production planning, production quality control, logistics and transportation of manufactured vehicles, and construction and operation of the manufacturing plant. Particularly, quality control is carried out in accordance with the Group’s quality assurance framework and approved by OEMs. In addition, OEMs are responsible for obtaining certificates for the manufactured vehicles. (e) Lotus Application Entrusted Operation & Maintenance Contract with Wuhan Quanqing The Group entered into an application entrusted operation & maintenance contract with Wuhan Quanqing, in May 2023. Pursuant to the contract, the Group will pay Wuhan Quanqing certain service fee, on the incurred basis, for the entrusted daily operation and maintenance service provided by Wuhan Quanqing for the Group’s Lotus App. As of June 30, 2024, nil service fee has been incurred.	29. RELATED PARTY TRANSACTIONS (a) Related parties ​  Names of the major related parties Nature of relationship Geely Holding ​ Entity controlled by the controlling shareholder of the Company Ningbo Geely R&D ​ Entity controlled by the controlling shareholder of the Company Zhejiang Liankong Technologies Co., Ltd. (“Zhejiang Liankong”) ​ Entity controlled by the controlling shareholder of the Company LGIL ​ Entity controlled by the controlling shareholder of the Company Founders Onshore Vehicle ​ Entity controlled by the controlling shareholder of the Company Geely HK ​ Entity controlled by the controlling shareholder of the Company Wuhan Geely Auto Parts Co., Ltd. (“Wuhan Geely Auto Parts”) ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. Wuhan Branch (“Geely Auto Wuhan Branch”) ​ Entity controlled by the controlling shareholder of the Company Ecarx ​ Entity controlled by the controlling shareholder of the Company ECARX (Hubei) Technology Co., Ltd. (“Hubei Ecarx”) ​ Entity controlled by the controlling shareholder of the Company Hubei ECARX Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company LCL ​ Entity controlled by the controlling shareholder of the Company Beijing Lotus Cars Sales Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely UK Limited ​ Entity controlled by the controlling shareholder of the Company Volvo Car Corporation ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jirun Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Automobile Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Xuanyu Human Resources Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Geely Business Service Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company China Euro Vehicle Technology AB ​ Entity controlled by the controlling shareholder of the Company Radar New Energy Automobile (Zhejiang) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Group Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Sales Netherlands BV ​ Entity controlled by the controlling shareholder of the Company Geely Automobile Research Institute (Ningbo) Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company JChin (Shanghai) Mechanical and Electrical Equipment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Polestar Automotive China Distribution Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Fenghua Souvenir Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Jisu procurement management Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Zhejiang Huanfu Technology Co.,Ltd. ​ Entity controlled by the controlling shareholder of the Company Chengdu Jinluda Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hangzhou Luhongyuan Automobile Sales Service Co., Ltd. ​ Entity which is under significant influence of the Company Hubei Changjiang Chegu Industry Investment Fund Partnership ​ Entity which is under significant influence of the Company Wuxi Stardrive Technology Co., Ltd. ​ Entity which is under significant influence of the Company Zhejiang Xitumeng Digital Technology Co., Ltd. ​ Entity that the controlling shareholder of the Company has significant influence Northpole GLY 3 LP ​ Entity controlled by one of the directors of the Company Lotus Cars USA Inc. ​ Entity controlled by the controlling shareholder of the Company Lynk & Co Investment Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Hangzhou Geely EVUN Technology Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Jizhi Culture Creative Co., Ltd. ​ Entity controlled by the controlling shareholder of the Company Volvo Personvagnar Aktiebolag ​ Entity controlled by the controlling shareholder of the Company RENAULT S.A.S ​ Entity that the controlling shareholder of the Company has significant influence ​ During the years ended December 31, 2023, 2022 and 2021, in addition to the related party transactions disclosed in note 12 of Put Option Liabilities, note 14 of Exchangeable Notes, note 15 of Convertible Notes, note 17 of Redeemable Convertible Preferred Shares and note 20 of Ordinary Shares to the financial statements, the Group entered into the following significant related party transactions. (b) Significant related party transactions During the years ended December 31, 2023, 2022 and 2021, the Group entered into the following significant related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Provision of services (i) 12,573 ​ 8,344 ​ 3,280 Sales of goods (i) 3,432 ​ 23 ​ — Payments on behalf of related parties ((ii).a) 4,022 244 — Cash receipts by related parties on behalf of the Group ((ii).a) 3,695 — — Loans to related parties ((ii).b) 1,227 2,310 — Interest income on loans due from related parties ((ii).b) 122 24 — Purchase of products and services ((iii).a) 852,623 44,347 14,259 Purchase of products and services for R&D activities ((iii).b) 134,721 167,012 47,442 Purchase of equipment and software ((iii).c) 11,223 42,798 6,255 Payment by related parties on behalf of the Group ((iii).d) 14,514 2,952 — Short-term lease cost ((iii).e) 765 347 243 Deposits received from related party suppliers ((iii).f) 251 1,584 — Acquisition of the distribution right ((iii).g) 22,296 — — Interest expense on borrowing due to related parties (iv) — 90 220 Repayment of borrowing from related party (iv) — 10,573 — Acquisition of right-of-use assets (v) ​ 12,166 ​ 214 ​ 1,333 Payment of lease liabilities (v) ​ 269 ​ 98 ​ 545 Purchase of Geely License (vi) ​ — ​ — ​ 288,948 Purchase of trademark licenses (vii) ​ — ​ — ​ 116,041 Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control (viii) — 15,512 — Payment for purchase of a short-term investment (ix) — 10,000 — ​ (c) Significant related party balances The outstanding balances mainly arising from the above transactions as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 22,430 8,545 Contract liabilities – related parties* (i) 1 8 Prepayments and other current assets – related parties (ii) 28,744 8,732 Other non-current assets – related parties ((ii).c) 2,706 — Accounts payable-related parties ((iii).a) 340,419 5,770 Accrued expenses and other current liabilities – related parties (iii) 289,845 183,216 Other non-current liabilities – related parties ((iii).f) 1,634 1,584 Operating lease liabilities– related parties, current* (v) 840 13 Operating lease liabilities– related parties, non-current (v) 12,064 170  Investment securities – related parties (ix) 3,326 8,411 * These items are included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Note: (i) The Group sold sports cars, BEV 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$12,573, US$8,344 and US$3,280 for the years ended December 31, 2023, 2022 and 2021, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US$3,432, US$23 and nil for the years end December 31, 2023, 2022 and 2021, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US$22,430 and US$8,545 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, receipts in advance of US$1 and US$8 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties other non-current assets – related parties of the Group are arising from transactions related to purchase of products and services (see note (iii).a), loans to related parties, and cash receipts on behalf of the Group as follows. a. The Group made payments of US $4,022 , US $244 and nil on behalf of related parties for the years ended December 31, 2023, 2022 and 2021, respectively. Related parties collected cash receipts of US $3,695 , nil and nil on behalf of the Group for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, receivables of US $4,271 and USD $244 was included in prepayments and other current assets – related parties, respectively. b. During the years ended December 31, 2023, 2022 and 2021, the Group provided unsecured short-term loans of US $1,227, US $2,310 and nil , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $122, US$ 24 and nil for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the receivable for the loan principal and interest of US $3,010 and US$ 2,369 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 $21,404 and US$ 6,119 were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,706 and nil was included in other non-current assets-related parties as of December 31, 2023 and 2022, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US $82 and nil were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. e. As of January 1, 2023, upon the adoption of ASC 326 as mentioned in note 2(j), the expected credit loss provision for prepayments and other current assets – related parties not under common control was US $12 . For the year ended December 31, 2023, the Group recorded US $11 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of December 31, 2023, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $23 . (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the years ended December 31, 2023, 2022 and 2021, these purchases amounted to US $852,623, US $44,347 and US $14,259 , among which, US $549,893 , US $839  and US$  331 were recognized as cost of goods sold for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, purchases including sports cars, BEVs lifestyle models, auto parts and peripheral products of US $248,331 and US $21,880 were recorded as inventories, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$27,660 and US$8,684 were included in accrued expenses and other current liabilities – related parties, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$340,419 and US$5,770 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $134,721, US $167,012 and US $47,442 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related partis for purchase of products and services for R&D activities of US $217,256 and US $162,942 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $11,223 , US $42,798 and US $6,255 from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of equipment and software of US $19,786 and US $8,366 were included in accrued expenses and other current liabilities – related parties, respectively. d. Related parties paid US $14,514 and US $2,952 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $1,605 and US $2,952 were included in accrued expenses and other current liabilities – related parties as of December 31, 2023 and 2022, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the years ended December 31, 2023, 2022 and 2021, the Group incurred short-term lease costs of US $765 , US $347 and US$ 243 , respectively. As of December 31, 2023 and 2022, payables for short-term leases of US $323 and US $272 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of US$ 251 , US$ 1,584 and nil from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, US$ 168 and nil were included in accrued expenses and other current liabilities – related parties, and US $1,634 and US $1,584 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). As of December 31, 2023, payable for the distribution right of US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) In 2019, the Company’s subsidiary, Lotus Tech UK, borrowed a one-year unsecured loan from a related party with the principal amount of US$10,211,bearing an interest rate of 2% per annum, which was renewed to be mature on August 31, 2022. The borrowing was repaid in August 2022. During the years ended December 31, 2022 and 2021, the Group incurred interest expenses of US$90 and US$220, respectively. (v) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the years ended December 31, 2023, 2022 and 2021, the Group recognized right-of-use assets of US$12,166, US$214 and US$1,333 from related parties, respectively. The Group paid lease liabilities of US$269, US$98 and US$545 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, current operating lease liabilities were US$840 and US$13, respectively, and non-current operating lease liabilities were US$12,064 and US$170, respectively. (vi) On March 12, 2021, the Group entered into a license agreement with Zhejiang Liankong, a subsidiary of Geely Holding. Under the terms of the agreement, the Group received a non-exclusive, perpetual, irrevocable and non-sublicensable license for the electric automotive chassis and autonomous driving technology platform (the “Geely License”) with consideration of US$288,948. The Geely License is contractually restricted to be used in certain R&D projects of the Group. The Group concludes that the Geely License has no alternative future use, therefore the cost of the license has been expensed as research and development expenses in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2021. (vii) In November 2021, the Group obtained the trademark licenses (Note 7), from Group Lotus Limited, a related party controlled by Geely Holding, by issuing the Company’s 47,995,443 ordinary shares to LGIL, a related party controlled by Geely Holding. (viii) On December 2, 2021, the Company, through its subsidiary, Lotus Technology Innovative Limited, entered into an equity transfer agreement, pursuant to which, Lotus Technology Innovative Limited agreed to acquire 100% equity interest in Lotus Tech Innovation Centre GmbH from a related party, Geely UK Limited, at the consideration of US $15,512 , which was settled in June 2022. The transaction was accounted for as common control transaction and completed in June 2022. (ix) On May 13, 2022, the Company purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by Ecarx. Upon the listing of Ecarx on December 21, 2022, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. As of December 31, 2023 and 2022, the fair value of listed equity securities was US$3,326 and US$8,411, respectively. (d) Manufacturing agreement with the Geely Group The Group entered into a manufacturing agreement with Geely Auto Wuhan Branch and Wuhan Geely Auto Parts (collectively as “OEMs”), for the manufacture of the Group’s electrical vehicles for 10 years starting from June 21, 2022. Pursuant to the manufacturing agreement, the Group commissioned OEMs for the production of electrical vehicles and agreed to authorize OEMs to access the Group’s technologies for the production of such models. The Group is mainly responsible for the design and development of the models, designation of suppliers, product announcement, and ensuring consistency with global standards of the Lotus brand. The Group also provides OEMs the necessary intellectual properties for the manufacture of electrical vehicles. OEMs are mainly responsible for the procurement and inspection of raw materials, production planning, production quality control, logistics and transportation of manufactured vehicles, and construction and operation of the manufacturing plant. Particularly, quality control is carried out in accordance with the Group’s quality assurance framework and approved by OEMs. In addition, OEMs are responsible for obtaining certificates for the manufactured vehicles. (e) Lotus Application Entrusted Operation & Maintenance Contract with Wuhan Quanqing The Group entered into an application entrusted operation & maintenance contract with Wuhan Quanqing, in May 2023. Pursuant to the contract, the Group will pay Wuhan Quanqing certain service fee for the entrusted daily operation and maintenance service provided by Wuhan Quanqing for the Group’s Lotus App. As of December 31, 2023, nil service fee has been incurred.

SUBSEQUENT EVENTS_2

SUBSEQUENT EVENTS	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	28. SUBSEQUENT EVENTS (i) On August 23, 2024, the Group issued 16,000,000 ordinary shares to Deutsche Bank Trust Company Americas, for a bulk issuance of ordinary shares reserved for future issuances upon the exercise or vesting of share options granted under the 2022 Share Incentive Plan. On September 16, 2024, the Group entered into a Security Purchase Agreement(“Purchase Agreement”) with Westwood Capital Group LLC(“Westwood”), pursuant to which, as consideration for Westwood's irrevocable commitment to purchase the ordinary shares under the Purchase Agreement, the Group issued to Westwood 700,000 ordinary shares as commitment ordinary shares on September 19,2024. The Group may sell up to US$350,000 of ordinary shares to Westwood under the Purchase Agreement. ​	30. SUBSEQUENT EVENTS (i) Merger Transaction On February 22, 2024, the Merger Transaction was consummated as disclosed in note 1(b). (ii) PIPE Investments On February 15, 2024, the Group entered into a new PIPE investment agreement with an investor as disclosed in note 13. (iii) New grants of share options From January 1, 2024 to March 31, 2024, the Company granted an aggregated number of 5,972,760 share options to employees pursuant to the 2022 Share Incentive Plan, at a weighted average exercise price of US$2.89 per share option. (iv) Loans to a related party On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of GBP 275,000 (equivalent to US$354,000) with term of 5 years and annual interest rate of 6.95%. (v) Termination of pledge The pledge of the land use right of US$32,653 included in the operating lease right-of-use assets and corporate buildings under construction of US$37,287 included in property, equipment and software as of December 31, 2023 was terminated in April 2024. ​

