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NWTN ANNOUNCES FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2023

DUBAI, UAE, Jan. 5, 2024 /PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN" or the "Company"), today announced its unaudited financial results for the six months ended June 30, 2023. Financial Highlights (all results compared to the same period of prior year period unless otherwise noted) Revenue was $0.6 million, which was nil for the six months ended June 30, 2022. Gross margin was 10.8%, which was nil for the six months ended June 30, 2022. Net loss was $69.8 million, which was $9.2 million for the six months ended June 30, 2022. Inventories amounted to $51.7 million at June 30, 2023, compared to $2.1 million at December 31, 2022. Management Commentary The Company completed the construction of its electric vehicle assembly facility in Khalifa Economic Zones Abu Dhabi ("KEZAD") at the end of 2022 and obtained production and sales licenses from Abu Dhabi Emirate in early 2023. Subsequently, the KEZAD plant received certifications of ISO 9001, ISO 14001, and ISO 45001. During the six months ended June 30, 2023, the Company delivered ten vehicles to one customer. The Company has continued to systematically upgrade its production facility to expand its capacity and to train its production employees to ensure quality control. The Company has passed the Gulf Standardization Organization certification, accomplished Production License Certification of Ministry of Industry and Advanced Technology of the UAE, and attained the "Made in the Emirates" mark during the second half of 2023. The construction of the Company's parts and supply chain facility in Jinhua, Zhejiang, China was essentially done by the end of 2023. Factory staff have been recruited and are currently under extensive training. The Company continues to invest significantly in R&D, particularly in developing its premium flagship Smart Passenger Vehicle, the MUSE. As previously disclosed, NWTN entered a share subscription agreement (the "Share Subscription Agreement") with China Evergrande New Energy Vehicle Group Limited ("CENEV"), a company listed on the Hong Kong Stock Exchange (HKEX: 0708). On September 28, 2023, CENEV announced that trading of its ordinary shares on the Hong Kong Stock Exchange was suspended. On September 29, 2023, NWTN delivered a letter to CENEV notifying thin NWTN has suspended the performance of its obligations due to significant uncertainties on the likelihood of CENEV's being able to meet various closing conditions under the Share Subscription Agreement. On December 31, 2023, the Company delivered notice to CENEV that that the Company was exercising its right to terminate the Share Subscription Agreement because the conditions to closing had not been satisfied or waived by December 31, 2023. Results of Operations The following tables set forth a summary of the Company's unaudited condensed consolidated results of operations for the periods presented. The operating results in any period are not necessarily indicative of the results that may be expected for any future period. For the Six Months Ended June 30, 2023 2022 (Unaudited) (In USD in thousands) Net revenue $ 583 $ - Cost of revenues (520) - Gross profit 63 - Operating expenses: General and administrative expenses (34,325) (3,809) Selling expenses (1,224) - Research and development expenses (12,818) (4,282) Total operating expenses (48,367) (8,091) Loss from operations (48,304) (8,091) Other loss, net: Other income (expenses), net 1,148 (333) Loss on contingency (23,011) - Interest income (expenses), net 631 (814) Changes in fair value of derivative warrant liabilities (2) - Investment loss (217) - Total other loss (21,451) (1,147) Loss before income tax provision (69,755) (9,238) Income tax provision - - Net loss $ (69,755) $ (9,238) Net Revenue Net revenue for the six months ended June 30, 2023 was US$0.6 million. The Company was in the development phase of its electric vehicles and did not record revenues for the six months ended June 30, 2022. Cost of Revenues The Company recognized cost of revenue of US$0.5 million and nil for the six months ended June 30, 2023 and 2022, respectively. General and Administrative Expenses The Company's general and administrative expenses increased by approximately 801% from US$3.8 million for the six months ended June 30, 2022 to US$34.3 million for the six months ended June 30, 2023, primarily attributable to an increase of US$11.7 million in share-based compensation expense, an increase of US$6.4 million in professional expenses, an increase of US$3.4 million in payroll expenses, and an increase of US$3.2 million in directors' and officers' insurance expenses as a result of business expansion. Selling Expenses Selling expenses incurred for the six months ended June 30, 2023 were approximately US$1.2 million compared to nil for the six months ended June 30, 2022, which primarily consisted of expenses for marketing and promotional activities. Research and Development Expenses The Company's research and development expenses significantly increased by approximately 199% from US$4.3 million for the six months ended June 30, 2022 to US$12.8 million for the six months ended June 30, 2023, primarily due to higher expenses related to vehicle development, as well as an increase in R&D-related payroll expenses resulted from an increase in R&D headcount during the period. Loss from Operations As a result of the foregoing, the Company's loss from operations increased by approximately 497% from US$8.1 million for the six months ended June 30, 2022 to US$48.3 million for the six months ended June 30, 2023. Other Income (Expenses), Net The Company incurred other income, net of US$1.1 million for the six months ended June 30, 2023, which consisted primarily of a government subsidy of US$1.5 million during the six months ended June 30, 2023. The Company incurred other expenses, net of US$0.3 million for the six months ended June 30, 2022, which consisted primarily of interest accrued by the Company in arrears on the enforcement payment which is due by the Company pursuant to the judgement in respect of actions brought by the Company's suppliers against the Company for outstanding payments. Loss on Contingency The Company incurred loss on contingency of US$23.0 million due to an indemnification in connection with an ongoing lawsuit during the six months ended June 30, 2023. No loss on contingency was accrued for the six months ended June 30, 2022. Interest Income (Expenses), Net Interest income, net was US$0.6 million for the six months ended June 30, 2023, which consisted primarily of interest earned on cash deposits in banks for the six months ended June 30, 2023. Interest expenses, net was US$0.8 million for the six months ended June 30, 2022, which consisted primarily of interest accrued by the Company in arrears on various loans. Net Loss As a result of the foregoing, the Company incurred a net loss of US$69.8 million and US$9.2 million for the six months ended June 30, 2023 and 2022, respectively, representing an increase in net loss of approximately 655%. Liquidity As of June 30, 2023, the Company had cash and cash equivalents and restricted cash of a total of US$73.5 million. The Company's restricted cash, which amounted to US$0.2 million as of June 30, 2023, primarily represents bank deposits due to legal disputes. The Company's net cash flow used in operating activities for the six months ended June 30, 2023 was US$129.7 million. The Company's principal source of cash came from PIPE investors. Most of its cash resources were used to payment to related parties, payment to suppliers, the procurement of vehicles, the procurement of equipment and property, and payments for payroll and rental expenses, etc. The Company believe that its current cash and cash equivalents and its anticipated cash flows from operations will be sufficient to meet its anticipated working capital requirements, capital expenditures and debt repayment obligations for at least the next 12 months from the date of the issuance of the condensed consolidated financial statements. If the Company fails to achieve the anticipated cash flows from operation, the Company may need additional financing to execute its business plan or execute certain policies to controlling expenditures and optimizing operational efficiency to improve the Company's cash flow from operations. About NWTN NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide. Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi. NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy. In addition to the offering of new energy vehicles, NWTN is exploring opportunities in the entire clean energy value chain, including photovoltaics, green hydrogen power and energy storage in the UAE, the Middle East, North Africa, China, other Asian countries, and Europe. For further information, please visit: https://www.nwtnmotors.com. Exchange Rate This press release contains translations of certain Chinese Renminbi ("RMB") and United Arab Emirates Dirham ("AED") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the readers. Unless otherwise stated, for the items in balance sheets, all translations from RMB and AED to US$ were made at the rate of RMB7.2513 to US$1.00 and AED3.6731 to US$1.00, and for the items in statements of operations and comprehensive loss, at the rate of RMB6.9283 to US$1.00 and AED3.6733 to US$1.00, the exchange rate in effect as of June 30, 2023, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB, AED or US$ amounts referred could be converted into each other, as the case may be, at any particular rate or at all. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they may discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Forward-looking statements are predictions, projections and other statements about future events (including, without limitation, the Company's goals and strategies and its future business development) that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ significantly from those set forth or implied in the forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in NWTN's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for NWTN to predict those events or how they may affect NWTN. If a change to the events and circumstances reflected in NWTN's forward-looking statements occurs, NWTN's business, financial condition and operating results may vary materially from those expressed in NWTN's forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and NWTN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. NWTN INC. INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONTENTS PAGE(S) CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022 F-2 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 F-3 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY/(DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 F-4 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 F-5 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS F-6 F-1 NWTN INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) As of June 30, December 31, 2023 2022 (Unaudited) Assets Current assets: Cash and cash equivalents $ 73,292 $ 211,864 Restricted cash 165 146 Advance to suppliers 10,423 1,440 Inventories 51,729 2,107 Prepaid expenses and other current assets 54,743 24,722 Amounts due from related parties 320 - Total current assets 190,672 240,279 Non-current assets: Property and equipment, net 3,073 1,705 Intangible assets, net 43 7 Operating lease right-of-use asset 4,936 5,329 PIPE escrow account 100,000 100,000 Long-term investments 2,539 2,887 Total non-current assets 110,591 109,928 TOTAL ASSETS $ 301,263 $ 350,207 Liabilities Current liabilities: Accounts payable 6,896 4,955 Advance from customers 306 - Loans from a third party 15,997 16,818 Warrant liabilities 502 500 Amounts due to related parties 648 5,799 Accrued expenses and other current liabilities 47,104 33,511 Lease liabilities, current 1,445 1,550 Total current liabilities 72,898 63,133 Non-current liabilities: Amounts due to a related party, non-current 4,682 4,922 Lease liabilities, non-current 3,589 3,921 Total non-current liabilities 8,271 8,843 TOTAL LIABILITIES 81,169 71,976 Shareholders' equity Class A Ordinary shares (par value of US$0.0001 per share; 100,000,000 and100,000,000 Class A Ordinary Shares authorized, as of June 30, 2023 andDecember 31, 2022, respectively; 32,715,010 and 32,715,010 Class A OrdinaryShares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) 3 3 Class B Ordinary Shares (par value of US$0.0001 per share; 400,000,000 and400,000,000 Class B Ordinary Shares authorized, as of June 30, 2023 andDecember 31, 2022, respectively; 253,471,511 and 253,470,511 Class BOrdinary Shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) 25 25 Subscription receivables - (576) Additional paid-in capital 587,952 576,271 Accumulated deficit (360,791) (292,235) Accumulated other comprehensive loss (3,598) (2,685) NWTN Shareholders' equity 223,591 280,803 Non-controlling interests (3,497) (2,572) Total Shareholders' equity 220,094 278,231 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 301,263 $ 350,207 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-2 NWTN INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) For the six months endedJune 30, 2023 2022 (Unaudited) Net revenue $ 583 $ - Cost of revenues (520) - Gross profit 63 - Operating expenses: General and administrative expenses (34,325) (3,809) Selling expenses (1,224) - Research and development expenses (12,818) (4,282) Total operating expenses (48,367) (8,091) Loss from operations (48,304) (8,091) Other loss, net: Other income/(expenses), net 1,148 (333) Loss on contingency (23,011) - Interest income (expenses), net 631 (814) Changes in fair value of derivative warrant liabilities (2) - Investment loss (217) - Total other loss (21,451) (1,147) Loss before income tax provision (69,755) (9,238) Income tax provision - - Net loss $ (69,755) $ (9,238) Less: Net loss contributed to noncontrolling interests from continuing operations (1,199) (268) Net loss attributable to shareholders (68,556) (8,970) Other comprehensive loss Foreign currency translation (loss) gain (639) 2,972 Total comprehensive loss $ (70,394) $ (6,266) Loss per ordinary share attributable to shareholders Basic and Diluted (0.24) (0.04) Weighted average number of ordinary shares outstanding Basic and Diluted 286,186,007 240,029,717 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-3 NWTN INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY/(DEFICIT) (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) Class A Ordinary Shares Class B Ordinary Shares Subscription Additionalpaid-in Accumulated Accumulatedothercomprehensive TotalCompany's Non-controlling Totalshareholders' Share Amount Share Amount receivables capital deficit income (deficit)/equity interests (deficit)/equity USD USD USD USD USD USD USD USD USD Balance as of December 31, 2021 32,715,010 $ 3 207,314,707 $ 21 $ (3) $ 208,989 $ (251,515) $ (10,036) $ (52,541) $ (2,947) $ (55,488) Net loss - - - - - - (8,970) - (8,970) (268) (9,238) Foreign currency translation - - - - - - - 2,871 2,871 101 2,972 Shareholder contribution - - - - 3 - - - 3 - 3 Acquisition of an NCI - - (10) - - (10) 10 - Balance as of June 30, 2022 32,715,010 $ 3 207,314,707 $ 21 $ -- $ 208,979 $ (260,485) $ (7,165) $ (58,647) $ (3,104) $ (61,751) Balance as of December 31, 2022 32,715,010 $ 3 253,470,511 $ 25 $ (576) $ 576,271 $ (292,235) $ (2,685) $ 280,803 $ (2,572) $ 278,231 Net loss - - - - - - (68,556) - (68,556) (1,199) (69,755) Foreign currency translation - - - - - - - (913) (913) 274 (639) Exercise of warrants to ordinary shares - - 1,000 - 576 12 - - 588 - 588 Share-based compensation - - - - - 11,669 - - 11,669 - 11,669 Balance as of June 30, 2023 32,715,010 $ 3 253,471,511 $ 25 $ - $ 587,952 $ (360,791) $ (3,598) $ 223,591 $ (3,497) $ 220,094 * Shares are related to the reverse recapitalization for the business combination and reorganization for the founding shareholders are presented on a retroactive basis to reflect both the reverse recapitalization and the reorganization. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-4 NWTN INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In U.S. dollars in thousands, except for share and per share data, or otherwise noted) For the six months endedJune 30, 2023 2022 (Unaudited) Net cash (used in)/provided by operating activities $ (129,732) $ 1,764 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (1,949) - Purchases of intangible asset (40) - Loan to a related party (2,371) - Net cash used in investing activities (4,360) - CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of warrants 588 - Repayments loan to a related party (3,037) (3,174) Convertible bond received from a third party - 2,315 Payments of a promissory note - (568) Proceeds from issuance of ordinary shares - 3 Net cash used in financing activities (2,449) (1,424) Effect of exchange rate changes (2,012) (59) Net (decrease)/increase in cash and cash equivalents (138,553) 281 Cash and cash equivalents and restricted cash, at beginning of the period 212,010 60 Cash and cash equivalents and restricted cash, at end of the period $ 73,457 $ 341 SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW INFORMATION: Repayments of Magic loan by Mr. Alan Nan Wu $ - $ 3,467 The Group's claim on Tianjin Tuoda transferred to Mr. Alan Nan Wu $ (1,628) $ - SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ - $ 87 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-5 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 1. ORGANIZATION AND PRINCIPAL ACTIVITIES ICONIQ HOLDING LIMITED ("ICONIQ") was incorporated under the laws of the Cayman Islands on March 11, 2021 as an exempted company with limited liability. On April 15, 2022, ICONIQ entered into a business combination agreement, as amended on September 28, 2022 (the "Business Combination Agreement"), with (i) East Stone Acquisition Corporation, a British Virgin Islands business company ("East Stone"), (ii) Navy Sail International Limited, a British Virgin Islands company, in the capacity as the representative of East Stone and the shareholders of East Stone immediately prior to Closing (as defined below) from and after the Closing, (iii) NWTN Inc. ("NWTN," the "Company" or "Pubco"), an exempted company incorporated with limited liability in the Cayman Islands, (iv) Muse Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of the Pubco (the "First Merger Sub"), and (v) Muse Merger Sub II Limited, a British Virgin Islands business company and a wholly-owned subsidiary of Pubco (the "Second Merger Sub"). Pursuant to the Business Combination Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Business Combination Agreement (the "Closing"), (a) the First Merger Sub will merge with and into the Company (the "First Merger"), with the Company surviving the First Merger as a wholly-owned subsidiary of Pubco and the outstanding shares of the Company being converted into the right to receive shares of Pubco; and (b) the Second Merger Sub will merge with and into East Stone (the "Second Merger", and together with the First Merger, the "Mergers"), with East Stone surviving the Second Merger as a wholly-owned subsidiary of the Pubco and the outstanding securities of East Stone being converted into the right to receive substantially equivalent securities of the Pubco (the Mergers together with the other transactions contemplated by the Business Combination Agreement and other ancillary documents, the "Transactions"). The Company and its subsidiaries primarily engage in smart electric vehicles design and development through its direct or indirectly owned subsidiaries (collectively, the "Group") in the People's Republic of China ("PRC" or "China"). Reverse recapitalization On November 11, 2022 (the "Closing Date"), East Stone and NWTN consummated the closing of the Transactions, following the approval at a special meeting of the shareholders of East Stone on November 10, 2022. Following the consummation of the Transactions, ICONIQ became a wholly-owned subsidiary of NWTN and the outstanding shares of ICONIQ were converted into the right to receive shares of NWTN, ICONIQ was determined to be the accounting acquirer given ICONIQ effectively controlled the combined entity after the Transactions. The Transactions are not a business combination because East Stone was not a business. The Transactions are accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by ICONIQ for the net monetary assets of the Company, accompanied by a recapitalization. ICONIQ is determined as the accounting acquirer and the historical financial statements of ICONIQ became the Company's historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. All of the Class A ordinary shares of ICONIQ that were issued and outstanding immediately prior to the First Merger were cancelled and converted into an aggregate of 32,715,010 Pubco Class A ordinary shares (the "Pubco Class A Ordinary Shares"). All of the Class B ordinary shares of ICONIQ that were issued and outstanding immediately prior to the First Merger were cancelled and converted into an aggregate of 207,314,707 Pubco Class B ordinary shares (the "Pubco Class B Ordinary Shares"), which has been restated retrospectively to reflect the equity structure of the Company. Loss per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding multiplied by the exchange ratio. The par value of ordinary shares remained US$0.0001, and the difference of US$10 was adjusted retrospectively as additional paid-in capital as of December 31, 2022. The unaudited condensed consolidated statements of changes in shareholders' deficit for the six months ended June 30, 2022 were adjusted retrospectively to reflect these changes. The weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - basic and diluted was adjusted retrospectively from 335,164,567 to 240,029,717 for the six months ended June 30, 2022. F-6 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 1. ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.) History of the Group and Reorganization The Company commenced its operations through Tianjin Tianqi Group Co., Ltd ("Tianqi Group") in 2017. The Group completed a reorganization (the "Reorganization") on January 19, 2022, which involved the following steps: Formation of ICONIQ, ICONIQ Motors Limited, ICONIQ Global Limited, ICONIQ (Tianjin) Investment Co. Ltd ("WFOE"), ICONIQ Green Technology FZCO ("FZCO"), ICONIQ (Tianjin) Motors Ltd. and WFOE obtaining 94.66% of the equity interests of Tianqi Group by increasing in the registered capital of Tianqi Group (the "Capital Increase"). The shareholders and their respective equity interests in the entities remain similar immediately before and after the capital injection in Tianqi Group. Accordingly, the Reorganization has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. As of June 30, 2023, the details of the Company's subsidiaries are as follows. Name Date ofIncorporation Place of incorporation Percentage of ownership Principal Activities ICONIQ March 11, 2021 Cayman Islands 100 % Investment holding NWTN Global Energy Co. LTD April 18, 2023 Hong Kong 100 % Business management NWTN Green Energy Co. for Managing Office Ltd May 31, 2023 Dubai 100 % Business management NWTN General Trading Sole Proprietary LLC February 23, 2023 Dubai 100 % General trading FZCO March 22, 2022 Dubai 100 % Business management, operations, commercialization NWTN Technology USA INC. October 20, 2022 USA 100 % Investment holding NWTN Automobile Cars Trading Sole Proprietary LLC ("Cars Trading") February 23, 2023 Dubai 100 % Vehicle wholesale and retail NWTN Technologies Industries Solo Proprietorship L.L.C. November 22, 2022 Dubai 100 % Business management, operations, commercialization ICONIQ Motors Limited March 24, 2021 British Virgin Islands 100 % Investment holding ICONIQ Global Limited April 28, 2021 Hong Kong 100 % Investment holding Suez Top Ventures Limited November 25, 2021 Hong Kong 100 % Investment holding ICONIQ (Tianjin) Investment Co. Ltd ("WFOE") July 15, 2021 PRC 100 % Investment holding ICONIQ (Tianjin) Motors Co., Ltd. August 11, 2021 PRC 100 % Investment holding NWTN (Zhejiang) Motors Limited("NWTN Zhejiang") June 14, 2022 PRC 100 % Business management, operations, commercialization NWTN Smart Motors (Shenzhen) New Technology Limited December 30, 2022 PRC 100 % Technology development Tianjin Automotive Group Co. Ltd September 5, 2016 PRC 95.87 % Design and technology development Shanghai Zunyu Automobile Sales Co., Ltd. ("Shanghai Zunyu") December 27, 2014 PRC 95.87 % Vehicle wholesale and retail Shanghai ICONIQ New Energy Development Co., Ltd. ("Shanghai ICONIQ") April 25, 2014 PRC 95.87 % Technology development Tianjin Tianqi Automobile New Energy Co., Ltd. ("Tianjin Tianqi") December 7, 2018 PRC 95.87 % Technology development East Stone August 9, 2018 BVI 100 % Investment holding F-7 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 2. LIQUIDITY As of June 30, 2023, the Group had cash and cash equivalents and restricted cash of a total of US$73.5 million. The Group's restricted cash, which amounted to US$0.2 million as of June 30, 2023, primarily represents bank deposits due to legal disputes. The Group's net cash flow used in operating activities for the six months ended June 30, 2023 was US$129.7 million. The Group's principal source of cash came from PIPE investors. Most of the cash resources were used to payment to related parties, payment to suppliers, the procurement of vehicles, the procurement of equipment and property, and payments for payroll and rental expenses, etc. The Group believe that its current cash and cash equivalents and its anticipated cash flows from operations will be sufficient to meet the anticipated working capital requirements, capital expenditures and debt repayment obligations for at least the next 12 months from the date of the issuance of the condensed consolidated financial statements. If the Group fails to achieve the anticipated cash flows from operation, the Group may need additional financing to execute its business plan or execute certain policies to controlling expenditures and optimizing operational efficiency to improve the Group's cash flow from operations. The Group's condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of such uncertainties. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation and principles of consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in conformity with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these statements should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2022 and 2021. In the opinion of the management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared using the same accounting policies as used in the preparation of the Company's consolidated financial statements for the year ended December 31, 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results for the full year. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. A non-controlling interest is recognized to reflect the portion of the subsidiaries' equity which is not attributable, directly or indirectly, to the Group. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheet and net income and other comprehensive income are attributed to controlling and non-controlling interests respectively. (b) Use of estimates 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 balance sheet date, and the reported revenues and expenses during the reported periods in the unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, assessment for impairment of long-lived assets and intangible assets, provision for doubtful accounts, warrant liabilities as well as the realization of deferred income tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements. (c) Inventories Inventories, consisting of smart electric vehicles and auto parts purchased by the company, are stated at the lower of cost or net realizable value, with net realized value represented by estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged products, which is dependent upon factors such as historical and forecasted consumer demand. No inventory write-down was recorded for the six months ended June 30, 2022 and 2023. F-8 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (d) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows: Category Estimateduseful lives Electronic equipment 5 years Vehicles 5 years Production facilities 10 years Battery and charging swap infrastructure 5 years Furniture 5 years Leasehold improvement 20 years Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income. (e) Impairment of long-lived assets The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. (f) Fair value measurement Accounting guidance defines fair value as 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. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that 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. F-9 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, amounts due from related parties, advance to suppliers, other receivables included in prepaid expenses and other current assets, long-term investment, accounts payable, loan from a third party, warrant liabilities, amounts due to related parties, other payables included in accrued expenses and other current liabilities. Warrant liabilities and equity investments were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Group's non-financial assets, such as property and equipment as well as intangible assets, would be remeasured at fair value only if they were determined to be impaired. The following table details the fair value measurements of liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of June 30, 2023 and December 31, 2022. Fair Value Measurement using Level 1 Level 2 Level 3 Total fairvalue Warrant liabilities: As of June 30, 2023 $ - $ - $ 502 $ 502 As of December 31, 2022 $ - $ - $ 500 $ 500 The fair value of the Private Warrants (defined below) and the Representative Warrants (defined below) is considered a Level 3 valuation and is determined using the Black-Scholes valuation model. As of June 30, 2023, the fair value of the Private Warrants and the Representative Warrants were US$0.58 and US$0.58 per share, with an exercise price of US$11.50 and US$12.00 per share, respectively. The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows: PrivateWarrants RepresentativeWarrants Fair value as of December 31, 2022 101 399 Change in fair value 1 1 Fair value as of June 30, 2023 102 400 The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows: RepresentativeWarrantsoutstanding as ofJune 30,2023 Private Warrantsoutstandingas ofJune 30,2023 Expected term (in years) 1.55 4.37 Volatility 0.00 % 0.00 % Risk-free