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Lotus Technology Inc. (“the Company”), its consolidated subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (the “VIEs”, collectively referred to “the Group”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated and combined financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Group as of December 31, 2023, and the related consolidated and combined statements of comprehensive loss, changes in shareholders’ deficit and cash flows for the year then ended. Historically, the Company conducted its value-added telecommunication services operation in Chinese mainland through the VIE and VIE’s subsidiaries, with which Wuhan Lotus Technology Limited Company (“WFOE”), the Company’s wholly owned subsidiary, the VIE and the VIE’s nominee equity holders entered into certain contractual arrangements (“VIE Arrangements”). Since early 2023, the Group has implemented a series of transactions to restructure its organization and business operations (the “Restructuring”). In connection with the Restructuring, the WFOE, the VIE and nominee equity holders of the VIE entered into a series of agreements (“VIE Restructuring Agreements”), pursuant to which, i) WFOE acquired 100% equity interest in Sanya Lotus Venture Capital Co., Ltd. (“Sanya Lotus”) and Hangzhou Lotus Technology Service Co., Ltd. (“Hangzhou Lotus”), subsidiaries of the VIE, in February 2023; ii) all the VIE’s assets and liabilities (excluding ICP license), business contracts, intellectual properties and employees were transferred to a subsidiary of WFOE at nil consideration; iii) the VIE Arrangements were terminated on June 30, 2023. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2024, the results of operations and cash flows for the six months ended June 30, 2024 and 2023, have been made. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of June 30, 2024, the Group had an accumulated deficit of US$2,048,092 and net current liabilities exceeded current assets in the amount of US$561,241. In addition, the Group recorded net cash used in operating activities in the amount of US$468,361 for the six months ended June 30, 2024. Historically, the Group had relied principally on proceeds from the issuance of ordinary shares, redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported revenues and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) warrant liabilities; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.	(a) Basis of Presentation The accompanying consolidated and combined financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated and combined financial statements are presented in United States dollar (“US$”), rounded to the nearest thousand. These consolidated and combined financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The Group has incurred losses since its inception. As of December 31, 2023, the Group had an accumulated deficit of US$1,588,773 and net current liabilities of US$873,569. In addition, the Group recorded net cash used in operating activities in the amount of US$386,932 for the year ended December 31, 2023. Historically, the Group had relied principally on proceeds from the issuance of redeemable convertible preferred shares, exchangeable notes, convertible notes and related party borrowings to finance its operations and business expansion. The Company will require additional liquidity to continue its operations over the next 12 months. The Group is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining additional loans from banks or related parties and renewal of existing loans when they are due, equity financing, entering into other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the uncertainty of global economic and global financial markets, the Group may be unable to access further debt or equity financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all.
Principles of Consolidation		(b) Principles of Consolidation The consolidated and combined financial statements presented herein include the financial statements of the Company, its subsidiaries, the VIE for which WFOE is the primary beneficiary, and the VIE’s subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates		(c) Use of Estimates The preparation of the consolidated and combined financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated and combined financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, standalone selling price of each distinct performance obligation in revenue recognition, lower of cost and net realizable value of inventories, the provision of credit losses of financial assets, useful lives and recoverability of property, equipment and software, recoverability of intangible assets with indefinite useful lives, valuation allowance of deferred tax assets, determination of incremental borrowing rates for leases, estimated product warranties reserve, and fair value determination of i) exchangeable notes; ii) convertible notes; iii) mandatorily redeemable noncontrolling interest; iv) put option liabilities; and v) share-based compensation arrangements. Actual results could differ from those estimates, and as such, differences may be material to the consolidated and combined financial statements.
Commitments and Contingencies		(d) Commitments and Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.
Cash	(b) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of June 30, 2024 and December 31, 2023. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941 ​ Cash that is restricted for withdrawal or use is reported separately in the condensed consolidated balance sheets. The Group’s restricted cash mainly represents deposits for short-term borrowings as mentioned in note 10, deposits made to banks to secure bank acceptance notes, funds in escrow accounts as mentioned in note 14, and deposits made to landlords for certain long-term leases.	(e) Cash Cash consists of cash on hand and cash at bank. The Group does not have any cash equivalents as of December 31, 2023 and 2022. Cash on hand and cash at bank deposited in financial institutions at various locations are as follows: ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ US$ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − 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 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605
Restricted Cash		(f) Restricted Cash Cash that is restricted for withdrawal or use is reported separately on the face of the consolidated balance sheets. The Group’s restricted cash mainly represents deposits made to banks to secure bank acceptance notes, a letter of guarantee, and deposits made to landlords for certain long-term leases.
Derivative financial instruments		(g) Derivative financial instruments The Group selectively uses financial instruments to manage market risk associated with exposure to fluctuations in foreign currency rates with foreign exchange forwards, which are measured at fair value and recognized as either assets or liabilities on the consolidated balance sheets. The Group’s derivative instruments are not qualified for hedge accounting, thus changes in fair value are recognized in the consolidated and combined statements of comprehensive loss. As of December 31, 2023 and 2022, the Group’s derivative instruments were US$67 and nil, respectively, included in “ prepayments and other current assets – third parties, net Investment income (loss), net
Short-term investments		(h) Short-term investments The Group’s short-term investments represent investments in a convertible note and wealth management products. The Group has elected the fair value option to account for an investment in a convertible note, including the component related to accrued interest. The Group believes the fair value option best reflects the economics of the underlying transaction. The Group recorded the fair value gain of nil, US$1,316 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022. The Group’s investments in wealth management products are redeemable at the option of the Group on any working day. The Group elects the fair value option at the date of initial recognition and carries these investments at fair value, since the Group believes the fair value option best reflects the economics of the underlying transactions. Changes in the fair value of these investments are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. The Group recorded the fair value gain of US$97, US$996 and nil in “Investment income (loss), net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively. There was no balance outstanding as of December 31, 2023 and 2022.
Investment securities		(i) Investment securities The Group invests in marketable equity securities, which are classified as investments with readily determinable fair values and reported at fair value in the consolidated balance sheets. The unrealized gains and losses on equity securities are reflected in the consolidated and combined statements of comprehensive loss as “Investment (loss) income, net”. As of December 31, 2023 and 2022, the Group’s equity securities were US$3,326 and US$8,411, respectively. The Group recorded the fair value loss of US$5,085, US$2,905 and nil in “Investment (loss) income, net” in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.
Accounts Receivable and expected credit losses		(j) Accounts Receivable and expected credit losses Accounts receivable is recognized in the period when the Group has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated and combined statements of cash flows. The Company maintains a specific allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. Accounts receivable balances are reviewed by management individually. Management considers various factors, including historical loss experience, current market conditions, the financial condition of its debtors, any receivables in dispute, the aging of receivables and current payment patterns of its debtors, in establishing the required allowance. Accounts receivable which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Group does not have any off-balance sheet credit exposure related to its customers. There is a time lag between when the Group estimates a portion of or the entire account balances to be uncollectible and when a write off of the account balances is taken. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The new accounting standard does not apply to loans and receivables between entities under common control. The Group adopted the ASC 326 and several associated ASUs on January 1, 2023 using a modified retrospective approach with accumulative effect recorded as an increase of accumulated deficit in the amount of US$15. The Group assessed that accounts receivable, other receivables, loan receivables, short-term and long-term deposits are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and suppliers, and the related accounts receivable, loan receivables, other current assets and other non-current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, etc. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. The Company considers historical credit loss rates for each category of deposits and other receivables and also considers forward looking macroeconomic data in making its loss accrual determinations.
Inventories		(k) Inventories Inventories are stated at the lower of cost or net realizable value. Cost is calculated on specific identification or the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
Equity investments		(l) Equity investments The Group applies the equity method to account for equity interests in investees over which the Group has significant influence but does not own a majority equity interest or otherwise control. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize our proportionate share of each equity investee’s net income or loss into earnings after the date of investment. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. There was no equity method goodwill recognized.
Property, equipment and software, net		(m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation on property, equipment and software is calculated on the straight-line method over the estimated useful lives of the assets as follows: ​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms ​ Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.
Operating Leases		(n) Operating Leases The Group determines if an arrangement is or contains a lease at its inception. All of the Group’s leases are operating leases. The Group recognizes lease liabilities and right-of-use (“ROU”) assets at lease commencement date. Lease liabilities are measured at the present value of unpaid lease payments at the lease commencement date and are subsequently measured at amortized cost using the effective-interest method. Since the Group’s leases do not provide an implicit rate, the Group uses its own incremental borrowing rate in determining the present value of unpaid lease payments. The incremental borrowing rate was determined based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China and the US, the Company’s credit rating and lease term, and is updated for measurement of new lease liabilities. ROU assets are initially measured at cost, which consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term. The Group has elected not to recognize ROU assets and lease liabilities for short-term leases (i.e. leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise). As a practical expedient, the Group has elected that for all leases, where it is the lessee, not to separate non-lease components from lease components and instead to account for all lease and non-lease components associated with each lease as a single lease component. If a lease is modified and that modification is not accounted for as a separate contract, the classification of the lease is reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date.
Intangible Assets		(o) Intangible Assets Intangible assets with indefinite useful lives represent acquired license plates and trademark licenses since the Group has the right and the intention to continue to use the license plates and trademark licenses for as long as the Group conducts the business in relation to lifestyle vehicles (excluding sports car). The Group evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support indefinite useful lives. The value of indefinite-lived intangible assets is not amortized but tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable.
Land use rights		(p) Land use rights Land use rights in Chinese mainland represents an exclusive right to occupy, use and develop a piece of land during the contractual term of the land use right. The cost of a land use right is usually paid in one lump sum at the date the right is granted. The prepayment usually covers the entire period of the land use rights. Land use rights are recorded in operating lease right-of-use assets with lease term of 40 years
Impairment of Long-lived Assets and intangible assets with indefinite lives		(q) Impairment of Long-lived Assets and intangible assets with indefinite lives Long-lived assets, including property, equipment and software and ROU assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the assets or asset group over the fair value of the assets or asset group. No such impairment losses were recorded for the years ended December 31, 2023, 2022 and 2021. Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the significant inputs used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value of the intangible asset and performs a quantitative impairment test by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss in an amount equal to that excess. The Group did not record any impairment charges for the years ended December 31, 2023, 2022 and 2021.
Value Added Taxes		(r) Value Added Taxes Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity by entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables or be refunded upon application. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheets.
Product warranties	(c) Product warranties The following table shows the movement of product warranty reserve: ​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957	(s) Warranties The Group provides standard warranties on BEV lifestyle models based on the contracts with its customers at the time of sale of BEV lifestyle models. The Group accrues a warranty reserve for the new BEV lifestyle models sold by the Group, which included the Group’s best estimate of the future costs to be incurred in order to repair or replace items under warranties and recalls when identified. These estimates are made primarily based on the estimates of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within the accrued expenses and other current liabilities while the remaining balance is included within other non-current liabilities in the consolidated balance sheets. Warranty cost is recorded as a component of cost of revenues in the consolidated and combined statements of comprehensive loss. The Group reevaluates the adequacy of the warranty accrual on a regular basis. The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain. The Group does not consider standard warranty as being a separate performance obligation as it is intended to provide assurance-type warranty to customers that ensures that products will function as intended and is not viewed as a distinct obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees The following table shows the movement of warranty reserve: ​ ​ ​ ​ ​ 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 ​ For the years ended December 31, 2022 and 2021, nil warranty provision was recognized.
Fair Value Measurements		(t) Fair Value Measurements Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
Revenue recognition		(u) Revenue recognition Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group’s performance: ● provides all of the benefits received and consumed simultaneously by the customer; ● creates and enhances an asset that the customer controls as the Group performs; or ● does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Group’s pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition. When either party to a contract has performed, the Group presents the contract on the consolidated balance sheets as a contract asset, a receivable or a contract liability. A contract asset is recorded when the Group transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents a contract liability when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group generates revenue from sales of vehicles and any bundled products and services to end-users and distributors. The Group also generates revenue from provision of automotive design and development services to various automobile manufacturers. Further details of the Group’s revenue recognition policies are as follows: Sales transactions with end-users Sales of BEV lifestyle models The Group started to deliver BEV lifestyle models to customers in March 2023. In certain countries, the Group sells BEV lifestyle models Transaction price is allocated to each performance obligation based on the relative standalone selling price and the allocated price is recognized as revenue as follows: i. Revenue from Eletre is recognized at a point in time when the control of Eletre is transferred to the customer, which is the point in time when the customer takes possession of and accepts the vehicle. ii. Revenue from the installed premium intelligent driving system is recognized when the functionality is activated, and the portion related to upgrades is recognized ratably over the estimated period of vehicle usage by the customer. iii. Revenue from household charging pile is recognized at a point in time when the charging pile is installed at customer’s designated location. iv. Revenue from charging cards is recognized when the customer uses the card to redeem for charging services. v. Revenue from free battery charging service is recognized ratably over the specified service period of vehicle usage by the customer. vi. Revenue from lifetime warranty is recognized ratably over the estimated extended warranty period with reference to the standard warranty offered by the Group in other vehicles sales. vii. Revenue from maintenance services is recognized over the service period based on the number of maintenance services delivered to date relative to the estimated remaining number of maintenance services to be delivered. viii. Revenue from vehicle internet connection services is recognized ratably over the estimated useful life of the vehicle as this service is transferrable from the customer to another car user if the customer resells the vehicle. Initial refundable deposits received from customers for intention orders prior to vehicle purchase agreements are signed are recognized as refundable deposits from customers (accrued expenses and other current liabilities). When vehicle purchase agreements are signed, these initial deposits are reclassified to contract liabilities. Any other non-refundable payments received prior to the transfer of goods or services are also recognized as contract liabilities. Sales of sports cars The Group generates revenue from the distribution of Lotus-brand sports cars developed and produced by LCL. Revenue from sports cars sales is recognized at a point in time, when the control of the sports cars is transferred to the customer, which is the point in time when the customer takes possession of and accepts the sports cars. Practical expedients and exemptions The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales and concludes that free pick-up and delivery service for maintenance, door-to-door troubleshooting and lifetime roadside assistance are immaterial and therefore the Group does not assess whether these promised services are performance obligations. When reaching this conclusion, the Group considered that these promises are value-added services to enhance customer experience rather than critical items for vehicle driving and forecasted that usage of these services will be very limited. The Group also performs an estimation on the standalone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of foresaid services are insignificant individually and in aggregate, representing less than 1% of vehicle gross selling price and aggregate fair value of each individual promise. Sales transactions with distributors and business customers Apart from selling vehicles to end-users, the Group also sells vehicles to distributors and business customers and parts to distributors. In the sales transactions with distributors and business customers, the Group’s only promise is to deliver the vehicles or parts to the distributors and business customers. Revenue from sales to distributors and business customers is recognized at a point in time, when the control of the vehicles or parts is transferred to the distributors and business customers, which is the point in time when the distributors and business customers take possession of and accept the vehicles or parts. BEV lifestyle models standard warranty is provided by the Group and sports cars standard warranty is provided by LCL. The estimated costs for the standard warranty provided by the Group are recorded as a liability when the Group transfers the control of vehicle or parts to an end user or business customer. Provision of automotive design and development services The Group generates revenue by provision of automotive design and development services. As the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs, revenue is recognized over time, using the output or input method. Costs incurred to fulfill such service contracts which are not in the scope of other guidance are recognized as contract cost assets when those costs: ● relate directly to the service contracts that the Group can specifically identify; ● are expected to be recovered; and ● generate or enhance resources of the Group that will be used in satisfying performance obligations in the future.
Cost of sales		(v) Cost of sales Sales of goods Cost of sales of goods primarily consists of purchase costs of vehicles, charging piles, parts and accessories, depreciation of molds tooling equipment, warehousing transportation costs and customs duties. Cost of vehicle sales also includes reserves for estimated warranty expenses and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value. Services Cost of services generally includes cost of direct parts, materials, and costs associated with providing extended warranty service and after-sales services, depreciation of associated assets used for providing services, labor costs, rental expenses, consumed materials and depreciation of associated assets used for providing the automotive design and development services.
Research and development		(w) Research and development All costs associated with research and development (“R&D”) are expensed as incurred. R&D expenses consist primarily of salaries, bonuses and benefits for those employees engaged in research, design and development activities, license fees, outsourced development expenses, materials, rental expenses, depreciation of equipment and software of R&D activities and other expenses.
Selling and Marketing Expenses		(x) Selling and Marketing Expenses Selling and marketing expenses mainly consist of advertising costs and market promotion expenses, payroll and related expenses for personnel engaged in selling and marketing activities and rental and depreciation expenses relating to facilities and equipment used by those employees. The Group expenses all advertising expenditures as incurred and classifies these costs as selling and marketing expenses. For the years ended December 31, 2023, 2022 and 2021, advertising expenditures totaled US$150,920, US$90,431 and US$21,207, respectively.
General and Administrative Expenses		(y) General and Administrative Expenses General and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, expenses associated with the use of facilities and equipment by these employees, depreciation and amortization expenses, primarily consisting of depreciation and amortization of leasehold improvements, IT equipment and software, professional service fees and other general corporate expenses.
Government Grants		(z) Government Grants Government grants are recognized when there is reasonable assurance that the Group will comply with the conditions attached to it and the grants will be received. Government grants that are received in advance relating to the compensation of R&D costs incurred are initially recognized in deferred income in the consolidated balance sheets and subsequently amortized and recognized as government grants in the consolidated and combined statements of comprehensive loss over the period necessary to match them with the R&D costs that they are intended to compensate. Government grants that are received in advance relating to the acquisition of an asset are initially recognized in deferred income in the consolidated balance sheets and subsequently amortized and recognized as government grants in the consolidated and combined statements of comprehensive loss as the assets are depreciated. Government grant for the purpose of giving immediate financial support to the Group with no future related costs is recognized as government grants in the Group’s consolidated and combined statements of comprehensive loss when the grant becomes receivable. The Group received government grants of US$4,077, US$870 and US$233 with no future related costs required during the years ended December 31, 2023,2022 and 2021, which were directly recognized as government grants in the consolidated and combined statements of comprehensive loss for the years ended December 31, 2023, 2022 and 2021, respectively.
Employee Benefits		(aa) Employee Benefits The Group compensates its employees through short-term employee benefits and defined contribution plans. Short-term employee benefits consist of salaries, social benefit costs, paid annual leave, and bonuses that are expected to be settled within twelve months of the reporting period in which services are rendered. Short-term employee benefits are recognized at the undiscounted amounts expected to be paid when the liabilities are settled and presented within accrued expenses and other current liabilities in the consolidated balance sheets. For defined contribution plans, premiums are paid monthly to a separate legal entity or the local labor bureau that manages pension plans on behalf of various employers. The Group has no further commitments beyond its monthly contribution. Contributions payable are recognized in the reporting period in which services are rendered and presented within accrued expenses and other current liabilities in the consolidated balance sheets. Contribution rates are unique to each employee in Netherlands, while the contribution rates are standard in UK, Germany and Chinese mainland. Employee social benefits included as expenses in the accompanying consolidated and combined statements of comprehensive loss amounted to US$46,969, US$36,534 and US$15,324 for the years ended December 31, 2023, 2022 and 2021, respectively.
Share-based compensation		(bb) Share-based compensation Share-based awards granted to the employees and non-employee service providers in the form of share options are subject to service and performance conditions. They are measured at the grant date fair value of the awards, and are recognized as compensation expense using the graded attribution over the requisite service period, if and when the Group considers that it is probable that the performance condition will be achieved. The fair value of the share awards is estimated using the binomial option pricing model and is affected by the price of the ordinary shares as well as the assumptions regarding a number of complex and subjective variables, including risk-free interest rate, exercise multiple and expected dividend yield. The fair value of these awards was determined by management with the assistance from a valuation report prepared by an independent valuation firm using management’s estimates and assumptions. The Group elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.
Income Taxes		(cc) Income Taxes The Group accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Tax. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the consolidated and combined statements of comprehensive loss in the period that includes the enactment date. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carry forward periods, the Group’s experience with operating loss and tax credit carry forwards, if any, not expiring. The Group applies a “more-likely-than-not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated and combined financial statements if the tax position is “more-likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Group’s consolidated and combined financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in income tax expenses.
Foreign Currency		(dd) Foreign Currency The Company’s reporting currency is US$. The functional currency of the Company and its subsidiaries in Hong Kong is US$. The functional currency of the Company’s subsidiaries in Chinese mainland is RMB. The functional currency of the entities incorporated in UK is GBP. The functional currency of the entities incorporated in Netherlands and Germany is Euro. The Group’s entities incorporated in other jurisdictions generally use their respective local currencies as their functional currencies. Transactions denominated in currencies other than the functional currency are re-measured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet dates. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the consolidated and combined statements of comprehensive loss. The Group entities with functional currencies other than the US$ are translated from the functional currency into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet dates. Equity accounts other than deficit generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant periods. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the consolidated and combined statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the consolidated and combined statements of changes in shareholders’ equity (deficit).
Concentration and Risk	(d) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 69.75% and 97.57% of the Group’s accounts receivable — related parties as of June 30, 2024 and December 31, 2023, respectively. During the the six months ended June 30, 2024 and 2023, Geely Group contributed US$9,590 and US$4,923 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for the six months ended June 30, 2024 and 2023. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of June 30, 2024 and December 31, 2023 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ Suppliers contributed more than 10.0% of total purchases for the six months ended June 30, 2024 and 2023 are as below. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ Payable balances with greater than 10.0% the Group’s amounts due to suppliers as of June 30, 2024 and December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, accounts receivable, loan receivables, and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loans receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them.	(ee) Concentration and Risk Concentration of customers and suppliers The Group’s accounts receivables – related parties are mainly due from Zhejiang Geely Holding Group (“Geely Holding”) and its subsidiaries (collectively as “Geely Group”), representing 97.57% and 96.24% of the Group’s accounts receivable — related parties as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, Geely Group contributed US$11,031, US$8,036 and US$3,280 of the Group’s total revenues, respectively. No third-party customer contributed more than 10.0% of the Group’s total revenues for years ended December 31, 2023, 2022 and 2021. Accounts receivable balances with greater than 10.0% the Group’s accounts receivable balances as of December 31, 2023 and 2022 were as follows. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total accounts ​ ​ ​ receivable balance Geely Group ​ 22.09 % 95.00 % ​ Suppliers contributed more than 10.0% of total purchases for the years ended December 31, 2023 2022 and 2021 are as below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 74.95 % 39.28 % 74.96 % ​ Payable balances with greater than 10.0% of the Group’s amounts due to suppliers as of December 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total payables balance ​ Geely Group ​ 65.96 % 38.29 % ​ Concentration of credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist principally of cash, restricted cash, investment securities, accounts receivable, and loan receivables and other receivables included in prepayments and other current assets. Substantial all of the Group’s cash at bank is held by third-party financial institutions located in Chinese mainland. The bank deposits with financial institutions in Chinese mainland are insured by the government authority for up to RMB500. The Group has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Chinese mainland with acceptable credit rating. Accounts receivables are primarily derived from revenue earned from sales of sports cars and BEV lifestyle models, and automotive design and development services. Accounts receivable, loan receivables and other receivables included in prepayments and other current assets are unsecured. The risk is mitigated by credit evaluations performed on them.
Loss per Share		(ff) Loss per Share Basic loss per ordinary share is computed by dividing net loss attributable to the Company’s ordinary shareholders, taking into consideration the accretions to redemption value of redeemable convertible preferred shares, by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on participating rights in undistributed earnings. The Company’s redeemable convertible preferred shares are participating securities since the holders of these securities participate in dividends on the same basis as ordinary shareholders. These participating securities are not included in the computation of basic loss per ordinary share in periods when the Company reports net loss, because these participating security holders have no obligation to share in the losses of the Company. Diluted loss per share is calculated by dividing net loss attributable to the Company’s ordinary shareholders as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the year. Ordinary share equivalents include the ordinary shares issuable upon the exercise of the outstanding share options (using the treasury stock method), and the conversion of redeemable convertible preferred shares, mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes (using the as-if-converted method). Potential dilutive securities are not included in the calculation of diluted loss per share if the impact is anti-dilutive.
Segment Reporting		(gg) Segment Reporting The Group’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Company’s chief executive officer and management personnel do not segregate the Group’s business by product or service. Management has determined that the Group has one operating segment. As of December 31, 2023 and 2022, the long-lived assets amounted to US$46,827 and US$4,180 were located in UK, US$54,470 and US$26,544 were located in European Union countries, respectively, and the remaining long-lived assets were primarily in the PRC.
Statutory Reserves		(hh) Statutory Reserves In accordance with the PRC Company Laws, the Group’s subsidiaries and consolidated VIEs in Chinese mainland must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the companies in Chinese mainland. Appropriation to the discretionary surplus fund is made at the discretion of the companies in Chinese mainland. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. No appropriation to the reserve fund was made by the Company’s subsidiaries and consolidated VIEs in Chinese mainland, as these companies did not earn any after-tax profits or had accumulated losses as determined under PRC GAAP for the years ended December 31, 2023 and 2022. The Group’s ability to pay dividends may depend on the Group receiving distributions of funds from its subsidiaries. Relevant statutory laws and regulations permit payments of dividends by the Group’s subsidiaries only out of its retained earnings. Relevant statutory laws and regulations restrict the subsidiaries from transferring a portion of their net assets, equivalent to the balance of their statutory reserves and their paid in capital to the Company in the form of loans, advances or cash dividends. The balances of restricted net assets were US$160,651 and US$85,164 as of December 31, 2023 and 2022, respectively.
Recent Accounting Pronouncements	(e) Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Group will adopt ASU 2023-07 for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025. The Group has evaluated the accounting standard update and it has no material impact on the consolidated financial statements.	(ii) Recent Accounting Pronouncements In June 2016, the FASB amended ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) Financial Instruments — Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842) Financial Instruments — Credit Losses In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842) In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of cash on hand and cash at bank	​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ June 30, 2024 December 31, 2023 ​ ​ US$ ​ US$ Cash balances include deposits in: ​ ​ ​ ​ ​ Financial institutions in the mainland of the PRC − Denominated in Chinese Renminbi (“RMB”) 196,598 381,890 − Denominated in United States Dollars (“US$”) 43,156 7,232 − Denominated in Great Britain Pound (“GBP”) 255 127 − Denominated in Euro Dollar (“EUR”) 352 361 Total cash balances held at the PRC financial institutions 240,361 389,610 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 12,193 11,871 − Denominated in USD ​ 1,980 ​ 794 − Denominated in EUR ​ 52 ​ 4,969 − Denominated in RMB ​ 255 ​ 161 Total cash balances held at UK financial institutions 14,480 17,795 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 283 11 − Denominated in EUR 2,662 5,035 − Denominated in other currencies ​ 18 ​ 58 Total cash balances held at Netherlands financial institutions 2,963 5,104 Financial institutions in Germany ​ − Denominated in EUR 2,952 2,149 Total cash balances held at German financial institutions 2,952 2,149 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 8,025 4,283 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 268,781 418,941 ​ ​ ​ ​ ​ Cash on hand — — ​ ​ ​ ​ ​ Total cash balances 268,781 418,941	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ ​ US$ 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$”) 7,232 165,068 − Denominated in Great Britain Pound (“GBP”) 127 2,984 − Denominated in Euro Dollar (“EUR”) 361 347 Total cash balances held at the PRC financial institutions 389,610 715,700 ​ ​ ​ ​ ​ Financial institutions in United Kingdom (“UK”) ​ − Denominated in GBP 11,871 5,778 − Denominated in USD ​ 794 ​ — − Denominated in EUR ​ 4,969 ​ — − Denominated in RMB ​ 161 ​ — Total cash balances held at UK financial institutions 17,795 5,778 ​ ​ ​ ​ ​ Financial institutions in Netherlands ​ − Denominated in GBP 11 18 − Denominated in EUR 5,035 8,899 − Denominated in other currencies ​ 58 ​ — Total cash balances held at Netherlands financial institutions 5,104 8,917 Financial institutions in Germany ​ − Denominated in EUR 2,149 5,347 Total cash balances held at German financial institutions 2,149 5,347 ​ ​ ​ ​ ​ Total cash balances held at financial institutions in other jurisdictions 4,283 862 ​ ​ ​ ​ ​ Total cash balances held at financial institutions 418,941 736,604 ​ ​ ​ ​ ​ Cash on hand — 1 ​ ​ ​ ​ ​ Total cash balances 418,941 736,605
Schedule of property, equipment and software, net		​ ​ ​ ​ Machinery and R&D equipment 3 Molds and tooling 5 Motor vehicles 2 Office and electronic equipment 3 Purchased software 3 Leasehold improvements The shorter of estimated useful life of the assets and lease terms
Schedule of movement of warranty reserve	​ ​ ​ ​ ​ Six Months Ended   ​ June 30, 2024 ​ ​ US$ Warranty at beginning of the period 7,022 Additions 8,790 Utilization (1,541) Foreign currency translation adjustment (55)   Accrued warranty at end of the period 14,216 Including: Current portion of warranty 2,259 Non-current portion of warranty 11,957	​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total accounts receivable balance ​ Geely Group ​ 14.84 % 22.09 % ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 69.70 % 72.72 % ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ proportion of total payables balance ​ Geely Group ​ 59.49 % 65.96 %	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total accounts ​ ​ ​ receivable balance Geely Group ​ 22.09 % 95.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ proportion of total costs and expenses ​ Geely Group ​ 74.95 % 39.28 % 74.96 % ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ proportion of total payables balance ​ Geely Group ​ 65.96 % 38.29 %

ACCOUNT RECEIVABLES - THIRD P_6

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
Schedule of accounts receivable - third parties, net	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2024 2023   ​  US$ US$ Accounts receivable-third parties 73,481 77,047 Less: Allowance for credit losses (683) (383)   ​ ​ ​ Total 72,798 76,664 ​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 383 Provisions 308 Foreign currency translation adjustment (8) Balance at the end of the period 683 ​	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022   ​ US$ US$ Accounts receivable-third parties 77,047 111 Less: Allowance for credit losses (383) —   ​   ​ Total 76,664 111 ​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 1 Balance as of January 1, 2023 1 Provisions 374 Foreign currency translation adjustment 8 Balance as of December 31, 2023 383 ​

INVENTORIES (Tables)_2

INVENTORIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Products available for sale 340,142 246,419 Raw materials ​ 1,233 ​ — Goods in transit 43,825 18,771 Total 385,200 265,190	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Products available for sale 246,419 13,714 Goods in transit 18,771 8,989 Total 265,190 22,703

PREPAYMENTS AND OTHER CURRENT_6

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES
Schedule of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT ​ 69,684 ​ 41,066 Prepayments to third-party suppliers 34,994 11,280 Deposits 4,975 3,995 Deferred listing expenses ​ — ​ 1,686 Others ​ 8,846 ​ 5,850 Less: Allowance for credit losses (i) (7) (7) Total 118,492 63,870 (i)	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deductible VAT ​ 41,066 ​ 36,508 Prepayments to third-party suppliers 11,280 2,446 Deposits 3,995 3,747 Deferred listing expenses ​ 1,686 ​ — Others ​ 5,850 ​ 1,674 Less: Allowance for credit losses (i) (7) — Total 63,870 44,375 (i) The movement of the allowance for credit losses is as follows:
Schedule of allowance for credit losses	​ ​ ​ ​   ​ As of June 30, ​ ​ 2024 ​ ​ US$ Balance at the beginning of the period 7 Provisions 1 Foreign currency translation adjustment (1) Balance at the end of the period 7 ​	​ ​ ​ ​   ​ US$ Balance as of December 31, 2022 — Impact of adoption of ASC 326 2 Balance as of January 1, 2023 2 Provisions 4 Foreign currency translation adjustment 1 Balance as of December 31, 2023 7 ​

PROPERTY, EQUIPMENT AND SOFTW_6

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Schedule of property, equipment and software, net	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Machinery and R&D equipment 28,367 26,551 Molds and tooling 137,855 84,367 Motor vehicles 49,461 50,935 Office and electronic equipment 34,607 32,325 Purchased software 71,827 68,422 Leasehold improvements 43,645 35,506 Property, equipment and software 365,762 298,106 Less: Accumulated depreciation (98,699) (66,258) Construction in progress (i) 78,273 122,769 Property, equipment and software, net 345,336 354,617 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Machinery and R&D equipment 26,551 16,997 Molds and tooling 84,367 79,963 Motor vehicles 50,935 15,586 Office and electronic equipment 32,325 17,271 Purchased software 68,422 49,905 Leasehold improvements 35,506 22,431 Property, equipment and software 298,106 202,153 Less: Accumulated depreciation (66,258) (15,455) Construction in progress(i) 122,769 66,773 Property, equipment and software, net 354,617 253,471 (i) Represents the capitalized expenditures on the construction of corporate buildings, leasehold improvements, molds, tooling and R&D equipment under construction.
Schedule of allocation of depreciation expenses on property, equipment and software	​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cost of revenues 13,628 7,115 Research and development expenses 2,457 1,240 Selling and marketing expenses 13,282 6,871 General and administrative expenses 9,919 7,415 Total depreciation expenses 39,286 22,641 ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cost of revenues 16,111 38 25 Research and development expenses 3,238 2,681 1,626 Selling and marketing expenses 18,350 5,476 61 General and administrative expenses 17,258 4,595 344 Total depreciation expenses 54,957 12,790 2,056

INTANGIBLE ASSETS (Tables)_2

INTANGIBLE ASSETS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 275 277 Others ​ 168 ​ — Intangible assets 116,526 116,360 ​	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Trademark licenses with indefinite useful lives 116,083 116,083 License plates with indefinite useful lives 277 281 Intangible assets 116,360 116,364

LEASES (Tables)_2

LEASES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
LEASES
Schedule of components of lease cost	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating lease cost 14,222 13,334 Short-term lease cost 1,431 2,901 Variable lease cost 83 62 Total 15,736 16,297	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Operating lease cost 27,815 21,701 6,389 Short-term lease cost 4,288 2,595 847 Variable lease cost 141 49 231 Total 32,244 24,345 7,467
Schedule of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash outflows from operating leases ​ 13,522 ​ 21,051 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ Operating leases 2,640 24,699	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 ​ ​ US$ ​ US$ ​ US$ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash outflows from operating leases* ​ 34,752 ​ 16,085 ​ 56,024 Right-of-use assets obtained in exchange for lease obligations ​ ​ ​ ​ ​ ​ Operating leases 42,707 76,584 56,610
Schedule of supplemental balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets 158,864 173,103 Total operating lease assets 158,864 173,103 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 14,526 16,760 − Operating lease liabilities-related parties* 995 840 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 81,393 91,929 − Operating lease liabilities-related parties 11,314 12,064 Total operating lease liabilities 108,228 121,593 *	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Operating Leases Operating lease right-of-use assets* 173,103 158,724 Total operating lease assets 173,103 158,724 Operating lease liabilities, current ​ ​ − Operating lease liabilities-third parties 16,760 15,815 − Operating lease liabilities-related parties** 840 13 Operating lease liabilities, non-current ​ ​ − Operating lease liabilities-third parties 91,929 98,963 − Operating lease liabilities-related parties 12,064 170 Total operating lease liabilities 121,593 114,961 * **
Schedule of weighted average remaining lease term and weighted average discount rate for operating leases	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ ​ ​ US$ ​ US$ ​ Weighted-average remaining lease term Operating leases 7.78 years 7.94 years ​ Weighted-average discount rate ​ Operating leases 6.64 % 6.93 % ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2023 2022 2021 ​ Weighted-average remaining lease term Operating leases 8.01 years 8.37 years ​ 7.36 years ​ Weighted-average discount rate ​ Operating leases 6.60 % 6.99 % 5.74 %
Schedule of operating lease liabilities of maturities		​ ​ ​ ​ ​ As of ​ ​ December 31, ​ 2023 ​ US$ 2024 23,902 2025 20,884 2026 19,482 2027 17,137 2028 16,001 Thereafter 55,092 Total undiscounted lease payments 152,498 Less: imputed interest (30,905) Total lease liabilities 121,593

OTHER NON-CURRENT ASSETS - TH_5

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT ASSETS - THIRD PARTIES
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Deductible VAT 54,808 41,859 Deposits for long-term operating leases 2,938 3,288 Prepayments for purchases of property, equipment and software 2,289 920 Equity investments 4,634 4,466 Others ​ 1,123 ​ — Total 65,792 50,533 ​	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Deposits for long-term operating leases 3,288 3,486 Prepayments for purchases of property, equipment and software 920 1,442 Deductible VAT 41,859 5,815 Equity investment(i) 4,466 240 Total 50,533 10,983 (i)

SHORT-TERM BORROWINGS - THIRD_5

SHORT-TERM BORROWINGS - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHORT-TERM BORROWINGS - THIRD PARTIES
Schedule of short-term borrowings-third parties	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Borrowings from banks 517,902 226,772 Secured loans from a financial institution 577 — Total ​ 518,479 ​ 226,772	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Borrowings from banks 226,772 28,748

ACCRUED EXPENSES AND OTHER CU_5

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Accrued salaries and benefits 61,300 68,160 Payables for R&D expenses 71,571 75,578 Payables for marketing events 62,520 48,190 Payables for purchase of property, equipment and software 58,457 51,278 Refundable deposits from customers 27,461 27,007 Deposits from third parties (i) 11,659 19,608 VAT and other taxes payables 18,736 23,190 Payables for service fees 87,727 33,229 Bank acceptance notes and letter of credit — 38,290 Refundable deposits in connection with the PIPE investments ​ — ​ 9,699 Others 31,792 25,193 Total 431,223 419,422 (i) Represents short -term deposits from third party suppliers.	​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accrued salaries and benefits 68,160 46,362 Payables for R&D expenses 75,578 83,261 Payables for marketing events 48,190 47,729 Payables for purchase of property, equipment and software 51,278 88,286 Refundable deposits from customers 27,007 3,410 Deposits from third parties(i) 19,608 4,684 VAT and other taxes payables 23,190 4,843 Payables for service fees 33,229 21,176 Bank acceptance notes and letter of credit 38,290 11,025 Refundable deposits in connection with the PIPE investments ​ 9,699 ​ — Others 25,193 12,523 Total 419,422 323,299 (i) Represents short -term deposits from third party suppliers.

PUT OPTION LIABILITIES (Table_2

PUT OPTION LIABILITIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of roll forward of put option liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Meritz put option ​ ​ ​ ​ (Note 14) ​ LGIL put option ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 — 11,884 11,884 Issuance of put options 130,082 — 130,082 Change in fair values 45,132 (11,447) 33,685 Balance as of June 30, 2024 175,214 437 175,651 - Current portion ​ — ​ 437 ​ 437 - Non-current portion ​ 175,214 ​ — ​ 175,214	​ ​ ​ ​ ​ US$ Balance as of December 31, 2022 — Issuance of put options 9,376 Change in fair values 2,508 Balance as of December 31, 2023 11,884
Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model		​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​
Lotus Group International Limited
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2024 As of December 31, 2023 Risk‑free interest rate 4.69 % 4.87 % Expected volatility 23.80 % 26.33 % Expected dividend yield 0.00 % 0.00 % Remaining term 1 year 1.5 years Probability of exercise condition 50.00 % 50.00 % Fair value of underlying ordinary share of LGIL US$0.44 ​ US$0.81 ​ ​

Warrant liabilities (Tables)

Warrant liabilities (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Warrant liabilities
Schedule of warrant liabilities	​ ​ ​ ​ ​ US$ Balance as of December 31, 2023 — Issuance of warrant liabilities 12,141 Conversion to ordinary shares (275) Change in fair values (6,317) Balance as of June 30, 2024 5,549
Schedule of quantitative information regarding Level 3 fair value measurements inputs		​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​
Sponsor warrants
Warrant liabilities
Schedule of quantitative information regarding Level 3 fair value measurements inputs	​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ ​ Risk-free interest rate 4.36 % Dividend rate 0.0 % Expected term (years) 4.65 years ​ Expected volatility 20.05 % Spot price US$6.62 ​ ​

Meritz Investments (Tables)

Meritz Investments (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Meritz Investments
Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model		​ ​ ​ ​ ​ ​ As of December 31, 2023 Risk‑free interest rate 4.87 % Expected volatility 26.33 % Expected dividend yield 0.00 % Remaining term 1.5 years Probability of exercise condition 50.00 % Fair value of underlying ordinary share of LGIL US$0.81 ​ ​
Meritz put option
Meritz Investments
Schedule of assumption used for fair value of the put option liabilities using the scenario-weighted average method with binominal model	​ ​ ​ ​ ​ ​ As of June 30, 2024 ​ ​ ​ ​ Risk‑free interest rate 4.59 % Expected volatility 53.79 % Expected dividend yield 0.00 % Remaining term 2.64 year Probability of exercise condition 50.00 %

EXCHANGEABLE NOTES (Tables)_2

EXCHANGEABLE NOTES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Exchangeable notes
EXCHANGEABLE NOTES
Schedule of exchangeable notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 378,638 75,678 454,316 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ (11,509) ​ 1,790 ​ (9,719) Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ — ​ 93 ​ 93 Repayments ​ (365,994) ​ — ​ (365,994) Foreign currency translation adjustment ​ (1,135) ​ (474) ​ (1,609) Balance as of June 30, 2024 ​ — ​ 77,087 ​ 77,087 – Current portion — — — – Non-current portion — 77,087 77,087	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lightning ​ ​ ​ WFOE ​ Speed ​ ​ ​ ​ Exchangeable ​ Exchangeable ​ ​ ​ ​ Notes ​ Notes ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — — Issuance of exchangeable notes 125,039 — 125,039 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 1,065 — 1,065 Changes in fair values of exchangeable notes due to the instrument-specific credit risk (132) — (132) Foreign currency translation adjustment 448 — 448 Balance as of December 31, 2021 126,420 — 126,420 Issuance of exchangeable notes 307,172 71,792 378,964 Exchange to Series A redeemable convertible preferred shares (note 17) (60,419) — (60,419) Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk 13,162 — 13,162 Changes in fair values of exchangeable notes due to the instrument-specific credit risk 33 — 33 Foreign currency translation adjustment (31,048) — (31,048) Balance as of December 31, 2022 355,320 71,792 427,112 Issuance of exchangeable notes ​ 27,883 ​ — ​ 27,883 Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk ​ 737 ​ 3,711 ​ 4,448 Changes in fair values of exchangeable notes due to the instrument-specific credit risk ​ 272 ​ 1,398 ​ 1,670 Foreign currency translation adjustment ​ (5,574) ​ (1,223) ​ (6,797) Balance as of December 31, 2023 ​ 378,638 ​ 75,678 ​ 454,316 – Current portion 378,638 — 378,638 – Non-current portion — 75,678 75,678
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Schedule of assumptions used in determination of fair value of Exchangeable Notes		​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 Risk-free interest rate 1.75 % 2.07 % Discount rate 20.00 % 20.00 % Probability of conversion 90.00 % 50.00% – 75.00 % Bond yields 3.27%-4.06 % 7.35% – 7.76 % Probability of occurrence of Qualified IPO 90.00 % 45.00 %
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Schedule of assumptions used in determination of fair value of Exchangeable Notes	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ Risk-free interest rates 1.45%-1.71 % 2.08%-2.29 % Probability of conversion 75.00 % 75.00 % Bond yield 3.42 % 4.03 % ​	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.08%-2.29 % 2.40% – 2.60 % Probability of conversion 75.00 % 75.00 % Bond yield 4.03 % 7.11 % ​

CONVERTIBLE NOTES (Tables)_2

CONVERTIBLE NOTES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Convertible notes
CONVERTIBLE NOTES
Schedule of convertible notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary 2023 2024 ​ ​ ​ Convertible Note ​ Convertible Notes ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of December 31, 2023 ​ 81,635 ​ 20,277 ​ — ​ 101,912 Issuance of convertible notes ​ — ​ 9,500 ​ 109,784 ​ 119,284 Interest paid ​ (5,357) ​ — ​ — ​ (5,357) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ (296) ​ 337 ​ 877 ​ 918 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ 493 ​ — ​ — ​ 493 Conversion to ordinary shares ​ — ​ (30,114) ​ — ​ (30,114) Foreign currency translation adjustment ​ (505) ​ — ​ — ​ (505) Balance as of June 30, 2024 ​ 75,970 ​ — ​ 110,661 ​ 186,631 – Current portion ​ — ​ — ​ 110,661 ​ 110,661 – Non-current portion ​ 75,970 — — 75,970	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Subsidiary 2023 ​ ​ ​ Pre-A Note ​ Convertible Note ​ Convertible Notes ​ Total ​ ​ US$ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — — ​ — Issuance of convertible notes 23,445 — ​ 23,445 Balance as of December 31, 2021 23,445 — — 23,445 Issuance of convertible notes — 75,037 — 75,037 Conversion to Series Pre-A redeemable convertible preferred shares (note 17) (23,445) — — (23,445) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk — 4,264 — 4,264 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — 890 — 890 Foreign currency translation adjustment ​ — (3,421) — (3,421) Balance as of December 31, 2022 ​ — ​ 76,770 ​ — ​ 76,770 Issuance of convertible notes ​ — ​ — ​ 25,297 ​ 25,297 Partial redemption of convertible notes ​ — ​ — ​ (5,648) ​ (5,648) Interest paid ​ — ​ (3,072) ​ — ​ (3,072) Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk ​ — ​ 2,376 ​ 616 ​ 2,992 Changes in fair values of convertible notes due to the instrument-specific credit risk ​ — ​ 6,951 ​ 12 ​ 6,963 Foreign currency translation adjustment ​ — ​ (1,390) ​ — ​ (1,390) Balance as of December 31, 2023 ​ — ​ 81,635 ​ 20,277 ​ 101,912 – Current portion ​ — ​ — ​ 20,277 ​ 20,277 – Non-current portion ​ — 81,635 — 81,635
Series Pre-A Note
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note		​ ​ ​ ​ ​ ​ As of December 31, 2021 Risk-free interest rate 2.28 % Probability of conversion 75.00 % Bond yield 5.89 %
Subsidiary Convertible Note
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ Risk-free interest rates 1.93 % 2.40 % Probability of conversion 10.00 % 10.00 % Bond yields 4.80%-5.17 % 4.85%-5.84 %	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022 ​ Risk-free interest rates 2.40 % 2.52% – 2.73 % Probability of conversion 10.00 % 12.00 % Bond yields 4.85%-5.84 % 6.88% – 8.92 %
2023 Convertible Notes
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note		​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ ​ ​ ​ ​ Risk‑free interest rate 5.51%-5.52 % Probability of conversion 90.00 % Bond yields 7.01%-8.47 % ​
2024 Convertible Notes
CONVERTIBLE NOTES
Schedule of assumptions used in determination of fair value of Convertible Note	​ ​ ​ ​ ​ ​ As of June 30, ​ ​ 2024 ​ ​ ​ ​ ​ Risk‑free interest rate 5.04 % Volatility 48.64 % Bond yield 6.50 % Dividend yield ​ 0 % ​