interest rate 4.87 % 4.16 % Dividend yield 0.00 % 0.00 % F-10 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (g) Warrants The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. Management evaluates all of its financial instruments, including issued warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. In accordance with ASC 825-10 "Financial Instruments", offering costs attributable to the issuance of the warrant liabilities are recognized in the consolidate statement of operations as incurred. The Group issued 350,000 private warrants ("Private Warrants"), 690,000 representative warrants ("Representative Warrant") and 13,800,000 public warrants ("Public Warrants") in connection with its Transactions. The Public Warrants met the criteria for equity classification and are recorded as additional paid-in capital on the Consolidated Balance Sheet at the completion of the Business Combination. The Private Warrants contain exercise and settlement features that may change with a change in the holder, which precludes the Private Warrants from being indexed to the Company's own stock. For Representative Warrants, net cash settlement is assumed under ASC 815-40 as the Company is required to deliver registered shares to the purchasers of Representative Warrants. Therefore, both the Private Warrants and the Representative Warrants are recognized as derivative liabilities on the Consolidated Balance Sheet at fair value, with subsequent changes in fair value recognized in the Consolidated Statement of Operations and Comprehensive Loss at each reporting date until exercised. (h) Commitments and contingencies In the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter. (i) Revenue recognition The Group's revenues are generated from sales of smart electric vehicles. The Group recognizes revenues pursuant to ASC 606, Revenue from Contracts with Customers ("ASC 606"). In accordance with ASC 606, revenues from contracts with customers are recognized when control of the promised smart electric vehicles is transferred to the Group's customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those products net of business tax and value added tax. Revenue recognition policy for the revenue stream is as follows: Sales of smart electric vehicles The Group generates revenue from sales of smart electric vehicles through purchase orders. The Group identified only one performance obligation to provide customers with vehicles, at a fixed price stated in the purchase orders. Full prepayment is required before or upon the Group's delivery of the vehicles. Revenue is recognized at a point of time upon the customer's acceptance of the smart electric vehicles. The Group is deemed as the principal, recognizing revenue on a gross basis as the Group the Group is primary responsible for fulfilling the contract, bears the inventory risk, and has the discretion in establishing the sales price. In the normal course of business, the Group's warranties are required by the law and related to the risk of purchasing defective products. In addition, the Group would not sell a warranty separately. Accordingly, warranty costs are treated as a cost of fulfillment subject to accrual, rather than a performance obligation. The Group recognize the warranty when actual repair or replacement incur as the amount of loss cannot be reasonably estimated due to the very short experience in sales of vehicles. F-11 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (j) Share-based compensation Share-based compensation expense arises from the contingent payment of issuing Class A ordinary shares as contemplated by the Business Combination Agreement. Share-based compensation expense is recognized using the straight-line method over the vested period. All the Group's grants of share-based awards were classified as equity awards and are recognized in the financial statements based on their grant date fair values using quoted market price. (k) Income taxes The Group accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Group's operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100,000 (US$14,537). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group did not accrue income tax payable for the six months ended June 30, 2023 and 2022. The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2023 and 2022, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. (l) Foreign currency transactions and translations The functional and reporting currency of the Company is the United States Dollar ("US$"). The Company's operating subsidiaries in China, Dubai and the United States use their respective currencies Renminbi ("RMB"), United Arab Emirates Dirham ("AED"), and US$ as their functional currencies. The results of operations and the unaudited condensed consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the unaudited condensed consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the unaudited condensed consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive loss included in unaudited condensed consolidated statements of changes in shareholders' equity/(deficit). Gains and losses from foreign currency transactions are included in the results of operations. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements: As of June 30, As of December 31 Balance sheet items, except for equity accounts 2023 2022 US$ against RMB 7.2513 6.8972 US$ against AED 3.6731 3.6722 F-12 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) For the six months endedJune 30, Items in the statements of operations and comprehensive loss, and statements of cash flows 2023 2022 US$ against RMB 6.9283 6.4791 US$ against AED 3.6733 Not applicable No representation is made that the RMB and AED amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. (m) Loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic loss per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such share would be anti-dilutive. (n) Segment reporting The Group uses the management approach in determining its operating segments. The Group's chief operating decision maker ("CODM") identified as the Group's Chief Executive Officer, relies upon the consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Group. As a result of the assessment made by CODM, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. Geographic information The majority of the Group's long-lived assets other than financial instruments, including Property and equipment, net, Intangible assets, net, Operating lease right-of-use asset, net, PIPE escrow account and Long-term investments as of June 30, 2023 and December 31, 2022, were located in the Mainland China, the United States, the United Arab Emirates. The following table sets forth the disaggregation of the Groups long-lived assets by geographic area: As of June 30,2023 December 31,2022 (Unaudited) The United States $ 100,258 $ 100,293 The United Arab Emirates 5,850 5,484 Mainland China 4,483 4,151 Total $ 110,591 $ 109,928 F-13 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) (o) Recent accounting pronouncements The Group is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses", which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Group have adopted ASU 2016-13 from January 1, 2023. The Company evaluated that the impact of the adoption of this ASU on the Company's unaudited condensed consolidated financial statements was immaterial. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. 4. INVENTORIES Inventories consisted of the following: As of June 30,2023 December 31,2022 (Unaudited) Smart electric vehicles $ 50,118 $ 2,107 Auto parts and other materials 1,611 - Total $ 51,729 $ 2,107 No inventory write-down was recorded for the six months ended June 30, 2023 and 2022. 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets, consisted of the following: As of June 30, 2023 December 31, 2022 (Unaudited) Prepaid expenses (i) $ 22,634 $ 9,062 Amounts due from an export agent (ii) 18,425 - Loan to third parties (ii) 7,000 7,000 Deposit 1,797 1,495 Deductible input VAT 2,620 1,186 Advance to a third-party individual (iii) 1,732 2,000 Advance to staff for business operations and travels 487 165 Receivable from a third party (iv) - 3,800 Others 48 14 Total $ 54,743 $ 24,722 (i) Prepaid expenses primarily consisted of directors' and officers' insurance expenses to be amortized within a year and prepaid commission expenses for financing and marketing services, advance payment for the potential investment or acquisition as of June 30, 2023 and December 31, 2022. F-14 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS (cont.) (ii) In April 2023, NWTN Zhejiang entered into a vehicle sales agreement with Jizhida'an (Jinhua) Technology Co., Ltd (the "Jizhida'an"), pursuant to which the vehicles being sold would be transferred to China National Vehicles IMP. & EXP. Co., Ltd, a third party export agent (the "Vehicles IMP. & EXP"), and be purchased by FZCO through another vehicle sales agreement. These sales agreements were procedural in nature, in order to facilitate the process of vehicles exportation from Mainland China to the Group's factory in the UAE. In this regard, the Group did not recognize revenue or cost. In addition, the transaction price would be separately settled under each agreement, therefore, the Group recognized the receivables from Jizhida'an in prepaid expenses and other current assets and payables to Vehicles IMP. & EXP in accrued expenses and other current liabilities. (ii) In November and December 2022, the Group provided an interest-free loan of US$6.0 million to a third party, and an interest-free loan of US$1.0 million to a shareholder who held a 4.3% equity interests in NWTN as of June 30, 2023, respectively, for their ordinary operations. These loans would be due in October through December 2023 but extended for up to another 12 months. (iii) In November 2022, the Group engaged a shareholder, who held a 0.4% equity interest of NWTN as of June 30, 2023 and is experienced in investing and financing for investment and financing consulting, for the period from January 2023 to January 2024. In November 2022, the Group paid an amount of US$2 million to this individual as prepayment, which would be expensed as the services are provided to the Group. During the six months ended June 30, 2023, the Group recognized consulting expenses of US$268. (iv) In December 2022, the Group engaged a third party for marketing services with a total consideration of US$6.0 million. The Group mistakenly prepaid US$3.8 million of the consideration to another third party due to a clerical error, which amount was fully collected by the Group in January 2023. As of June 30, 2023, this consideration was included in prepaid expenses with the amount of US$3.8 million as the expense did not incur. The Group did not record bad debt expense for the six months ended June 30, 2023 and 2022. 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net, consisted of the following: As of June 30,2023 December 31, 2022 (Unaudited) Vehicles $ 834 $ 515 Electronic equipment 486 178 Production facilities 1,201 377 Battery and charging swap infrastructure 106 67 Furniture 384 46 Leasehold improvement 248 - Construction in process 64 602 Less: accumulated depreciation (250) (80) Property and equipment, net $ 3,073 $ 1,705 Depreciation expenses were US$174 and US$7 for the six months ended June 30, 2023 and 2022, respectively. F-15 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 7. PIPE ESCROW ACCOUNT In September 2022, NWTN and Al Ataa Investment LLC ("PIPE Investor" or the "Pledgee"), a company incorporated in Abu Dhabi Global Market entered into a PIPE Subscription Agreement for PIPE Investor investing US$200 million into NWTN. Following the execution of PIPE Subscription Agreement, in September 2022, seven shareholders of ICONIQ ("Pledgor"), and PIPE Investor entered into a cash pledge agreement (the "Cash Pledge Agreement"). The Cash Pledge Agreement shall take effect and shall expire two years from November 14, 2023, the date the Pledgee transfers the full amount of US$200 million into NWTN. Pursuant to the Cash Pledge Agreement, the Pledgor agreed to pledge as following: (a) To cover Pledgee's PIPE investment in NWTN by reimbursing the Pledgee the difference between the sales price of Pledgee's NWTN stocks in open market and the US$10.26 book value of Pledgee's holding shares, if the sales price is lower than the US$10.26 book value, for a period of 24 months. (b) To award Pledgee's PIPE investment in NWTN by guaranteeing the Pledgee a minimum 15% annual return on its remaining holding of NWTN shares for a period of 24 months, to be paid on a semi-annual basis. In the event of an investment exit by the Pledgee, any accrued annual 15% return payments must be paid to the Pledgee calculated up to the exit date. In addition, NWTN, FIRST ABU DHABI BANK PJSC (the "Escrow Agent"), and an affiliate entity of PIPE Investor entered into an Escrow Agreement. Pursuant to the Escrow Agreement, NWTN should open an account (the "Escrow Account") and credit the sum of US$100 million (the "Escrow Amount") into the Escrow Account as cash pledge for the disbursements stated in the agreements. Pledgor is the obligator of the following disbursements, if any. Key terms of Escrow Agreement were as follows: (a) Escrow Account is a non-interest-bearing account. (b) Escrow Amount would be transferred a minimum 15% annual return to PIPE Investor on PIPE Investor's holding of NWTN's ordinary shares for a period of 24 months, to be disbursed on semi-annual basis. In the event of an investment exit by PIPE Investor, any accrued annual 15% return payments must be paid to the PIPE Investor calculated up to the exit date. (c) NWTN's market share price (VWAP of 10 days,1 month, 3 months) and PIPE Investor's share selling plan for the following 6 months, if any, is to be evaluated on a quarterly basis. At times of market price of NWTN's shares drop below US$10.26 and the total difference between market price and US$10.26 (plus the shortage to make guaranteed 15%minimum annual return) exceeds the escrow account balance of US$100 million, NWTN should deposit additional funds to make up the difference. (d) 3 months after (b) above is executed, the escrow account will be reviewed. If the market value of NWTN's shares has recovered, funds over the needed US$100 million escrow will be redirect back to NWTN's business operating account. (e) Escrow Agent shall release the Escrow Amount and transfer such amount less any amounts which Escrow Agent is entitled to retain to NWTN in 3 business days after November 9, 2024. As of December 31, 2023, NWTN's market share price was lower than US$10.26 per share and the Pledgor would need to compensate the PIPE Investor to make guaranteed 15% minimum annual return, which amounted to approximately US$33.9 million. The Pledgor is negotiating with the PIPE Investor and no disbursement are made as of as of the date of the issuance of the unaudited condensed consolidated financial statements. F-16 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 8. LOANS FROM A THIRD PARTY As of June 30, 2023 and December 31, 2022, loans from a third party consisted of the principal and legal fees for the loans from Tianjin Yizhong Jinshajiang Equity Investment Fund Partnership ("Yizhong"). In 2016 and 2017, Tianqi Group entered into two convertible debt agreements with Yizhong. According to the agreements, Yizhong provided loans of US$18.0 million (RMB115.0 million) to the Group. The interest rate for the loans were 8% interest rate per annum, and Yizhong could convert the principal without accrued interest into equity interest of Tianqi Group within one year from the date of signing the agreements. Yizhong didn't exercise the conversion right in 2017 and 2018, and the Group should repay the principal and the accrued interests to Yizhong. In 2021, Yizhong filed against the Group to claim for the repayment of the accrued interests, legal fees and other fees related to the lawsuit. In 2022, Yizhong and the Group reached an instalment plan which allowed the Group to repay the outstanding obligations totalling US$21.7 million (RMB157.4 million) through August 2022 to December 2023. The Group accounted for the instalment plan as a trouble debt restructuring involving a modification of debt terms. The difference of US$0.7 million (RMB 4.4 million) between the carrying value and the future undiscounted cash flow under the instalment plan was recognized in earnings. Tianqi Group executed the instalment plan and repaid the accrued interests and part of the legal fees in the amount of US$6.1 million (RMB 41.4 million) and nil for the year ended December 31, 2022 and for the six months ended June 30, 2023, respectively. On August 14, 2023, Tianqi Group repaid in the amount of US$7.7 million (RMB56.0 million) according to the instalment plan, leaving a total of US$8.3 million (RMB60.0 million) in debt obligations to Yizhong outstanding. 9. WARRANTS In connection with the Business Combination, the Company assumed 14,840,000 warrants from East Stone (the "Warrants"), which consisted of 13,800,000 Public Warrants, 350,000 Private Warrants and 690,000 Representative Warrants. The Public Warrants met the criteria for equity classification and the Private Warrants and Representative Warrants are classified as liability. The Warrants became exercisable on the later of (a) the completion of the Business Combination or (b) 12 months from the closing of the initial public offering of East Stone ("IPO") (February 24, 2020). The Warrants will expire on dates ranging from January 16, 2025 to November 11, 2027. Public Warrants As of June 30, 2023 and December 31, 2022, the Company had 12,524,392 and 12,526,392 Public Warrants outstanding, respectively. Each whole Public Warrant entitles the registered holder to purchase one-half share of the Company's Class B ordinary share at a price of US$11.50 per share, subject to the following conditions discussed below. The Company may redeem the Public Warrants in whole and not in part, at a price of US$0.01 per Warrant: at any time while the Warrants are exercisable, upon not less than 30 days' prior written notice of redemption to each Warrant holder, F-17 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 9. WARRANTS (cont.) if, and only if, the reported last sale price of the ordinary shares equals or exceeds US$18.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading days period ending on the third trading business day prior to the notice of redemption to Warrant holders, and, if, and only if, there is a current registration statement in effect with respect to the issuance of the ordinary shares underlying such Warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. If the Company calls the Warrants for redemption as described above, management will have the option to require all holders that wish to exercise the Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants. Detail related to Public Warrant activity for the six months ended June 30, 2023, was as follows: Public Warrants Number ofWarrants WeightedAverageExercisePrice ($) Balances as of December 31, 2022 12,526,392 $ 11.50 Exercised (2,000) 11.50 Balances as of June 30, 2023 12,524,392 $ 11.50 For the six months ended June 30, 2023, 2,000 Public Warrants were exercised and were paid in full with the gross proceeds of US$11.50. Warrant liabilities As of June 30, 2023 and December 31, 2022, the Company had 350,000 and 350,000 Private Warrants, and 690,000 and 690,000 Representative Warrants outstanding, respectively. Each whole Private Warrants entitles the registered holder to purchase one-half share of the Company's Class B ordinary share at a price of US$11.50 per share, while each whole Representative Warrants entitles one Class B ordinary share at a price of US$12.00 per share. The Private Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Warrants and the ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Representative Warrants are different from Public and Private Warrants. The exercise price of Representative Warrants is US$12.00 and is non-redeemable. Representative's Warrants have been deemed compensation by FINRA and were subject to a lock-up period. As of June 30, 2023, the remaining contractual term for the outstanding Private Warrants and Representative Warrants to purchase our ordinary shares were 4.4 years and 1.6 years, respectively. F-18 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 10. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: As of June 30,2023 December 31,2022 (Unaudited) Amounts due to an export agent (i) $ 17,089 $ - Accrued expense (ii) 3,893 18,639 Payroll payable 3,632 9,185 Individual income tax payable (iii) 114 5,115 Contingent liabilities of Jinghong Dispute (iv) 21,986 - Borrowing from a third party 272 490 Others 118 82 Total $ 47,104 $ 33,511 (i) Amounts due to an export agent represent payables to Vehicles IMP. & EXP with respect to vehicle exportation from Mainland China to the UAE, see Note 5 prepaid expenses and other current assets for details. (ii) As of June 30, 2023 and December 31, 2022, accrued expenses mainly consisted of unpaid offering cost of US$2.0 million and US$12.2 million, respectively. (iii) As of December 31, 2022, the Group settled the payroll payable accumulated from 2019 to 2022 which resulted in an increase in individual income tax payable. For the six months ended June 30, 2023, the Group settled most of the individual income tax payable. (iv) On May 18, 2022, Tianjin Jinghong Investment Development Group Co., Ltd. ("Jinghong") filed proceedings with the Group. And the verdict was issued on July 20, 2023 that the Group was ordered to bear a total amount of approximately RMB157.8 million, covering equity transfer consideration, disbursement and other relevant expense, which was recognized in accrued expense and other liabilities as of June 30, 2023. See Note 17 for details. Employee Lawsuits As of December 31, 2022, the balances of payroll associated with employee lawsuits were US$0.12 million due to bank restriction, which was paid in 2023. In April 2023, two employees filed lawsuits against the Group claiming their employee benefits of US$0.4 million. As of June 30, 2023, one of them had withdrawn the case, and the Group considered the possibility of the Group to bear the obligation of the other employee's benefits is less likely than not. On July 19, 2023, the verdict was issued that the Group should pay the employee amounted to US$0.1 million, which was settled in August 2023. 11. LEASES The balances for the operating leases where the Company is the lessee are presented as follows: As of June 30,2023 December 31, 2022 (Unaudited) Operating lease right-of-use assets $ 4,936 $ 5,329 Lease liabilities – current $ (1,445) $ (1,550) Lease liabilities – non-current (3,589) (3,921) Total operating lease liabilities $ (5,034) $ (5,471) F-19 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 11. LEASES (cont.) The components of operating lease expense are as follows: For the six months endedJune 30, 2023 2022 (Unaudited) Operating lease expense $ 726 $ 230 Short-term lease expense 1,465 206 Total lease expense $ 2,191 $ 436 Short-term leases included lease of Tianjin offices, warehouse and others with a term of 12 months or less. Both operating lease expense and short-term lease expense are recognized as general and administrative expenses. Other information related to operating leases where the Company is the lessee is as follows: As ofJune 30,2023 Weighted-average remaining lease term (in years) 3.76 Weighted-average discount rate 4.26 % Because most of the leases do not provide an implicit rate of return, the Company used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The following is a schedule of future minimum payments under the Company's operating leases as of June 30, 2023: For the years ended December 31, Amount Remainder of 2023 $ 622 2024 1,503 2025 1,329 2026 1,909 Total lease payments 5,363 Less: imputed interest (329) Total operating lease liabilities, net of interest $ 5,034 F-20 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 12. SHARE-BASED COMPENSATION Earnout shares In connection with the Business Combination, each Class A ordinary share of ICONIQ that was issued and outstanding before the Transactions was cancelled and converted into the right to receive 90% of such number of NWTN's Class A ordinary shares equal to the Exchange Ratio (as defined in the Business Combination Agreement, which is 32,715,010 shares); and the contingent right to receive 10% of such number of NWTN's Class A ordinary shares equal to the Exchange Ratio, which is 3,635,001 shares (the "Earnout Shares"). The Earnout Shares will be issued to Muse Limited (the company held by Mr. Alan Nan Wu, Chief Executive Officer and Chairman of the Company) when the Company delivers 12 vehicles on an aggregate basis or would be adjusted if the Company has delivered less than 12 vehicles by the end of 2023. The Earnout Shares are determined as compensation, which is a transaction separate from the reverse recapitalization. In addition, the issuance of Earnout Shares does not meet any condition to be classified as a liability under ASC 718, thus it should be classified as an equity financial instrument, and measured at fair value using the quoted market price on grant date, November 11, 2022, which is US$7.30 per share. As of June 30, 2023 and December 31, 2022, the performance condition was not met. The Company evaluated and considered that the performance condition of delivering 12 vehicles would probably be achieved by the end of 2023. Thus, the Company should recognize compensation cost for awards with performance conditions. The requisite service period should be the shortest of the explicit, implicit or derived service periods, which is determined as the period from November 11, 2022, the grant date, to December 31, 2023. Share-based expenses recognized in general and administrative expenses were US$11.7 million for the six months ended June 30, 2023. Subsequently in October 2023, the performance condition of delivering 12 vehicles is achieved and the Earnout Shares was issued to Muse Limited accordingly. 13. TAXATION Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands. British Virgin Islands The Company's subsidiaries incorporated in the British Virgin Islands are not subject to taxation in the British Virgin Islands. United Arab Emirates The Company's subsidiaries incorporated in United Arab Emirates (the "UAE") are currently not subject to taxation in United Arab Emirates, as companies operating in the designated free zones of the UAE and not conducting business activities in the UAE mainland are exempt from corporate taxes or customs duty. Hong Kong The Company's subsidiaries incorporated in Hong Kong are subjected to Hong Kong profits tax. With effect from April 1, 2018, a two-tiered profits tax rate regime applies. The profits tax rate for the first Hong Kong dollars ("HKD") 2 million of corporate profits is 8.25%, while the standard profits tax rate of 16.5% remains for profits exceeding HKD 2 million. If no election has been made, the whole of the taxpaying entity's assessable profits will be chargeable to standard profits tax rate. Because the preferential tax treatment is not elected by the Group, the subsidiaries registered in Hong Kong are subject to income tax at a rate of 16.5%. F-21 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 13. TAXATION (cont.) Mainland China Generally, the Company's WFOE and subsidiaries, which are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%. United States The Company's subsidiary, which incorporated in United States in 2022, is subject to statutory U.S. Federal corporate income tax at a rate of 21% for the year ended December 31, 2022. The Company does not believe it is more likely than not that the losses are realizable. There is no related tax provision other than state minimum taxes. For the six months ended June 30, 2023 and 2022, the Group recognized nil and nil income tax benefit, respectively. The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries of the Group may not be used to offset other subsidiaries' earnings within the Group. Valuation allowance is considered on each individual subsidiary basis. Full valuation allowance of US$24.9 million and US$19.0 million had been provided as of June 30, 2023 and December 31, 2022 respectively in respect of all deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized in the foreseeable future. 14. ORDINARY SHARES The Company is authorized to issue a total of 100,000,000 Class A ordinary shares of a par value of US$0.0001 each and a total of 400,000,000 Class B ordinary shares of a par value of US$0.0001 each. Each Class A ordinary share is entitled to twenty-five votes; and each Class B ordinary share is entitled to one vote. Each Class A ordinary shares are convertible into one Class B ordinary shares at any time at the option of holder of such Class A ordinary share. In no event shall any Class B ordinary share be convertible into any Class A ordinary shares. In April 2023, the Company issued 1,000 Class B ordinary shares for exercise of warrants for the exercise price of US$11.50 per share. As of June 30, 2023, 32,715,010 Class A ordinary shares were issued and outstanding, 253,471,511 Class B ordinary shares were issued and outstanding. 