DEFERRED INCOME (Tables)_2

DEFERRED INCOME (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DEFERRED INCOME.
Schedule of benefit recognized from asset and research and development related subsidy	​ ​ ​ ​ ​ Asset-related ​ ​ subsidy ​ ​ US$ Balance as of December 31, 2023 ​ 270,097 Subsidy received during the year ​ 28,063 Foreign currency translation adjustment ​ (1,671) Balance as of June 30, 2024 296,489	​ ​ ​ ​ ​ ​ ​ ​ ​ Asset-related R&D-related ​ ​ ​ subsidy ​ subsidy ​ Total ​ ​ US$ ​ US$ ​ US$ Balance as of January 1, 2021 — 541,592 541,592 Government grants received during the year 279,052 — 279,052 Recognized as income during the year — (490,461) (490,461) Foreign currency translation adjustment 3,270 6,843 10,113 Balance as of December 31, 2021 282,322 57,974 340,296 Recognized as income during the year — (54,954) (54,954) Foreign currency translation adjustment (23,872) (3,020) (26,892) Balance as of December 31, 2022 ​ 258,450 ​ — ​ 258,450 Subsidy received during the year ​ 16,345 ​ — ​ 16,345 Recognized as income during the year ​ — ​ — ​ — Foreign currency translation adjustment ​ (4,698) ​ — ​ (4,698) Balance as of December 31, 2023 270,097 — 270,097

REDEEMABLE CONVERTIBLE PREFER_8

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Schedule of Company's activities with respect to the redeemable convertible preferred shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A ​ Series A ​ ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$  Shares US$  Shares US$  Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530 Accretion of redeemable convertible preferred shares ​ — ​ 1,385 ​ — ​ 1,594 ​ — ​ 2,979 Conversion to ordinary shares ​ (40,885,006) ​ (185,894) ​ (27,343,520) ​ (200,615) ​ (68,228,526) ​ (386,509) Balance as of June 30, 2024 — — — — — — ​	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series Pre-A Series A ​ ​ ​ ​ ​ Preferred Shares   ​ Preferred Shares ​ Total ​ ​ Shares US$   ​ Shares US$   ​ Shares US$   Balance as of January 1, 2021 and 2022 — — — — — — Issuance of preferred shares 35,552,179 153,126 27,343,520 190,723 62,895,699 343,849 Re-designation of ordinary shares into preferred shares 5,332,827 23,650 — — 5,332,827 23,650 Accretion of redeemable convertible preferred shares — 508 — 402 — 910 Balance as of December 31, 2022 40,885,006 177,284 27,343,520 191,125 68,228,526 368,409 Accretion of redeemable convertible preferred shares ​ — ​ 7,225 ​ — ​ 7,896 ​ — ​ 15,121 Balance as of December 31, 2023 40,885,006 184,509 27,343,520 199,021 68,228,526 383,530
Schedule of assumptions used in determination of fair value of Series Pre-A Preferred Shares before and after the modification		​ ​ ​ ​ ​ ​ ​ ​ October 11, 2022 – October 11, 2022 – ​ ​   before modification ​   after modification Risk-free interest rate 2.45 % 2.52 % Expected volatility 61.52 % 60.26 % Expected dividend yield 0.00 % 0.00 % Expected terms 2.22 – 4.39 years 2.22 – 5.00 years ​ Fair value of ordinary share US$3.79 US$3.66 ​

OTHER NON-CURRENT LIABILITIES_5

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER NON-CURRENT LIABILITIES -THIRD PARTIES
Schedule of other non-current liabilities - third parties	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 ​ 2023   ​ US$ US$ Deposits from third parties 19,163 19,210 Conditional and refundable government grants 77,173 77,654 Warranty provision 11,957 6,539 Total 108,293 103,403 (i)	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 ​ 2022   ​ US$ US$ Deposits from third parties 19,210 15,824 Conditional and refundable government grants (i) 77,654 — Warranty provision 6,539 — Total 103,403 15,824 (i) The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

NET LOSS PER SHARE (Tables)_2

NET LOSS PER SHARE (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
NET LOSS PER SHARE
Schedule of computation of basic and diluted net loss per ordinary share	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Numerator: Net loss attributable to ordinary shareholders (459,319) (347,163) Accretion of redeemable convertible preferred shares (2,979) (258) Numerator for basic and diluted net loss per ordinary share calculation (462,298) (347,421) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) ​ 616,941,673 474,621,603 Denominator for basic and diluted net loss per ordinary share calculation (1) 616,941,673 474,621,603 Net loss per ordinary share attributable to ordinary shareholders ​ ​  – Basic and diluted (0.75) (0.74) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Numerator: Net loss attributable to ordinary shareholders (742,001) (723,921) (110,531) Accretion of redeemable convertible preferred shares (15,121) (910) — Numerator for basic and diluted net loss per ordinary share calculation (757,122) (724,831) (110,531) Denominator: ​ Weighted average number of ordinary shares, basic and diluted (1) 474,621,603 475,805,054 334,127,181 Denominator for basic and diluted net loss per ordinary share calculation (1) 474,621,603 475,805,054 334,127,181 Net loss per ordinary share attributable to ordinary shareholders ​ ​ ​  – Basic and diluted (1) (1.60) (1.52) (0.33) (1) Shares outstanding for all periods reflect the adjustment for Recapitalization. ​ For the purposes of calculating loss per share for the years ended December 31, 2023, 2022 and 2021, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the Recapitalization (see note 1(b)), as if the Recapitalization had occurred at the beginning of the earliest period presented. ​
Schedule of potentially dilutive ordinary share equivalents excluded from the computation of net loss per share	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023 ​ ​ US$ ​ US$ Redeemable convertible preferred shares (note 18) — 68,228,526 Exchangeable notes (i) — 33,675,700 Share options (ii) 15,622,994 10,274,118 Warrant (iii) ​ — ​ 711,044 2024 Convertible Notes (iv) ​ 16,716,188 ​ — 2023 Convertible Notes (v) ​ — ​ 2,248,065 Meritz put option (vi) 50,000,000 — Public Warrant (note 13) ​ 9,054,522 ​ — Sponsor Warrant (note 13) ​ 5,486,784 ​ — Total 96,880,488 115,137,453 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,400,000 (equivalent of US $336,757 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023. (ii) For the six months ended June 30, 2024, 15,622,994 vested and unvested share options are not included in the calculation of basic loss per share, as such awards were not exercised as of June 30, 2024, and those share options are not included in the calculation of dilutive loss per share due to their antidilutive effect. For the six months ended June 30, 2023, 10,274,118 outstanding share options are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the period end. (iii) For the six months ended June 30, 2023, the warrant to purchase maximum 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US $109,784 divided by the estimated fair value of ordinary shares as of June 30, 2024. (v) For the six months ended June 30, 2023, the conversion of 2023 Convertible Notes as mentioned in note 16 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (vi) For the six months ended June 30, 2024, as mentioned in note 14, the exercise of put option issued to Meritz are not included in the calculation of diluted loss per share due to antidilutive effect using reverse treasury stock method. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 15 and note 16, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect.	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2023 2022 2021 Redeemable convertible preferred shares (note 17) 68,228,526 68,228,526 — Exchangeable notes (i) 36,709,165 34,459,983 12,547,642 Series Pre-A Note (ii) — — 5,332,827 2023 Convertible notes (iii) ​ 2,029,407 ​ — ​ — Mandatorily redeemable noncontrolling interest (iv) ​ — ​ 1,148,666 ​ 627,382 Share options (v) ​ 10,073,233 ​ 10,378,710 ​ — Warrant (vi) 711,044 711,044 — Total 117,751,375 114,926,929 18,507,851 (i) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 2,600,000 (equivalent of US $367,092 ), RMB 2,400,000 (equivalent of US $344,600 ) and RMB 800,000 (equivalent of US $125,476 ) divided by the fixed conversion price of US $10 per share as of December 31, 2023, 2022 and 2021, respectively. (ii) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 150,000 (equivalent of US $21,178 ) divided by the then conversion price after Recapitalization as of December 31, 2021. (iii) For the year ended December 31, 2023, the conversion of 2023 Convertible Notes as mentioned in note 15 is not included in the calculation of basic or diluted loss per share, as the conversion is contingent upon the consummation of the Business Combination, which was not satisfied as of the period end. (iv) Represents the number of potentially dilutive ordinary shares equivalent after Recapitalization on as-if-converted basis, calculated by the fixed monetary value of RMB 80,000 (equivalent of US $11,487 )and RMB 40,000 (equivalent of US $6,274 ) divided by the fixed conversion price of US $10 per share as of December 31, 2022 and 2021, respectively. (v) For the years ended December 31, 2023 and 2022, 10,073,233 and 10,378,710 outstanding share options, respectively, are not included in the calculation of basic or diluted loss per share, as the issuance of such awards is contingent upon a Qualified IPO, which was not satisfied as of the year end. (vi) For the years ended December 31, 2023 and 2022, the warrant to purchase maximum 711,044 and 711,044 Series Pre-A Preferred Shares after Recapitalization is not included in the calculation of basic or diluted loss per share, as the issuance of such shares is contingent upon a qualifying event, which was not satisfied as of the year end. (vii) The exchange or conversion of Lightning Speed Exchangeable Notes or Subsidiary Convertible Note to its respective equity holders as mentioned in note 14 and note 15, respectively, have no effect on the number of the Company’s outstanding ordinary shares. The potential common shares of Lightning Speed and Ningbo Robotics, subsidiaries of the Company, were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented due to their antidilutive effect.

REVENUES (Tables)_2

REVENUES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
REVENUES
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Sales of goods – third parties  – BEV lifestyle models 262,849 72,790  – Sports cars ​ 102,618 ​ 49,146  – Others 15,096 2,111 ​ 380,563 124,047 Sales of goods – related parties ​ ​  – BEV lifestyle models ​ 535 ​ 436  – Sports cars ​ 91 ​ —  – Others 1,704 371 ​ 2,330 807 Subtotal 382,893 124,854 Services- third parties ​ ​  – R&D service 56 —  – others (1) 4,504 160 ​ ​ 4,560 ​ 160 Services- related parties ​ ​ ​ ​  – R&D service ​ 6,366 ​ 4,983  – others (2) ​ 4,296 ​ 38 ​ ​ 10,662 ​ 5,021 Subtotal 15,222 5,181 Total revenues 398,115 130,035 (1) Others primarily include trainings, installed premium intelligent driving system upgrades, free battery charging services, maintenance services and vehicle internet connection services. ​ (2) Others primarily include commission service fee. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 ​ 2023 ​ US$ US$ Chinese mainland 138,210 93,013 UK 69,728 7,396 Thailand 24,594 248 Malaysia ​ 23,652 ​ 1,040 Belgium ​ 21,155 ​ — Italy ​ 17,522 ​ — Japan ​ 16,943 ​ 16,217 Germany ​ 14,951 ​ — Netherlands ​ 11,145 ​ — France ​ 10,553 ​ — Others ​ 49,662 ​ 12,121 Revenues 398,115 130,035	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Service line Sales of goods – third parties  – BEV lifestyle models 464,172 — —  – Sports cars ​ 183,160 ​ 828 ​ 369  – Others 9,394 335 — ​ 656,726 1,163 369 Sales of goods – related parties ​ ​ ​  – BEV lifestyle models ​ 1,093 ​ — ​ —  – Sports cars ​ 951 ​ — ​ —  – Others 1,388 23 — ​ 3,432 23 — Subtotal 660,158 1,186 369 Services ​ ​ ​  – related parties 12,573 8,344 3,280  – third parties 6,277 27 38 Subtotal 18,850 8,371 3,318 Total revenues 679,008 9,557 3,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 2021 ​ US$ US$ US$ Chinese mainland 419,448 8,816 3,109 UK 83,827 437 439 Japan 26,390 — — Australia ​ 20,335 ​ — ​ — Belgium ​ 20,701 ​ — ​ — France ​ 16,341 ​ — ​ — Italy ​ 14,650 ​ — ​ — Germany ​ 15,904 ​ — ​ — Netherlands ​ 13,729 ​ — ​ — Others ​ 47,683 ​ 304 ​ 139 Revenues 679,008 9,557 3,687
Schedule of contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ ​ 2024 2023 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 50,054 44,184  – Contract liabilities – related parties* 11,036 1 Non-current liabilities ​  – Contract liabilities – third parties 7,024 6,245 Contract liabilities, current and non-current 68,114 50,430 * This item is included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023.	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ US$ US$ Current liabilities  – Contract liabilities – third parties 44,184 7,843  – Contract liabilities – related parties* 1 8 Non-current liabilities ​  – Contract liabilities – third parties 6,245 — Contract liabilities, current and non-current 50,430 7,851 * This item is included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022.

FAIR VALUE MEASUREMENT (Table_2

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Schedule of major financial instruments measured at fair value, by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ June 30, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2024 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 2,168 2,168 — — Securities pledged to an investor ​ 310,477 ​ 310,477 ​ — ​ — Derivative asset ​ 236 ​ — ​ 236 ​ — Subtotal ​ 312,881 ​ 312,645 ​ 236 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 175,651 — — 175,651 Warrant liabilities – Public Warrants ​ 3,395 ​ 3,395 ​ — ​ — Warrant liabilities – Sponsor Warrants ​ 2,154 ​ — ​ — ​ 2,154 Convertible notes 186,631 — — 186,631 Exchangeable notes 77,087 — — 77,087 Subtotal ​ 444,918 ​ 3,395 ​ — ​ 441,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Subtotal ​ 3,393 ​ 3,326 ​ 67 ​ — Liabilities ​ Put option liabilities ​ 11,884 ​ — ​ — ​ 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 Subtotal 568,112 — — 568,112	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2023 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 3,326 3,326 — — Derivative asset ​ 67 ​ — ​ 67 ​ — Liabilities ​ ​ ​ ​ Put option liabilities 11,884 — — 11,884 Convertible notes 101,912 — — 101,912 Exchangeable notes 454,316 — — 454,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at Reporting Date Using ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ Fair Value as of ​ Markets for ​ Observable ​ Unobservable ​ ​ December 31, ​ Identical Assets ​ Inputs ​ Inputs ​ ​ 2022 ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ US$ US$ US$ US$  Assets Investment securities 8,411 8,411 — — Liabilities ​ Convertible notes 76,770 — — 76,770 Exchangeable notes 427,112 — — 427,112 Mandatorily redeemable noncontrolling interest 11,381 — — 11,381

SHARE-BASED COMPENSATION (Tab_2

SHARE-BASED COMPENSATION (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Schedule of share options activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ ​ US$ Outstanding at December 31, 2023 10,073,233 2.89 2.08 ​ ​ ​ Granted 6,184,901 2.89 3.20 ​ ​ ​ Forfeited ​ (635,140) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Vested and expected to vest as of June 30, 2024 ​ 15,622,994 ​ 2.89 ​ 2.51 ​ 8.86 ​ 182,813 Exercisable as of June 30, 2024 14,587,728 2.89 2.46 8.87 167,915	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Weighted ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ ​ shares ​ exercise price ​ fair value ​ years ​ value ​ ​ ​ US$ ​ US$ ​ ​ US$ Outstanding at January 1, 2022 — — — ​ ​ ​ Granted 10,378,710 2.89 1.90 ​ ​ ​ Outstanding at December 31, 2022 ​ 10,378,710 ​ 2.89 ​ 1.90 ​ ​ ​ ​ Granted ​ 775,561 ​ 2.89 ​ 4.83 ​ ​ ​ ​ Forfeited ​ (1,081,038) ​ 2.89 ​ 2.21 ​ ​ ​ ​ Outstanding at December 31, 2023 10,073,233 2.89 2.08 8.82 60,831
Schedule of compensation expenses recognized for options	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 2023   ​ ​ US$ ​ US$   ​ ​ ​ ​ ​ Research and development expenses 19,968 — Selling and marketing expenses 3,252 — General and administrative expenses 12,674 — ​ 35,894 —
Schedule of assumptions of share options granted	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, Grant dates: 2024 2023 ​ Risk-free interest rate (i) 4.46%-4.58 % 3.4%-4.79 % Expected volatility (ii) 54.06%-54.57 % 54.06%-54.48 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20-2.80 2.20-2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.78-US$9.81 US$5.91-US$8.93 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model before the consummation of the Merger Transaction, and open market price after the consummation of the Merger Transaction, respectively.	​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Grant dates: 2023 2022 ​ Risk-free interest rate (i) 3.4% – 4.79 % 3.71% – 4.15 % Expected volatility (ii) 54.06% – 54.48 % 56.13% – 56.32 % Expected dividend yield (iii) 0.00 % 0.00 % Exercise multiple (iv) 2.20 – 2.80 2.20 – 2.80 ​ Expected terms (v) 10.00 years 10.00 years ​ Fair value of underlying ordinary share (vi) US$5.91 – US$8.93 US$3.61 – US$4.11 ​ (i) The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the valuation date. (ii) The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. (iii) Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. (iv) The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees or nonemployees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employees or nonemployees exercise history, it was estimated by referencing to a widely-accepted academic research publication. (v) Expected term is the contract life of the share options. (vi) The estimated fair value was determined using the discounted cash flow method based on the equity allocation model.

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
Schedule of future minimum purchase commitment	As of June 30, 2024, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 89,004 ​ — ​ 89,004	As of December 31, 2023, the Group has future purchase commitment related to the purchase of vehicles, research and development services and other operating expenses. Total purchase obligations contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ ​ US$ ​ US$ ​ US$ Purchase commitment 179,490 ​ 2,511 ​ 182,001
Schedule of capital expenditure commitment	Total capital expenditures contracted but not yet reflected in the unaudited condensed consolidated financial statements as of June 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 12,077 ​ 9 ​ 12,086 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.	Total capital expenditures contracted but not yet reflected in the consolidated and combined financial statements as of December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than More than ​ ​ ​ one year ​ one year ​ Total ​ US$ ​ US$ ​ US$ Capital expenditure commitment (i) 59,304 ​ 264 ​ 59,568 (i) Represents the capital commitment on the construction of the Group’s corporate buildings, leasehold improvements,molds and tooling.

RELATED PARTY TRANSACTIONS (T_2

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of Related party transactions	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Provision of services(i) 10,662 ​ 5,021 Sales of goods(i) 2,330 ​ 807 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 2023 ​ ​ US$ ​ US$ Purchase of products and services ((iii).a) 521,836 264,440 Purchase of products and services for R&D activities ((iii).b) 38,311 40,348 Payment of deposits ((ii).f) 1,126 — Purchase of equipment and software ((iii).c) 530 3,943 Short-term lease cost ((iii).e) 474 63 Loans to related parties ((ii).b) 222,865 865 Proceed from settlement of related party loans ((ii).b) 140 — Interest income on loans due from related parties ((ii).b) 4,472 57 Acquisition of right-of-use assets (iv) — 8 Payment of lease liabilities (iv) ​ 828 ​ 10 Payments on behalf of related parties ((ii).a) ​ 648 ​ 1,405 Payments by related parties on behalf of the Group ((iii).d) ​ 3,316 ​ 8,308 ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, As of December 31, ​ ​ 2024 ​ 2023 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 19,674 22,430 Contract liabilities – related parties* (i) 11,036 1 Prepayments and other current assets – related parties (ii) 40,381 28,744 Other non-current assets – related parties ((ii).c) 2,689 2,706 Accounts payable-related parties ((iii).a) 413,779 340,419 Accrued expenses and other current liabilities – related parties (iii) 230,993 289,845 Other non-current liabilities – related parties ((iii).f) 1,548 1,634 Operating lease liabilities– related parties, current* (iv) 995 840 Operating lease liabilities– related parties, non-current (iv) 11,314 12,064  Investment securities – related parties 2,168 3,326 Loans receivable from a related party ((ii).b) ​ 224,042 ​ — * These items are included in accrued expenses and other current liabilities – related parties in the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. Note: (i) The Group sold sports cars, BEV 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 $10,662 and US $5,021 for the six months ended June 30, 2024 and 2023, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US $2,330 and US $807 for the six months ended June 30, 2024 and 2023, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US $19,674 and US $22,430 as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, receipts in advance of US $11,036 and US $1 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties and other non-current assets – related parties of the Group are 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 as follows. a. The Group made payments of US $648 and US $1,405 on behalf of related parties for the six months ended June 30, 2024 and 2023, respectively. Related parties collected cash receipts of US $809 and nil for the six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, receivables of US $4,110 and USD $4,271 was included in prepayments and other current assets – related parties, respectively. b. During the six months ended June 30, 2024 and 2023, the Group provided unsecured short-term loans of nil and US $865 , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $69 and US $57 for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Group proceed from settlement of unsecured short-term loans of US $140 and nil , respectively. As of June 30, 2024 and December 31, 2023, the receivable for the loan principal and interest of US $3,141 and US $3,010 was included in prepayments and other current assets – related parties, respectively. On March 11, 2024, the Company’s subsidiary and a related party, ultimately controlled by the Controlling Shareholder, entered into a loan agreement, agreeing the Company’s subsidiary will provide unsecured loans with total principal amount of US $354,000 with term of 5 years and annual interest rate of 6.95% . During the six months period ended June 30, 2024, the Group provided loan of US $222,865 to the related party. As of June 30, 2024, the total outstanding principal was US $219,644 and the total outstanding interest income was US $4,398 . 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 $33,191 and US $21,404 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,689 and US $2,706 was included in other non-current assets-related parties as of June 30, 2024 and December 31, 2023, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of nil and US $82 were included in prepayments and other current assets – related parties as of June 30, 2024 and December 31, 2023, respectively. e. For the six months ended June 30, 2024, the Group recorded US $40 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of June 30, 2024, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $61 . f. During the six months ended June 30, 2024, the Group has paid US $1,126 as deposit for services. (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the six months ended June 30, 2024 and 2023, these purchases amounted to US $521,836 and US $264,440 , among which, US $326,187 and US $118,714 were recognized as cost of goods sold for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, purchases including sports cars, BEV lifestyle models, auto parts and peripheral products of US $166,318  and US $248,331 were recorded as inventories, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$15,599 and US$27,660 were included in accrued expenses and other current liabilities – related parties, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$413,779 and US$340,419 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $38,311 and US $40,348 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of products and services for R&D activities of US $207,487 and US $217,256 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $530 and US $3,943 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the amounts due to related parties for purchase of equipment and software of US $4,897 and US $19,786 were included in accrued expenses and other current liabilities – related parties, respectively. d. For the six months ended June 30, 2024 and 2023, related parties paid US $3,316 and US $8,308 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $2,723 and US $1,605 were included in accrued expenses and other current liabilities – related parties as of June 30, 2024 and December 31, 2023, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the six months ended June 30, 2024 and 2023, the Group incurred short-term lease costs of US $474 and US $63 , respectively. As of June 30, 2024 and December 31, 2023, payables for short-term leases of US $71 and US $323 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of nil and US $3 from related parties for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, US $216 and US $168 were included in accrued expenses and other current liabilities – related parties, and US $1,548 and US $1,634 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). During the six months ended June 30, 2024, LCL has settled GBP 18,055 (equivalent to US $22,938 ). As of June 30, 2024 and December 31, 2023, payable for the distribution right of nil and US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the six months ended June 30, 2024 and 2023, the Group recognized right-of-use assets of nil and US $8 from related parties, respectively. The Group paid lease liabilities of US $828 and US $10 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, current operating lease liabilities were US $995 and US $840 , respectively, and non-current operating lease liabilities were US $11,314 and US $12,064 , respectively. ​	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ US$ ​ US$ ​ US$ Provision of services (i) 12,573 ​ 8,344 ​ 3,280 Sales of goods (i) 3,432 ​ 23 ​ — Payments on behalf of related parties ((ii).a) 4,022 244 — Cash receipts by related parties on behalf of the Group ((ii).a) 3,695 — — Loans to related parties ((ii).b) 1,227 2,310 — Interest income on loans due from related parties ((ii).b) 122 24 — Purchase of products and services ((iii).a) 852,623 44,347 14,259 Purchase of products and services for R&D activities ((iii).b) 134,721 167,012 47,442 Purchase of equipment and software ((iii).c) 11,223 42,798 6,255 Payment by related parties on behalf of the Group ((iii).d) 14,514 2,952 — Short-term lease cost ((iii).e) 765 347 243 Deposits received from related party suppliers ((iii).f) 251 1,584 — Acquisition of the distribution right ((iii).g) 22,296 — — Interest expense on borrowing due to related parties (iv) — 90 220 Repayment of borrowing from related party (iv) — 10,573 — Acquisition of right-of-use assets (v) ​ 12,166 ​ 214 ​ 1,333 Payment of lease liabilities (v) ​ 269 ​ 98 ​ 545 Purchase of Geely License (vi) ​ — ​ — ​ 288,948 Purchase of trademark licenses (vii) ​ — ​ — ​ 116,041 Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control (viii) — 15,512 — Payment for purchase of a short-term investment (ix) — 10,000 — ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 ​ ​ US$ ​ US$ Accounts receivable - related parties (i) 22,430 8,545 Contract liabilities – related parties* (i) 1 8 Prepayments and other current assets – related parties (ii) 28,744 8,732 Other non-current assets – related parties ((ii).c) 2,706 — Accounts payable-related parties ((iii).a) 340,419 5,770 Accrued expenses and other current liabilities – related parties (iii) 289,845 183,216 Other non-current liabilities – related parties ((iii).f) 1,634 1,584 Operating lease liabilities– related parties, current* (v) 840 13 Operating lease liabilities– related parties, non-current (v) 12,064 170  Investment securities – related parties (ix) 3,326 8,411 * These items are included in accrued expenses and other current liabilities — related parties in the consolidated balance sheets as of December 31, 2023 and 2022. Note: (i) The Group sold sports cars, BEV 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$12,573, US$8,344 and US$3,280 for the years ended December 31, 2023, 2022 and 2021, respectively. The Group sold sports cars, BEV lifestyle models, auto parts and peripheral products to related parties amounting to US$3,432, US$23 and nil for the years end December 31, 2023, 2022 and 2021, respectively. Accounts receivable due from related parties arising from sales of goods and provision of services were US$22,430 and US$8,545 as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, receipts in advance of US$1 and US$8 were included in contract liabilities – related parties, respectively. (ii) Prepayments and other current assets – related parties other non-current assets – related parties of the Group are arising from transactions related to purchase of products and services (see note (iii).a), loans to related parties, and cash receipts on behalf of the Group as follows. a. The Group made payments of US $4,022 , US $244 and nil on behalf of related parties for the years ended December 31, 2023, 2022 and 2021, respectively. Related parties collected cash receipts of US $3,695 , nil and nil on behalf of the Group for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, receivables of US $4,271 and USD $244 was included in prepayments and other current assets – related parties, respectively. b. During the years ended December 31, 2023, 2022 and 2021, the Group provided unsecured short-term loans of US $1,227, US $2,310 and nil , respectively, to related parties with interest rates of 3.65 %- 4.5 % per annum. The Group recognized interest income of US $122, US$ 24 and nil for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the receivable for the loan principal and interest of US $3,010 and US$ 2,369 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 $21,404 and US$ 6,119 were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. The amounts of prepayments to relate party for purchase of equipment of US $2,706 and nil was included in other non-current assets-related parties as of December 31, 2023 and 2022, respectively. d. As mentioned in note ((iii).e), the amounts of prepayments to related parties for short-term lease agreements of US $82 and nil were included in prepayments and other current assets – related parties as of December 31, 2023 and 2022, respectively. e. As of January 1, 2023, upon the adoption of ASC 326 as mentioned in note 2(j), the expected credit loss provision for prepayments and other current assets – related parties not under common control was US $12 . For the year ended December 31, 2023, the Group recorded US $11 in expected credit losses for prepayments and other current assets – related parties not under common control in general and administrative expenses. As of December 31, 2023, the expected credit loss provision recorded in prepayments and other current assets – related parties not under common control was US $23 . (iii) Accounts payable - related parties, accrued expenses and other current liabilities – related parties and other non-current liabilities– related parties are 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 as follows. a. The Group purchased sports cars, BEV lifestyle models, auto parts, peripheral products, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services from related parties. During the years ended December 31, 2023, 2022 and 2021, these purchases amounted to US $852,623, US $44,347 and US $14,259 , among which, US $549,893 , US $839  and US$  331 were recognized as cost of goods sold for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, purchases including sports cars, BEVs lifestyle models, auto parts and peripheral products of US $248,331 and US $21,880 were recorded as inventories, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of office materials, commercial services relating to sales of sports cars and BEV lifestyle models and other consulting services of US$27,660 and US$8,684 were included in accrued expenses and other current liabilities – related parties, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of sports cars, BEV lifestyle models, auto parts and peripheral products of US$340,419 and US$5,770 was included in accounts payable-related parties, respectively. b. The Group purchased products and services from related parties for R&D activities. The Group recoded R&D expenses of US $134,721, US $167,012 and US $47,442 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related partis for purchase of products and services for R&D activities of US $217,256 and US $162,942 were included in accrued expenses and other current liabilities – related parties, respectively. c. The Group purchased equipment and software of US $11,223 , US $42,798 and US $6,255 from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the amounts due to related parties for purchase of equipment and software of US $19,786 and US $8,366 were included in accrued expenses and other current liabilities – related parties, respectively. d. Related parties paid US $14,514 and US $2,952 on behalf of the Group in association with travelling expenses, staff salary and social welfare, and other miscellaneous expenses, of which US $1,605 and US $2,952 were included in accrued expenses and other current liabilities – related parties as of December 31, 2023 and 2022, respectively. e. The Group entered into short-term lease agreements with related parties to rent office spaces. During the years ended December 31, 2023, 2022 and 2021, the Group incurred short-term lease costs of US $765 , US $347 and US$ 243 , respectively. As of December 31, 2023 and 2022, payables for short-term leases of US $323 and US $272 , respectively, were included in accrued expenses and other current liabilities – related parties, respectively. f. The Group received deposits of US$ 251 , US$ 1,584 and nil from related parties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, US$ 168 and nil were included in accrued expenses and other current liabilities – related parties, and US $1,634 and US $1,584 was included in other non-current liabilities-related parties, respectively. g. On January 31, 2023, the Group entered into a distribution agreement with LCL, a wholly owned subsidiary of LGIL and ultimately controlled by the Controlling Shareholder of the Company, pursuant to which the Group was appointed as the exclusive global distributor to distribute certain models of vehicles and to provide after-sale services and brand, marketing and public relations for such vehicles distributed by it since January 31, 2023, for a cash consideration of GBP 18,055 (equivalent to US $22,296 ). As of December 31, 2023, payable for the distribution right of US $23,047 was included in accrued expenses and other current liabilities – related parties. (iv) In 2019, the Company’s subsidiary, Lotus Tech UK, borrowed a one-year unsecured loan from a related party with the principal amount of US$10,211,bearing an interest rate of 2% per annum, which was renewed to be mature on August 31, 2022. The borrowing was repaid in August 2022. During the years ended December 31, 2022 and 2021, the Group incurred interest expenses of US$90 and US$220, respectively. (v) The Group entered into lease agreements with related parties to rent office spaces and parking spaces. During the years ended December 31, 2023, 2022 and 2021, the Group recognized right-of-use assets of US$12,166, US$214 and US$1,333 from related parties, respectively. The Group paid lease liabilities of US$269, US$98 and US$545 during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, current operating lease liabilities were US$840 and US$13, respectively, and non-current operating lease liabilities were US$12,064 and US$170, respectively. (vi) On March 12, 2021, the Group entered into a license agreement with Zhejiang Liankong, a subsidiary of Geely Holding. Under the terms of the agreement, the Group received a non-exclusive, perpetual, irrevocable and non-sublicensable license for the electric automotive chassis and autonomous driving technology platform (the “Geely License”) with consideration of US$288,948. The Geely License is contractually restricted to be used in certain R&D projects of the Group. The Group concludes that the Geely License has no alternative future use, therefore the cost of the license has been expensed as research and development expenses in the consolidated and combined statement of comprehensive loss for the year ended December 31, 2021. (vii) In November 2021, the Group obtained the trademark licenses (Note 7), from Group Lotus Limited, a related party controlled by Geely Holding, by issuing the Company’s 47,995,443 ordinary shares to LGIL, a related party controlled by Geely Holding. (viii) On December 2, 2021, the Company, through its subsidiary, Lotus Technology Innovative Limited, entered into an equity transfer agreement, pursuant to which, Lotus Technology Innovative Limited agreed to acquire 100% equity interest in Lotus Tech Innovation Centre GmbH from a related party, Geely UK Limited, at the consideration of US $15,512 , which was settled in June 2022. The transaction was accounted for as common control transaction and completed in June 2022. (ix) On May 13, 2022, the Company purchased a one-year convertible note (the “Note”) with the principal of US$10,000 issued by Ecarx. Upon the listing of Ecarx on December 21, 2022, the Note was automatically converted to the Class A ordinary shares of Ecarx (the “listed equity securities”) at conversion price of US$9.5 per share. As of December 31, 2023 and 2022, the fair value of listed equity securities was US$3,326 and US$8,411, respectively.

DESCRIPTION OF BUSINESS AND _10

DESCRIPTION OF BUSINESS AND ORGANIZATION - Merger and recapitalization (Details) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 22, 2024 USD ($) $ / shares shares	Feb. 15, 2024 shares	Jan. 31, 2024 shares	Jun. 30, 2024 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023
Class of Stock [Line Items]
Initial conversion ratio						1
Ordinary shares issued pursuant to conversion Pre-IPO Notes				(68,228,526)
Value of shares issued | $					$ 311,770
Warrants exercised				495,724
Meritz Securities Co., Ltd
Class of Stock [Line Items]
Number of shares issued		50,000,000
PIPE Investors
Class of Stock [Line Items]
Number of shares issued		35,849,458
LCAA
Class of Stock [Line Items]
Value of shares issued | $				$ 1,050
Lotus E V | Lotus Technology Inc | Subsequent events
Class of Stock [Line Items]
Number of shares issued	474,621,603
Recapitalization factor	0.2215
Initial conversion ratio	1
Number of shares recapitalized into ordinary shares	68,228,526
Number of ordinary shares to PIPE investors	35,849,458
Consideration for shares issued to PIPE investors | $	$ 358,495
Lotus E V | Lotus Technology Inc | Meritz Securities Co., Ltd | Subsequent events
Class of Stock [Line Items]
Number of shares issued	50,000,000
Value of shares issued | $	$ 500,000
Gross proceeds deposited into treasury | $	$ 500,000
Lotus E V | Lotus Technology Inc | LCAA | Subsequent events
Class of Stock [Line Items]
Number of shares issued	8,427,821
Percentage of shares held by Sponsor remain unvested	20
Exercise price of warrants | $ / shares	$ 11.50
Lotus E V | Lotus Technology Inc | Public shareholders | Subsequent events
Class of Stock [Line Items]
Number of shares issued	1,265,103
Number of warrants issued	9,550,246
Lotus E V | Lotus Technology Inc | LCA Acquisition Sponsor LP | Subsequent events
Class of Stock [Line Items]
Number of shares issued	7,087,718
Number of warrants issued	5,486,784
Lotus E V | Lotus Technology Inc | Directors and officers | Subsequent events
Class of Stock [Line Items]
Number of shares issued	75,000
Lotus E V | Lotus Technology Inc | WFOE Exchangeable Notes
Class of Stock [Line Items]
Number of shares agreed to be issued following the settlement of debt	36,597,038
Lotus E V | Lotus Technology Inc | WFOE Exchangeable Notes | Subsequent events
Class of Stock [Line Items]
Number of shares agreed to be issued following the settlement of debt	36,597,038
Lotus E V | Lotus Technology Inc | Momenta Note
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes			577,456
Lotus E V | Lotus Technology Inc | Momenta Note | Subsequent events
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes	577,456
Lotus E V | Lotus Technology Inc | Pre-IPO Note
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes			2,433,912
Lotus E V | Lotus Technology Inc | Pre-IPO Note | Subsequent events
Class of Stock [Line Items]
Ordinary shares issued pursuant to conversion Pre-IPO Notes	2,433,912

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Percentage of equity interest acquired				100%
Accumulated deficit		$ (2,048,092)		$ (1,588,773)	$ (846,757)
Net current liabilities		(561,241)		(873,569)
Net cash used in operating activities		$ (468,361)	$ (303,700)	(386,932)	(351,419)	$ (126,505)
Impairment losses				0	0	0
Advertising expenditures				150,920	90,431	21,207
Government grants				4,077	870	233
Employee social benefits				46,969	36,534	$ 15,324
Restricted net assets				$ 160,651	$ 85,164
WFOE | Sanya Lotus and Hangzhou Lotus
Class of Stock [Line Items]
Percentage of equity interest acquired	100%	100%

SUMMARY OF SIGNIFICANT ACCOU_17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash on hand and cash at bank
Total cash balances held at financial institutions	$ 268,781	$ 418,941	$ 736,604
Cash on hand			1
Total cash balances	268,781	418,941	736,605
Deposits at the PRC financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	240,361	389,610	715,700
Deposits at the PRC financial Institutions | Chinese Renminbi
Cash on hand and cash at bank
Total cash balances held at financial institutions	196,598	381,890	547,301
Deposits at the PRC financial Institutions | United States Dollars
Cash on hand and cash at bank
Total cash balances held at financial institutions	43,156	7,232	165,068
Deposits at the PRC financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	255	127	2,984
Deposits at the PRC financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	352	361	347
Deposits At The UK Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	14,480	17,795	5,778
Deposits At The UK Financial Institutions | Chinese Renminbi
Cash on hand and cash at bank
Total cash balances held at financial institutions	255	161
Deposits At The UK Financial Institutions | United States Dollars
Cash on hand and cash at bank
Total cash balances held at financial institutions	1,980	794
Deposits At The UK Financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	12,193	11,871	5,778
Deposits At The UK Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	52	4,969
Deposits At The Netherlands Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,963	5,104	8,917
Deposits At The Netherlands Financial Institutions | Great Britain Pound
Cash on hand and cash at bank
Total cash balances held at financial institutions	283	11	18
Deposits At The Netherlands Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,662	5,035	8,899
Deposits At The Netherlands Financial Institutions | Other Currency
Cash on hand and cash at bank
Total cash balances held at financial institutions	18	58
Deposits At The German Financial Institutions
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,952	2,149	5,347
Deposits At The German Financial Institutions | Euro Dollar
Cash on hand and cash at bank
Total cash balances held at financial institutions	2,952	2,149	5,347
Deposits At Financial Institutions In Other Jurisdictions
Cash on hand and cash at bank
Total cash balances held at financial institutions	$ 8,025	$ 4,283	$ 862

SUMMARY OF SIGNIFICANT ACCOU_18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty at beginning of the year	$ 7,022
Additions	8,790	$ 8,492
Utilization	(1,541)	(1,499)
Foreign currency translation adjustment	(55)	29
Accrued warranty at end of the year	14,216	7,022
Including: Current portion of warranty	2,259	483
Non-current portion of warranty	$ 11,957	6,539
Product Warranty Expense		$ 8,492	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and Risk (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) customer	Jun. 30, 2023 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Concentration and Risk
Related party transactions | $	$ 9,590	$ 4,923	$ 11,031	$ 8,036	$ 3,280
Number of customer | customer	0	0	0	0	0
Maximum insured amount by government authority | ¥						¥ 500	¥ 500
Revenue Benchmark | Customer Concentration Risk | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	69.75%		97.57%	96.24%
Accounts receivable | Credit concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	14.84%		22.09%	95%
Purchases | Supplier concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	69.70%	72.72%	74.95%	39.28%	74.96%
Accounts Payable | Supplier concentration | Geely Group
Concentration and Risk
Concentartion risk (as a percent)	59.49%		65.96%	38.29%

ACCOUNT RECEIVABLES - THIRD P_7

ACCOUNT RECEIVABLES - THIRD PARTIES, NET (Details) - Nonrelated Party - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNT RECEIVABLES - THIRD PARTIES, NET
Accounts receivable-third parties	$ 73,481	$ 77,047	$ 111
Less: Allowance for credit losses	(683)	(383)	0
Total	$ 72,798	$ 76,664	$ 111

ACCOUNT RECEIVABLES - THIRD P_8

ACCOUNT RECEIVABLES - THIRD PARTIES, NET - Movement (Details) - Nonrelated Party - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Movement of the allowance for credit losses
Balance as of December 31, 2022	$ 383	$ 0
Provisions	308	374
Foreign currency translation adjustment	(8)	8
Balance as of December 31, 2023	$ 683	$ 383

INVENTORIES (Details)_2

INVENTORIES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVENTORIES
Products available for sale	$ 340,142		$ 246,419	$ 13,714
Raw materials	1,233
Goods in transit	43,825		18,771	8,989
Total	385,200		265,190	22,703
Inventory write-downs	$ 4,711	$ 848	$ 1,668	$ 0	$ 0

PREPAYMENTS AND OTHER CURRENT_7

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES (Details) - Third parties - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
PREPAYMENTS AND OTHER CURRENT ASSETS
Deductible VAT	$ 69,684	$ 41,066	$ 36,508
Prepayments to third-party suppliers	34,994	11,280	2,446
Deposits	4,975	3,995	3,747
Deferred listing expenses		1,686
Others	8,846	5,850	1,674
Less: Allowance for credit losses (i)	(7)	(7)
Total	$ 118,492	$ 63,870	$ 44,375

PREPAYMENTS AND OTHER CURRENT_8

PREPAYMENTS AND OTHER CURRENT ASSETS - THIRD PARTIES - Movement (Details) - Nonrelated Party - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning	$ 7
Provisions	1	$ 4
Foreign currency translation adjustment	(1)	1
Balance at the end	$ 7	7
Cumulative effect of adoption of new accounting standard | ASC 326
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning		2
Adjusted balance
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at the beginning		$ 2

PROPERTY, EQUIPMENT AND SOFTW_7

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 365,762	$ 298,106	$ 202,153
Less: Accumulated depreciation	(98,699)	(66,258)	(15,455)
Construction in progress	78,273	122,769	66,773
Property, equipment and software, net	345,336	354,617	253,471
Machinery and R&D equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	28,367	26,551	16,997
Molds and tooling
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	137,855	84,367	79,963
Motor vehicles
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	49,461	50,935	15,586
Office and electronic equipment
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	34,607	32,325	17,271
Purchased software
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	71,827	68,422	49,905
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property, equipment and software	$ 43,645	$ 35,506	$ 22,431

PROPERTY, EQUIPMENT AND SOFTW_8

PROPERTY, EQUIPMENT AND SOFTWARE, NET - Allocation of depreciation expenses on property, equipment and software (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 39,286	$ 22,641	$ 54,957	$ 12,790	$ 2,056
Cost of revenues
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	13,628	7,115	16,111	38	25
Research and development expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	2,457	1,240	3,238	2,681	1,626
Selling and marketing expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	13,282	6,871	18,350	5,476	61
General and administrative expenses
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Total depreciation expenses	$ 9,919	$ 7,415	$ 17,258	$ 4,595	$ 344

INTANGIBLE ASSETS (Details)_2

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 04, 2021
INTANGIBLE ASSETS
Trademark licenses with indefinite useful lives	$ 116,083	$ 116,083	$ 116,083	$ 116,041
License plates with indefinite useful lives	275	277	281
Others	168
Intangible assets	$ 116,526	$ 116,360	$ 116,364

LEASES - Lease cost (Details)_2

LEASES - Lease cost (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease cost	$ 14,222	$ 13,334	$ 27,815	$ 21,701	$ 6,389
Short-term lease cost	1,431	2,901	4,288	2,595	847
Variable lease cost	83	62	141	49	231
Total	$ 15,736	$ 16,297	$ 32,244	$ 24,345	$ 7,467

LEASES - Supplemental cash fl_2

LEASES - Supplemental cash flows information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating cash outflows from operating leases	$ 13,522	$ 21,051	$ 34,752	[1]	$ 16,085	[1]	$ 56,024	[1]
Operating leases	$ 2,640	$ 24,699	$ 42,707		$ 76,584		$ 56,610
Maximum
Lessee, Lease, Description [Line Items]
Lease term			50 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term			40 years		40 years		40 years
Use Rights
Lessee, Lease, Description [Line Items]
Prepayments for land use right			$ 10,900		$ 0		$ 49,237
[1] For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years .

LEASES - Supplemental balance_2

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 158,864	$ 173,103	$ 158,724
Operating lease liabilities, current	14,526	16,760
Total lease liabilities	108,228	121,593	114,961
Related party
Operating Leases
Operating lease liabilities-related parties	995	840	13
Operating lease liabilities, non-current	11,314	12,064	170
Nonrelated Party
Operating Leases
Operating lease liabilities, current	14,526	16,760	15,815
Operating lease liabilities, non-current	$ 81,393	$ 91,929	$ 98,963

LEASES - Weighted-average rem_2

LEASES - Weighted-average remaining lease term and discount rate (Details)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Weighted-average remaining lease term - Operating leases	7 years 9 months 10 days	8 years 3 days	7 years 11 months 8 days	8 years 4 months 13 days	7 years 4 months 9 days
Weighted-average discount rate - Operating leases	6.64%	6.60%	6.93%	6.99%	5.74%

OTHER NON-CURRENT ASSETS - TH_6

OTHER NON-CURRENT ASSETS - THIRD PARTIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jan. 31, 2023	Dec. 31, 2022
Nonrelated Party
Schedule of Equity Method Investments [Line Items]
Deductible VAT	$ 54,808	$ 41,859		$ 5,815
Deposits for long-term operating leases	2,938	3,288		3,486
Prepayments for purchases of property, equipment and software	2,289	920		1,442
Equity investments	4,634	4,466		240
Others	1,123
Total	$ 65,792	$ 50,533		$ 10,983
Hubei Changjiang Chegu Industry Investment Fund Partnership
Schedule of Equity Method Investments [Line Items]
Percentage of investment fund partnership			16.67%

SHORT-TERM BORROWINGS - THIRD_6

SHORT-TERM BORROWINGS - THIRD PARTIES (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Nov. 29, 2021	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
SHORT-TERM BORROWINGS-THIRD PARTIES
Borrowings from banks		$ 518,479	$ 226,772	$ 28,748
Loan term	1 year
Interest rate on short-term borrowings		4.03%	3.90%	3.90%
Line of credit		$ 946,716	$ 279,300	$ 28,748
Unused portion		262,569	14,119	$ 0
Short-term borrowings with restricted cash		336,757	0
Borrowings from banks
SHORT-TERM BORROWINGS-THIRD PARTIES
Borrowings from banks		517,902	226,772
Principal amount of debt		$ 151,118	$ 272,897
Loan term		1 year	1 year	1 year
Variable interest rate		0.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		lot:OneYearLoanPrimeRateMember
Borrowings from banks | PRC
SHORT-TERM BORROWINGS-THIRD PARTIES
Principal amount of debt		$ 439,922	$ 481,176	$ 28,170
Variable interest rate		0.25%		0.25%
Borrowings from banks | PRC | Minimum
SHORT-TERM BORROWINGS-THIRD PARTIES
Variable interest rate			0.10%
Borrowings from banks | PRC | Maximum
SHORT-TERM BORROWINGS-THIRD PARTIES
Variable interest rate			0.25%
Secured loans from a financial institution
SHORT-TERM BORROWINGS-THIRD PARTIES
Borrowings from banks		$ 577

ACCRUED EXPENSES AND OTHER CU_6

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - THIRD PARTIES
Accrued salaries and benefits	$ 61,300	$ 68,160	$ 46,362
Payables for R&D expenses	71,571	75,578	83,261
Payables for marketing events	62,520	48,190	47,729
Payables for purchase of property, equipment and software	58,457	51,278	88,286
Refundable deposits from customers	27,461	27,007	3,410
Deposits from third parties	11,659	19,608	4,684
VAT and other taxes payables	18,736	23,190	4,843
Payable for service fees	87,727	33,229	21,176
Bank acceptance notes and letter of credit		38,290	11,025
Refundable deposits in connection with the PIPE investments		9,699
Others	31,792	25,193	12,523
Total	$ 431,223	$ 419,422	$ 323,299

PUT OPTION LIABILITIES - Roll_2

PUT OPTION LIABILITIES - Roll forward (Details) - Put option agreements with Geely HK and Etika - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PUT OPTION LIABILITIES
Balance at the beginning	$ 11,884
Issuance of put options	130,082	$ 9,376
Change in fair values	33,685	2,508
Balance at the ending	$ 175,651	$ 11,884
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair values of put option liabilities	Changes in fair values of put option liabilities
Current portion	$ 437
Non-current portion	175,214
LGIL put option
PUT OPTION LIABILITIES
Balance at the beginning	11,884
Change in fair values	(11,447)
Balance at the ending	$ 437	$ 11,884
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair values of put option liabilities
Current portion	$ 437
Meritz put option
PUT OPTION LIABILITIES
Issuance of put options	130,082
Change in fair values	45,132
Balance at the ending	$ 175,214
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair values of put option liabilities
Non-current portion	$ 175,214

PUT OPTION LIABILITIES - Narr_2

PUT OPTION LIABILITIES - Narrative (Details) - Put option agreements with Geely HK and Etika $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($) item $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
PUT OPTION LIABILITIES
Consideration		$ 0
Multiplication factor for calculation of pre-agreed price		1.15
Number of vehicles to be sold, pre-agreed condition | item		5,000
Listing price per share | $ / shares		$ 10
Fair value of put option liabilities		$ 9,376
Increase in fair value of the put option liabilities	$ 2,508		$ 0	$ 0

PUT OPTION LIABILITIES - Assu_2

PUT OPTION LIABILITIES - Assumptions (Details) - Put option agreements with Geely HK and Etika - Level 3	Jun. 30, 2024 Y	Dec. 31, 2023 Y
Risk-free interest rate
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.0469	0.0487
Expected volatility
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.2380	0.2633
Dividend rate
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0	0
Expected terms
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	1	1.5
Probability of exercise condition
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.5000	0.5000
Fair value of underlying ordinary share of LGIL
FAIR VALUE MEASUREMENT
Put option liabilities, measurement input	0.44	0.81

Warrant liabilities - Schedule

Warrant liabilities - Schedule of warrant liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Warrant liabilities
Issuance of warrant liabilities	$ 12,141
Conversion to ordinary shares	(275)
Changes in fair values	(6,317)
Balance as of June 30, 2024	$ 5,549

Warrant liabilities - Narrative

Warrant liabilities - Narrative (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Warrant liabilities
Number of shares purchased per warrant | shares	1
Price per share	$ 11.50
Total cash consideration from exercise of warrants | $	$ 5,700
Sponsor Warrants | Redemption of warrants when price per share of ordinary share equals or exceeds $18.00
Warrant liabilities
Redemption stock price trigger	$ 18
Redemption price of warrants	0.1
Sponsor Warrants | Redemption of warrants when price per share of ordinary share equals or exceeds $10.00 but less than $18.00
Warrant liabilities
Redemption stock price trigger	$ 10
Sponsor Warrants | LCA Acquisition sponsor LP
Warrant liabilities
Number of warrants issued | shares	5,486,784
Public Warrants Liability
Warrant liabilities
Number of exercise warrants | shares	495,724
Exercise price of warrants	$ 11.50
Total cash consideration from exercise of warrants | $	$ 5,700
Public Warrants Liability | Redemption of warrants when price per share of ordinary share equals or exceeds $18.00
Warrant liabilities
Redemption stock price trigger	$ 18
Redemption price of warrants	0.01
Public Warrants Liability | Redemption of warrants when price per share of ordinary share equals or exceeds $10.00 but less than $18.00
Warrant liabilities
Redemption stock price trigger	10
Redemption price of warrants	$ 0.1
Public Warrants Liability | Public shareholders
Warrant liabilities
Number of warrants issued | shares	9,550,246

Warrant liabilities - Fair valu

Warrant liabilities - Fair value of sponsor warrants (Details) - Sponsor warrants	Jun. 30, 2024 $ / shares Y
Risk-free interest rate
Warrant liabilities
Warrants outstanding, measurement input	0.0436
Expected dividend yield
Warrant liabilities
Warrants outstanding, measurement input	0
Expected term (years)
Warrant liabilities
Warrants outstanding, measurement input | Y	4.65
Expected volatility
Warrant liabilities
Warrants outstanding, measurement input	0.2005
Share price - asset price
Warrant liabilities
Warrants outstanding, measurement input | $ / shares	6.62

Meritz Investments (Details)

Meritz Investments (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
	Feb. 22, 2024	Jun. 30, 2024	Dec. 31, 2021	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
INITIAL PUBLIC OFFERING
Value of shares issued			$ 311,770
Amount deposited		$ 500,000
Fair value		310,477
Operating bank account balance		268,781	$ 531,452	$ 418,941	$ 548,286	$ 736,605
Meritz Subscription Agreement
INITIAL PUBLIC OFFERING
Number of shares issued	50,000,000
Value of shares issued	$ 500,000
Mertiz Investment
INITIAL PUBLIC OFFERING
Amount of fair value loss		$ 1,180
Threshold number of days in which required to deposit additional cash in restricted cash account		5 days
Threshold closing price required to permit withdrew cash		$ 7
Threshold closing price required to terminate Cash Top Up Obligations		$ 14
Amount deposited		$ 25,098
U.S. treasury bonds
INITIAL PUBLIC OFFERING
Amount to be deposited	325,000
Amount deposited		325,000
Aggregate outstanding principal amount		325,000
Fair value		310,477
U.S. treasury bonds and/or bills
INITIAL PUBLIC OFFERING
Amount to be deposited	175,000
Amount permitted to be withdrawn	$ 175,000
Amount withdrew		175,000
Maximum | Mertiz Investment
INITIAL PUBLIC OFFERING
Operating bank account balance		$ 175,000

Meritz Investments - Put option

Meritz Investments - Put option (Details) - Meritz put option $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Y $ / shares
Meritz Investments
Internal rate of return on investments	12.50%
Share price | $ / shares	$ 14
Fair value of put option liabilities	$ 130,082
Increase in fair value of the put option liabilities	$ 45,132
Risk-free interest rate | Level 3
Meritz Investments
Put option liabilities, measurement input	0.0459
Expected volatility | Level 3
Meritz Investments
Put option liabilities, measurement input	0.5379
Expected dividend yield | Level 3
Meritz Investments
Put option liabilities, measurement input	0
Expected terms | Level 3
Meritz Investments
Put option liabilities, measurement input | Y	2.64
Probability of exercise condition | Level 3
Meritz Investments
Put option liabilities, measurement input	0.5000

Meritz Investments - Call optio

Meritz Investments - Call option (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Meritz call option
Meritz Investments
Fair value	$ 257

EXCHANGEABLE NOTES (Details)_2

EXCHANGEABLE NOTES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EXCHANGEABLE NOTES
Balance as of beginning	$ 454,316	$ 427,112	$ 427,112	$ 126,420
Exchange to Series A redeemable convertible preferred shares (note 14)				(60,419)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	(9,719)		4,448	13,162	$ 1,065
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	93		1,670	33	(132)
Repayments to exchangeable notes holders	(365,994)
Foreign currency translation adjustment	(1,609)		(6,797)	(31,048)	448
Balance as of ending	77,087		454,316	427,112	126,420
- Current portion			378,638
- Non-current portion	77,087		75,678
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning	378,638	355,320	355,320	126,420
Exchange to Series A redeemable convertible preferred shares (note 14)				(60,419)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	(11,509)	3,144	737	13,162	1,065
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	0	651	272	33	(132)
Repayments to exchangeable notes holders	(365,994)
Foreign currency translation adjustment	(1,135)		(5,574)	(31,048)	448
Balance as of ending			378,638	355,320	126,420
- Current portion			378,638
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Balance as of beginning	75,678	71,792	71,792
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk	1,790	3,155	3,711	0	0
Changes in fair values of exchangeable notes due to the instrument- specific credit risk	93	$ 423	1,398	0	$ 0
Foreign currency translation adjustment	(474)		(1,223)
Balance as of ending	77,087		75,678	$ 71,792
- Non-current portion	$ 77,087		$ 75,678

EXCHANGEABLE NOTES - Addition_2

EXCHANGEABLE NOTES - Additional information (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands														1 Months Ended				6 Months Ended		12 Months Ended
	Feb. 22, 2024 shares	Sep. 22, 2023 USD ($)	Sep. 22, 2023 CNY (¥)	Apr. 27, 2023 USD ($)	Aug. 02, 2022 USD ($)	Aug. 02, 2022 CNY (¥)	Jan. 18, 2022 USD ($)	Jan. 18, 2022 CNY (¥)	Jan. 07, 2022 USD ($)	Jan. 07, 2022 CNY (¥)	Nov. 29, 2021	Nov. 05, 2021 USD ($)	Nov. 05, 2021 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Nov. 30, 2021 CNY (¥)	Sep. 30, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 ¥ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Nov. 30, 2021 USD ($)
EXCHANGEABLE NOTES
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		$ 93		$ 1,670		$ 33	$ (132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		(9,719)		4,448		13,162	1,065
Issuance of exchangeable notes		$ 27,883	¥ 200,000		$ 118,585	¥ 800,000	$ 94,457	¥ 600,000	$ 94,130	¥ 600,000		$ 125,039	¥ 800,000
Loan term											1 year
WFOE Exchangeable Notes
EXCHANGEABLE NOTES
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		0	$ 651	272		33	(132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		(11,509)	3,144	$ 737		13,162	1,065
Interest rate																	3%			3%	3%
Loan term																	1 year
Maximum Exchangeable Notes entitled to issue | ¥																	¥ 3,000,000
Percentage of change in present values of the exchangeable Notes before and after the amendment				10%
Change in fair value of exchangeable notes due to modification				$ 661
Founders Onshore Vehicle, Transfer of shares, Price per share | ¥ / shares																					¥ 1
Maximum percentage of shareholding for Notes Holder if there is required investment																				5%
Percentage of shareholding adjusted on pro-rata basis if there is less than required investment																				5%
Founders Onshore Vehicle, Purchase price of shares, Interest rate on debt if consummation of Qualified IPO not within threshold period (in percent)																				3%
Founders Onshore Vehicle, Threshold period for consummation of Qualified IPO																				7 years
Founders Onshore Vehicle, Purchase price of shares, Percentage of shares held by Notes Holer to be purchased																				60%
Founders Onshore Vehicle, Purchase price of shares, Interest rate on debt if prior to consummation of Qualified IPO																				8%
Fair value of the guarantees and Rights and Obligations provided by the Founders Onshore Vehicle														$ 8,135								8,135		$ 909	$ 3,391
WFOE Exchangeable Notes | Series A Preferred Shares Preferred Shares
EXCHANGEABLE NOTES
Amount issued exchanged for shares | ¥																¥ 400,000
WFOE Exchangeable Notes | Lotus E V | Lotus Technology Inc
EXCHANGEABLE NOTES
Conversion of exchangeable notes to ordinary shares (in shares) | shares	36,597,038
Lightning Speed Exchangeable Notes
EXCHANGEABLE NOTES
Changes in fair values of exchangeable notes due to the instrument- specific credit risk																		93	423	$ 1,398		0	0
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk																		1,790	$ 3,155	$ 3,711		$ 0	$ 0
Interest rate														110%						110%	110%	110%
Issuance of exchangeable notes														$ 71,792	¥ 500,000
Maximum extension term of each tranche														1 year	1 year					1 year
Loan term														5 years	5 years					5 years
Outstanding principal and interests at maturity																		$ 0		$ 0		$ 0

EXCHANGEABLE NOTES - Assumpti_2

EXCHANGEABLE NOTES - Assumptions used in determining fair values of Exchangeable Notes (Details)	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
WFOE Exchangeable Notes | Risk-free interest rate
EXCHANGEABLE NOTES
Measurement input		0.0175	0.0207
WFOE Exchangeable Notes | Probability of conversion
EXCHANGEABLE NOTES
Measurement input		0.9000
WFOE Exchangeable Notes | Probability of conversion | Minimum
EXCHANGEABLE NOTES
Measurement input			0.5000
WFOE Exchangeable Notes | Probability of conversion | Maximum
EXCHANGEABLE NOTES
Measurement input			0.7500
WFOE Exchangeable Notes | Bond yields | Minimum
EXCHANGEABLE NOTES
Measurement input		0.0327	0.0735
WFOE Exchangeable Notes | Bond yields | Maximum
EXCHANGEABLE NOTES
Measurement input		0.0406	0.0776
WFOE Exchangeable Notes | Probability of occurrence of Qualified IPO
EXCHANGEABLE NOTES
Measurement input		0.9000	0.4500
WFOE Exchangeable Notes | Discount rate
EXCHANGEABLE NOTES
Measurement input		0.2000	0.2000
Lightning Speed Exchangeable Notes | Risk-free interest rate | Minimum
EXCHANGEABLE NOTES
Measurement input	0.0145	0.0208	0.0240
Lightning Speed Exchangeable Notes | Risk-free interest rate | Maximum
EXCHANGEABLE NOTES
Measurement input	0.0171	0.0229	0.0260
Lightning Speed Exchangeable Notes | Probability of conversion
EXCHANGEABLE NOTES
Measurement input	0.7500	0.7500	0.7500
Lightning Speed Exchangeable Notes | Bond yields
EXCHANGEABLE NOTES
Measurement input	0.0342	0.0403	0.0711

CONVERTIBLE NOTES (Details)_2

CONVERTIBLE NOTES (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2021 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
CONVERTIBLE NOTES
Issuance of convertible notes				$ 25,297	$ 75,037	$ 23,445
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		$ (9,719)		4,448	13,162	1,065
Changes in fair values of convertible notes due to the instrument-specific credit risk		93		1,670	33	(132)
Foreign currency translation adjustment		(1,609)		(6,797)	(31,048)	448
Conversion to ordinary shares		386,509
- Current portion				20,277
- Non-current portion		75,970		81,635	76,770
Convertible notes
CONVERTIBLE NOTES
Beginning balance		101,912	$ 76,770	76,770	23,445
Issuance of convertible notes		119,284		25,297	75,037	23,445
Interest paid		(5,357)			(3,072)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(918)		2,992	4,264
Changes in fair values of convertible notes due to the instrument-specific credit risk		493		6,963	890
Foreign currency translation adjustment		(505)		(1,390)	(3,421)
Conversion to ordinary shares		(30,114)
Partial redemption of convertible notes					(5,648)
Ending balance		186,631		101,912	76,770	23,445
- Current portion		110,661		20,277
- Non-current portion		75,970		81,635
Series Pre-A Note
CONVERTIBLE NOTES
Beginning balance					23,445
Issuance of convertible notes						23,445
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk | ¥	¥ 0
Ending balance						23,445
Subsidiary Convertible Note
CONVERTIBLE NOTES
Beginning balance		81,635	76,770	76,770
Issuance of convertible notes					75,037
Interest paid		(5,357)			(3,072)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		296	6,232	2,376	4,264	0
Changes in fair values of convertible notes due to the instrument-specific credit risk		493	486	6,951	890	0
Foreign currency translation adjustment		(505)		(1,390)	(3,421)
Ending balance		75,970		81,635	76,770
- Non-current portion		75,970		81,635
2023 Convertible Notes
CONVERTIBLE NOTES
Beginning balance		20,277
Issuance of convertible notes		9,500		25,297
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(337)	136	616	0	0
Changes in fair values of convertible notes due to the instrument-specific credit risk		0	$ 18	12	0	$ 0
Conversion to ordinary shares		(30,114)
Partial redemption of convertible notes					$ (5,648)
Ending balance				20,277
- Current portion				$ 20,277
2024 Convertible Notes
CONVERTIBLE NOTES
Issuance of convertible notes		109,784
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk		(877)
Ending balance		110,661
- Current portion		$ 110,661

CONVERTIBLE NOTES - Subsidiar_2

CONVERTIBLE NOTES - Subsidiary Convertible Note (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands			1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 08, 2022 USD ($) shares	Nov. 29, 2021	Jun. 30, 2022 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 08, 2022 CNY (¥) ¥ / shares shares
CONVERTIBLE NOTES
Term of the debt instrument		1 year
Changes in fair values of convertible notes due to the instrument-specific credit risk				$ 93		$ 1,670	$ 33	$ (132)
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk				(9,719)		4,448	13,162	1,065
Subsidiary Convertible Note
CONVERTIBLE NOTES
Term of the debt instrument	7 years		7 years
Aggregate principal amount of loan	$ 75,037		¥ 500,000						¥ 500,000
Variable interest rate	79.80%		79.80%
Investment, Variable Interest Rate, Type [Extensible Enumeration]			Five-year LPR
Debt instrument conversion price per share | ¥ / shares			¥ 135						¥ 135
Number of shares represented for 1 RMB registered capital | shares	1		1						1
Written notice period date for redeeming note	15 days
Penalty percentage per day (%)	0.05%
Changes in fair value of the convertible notes				197	$ 6,718	9,327	5,154	0
Changes in fair values of convertible notes due to the instrument-specific credit risk				493	486	6,951	890	0
Changes in fair values of convertible notes, excluding impact of instrument-specific credit risk				$ 296	$ 6,232	$ 2,376	$ 4,264	$ 0
Subsidiary Convertible Note | Five-year LPR
CONVERTIBLE NOTES
Term of the debt instrument	5 years		5 years

CONVERTIBLE NOTES - Key assum_4

CONVERTIBLE NOTES - Key assumptions used in determining fair value of Subsidiary Convertible Note (Details) - Subsidiary Convertible Note	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Risk-free interest rate
CONVERTIBLE NOTES
Measurement input	0.0193	0.0240
Risk-free interest rate | Maximum
CONVERTIBLE NOTES
Measurement input		0.0273
Risk-free interest rate | Minimum
CONVERTIBLE NOTES
Measurement input	0.0240	0.0252
Probability of conversion
CONVERTIBLE NOTES
Measurement input	0.1000	0.1000	0.1200
Bond yields | Maximum
CONVERTIBLE NOTES
Measurement input	0.0517	0.0584	0.0892
Bond yields | Minimum
CONVERTIBLE NOTES
Measurement input	0.0480	0.0485	0.0688

CONVERTIBLE NOTES - 2023 Conv_2

CONVERTIBLE NOTES - 2023 Convertible Notes (Details) ¥ in Thousands, $ in Thousands					1 Months Ended	6 Months Ended		12 Months Ended
	Nov. 11, 2023 USD ($)	May 30, 2023 USD ($)	May 28, 2023	Apr. 28, 2023 CNY (¥)	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
CONVERTIBLE NOTES
Proceeds from issuance of convertible notes								$ 25,297	$ 75,037	$ 23,445
Ordinary shares issued pursuant to conversion Pre-IPO Notes | shares						(68,228,526)
Changes in fair values of exchangeable notes due to the instrument- specific credit risk						$ 93		1,670	33	(132)
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk						(9,719)		4,448	13,162	1,065
2023 Convertible notes
CONVERTIBLE NOTES
Aggregate principal amount of loan								23,500
Proceeds from issuance of convertible notes						9,500		25,297
Changes in fair value of the convertible notes						337	$ 118	628	0	0
Changes in fair values of exchangeable notes due to the instrument- specific credit risk						0	18	12	0	0
Changes in fair values of exchangeable notes, excluding impact of instrument-specific credit risk						$ (337)	$ 136	616	0	$ 0
Payment of partial redemption price									$ 5,648
Pre-IPO Notes
CONVERTIBLE NOTES
Aggregate principal amount of loan					$ 9,500			14,000
Proceeds from issuance of convertible notes					$ 9,500
Principal amount of debt agreed to issue								$ 23,500
Additional term of debt instrument								6 months
Cash consideration for agreed subscription of notes								$ 9,500
Momenta Note
CONVERTIBLE NOTES
Aggregate principal amount of loan				¥ 80,000				$ 5,649
Threshold number of business days after the maturity date for redemption				1 year
Percentage of redemption price on principal amount			50%
Payment of partial redemption price	$ 5,648
Momenta Note | Ningbo Robotics
CONVERTIBLE NOTES
Aggregate principal amount of loan		$ 11,297
Percentage of equity interest to be acquired		40%
Cash Consideration upon Acquisition of Equity Interest		$ 80,000

CONVERTIBLE NOTES - 2024 Conver

CONVERTIBLE NOTES - 2024 Convertible Notes (Details) - 2024 Convertible Notes - USD ($) $ in Thousands	Jun. 25, 2024	Jun. 24, 2024
CONVERTIBLE NOTES
Aggregate principal amount of loan	$ 54,880
Variable interest rate	3.35%	3.35%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember	us-gaap:SecuredOvernightFinancingRateSofrMember
Trading days immediately preceding the conversion date considered for conversion price	10 days	10 days
Geely HK
CONVERTIBLE NOTES
Aggregate principal amount of loan		$ 54,904

CONVERTIBLE NOTES - Key assum_5

CONVERTIBLE NOTES - Key assumptions used in determining fair value of 2024 Convertible Note (Details) - 2024 Convertible Notes	Jun. 30, 2024
Risk-free interest rate
CONVERTIBLE NOTES
Measurement input	0.0504
Volatility
CONVERTIBLE NOTES
Measurement input	0.4864
Bond yields
CONVERTIBLE NOTES
Measurement input	0.0650
Dividend rate
CONVERTIBLE NOTES
Measurement input	0

DEFERRED INCOME (Details)_2

DEFERRED INCOME (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
DEFERRED INCOME
Balance at the beginning of the year	$ 270,097	$ 258,450	$ 258,450	$ 340,296	$ 541,592
Government grants received during the year	28,063	14,533	16,345		279,052
Recognized as income during the year				(54,954)	(490,461)
Foreign currency translation adjustment			(4,698)	(26,892)	10,113
Balance at the end of the year	296,489		270,097	258,450	340,296
Asset-related subsidy
DEFERRED INCOME
Balance at the beginning of the year	270,097	$ 258,450	258,450	282,322
Government grants received during the year	28,063		16,345		279,052
Recognized as income during the year			0
Foreign currency translation adjustment	(1,671)		(4,698)	(23,872)	3,270
Balance at the end of the year	296,489		270,097	258,450	282,322
Asset-related subsidy | Corporate buildings and plant under construction
DEFERRED INCOME
Government grants received during the year	28,063		$ 16,345	0	279,052
R&D-related subsidy
DEFERRED INCOME
Balance at the beginning of the year				57,974	541,592
Recognized as income during the year				(54,954)	(490,461)
Foreign currency translation adjustment				$ (3,020)	6,843
Balance at the end of the year					$ 57,974
Proceeds from subsidy related to R&D expenditures						$ 755,581
Government grants
DEFERRED INCOME
Government grants	$ 2,488

REDEEMABLE CONVERTIBLE PREFER_9

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Activities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 383,530	$ 368,409
Beginning balance (in shares)		68,228,526	68,228,526
Issuance of preferred shares				$ 343,849
Issuance of preferred shares (in shares)				62,895,699
Re-designation of ordinary share into preferred shares				$ 23,650
Re-designation of ordinary share into preferred shares (in shares)				5,332,827
Accretion of redeemable convertible preferred shares		$ 2,979	$ 15,121	$ 910
Conversion to ordinary shares		$ (386,509)
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)		(68,228,526)
Ending balance	$ 368,409		$ 383,530	$ 368,409
Ending balance (in shares)	68,228,526		68,228,526	68,228,526
Series Pre-A Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 184,509	$ 177,284
Beginning balance (in shares)		40,885,006	40,885,006
Issuance of preferred shares				$ 153,126
Issuance of preferred shares (in shares)				35,552,179
Re-designation of ordinary share into preferred shares				$ 23,650
Re-designation of ordinary share into preferred shares (in shares)				5,332,827
Accretion of redeemable convertible preferred shares		$ 1,385	$ 7,225	$ 508
Conversion to ordinary shares		$ (185,894)
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)		(40,885,006)
Ending balance	$ 177,284		$ 184,509	$ 177,284
Ending balance (in shares)	40,885,006		40,885,006	40,885,006
Series A Preferred Shares
Company's activities with respect to the redeemable convertible preferred shares
Beginning balance		$ 199,021	$ 191,125
Beginning balance (in shares)		27,343,520	27,343,520
Issuance of preferred shares				$ 190,723
Issuance of preferred shares (in shares)	27,343,520			27,343,520
Accretion of redeemable convertible preferred shares		$ 1,594	$ 7,896	$ 402
Conversion to ordinary shares		$ (200,615)
Re-designation of ordinary shares to Series Pre-A Preferred Shares ( in shares)		(27,343,520)
Ending balance	$ 191,125		$ 199,021	$ 191,125
Ending balance (in shares)	27,343,520		27,343,520	27,343,520

OTHER NON-CURRENT LIABILITIES_6

OTHER NON-CURRENT LIABILITIES - THIRD PARTIES (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023		Dec. 31, 2022
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Warranty provision		$ 11,957	$ 6,539
Nonrelated Party
OTHER NON-CURRENT LIABILITIES - THIRD PARTIES
Deposits from third parties		19,163	19,210		$ 15,824
Conditional and refundable government grants	[1]	77,173	77,654	[2]
Warranty provision		11,957	6,539
Total		$ 108,293	$ 103,403		$ 15,824
[1]The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the unaudited condensed consolidated statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of June 30, 2024, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.[2] The Group was awarded grants from governments and conditional on the operation performance and tax contribution in certain specified regions in the next few years. The government grants have been received and recognized as other non-current liabilities, which will be released to government grants in the consolidated and combined statements of comprehensive loss when the conditions attached for operation performance and tax contribution are satisfied. As of December 31, 2023, the Group estimated that the conditions attached for operation performance and tax contribution would be not probable to be satisfied, thus the Group classify these liabilities as other non-current liabilities.

ORDINARY SHARES (Details)_2

ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Mar. 18, 2022	Nov. 11, 2021	Sep. 24, 2021	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Feb. 22, 2024	Aug. 09, 2021
ORDINARY SHARES
Common stock, authorized price per share		$ 0.00001	$ 50				$ 50
Common shares, shares authorized		5,000,000,000		5,000,000,000	5,000,000,000	5,000,000,000	5,000,000,000
Common shares, par value (in dollars per share)				$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common shares, shares issued				474,621,603	474,621,603	677,231,538
Common shares, shares outstanding				474,621,603	474,621,603	677,231,538
Price per share						$ 11.50
Number of shares redesignated from ordinary shares					5,332,827
Re-designation of ordinary share into preferred shares					$ 23,650
Percentage of equity interest acquired				100%
Series Pre-A Preferred Shares | Pre A Investor B
ORDINARY SHARES
Number of shares redesignated from ordinary shares	5,332,827
Number of per shares redesignated from ordinary shares	$ 4.43
Re-designation of ordinary share into preferred shares	$ 23,650
Geely holding | Lotus Technology International Investment Limited
ORDINARY SHARES
Ownership interest held (as a percent)		100%
Founders Offshore Vehicle
ORDINARY SHARES
Price per share								$ 0.70
Lotus Technology International Investment Limited
ORDINARY SHARES
Price per share		$ 0.70
Percentage of equity interest acquired		100%
WFOE | Geely holding
ORDINARY SHARES
Percentage of equity interest acquired			22.22%
WFOE | Etika
ORDINARY SHARES
Percentage of equity interest acquired			33.33%
Lotus HK
ORDINARY SHARES
Percentage of equity interest acquired		100%

INCOME TAX - Effective income_2

INCOME TAX - Effective income tax reconciliation (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation [Line Items]
Statutory income tax rate	25%	25%	25%	25%	25%
Effective income tax rate	(0.08%)	0.01%
Withholding tax rate			10%
Hong Kong
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate			16.50%
Base assessable profits			$ 2
First HK$2 million of profits, tax rate			8.25%

NET LOSS PER SHARE (Details)_2

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ (459,319)	$ (347,163)	$ (742,001)	$ (723,921)	$ (110,531)
Accretion of redeemable convertible preferred shares	(2,979)	(258)	(15,121)	(910)
Net loss available to ordinary shareholders	$ (462,298)	$ (347,421)	$ (757,122)	$ (724,831)	$ (110,531)
Denominator:
Weighted average number of ordinary shares, basic (in shares)	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Weighted average number of ordinary shares, diluted (in shares)	616,941,673	474,621,603	474,621,603	475,805,054	334,127,181
Net loss per ordinary share attributable to ordinary shareholders - Basic (in dollars per share)	$ (0.75)	$ (0.74)	$ (1.60)	$ (1.52)	$ (0.33)
Net loss per ordinary share attributable to ordinary shareholders - Diluted (in dollars per share)			$ (1.60)	$ (1.52)	$ (0.33)

NET LOSS PER SHARE - Potentia_2

NET LOSS PER SHARE - Potentially Dilutive Securities (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 CNY (¥) shares	Jun. 30, 2023 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	96,880,488	115,137,453	117,751,375	114,926,929	18,507,851
Fixed monetary value used in conversion					¥ 150,000	$ 109,784			$ 21,178
Unvested Earn-out Shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	1,417,544	1,417,544
Redeemable convertible preferred shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		68,228,526	68,228,526	68,228,526
Exchangeable notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		33,675,700	36,709,165	34,459,983	12,547,642
Fixed monetary value used in conversion	¥ 2,400,000		¥ 2,600,000	¥ 2,400,000	¥ 800,000	$ 336,757	$ 367,092	$ 344,600	$ 125,476
Debt instrument conversion price per share | $ / shares							$ 10	$ 10	$ 10
Outstanding share options
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	15,622,994	10,274,118	10,073,233	10,378,710
Outstanding share options		10,274,118	10,073,233	10,378,710
Warrant
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		711,044	711,044	711,044
Outstanding share options		711,044	711,044	711,044
2024 Convertible Notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	16,716,188
2023 Convertible notes
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)		2,248,065	2,029,407
Meritz put option
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	50,000,000
Public Warrants
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	9,054,522
Sponsor Warrants
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)	5,486,784
Series Pre-A Preferred Shares Preferred Shares
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)					5,332,827
Mandatorily redeemable noncontrolling interest
NET LOSS PER SHARE
Anti-dilutive ordinary share equivalents excluded in computation of net loss per share (in shares)				1,148,666	627,382
Fixed monetary value used in conversion				¥ 80,000	¥ 40,000			$ 11,487	$ 6,274
Debt instrument conversion price per share | $ / shares								$ 10	$ 10

REVENUES - Disaggregation of _2

REVENUES - Disaggregation of revenue (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Revenues	$ 398,115	$ 130,035	$ 679,008	$ 9,557	$ 3,687
PRC
REVENUES
Revenues	138,210	93,013	419,448	8,816	3,109
UK
REVENUES
Revenues	69,728	7,396	83,827	437	439
Thailand
REVENUES
Revenues	24,594	248
Malaysia
REVENUES
Revenues	23,652	1,040
Belgium
REVENUES
Revenues	21,155		20,701
Italy
REVENUES
Revenues	17,522		14,650
Japan
REVENUES
Revenues	16,943	16,217	26,390
Germany
REVENUES
Revenues	14,951		15,904
Netherlands
REVENUES
Revenues	11,145		13,729
France
REVENUES
Revenues	10,553		16,341
Others
REVENUES
Revenues	49,662	12,121	47,683	304	139
Goods
REVENUES
Revenues	382,893	124,854	660,158	1,186	369
Goods | Third parties
REVENUES
Revenues	380,563	124,047	656,726	1,163	369
Goods | Related parties
REVENUES
Revenues	2,330	807	3,432	23	0
BEV lifestyle models | Third parties
REVENUES
Revenues	262,849	72,790	464,172
BEV lifestyle models | Related parties
REVENUES
Revenues	535	436	1,093
Sports cars | Third parties
REVENUES
Revenues	102,618	49,146	183,160	828	369
Sports cars | Related parties
REVENUES
Revenues	91		951
Others | Third parties
REVENUES
Revenues	15,096	2,111	9,394	335
Others | Related parties
REVENUES
Revenues	1,704	371	1,388	23
Service
REVENUES
Revenues	15,222	5,181	18,850	8,371	3,318
Service | Third parties
REVENUES
Revenues	4,560	160	6,277	27	38
Service | Related parties
REVENUES
Revenues	10,662	5,021	$ 12,573	$ 8,344	$ 3,280
R&D service | Third parties
REVENUES
Revenues	56
R&D service | Related parties
REVENUES
Revenues	6,366	4,983
Others | Third parties
REVENUES
Revenues	4,504	160
Others | Related parties
REVENUES
Revenues	$ 4,296	$ 38

REVENUES - Contract liabiliti_2

REVENUES - Contract liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Contract liabilities, current	$ 50,054	$ 44,184
Contract liabilities - related parties	11,036	1	$ 8
Contract liabilities, non-current	7,024	6,245
Contract liabilities	68,114	50,430	7,851
Third parties
REVENUES
Contract liabilities, current	50,054	44,184	$ 7,843
Contract liabilities, non-current	$ 7,024	$ 6,245

REVENUES - Narrative (Details_2

REVENUES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Contract liabilities	$ 68,114	$ 50,430	$ 7,851
Contract liabilities, revenue recognized	16,915	5,438
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenues
Transaction price of remaining performance obligation	$ 255,159	$ 333,985
Recognized revenue	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Transaction price of remaining performance obligation	$ 7,045	$ 12,067
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Recognized revenue	1 year	1 year
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenues
Recognized revenue	10 years	10 years

FAIR VALUE MEASUREMENT - Sche_2

FAIR VALUE MEASUREMENT - Schedule of major financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Securities pledged to an investor	$ 310,477
Derivative asset		$ 67	$ 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Prepaid Expense and Other Assets, Current
Liabilities
Warrant Liabilities	5,549
Level 1
Assets
Investment securities	2,168	$ 3,326	8,411
Securities pledged to an investor	310,477
Subtotal	312,645	3,326
Liabilities
Subtotal	3,395
Level 1 | Public Warrants
Liabilities
Warrant Liabilities	3,395
Level 2
Assets
Derivative asset	236	67
Subtotal	236	67
Level 3
Liabilities
Put option liabilities	175,651	11,884
Convertible notes	186,631	101,912	76,770
Exchangeable notes	77,087	454,316	427,112
Subtotal	441,523	568,112
Level 3 | Sponsor Warrants
Liabilities
Warrant Liabilities	2,154
Recurring
Assets
Investment securities	2,168	3,326	8,411
Securities pledged to an investor	310,477
Derivative asset	236	67
Subtotal	312,881	3,393
Liabilities
Put option liabilities	175,651	11,884
Convertible notes	186,631	101,912	76,770
Exchangeable notes	77,087	454,316	$ 427,112
Subtotal	444,918	$ 568,112
Recurring | Public Warrants
Liabilities
Warrant Liabilities	3,395
Recurring | Sponsor Warrants
Liabilities
Warrant Liabilities	$ 2,154

FAIR VALUE MEASUREMENT - Narr_2

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Dec. 21, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENT
Fair value gain (loss) of the financial assets included in earnings			$ 0	$ 1,316	$ 0
Fair value of Group's equity securities			3,326	8,411
Convertible Note
FAIR VALUE MEASUREMENT
Debt instrument amount derecognized	$ 11,316
Level 1 | Equity securities
FAIR VALUE MEASUREMENT
Fair value gain (loss) of the financial assets included in earnings		$ 1,158	1,085
Fair value of Group's equity securities		$ 2,168	$ 3,326	$ 8,411

SHARE-BASED COMPENSATION - Sc_3

SHARE-BASED COMPENSATION - Schedule of share options activities (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Outstanding, Beginning balance	10,073,233	10,378,710	0
Granted	6,184,901	775,561	10,378,710
Forfeited	(635,140)	(1,081,038)
Outstanding, Ending balance	15,622,994	10,073,233	10,378,710
Number of shares, Vested and expected to vest, Ending balance	15,622,994
Number of shares, Exercisable, Ending balance	14,587,728
Weighted average exercise price
Outstanding, Beginning balance	$ 2.89	$ 2.89	$ 0
Granted	2.89	2.89	2.89
Forfeited	2.89	2.89
Outstanding, Ending balance	2.89	2.89	2.89
Weighted average exercise price, Vested and expected to vest, Ending balance	2.89
Weighted average exercise price, Exercisable Ending balance	2.89
Weighted average grant-date fair value
Outstanding, Beginning balance	2.08	1.90	0
Granted	3.20	4.83	1.90
Forfeited	2.21	2.21
Outstanding, Ending balance	2.51	$ 2.08	$ 1.90
Weighted average grant-date fair value, Vested and expected to vest, Ending balance	2.51
Weighted average grant-date fair value, Exercisable Ending balance	$ 2.46
Weighted remaining contractual years
Weighted remaining contractual years	8 years 10 months 9 days	8 years 9 months 25 days
Weighted remaining contractual years, Vested and expected to vest	8 years 10 months 9 days
Weighted remaining contractual years, Exercisable	8 years 10 months 13 days
Aggregate intrinsic value
Outstanding, Beginning balance	$ 60,831
Outstanding, Ending balance	182,813	$ 60,831
Aggregate intrinsic value, Vested and expected to vest	182,813
Aggregate intrinsic value, Exercisable	$ 167,915

SHARE-BASED COMPENSATION - Sc_4

SHARE-BASED COMPENSATION - Schedule of compensation expenses recognized for options (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SHARE-BASED COMPENSATION
Share based compensation expense	$ 35,894	$ 0
Research and development expenses
SHARE-BASED COMPENSATION
Share based compensation expense	19,968
Selling and marketing expenses
SHARE-BASED COMPENSATION
Share based compensation expense	3,252
General and administrative expenses
SHARE-BASED COMPENSATION
Share based compensation expense	$ 12,674

SHARE-BASED COMPENSATION - Sc_5

SHARE-BASED COMPENSATION - Schedule of assumptions of share options granted (Details) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
SHARE-BASED COMPENSATION
Expected dividend yield			0%	0%
Options
SHARE-BASED COMPENSATION
Risk-free interest rate, Minimum	4.46%	3.40%	3.40%	3.71%
Risk-free interest rate, Maximum	4.58%	4.79%	4.79%	4.15%
Expected volatility, Minimum	54.06%	54.06%	54.06%	56.13%
Expected volatility, Maximum	54.57%	54.48%	54.48%	56.32%
Expected dividend yield	0%	0%
Expected terms	10 years	10 years	10 years	10 years
Options | Minimum
SHARE-BASED COMPENSATION
Exercise multiple	2.20	2.20	2.20	2.20
Fair value of underlying ordinary share	$ 5.78	$ 5.91	$ 5.91	$ 3.61
Options | Maximum
SHARE-BASED COMPENSATION
Exercise multiple	2.80	2.80	2.80	2.80
Fair value of underlying ordinary share	$ 9.81	$ 8.93	$ 8.93	$ 4.11

SHARE-BASED COMPENSATION - Na_2

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
SHARE-BASED COMPENSATION
Number of options granted during the period	6,184,901		775,561	10,378,710
Options
SHARE-BASED COMPENSATION
Number of options granted during the period			940,640
Number of shares issued	5,730,859		9,132,593
Unrecognized share-based compensation expense	$ 2,851		$ 18,776
Share-based compensation expense recognized based on period of service	$ 0		$ 16,243
Options | 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Aggregate number of shares that may be issued					51,550,661
Number of options granted during the period	6,184,901	2,691,667	775,561	10,378,710
Share options, contractual term (in years)	10 years		10 years
Number of options that were exercisable			0
Number of share option	0
Options | 2022 Share Incentive Plan | Minimum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	0 years		0 years
Options | 2022 Share Incentive Plan | Maximum
SHARE-BASED COMPENSATION
Vesting period of share options (in years)	3 years		3 years
Options | Employee
SHARE-BASED COMPENSATION
Number of options granted during the period	5,768		0	1,028,126
Fair value of awards recognized as dividends			$ 2,101
Options | Employee | 2022 Share Incentive Plan | Director or Officer
SHARE-BASED COMPENSATION
Number of options granted during the period	0		0
Options | Non employee | 2022 Share Incentive Plan
SHARE-BASED COMPENSATION
Number of options granted during the period	64,229	0	0	312,292

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Purchase commitment (Details) - Purchase commitment related to vehicles, research and development services and other operating expenses - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Less than one year	$ 89,004	$ 179,490
More than one year		2,511
Total	$ 89,004	$ 182,001

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Capital commitment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES.
Less than one year	$ 12,077	$ 59,304
More than one year	9	264
Total	$ 12,086	$ 59,568

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES - Repurchase commitment (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Repurchase obligation under floor financing programs
COMMITMENTS AND CONTINGENCIES
Purchase obligation	$ 21,872

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details) £ in Thousands, $ in Thousands			1 Months Ended	6 Months Ended			12 Months Ended
	May 13, 2022 USD ($)	Dec. 02, 2021 USD ($)	Apr. 30, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				$ 9,590		$ 4,923	$ 11,031		$ 8,036		$ 3,280
Short term lease cost				1,431		2,901	4,288		2,595		847
Loans to related parties				222,865		865
Proceed from settlement of related party loans				140
Interest income on loans due from related parties				8,658		5,848	9,204		12,188		6,219
Payment of lease liabilities				13,522		21,051	34,752	[1]	16,085	[1]	56,024	[1]
Payment by related parties on behalf of the Group				3,316		8,308
Repayment of borrowing from related party									9,844
Lease agreements
RELATED PARTY TRANSACTIONS
Operating lease liabilities-related parties, non current				11,314			12,064
Operating lease liabilities-related parties							840		13
Related party
RELATED PARTY TRANSACTIONS
Cash receipts by related parties on behalf of the Group				809		0	3,695		0		0
Loans to related parties				222,865		865
Proceed from settlement of related party loans				140
Interest income on loans due from related parties				4,472		57
Acquisition of right-of-use assets				0		8
Payment of lease liabilities				828		10
Payment by related parties on behalf of the Group				648		1,405	4,022		244		0
Payment for purchase of a short-term investment	$ 10,000								10,000
Operating lease liabilities-related parties				995			840		13
Related party | Lotus Technology Innovative Limited | Lotus Tech Innovation Centre GmbH
RELATED PARTY TRANSACTIONS
Payment of consideration for acquiring Lotus Tech Innovation Centre GmbH under common control		$ 15,512							15,512
Related party | Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchases							4,022		244		288,948
Related party | Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases				521,836		264,440	852,623		44,347		14,259
Related party | Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases				38,311		40,348	134,721		167,012		47,442
Related party | Payment of deposits
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				1,126
Related party | Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases							11,223		42,798		6,255
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost				474		63	765		347		243
Related party | Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Loans to related parties				0		865	1,227		2,310		0
Proceed from settlement of related party loans			$ 0								140
Interest income on loans due from related parties				69		57	122		24		0
Related party | Unsecured loan from a related party
RELATED PARTY TRANSACTIONS
Repayment of borrowing from related party									10,573
Related party | Lease agreements
RELATED PARTY TRANSACTIONS
Acquisition of right-of-use assets				828		10	12,166		214		1,333
Payment of lease liabilities							269		98		545
Operating lease liabilities-related parties				995			840
Related party | License Agreement | Trademark
RELATED PARTY TRANSACTIONS
Purchase of license											116,041
Related party | Acquisition of distribution right
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right				22,938	£ 18,055		22,296
Related party | Provision of services
RELATED PARTY TRANSACTIONS
Revenues				10,662		5,021	12,573		8,344		3,280
Related party | Sales of goods
RELATED PARTY TRANSACTIONS
Revenues				$ 2,330		$ 807	$ 3,432		$ 23		$ 0
[1] For the years ended December 31, 2023, 2022 and 2021, this amount includes prepayments for land use rights of US $10,900 , nil and US $49,237 , respectively, with lease terms of 40 years to 50 years .

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Significant related party balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Contract liabilities - related parties	$ 11,036	$ 1	$ 8
Operating lease liabilities, current	14,526	16,760
Investment securities - related parties		3,326
Loan receivable from a related party	224,042
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable	19,674	22,430	8,545
Contract liabilities - related parties	11,036	1	8
Prepayments and other current assets	40,381	28,744	8,732
Other non-current assets	2,689	2,706
Accounts payable	413,779	340,419	5,770
Accrued expenses and other current liabilities	230,993	289,845	183,216
Other non-current liabilities	1,548	1,634	1,584
Operating lease liabilities-related parties, current	995	840	13
Operating lease liabilities, non-current	11,314	12,064	170
Investment securities - related parties	2,168	$ 3,326	$ 8,411
Loan receivable from a related party	$ 224,042

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Revenue and Prepayments and other current assets (Details) - USD ($) $ in Thousands				6 Months Ended		12 Months Ended			36 Months Ended
	Mar. 11, 2024	Jan. 01, 2023	May 13, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Apr. 30, 2021
RELATED PARTY TRANSACTIONS
Receipts in advance				$ 68,114		$ 50,430	$ 7,851		$ 50,430
Short term lease cost				1,431	$ 2,901	4,288	2,595	$ 847
Amount paid as deposit for services				1,126
Salary and other expenses paid on behalf of related party				3,316	8,308
Loans to related parties				222,865	865
Interest income				$ 8,658	$ 5,848	$ 9,204	$ 12,188	$ 6,219
Maximum
RELATED PARTY TRANSACTIONS
Interest rate on loan					4.50%	4.50%	4.50%	4.50%
Minimum
RELATED PARTY TRANSACTIONS
Interest rate on loan				3.65%					3.65%
Related party
RELATED PARTY TRANSACTIONS
Accounts Receivable				$ 19,674		$ 22,430	$ 8,545		$ 22,430
Receipts in advance						1	8		1
Cash receipts by related parties on behalf of the Group				809	$ 0	3,695	0	$ 0
Allowance for prepayments and other current assets						23			23
Salary and other expenses paid on behalf of related party				648	1,405	4,022	244	0
Term of loan			1 year
Loans to related parties				222,865	865
Interest income				4,472	57
Related party | Adjusted balance
RELATED PARTY TRANSACTIONS
Allowance for prepayments and other current assets				61		11			11
Related party | General and administrative expenses
RELATED PARTY TRANSACTIONS
Prepayments and other current assets		$ 12		40
Related party | Purchase of Geely License
RELATED PARTY TRANSACTIONS
Purchase cost						4,022	244	288,948
Related party | Purchase of Geely License | Zhejiang Liankong
RELATED PARTY TRANSACTIONS
Purchase cost			$ 288,948
Related party | Salary and other expenses | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				4,110		4,271	244		4,271
Related party | Unsecured loan to a related party
RELATED PARTY TRANSACTIONS
Term of loan	5 years
Loans to related parties				0	865	1,227	2,310	0
Interest rate on loan	6.95%
Interest income				69	57	122	24	0
Loans and Leases Receivable, Related Parties	$ 354,000
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Excluding Accrued Interest	219,644
Outstanding interest income	$ 4,398
Related party | Unsecured loan to a related party | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				3,141		3,010	2,369		3,010	$ 3,010
Related party | pertaining to purchase of vehicles, auto parts and peripheral products | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount receivable from related party included in prepayments and other current assets				33,191		21,404	6,119		21,404
Related party | Purchase of equipment
RELATED PARTY TRANSACTIONS
Purchase cost				2,689		2,706	0
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short term lease cost				474	63	765	347	243
Related party | Provision of services
RELATED PARTY TRANSACTIONS
Revenues				10,662	5,021	12,573	8,344	3,280
Related party | Sales of goods
RELATED PARTY TRANSACTIONS
Revenues				2,330	$ 807	3,432	23	$ 0
Accounts Receivable				19,674		$ 22,430	$ 8,545		$ 22,430
Receipts in advance				$ 11,036

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - Accrued expenses and other current liabilities (Details) ¥ in Thousands, £ in Thousands, $ in Thousands			6 Months Ended				12 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 GBP (£)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Apr. 30, 2022 USD ($)
RELATED PARTY TRANSACTIONS
Amount recorded as inventories			$ 385,200				$ 265,190		$ 22,703
Amounts due to related parties			31,792				25,193		12,523
Short-term lease cost			1,431			$ 2,901	4,288		2,595		$ 847
Acquisition of the distribution right			9,590			4,923	11,031		8,036		3,280
Related party
RELATED PARTY TRANSACTIONS
Cash consideration	$ 22,296	£ 18,055
Accrued expenses and other current liabilities			230,993				289,845		183,216
Related party | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			2,723				1,605		2,952
Distribution agreement amount payable							23,047
Deposits included in other non-current liabilities - related parties			0				23,047
Related party | Purchase of products and services
RELATED PARTY TRANSACTIONS
Purchases			521,836			264,440	852,623		44,347		14,259
Cost of goods sold			326,187			118,714	549,893		839		331
Amount recorded as inventories			15,599				248,331
Related party | Purchase of products and services | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Related parties for purchase			413,779				340,419
Related party | Purchase of products and services | Accounts Payable
RELATED PARTY TRANSACTIONS
Related parties for purchase							340,419		5,770
Related party | Purchase of products and services | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Amount recorded as inventories							27,660		21,880
Related party | Purchase of products and services for R&D activities
RELATED PARTY TRANSACTIONS
Purchases			38,311			40,348	134,721		167,012		47,442
Related party | Purchase of products and services for R&D activities | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			207,487				217,256		162,942
Related party | Purchase of equipment and software
RELATED PARTY TRANSACTIONS
Purchases							11,223		42,798		6,255
Payments of expense by related party on behalf of group			530			3,943
Related party | Purchase of equipment and software | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			4,897				19,786		8,366
Related party | Purchase of R&D equipment and software
RELATED PARTY TRANSACTIONS
Purchases			530			3,943	11,223		42,798		6,255
Related party | Purchase of show cars for exhibition
RELATED PARTY TRANSACTIONS
Deposits received from related party				¥ 0		3		¥ 251		¥ 1,584	0
Deposits included in other non-current liabilities - related parties							1,634					¥ 1,548	¥ 1,634		$ 1,584
Related party | Purchase of show cars for exhibition | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties							168		0			¥ 216		¥ 168
Related party | Staff salary, social welfare and other travel expenses
RELATED PARTY TRANSACTIONS
Payments of expense by related party on behalf of group							14,514		2,952
Related party | Staff salary, social welfare and other travel expenses | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			3,316			8,308	14,514		2,952
Related party | Short-term lease
RELATED PARTY TRANSACTIONS
Short-term lease cost			474			$ 63	765		347		$ 243
Related party | Short-term lease | Accrued expenses and other current liabilities
RELATED PARTY TRANSACTIONS
Amounts due to related parties			71				323		$ 272
Related party | Short-term lease | Prepayments and other current assets
RELATED PARTY TRANSACTIONS
Short-term lease cost			0				82
Related party | Acquisition of distribution right
RELATED PARTY TRANSACTIONS
Acquisition of the distribution right			$ 22,938		£ 18,055		$ 22,296

RELATED PARTY TRANSACTIONS - _5

RELATED PARTY TRANSACTIONS - Additional information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Related Party Transaction, Amounts of Transaction	$ 9,590	$ 4,923	$ 11,031	$ 8,036	$ 3,280
Lease agreements
RELATED PARTY TRANSACTIONS
Operating Lease Liability Lease, Current, Related Parties			840	13
Related party
RELATED PARTY TRANSACTIONS
Operating Lease Liability Lease, Current, Related Parties	$ 995		$ 840	$ 13
Related party | Geely Auto Wuhan Branch and Wuhan Geely Auto Parts
RELATED PARTY TRANSACTIONS
Term of manufacturing agreement	10 years		10 years
Related party | Lease agreements
RELATED PARTY TRANSACTIONS
Operating Lease Liability Lease, Current, Related Parties	$ 995		$ 840
Related party | Service fee for entrusted daily operation and maintenance service | Wuhan Quanqing
RELATED PARTY TRANSACTIONS
Related Party Transaction, Amounts of Transaction	$ 0		$ 0

SUBSEQUENT EVENTS (Details)_2

SUBSEQUENT EVENTS (Details) - Subsequent events - USD ($)	Sep. 19, 2024	Sep. 16, 2024	Aug. 23, 2024
2022 Share Incentive Plan
SUBSEQUENT EVENTS
Number of shares issued			16,000,000
Westwood
SUBSEQUENT EVENTS
Number of shares issued	700,000
Maximum value of shares sold		$ 350,000