15. NON-CONTROLLING INTERESTS As a result of the Reorganization of the Company that was completed on January 19, 2022 (see Note 1), Tianqi Group and its subsidiaries' financial statements have been prepared on a consolidated basis by applying the pooling of interests method as if the Reorganization had been completed at the beginning of the earliest reporting period, and the equity interests held by the original shareholders are recognized as non-controlling interests as if the Capital Increase were occurred on January 1, 2020. As of June 30, 2023 and December 31, 2022, the non-controlling interests were 4.12% and 4.12%, respectively, of the equity interests in Tianqi Group held by non-controlling shareholders. As of June 30, 2023 and December 31, 2022, non-controlling interests in the consolidated balance sheet was US$3,497 and US$2,572, respectively. F-22 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 16. RELATED PARTY TRANSACTIONS (a) The table below sets forth the related parties and their relationships with the Group, with which the Group has transactions: No. Name of Related Parties Relationship 1 ICONIQ (Tianjin) New Energy Technology Research Institute ("ICONIQ Institute") Controlled by the Company's Chief Executive Officer and Chairman, Mr. Alan Nan Wu (100%) 2 Magic Minerals Limited ("Magic") Shareholder of the Company 3 My Car (Shenzhen) Technology Co., Ltd. ("My Car") A company which Mr. Alan Nan Wu held 25.3% and nil equity interest as of June 26, 2023 and June 30, 2023, respectively 4 Shenzhen Yinghehuicheng Investment Center (Limited Partnership) ("Shenzhen Yinghehuicheng") A company controlled by a shareholder of the Company, and also a non-controlling shareholder of Tianqi Group 5 Tianjin Tuoda Enterprise Management Service Co., Ltd. ("Tianjin Tuoda") A company controlled by a group of shareholders of the Company, and also a non-controlling shareholder of Tianqi Group 6 Mr. Alan Nan Wu Shareholder and Chief Executive Officer and Chairman of the Company 7 Vision Path Holdings Limited ("Vision Path") Shareholder of the Company 8 Shanghai OBS Culture and Technology Co., Ltd. ("Shanghai OBS") A company in which the Group holds a 20% equity interest (b) The Group had the following significant related party transactions for the six months ended June 30, 2023 and 2022: For the six months endedJune 30, 2023 2022 Nature (Unaudited) Expense paid by the related parties on behalf of the Group – My Car (i) $ - $ (5,087) – Mr. Alan Nan Wu (ii) - (3,744) – ICONIQ Institute - (38) Repayments to related parties – Magic (iii) - 6,641 – Mr. Alan Nan Wu (ii) 3,037 - – Shanghai OBS 70 Loan to related parties – Mr. Alan Nan Wu (ii) 740 – Tianjin Tuoda (iv) 1,631 Loan from related parties – Mr. Alan Nan Wu (ii) (11) Magic loan repaid by related parties on behalf of the Group – Mr. Alan Nan Wu (iii) - (3,467) Collection of loan to a related party – Tianjin Tuoda (iv) - 5,985 – ICONIQ Institute - 93 Interest expenses of loan from a related party – Magic - 87 Advance petty cash to a related party – My Car (i) - 9,023 The Group's claim on Tianjin Tuoda transferred to Mr. Alan Nan Wu – Tianjin Tuoda (iv) (1,628) Promotion service provided by a related party – Shanghai OBS $ (70) $ - F-23 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 16. RELATED PARTY TRANSACTIONS (cont.) (c) The Group had the following related party balances with the related parties mentioned above: As of June 30,2023 December 31, 2022 (Unaudited) Amounts due from related parties: – Mr. Alan Nan Wu(iv) $ 320 $ - Total $ 320 $ - Amounts due to related parties, current: – Mr. Alan Nan Wu $ - $ 5,114 – Shenzhen Yinghehuicheng 648 681 – Tianjin Tuoda - 4 Amounts due to related parties, non-current: – Vision Path Holdings Limited (v) 4,682 4,922 Total $ 5,330 $ 10,721 (i) In the first half of 2022, My Car paid expenses on behalf of the Group totaled US$5.1 million and the Group paid US$9.0 million to My Car in advance. (ii) In the first half of 2022, Mr. Alan Nan Wu paid loan and expenses on behalf of the Group totaled US$3.7 million, net off the expenses the Group paid for Mr. Alan Nan Wu. And in the first half of 2023, the Group extended loans totaling US$0.7 million to Mr. Alan Nan Wu, while also repaid of US$3.0 million to Mr. Alan Nan Wu. (iii) In 2021, Magic provided short-term loans totaled US$6.6 million to the Group, at an interest rate of 12% per annum. In the first half of 2022, Mr. Alan Nan Wu repaid loan of US$3.5 million on behalf of the Group to Magic. (iv) Previously, the Group provided several short-term interest-free loans to Tianjin Tuoda to support its normal operations, which was repaid in full in 2021 and May 2022. During the six months ended June 30, 2023, the Group provided interest-free loans totaled US$1.6 million to Tianjin Tuoda to support its normal operations. In June 2023, the Group's claim on Tianjin Tuoda was transferred to Mr. Alan Nan Wu, resulting in the balance of amounts due from Tianjin Tuoda was nil, and the balance of amounts due from Mr. Alan Nan Wu was US$320 as of June 30, 2023. (v) In August 2022, Vision Path, the Group and Hainan Union Management Co., Ltd ("Hainan Union") entered into a share transfer agreement. Under the agreement, Vision Path would sell its shares of the Group to Hainan Union with an amount of US$4.7 million and provided the amount to the Group as an interest-free loan for two years to support the Group's normal operations. The Group provided a guarantee with joint liability of Vision Path's contingent repayment, see Note 17 for details. F-24 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 17. COMMITMENTS AND CONTINGENCIES Contingencies The Group is, from time to time, subject to claims and disputes arising in the normal course of business. In the opinion of the management, while the outcome of any such claims and disputes cannot be predicted with certainty, its ultimate liability in connection with these matters is not expected to have a material adverse effect on the Group's results of operations. Through the issuance date of this report, except for below the Jinghong Dispute and Loop Capital Petition, the Company is not aware of any pending or threatened claims and litigation as of June 30, 2023 and through the issuance date of these unaudited condensed consolidated financial statements. Jinghong Dispute On December 3, 2018, Tianjin Jinghong Investment Development Group Co., Ltd. ("Jinghong") and Tianqi Group entered into a cooperation agreement (the "2018 Cooperation Agreement"), under which Jinghong agreed to acquire the 100% equity interest of Tianjin Tianqi Group Meiya Automobile Manufactory Co., Ltd. ("Meiya Automobile") from Tianjin Benefo Machinery Equipment Group Co., Ltd. ("Tianjin Benefo") with the consideration provided by Tianqi Group. On May 21, 2019, Jinghong and Tianqi Group entered into an updated cooperation agreement (the "2019 Cooperation Agreement"), the purpose of which was partly to amend and restate some of the material terms of the 2018 Cooperation Agreement, under which Tianqi Group agreed to cooperate with Jinghong in the field of new energy vehicles through a newly-established joint venture after Jinghong acquires the equity interest of Meiya Automobile. Under the same agreement, Tianqi Group agreed that after Jinghong signed an equity transfer agreement with Tianjin Benefo to acquire the 100% equity interest of Meiya Automobile (the "Equity Transfer Agreement"), Tianqi Group shall pay Jinghong the equity transfer price of RMB97 million and assume other obligations of Meiya Automobile. Moreover, Tianqi Group agreed to be held liable for Jinghong's breach of certain provisions under the Equity Transfer Agreement if such breach resulted from Tianqi Group's failure to pay the equity transfer price of RMB97 million to Jinghong under the 2019 Cooperation Agreement. To the knowledge of Tianqi Group, Jinghong has acquired 100% equity of Meiya Automobile under the Equity Transfer Agreement. Jinghong demanded Tianqi Group to pay for the RMB 97 million equity transfer price on August 21, 2019, but Tianqi Group did not comply. On April 14, 2021, Jinghong issued a notice to Tianqi Group to terminate the 2018 Cooperation Agreement and the 2019 Cooperation Agreement. On May 18, 2022, Jinghong filed a lawsuit to the People's Court of Jinghai District, Tianjin City (the "Jinghai District Court"), which was amended on May 23, 2022. The amended complaint, which Tianqi Group received on June 10, 2022, requested that (i) the Jinghai District Court confirm that the 2018 Cooperation Agreement and the 2019 Cooperation Agreement were terminated on April 15, 2021; (ii) Tianqi Group pay (a) a total amount of RMB100 million to Jinghong for its various losses under the 2019 Cooperation Agreement, as well as (b) any amounts owed to Tianjin Benefo by Jinghong for its breach of the Equity Transfer Agreement; and (iii) Tianqi Group bear the litigation fee and all other relevant expenses. Tianqi Group then raised jurisdictional objection, which was approved by Tianjin Intermediate Court on November 21, 2022, resulting that the case's jurisdiction would be under the People's Court of Binhai New District, Tianjin City (the "Binhai District Court"). In March 2023, Jinghong applied its amendment to Binhai District Court, requested that (i) the court confirms that the 2018 Cooperation Agreement and the 2019 Cooperation Agreement have been terminated on April 15, 2021; (ii) Tianqi Group pays (a) a total amount of RMB152.5 million to Jinghong for the equity transfer consideration and its various losses under the 2019 Cooperation Agreement, as well as (b) accrued interest at the loan prime rate of People's Bank of China for the period from May 18, 2022 to the date Tianjin Group settle the payment; and (iii) Tianqi Group bears the litigation fee and all other relevant expenses. There was a verdict on July 20, 2023 that the Group was ordered to bear the following obligation: (a) equity transfer consideration of RMB97.4 million, (b) disbursement of RMB55.1 million, (c) accrued interest based on the total amount of RMB152.5 million at the loan prime rate of People's Bank of China for the period from May 18, 2022 to the date Tianjin Group settle the payment, and (d) the litigation fee and all other relevant expenses of RMB0.8 million. Tianqi Group raised a counterclaim to the court, hearing of the lawsuit was held on September 4, 2023 and December 21, 2023, and there was no verdict as of the date of the issuance of the unaudited condensed consolidated financial statements. Such obligation was reflected on the unaudited condensed consolidated financial statements. F-25 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 17. COMMITMENTS AND CONTINGENCIES (cont.) Loop Capital Dispute On May 3, 2023, a winding up petition was brought by Loop Capital Markets LLC ("Loop Capital") against ICONIQ before Cayman Grand Court, claiming a total amount of US$10.1 million and 2 million warrants pursuant to an engagement letter dated February 11, 2022. On June 16, 2023, the court ordered a halt in proceedings, directing to pursue mediation and/or arbitration. On September 6, 2023, Loop Capital initiated an arbitration, and the Company participated in the process on September 19, 2023 to proceed with the arbitration. The Company's management believes that the allegations by Loop Capital were without merit, and the Company intends to vigorously defend the action. As of June 30, 2023, the Group considered the possibility of the Group to bear the obligation of this payments Loop Capital requested is less likely than not. Shareholder Guarantee On August 18, 2022, ICONIQ, Vision Path and Hainan Union entered into a share transfer agreement (the "Share Transfer Agreement"). Under the Share Transfer Agreement, Vision Path transferred 1,000,000 NWTN Class B ordinary shares to Hainan Union with consideration of US$5 million (US$5 per share, as "Purchase Price"). Vision Path agreed to disburse the shortfall between the 200% of the initial investment (US$10 million) and fair value of the shares transferred to Hainan Union or to repurchase such shares at 200% of the Purchase Price, in the event of Hainan Union realizes a return lower than 100% on such shares (the "Redemption Event") within one year after the Closing Date, or November 11, 2023. The Redemption Event was defined in the Share Transfer Agreement as (i) 12 months from the effective date, which referred to November 14, 2022, the average closing market price of the Company is lower than 200% of the Purchase Price; (ii) After the lock-up period, which is 6 to 12 months since the effective date, when Hainan Union plans to sell its shares, in whole or in part, at a lower price of 200% of the Purchase Price, and a written notice has been delivered to Vision Path. Vision Path has pledged 2.6 million Class B ordinary shares ("Pledged Shares") to Hainan Union. The Pledged Shares could be transferred to Hainan Union as disbursement when the Redemption Event occurs. Vision Path applied the Purchase Price as a two-year interest-free loan to ICONIQ to support the Group's normal operations. In connection therewith, ICONIQ has provided a guarantee with joint liability of Vision Path's contingent repayment for the shortfall of 200% of US$5 million plus penalties and expenses if any, to Hainan Union. The Group would assume joint guarantee obligations arising from Vision Path's default on the repayment to Hainan Union, and the guarantee is valid until November 11, 2023. As of the issuance date of the unaudited condensed consolidated financial statements, as market value of the Pledged Shares could cover the shortfall of 200% of US$5 million, the management considers the possibility of the Company to bear the loss contingency is remote. Puluo Debt During 2018, Tianqi Group entered into a series of agreements with Taizhou Puluo New Energy Automobile Equity Investment Enterprise (Limited Partnership) ("Puluo") and had received several loans from Puluo totaled RMB1.088 billion (approximately US$150.0 million) which was to be repaid in full as of December 31, 2018 (the "Puluo Debts"). In December 2021, to settle the Puluo Debts, Tianqi Group entered into a series of supplemental agreements (the "New Agreements") with Puluo, Guozhong Tianhong Asset Management (Tianjin) Co., LTD ("Guozhong Tianhong"), and Tianjin Tuoda. Under the New Agreements, Guozhong Tianhong acquired the Puluo Debts from Puluo, resulting in a payment obligation of RMB1.088 billion by Tianqi Group to Guozhong Tianhong, as well as a payment obligation of RMB1.088 billion by Guozhong Tianhong to Puluo. On the same day, Guozhong Tianhong converted its RMB1.088 billion credit due from Tianqi Group into 10.625% of equity shares of Tianqi Group. According to the New Agreements, in the event that the Group fails to obtain approval from the SEC and complete a business combination before December 31, 2022, Guozhong Tianhong is obligated to transfer both the Puluo Debts and its equity interest of Tianqi Group to Tianjin Tuoda. Subsequently, on January 1, 2023, Tianjin Tuoda would assume responsibility for repaying the Puluo Debts to Puluo while also acquiring the equity interests of Tianqi Group. However, the consummation of a business combination before December 31, 2022 would require Guozhong Tianhong to pay back Puluo Debts in two installments within a period of two years from the date of the business combination. Additionally, within this same timeframe following completion of the business combination, Tianjin Tuoda will make two installment payments towards indemnifying Puluo (referred to as "Indemnification"). On November 11, 2022, the Company consummated the business combination with East Stone. F-26 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 17. COMMITMENTS AND CONTINGENCIES (cont.) According to the New Agreements, the Group assumes joint and several liability (the "Joint and Several Liability") for both the repayment of the Puluo Debts and the Indemnification from Guozhong Tianhong or Tianjin Tuoda (the "Co-obligator") to Puluo. Additionaly, Mr. Alan Nan Wu assumes joint and several liability for the repayment of the Indemnification from Tianjin Tuoda to Puluo. In 2022, eight shareholders of the Group signed letters of support to demonstrate their commitment to providing financial support to Tianjin Tuoda for its indebtedness in the event that the Group fails to complete a business combination, as well as assuming joint and several liability of the Group for the repayment of both the Puluo Debts and the Indemnification. In 2023, (i) two shareholders of the Group signed letters of support to commit their financial support to Tianjin Tuoda and Guozhong Tianhong for the indebtedness, as well as assuming the joint and several liability for the repayment of both the Puluo Debts and the Indemnification, and (ii) Guozhong Tianhong signed a letter to commit its repayment of the debt to Puluo based on its holdings of NWTN ordinary shares (collectively, the "Shareholders' Support"). As of December 31, 2021 and 2022 and June 30, 2023, the Puluo Debts payable by Guozhong Tianhong were US$170.7 million, US$157.7 million and US$150.0 million, and the Indemnification payable by Tianjin Tuoda were US$68.1 million, US$68.7 million and US$67.8 million, respectively. The management assessed the Joint and Several Liability in accordance with ASC 405-40. As of December 31, 2021, December 31, 2022 and June 30, 2023, considering that the arrangement did not specify the Company's payment obligations, no additional payments are anticipated on behalf of the co-obligator with the Shareholders' Support. Consequently, no liability was recognized as of December 31, 2021 and 2022 and June 30, 2023. Investment Commitment The Group is obligated to invest into Hainan Union an amount of US$5 million by November 11, 2024, pursuant to an agreement signed in August 2022 with Hainan Union. As of June 30, 2023, the investment commitment was not reflected in the financial statements. 18. SUBSEQUENT EVENTS The Company has evaluated subsequent events through January 4, 2024, the date of issuance of the unaudited condensed consolidated financial statements. Except for the events mentioned below, the Company did not identify any subsequent events with material financial impact on the Company's unaudited condensed consolidated financial statements. Share Subscription Agreement with China Evergrande Group On August 14, 2023, the Company entered into a share subscription agreement (the "Share Subscription Agreement") with China Evergrande Group, China Evergrande New Energy Vehicle Group Limited (the "Target"), together with its subsidiaries. Under the Share Subscription Agreement, the Company agreed to subscribe for 6,177,106,404 of newly issued ordinary shares of the Target (the "Subscription Shares") for an aggregate subscription price of HK$3,890 million, implying a subscription price of HK$0.6297 per Subscription Share. As a result of the consummation of the transactions contemplated by the Share Subscription Agreement, NWTN will hold approximately 27.50% of the total number of issued Target ordinary shares. On September 29, 2023, NWTN had suspended the performance of its obligations under the Share Subscription Agreement due to the trading of Target's ordinary shares on the Hong Kong Stock Exchange was suspended and the significant uncertainties on the likelihood of Target being able to meet various closing conditions for the proposed transactions. On August 14, 2023, NWTN (Zhejiang) Automobile Co., Ltd., an affiliate of NWTN (the "Fund Provider"), entered into that certain Transitional Funding Support Agreement with the Evergrande New Energy Vehicle (Tianjin) Co., Ltd. an affiliate of Target (the "Fund Recipient"). Under the Transitional Funding Support Agreement, the Fund Provider shall provide a secured transitional funding in the amount of RMB600 million (the "Transitional Support Amount") in three equal tranches contingent upon the satisfaction of certain conditions precedent. The first tranche of RMB200 million shall be paid within five working days after the date of the Transitional Fund Support Agreement. The second tranche of RMB200 million shall be paid within 40 working days after the date of the payment of the first tranche. The third tranche of RMB200 million shall be paid within 15 working days after the date of the payment of the second tranche. On August 21, 2023, the Fund Provider entered into a supplementary agreement that the first tranche of RMB200 million was adjusted to require the Company to pay RMB65.3 million on August 21, 2023, and the rest of the RMB200 million (approximately RMB134.7 million) shall be paid by August 23, 2023 or on a dated mutually agreed upon. In August 2023, the Fund Provider paid the first tranche of RMB200 million (US$28.9 million) in full to the Fund Recipient according to the Transitional Funding Support Agreement. On September 29, 2023, due to the conditions not being met, the Company informed the Fund Recipient that the Fund Provider was not obligated to pay, and did not pay, any of the second and third tranches of the Transitional Support Amount. On December 31, 2023, the Company delivered notice (the "Termination Notice") to the Target that that the Company was exercising its right to terminate the Share Subscription Agreement because the conditions to closing had not been satisfied or waived by December 31, 2023. The Termination Notice further states that conditions precedent to Fund Provider's obligation to fund the second and third tranches of the Transitional Support Amount have not been satisfied and the Fund Provider will not fund any of the second and third tranches. As a result of the Termination Notice, the Share Subscription was terminated and the Share Subscription Agreement is of no further force and effect, except for certain specified provisions in the Share Subscription Agreement, which shall survive termination and remain in full force and effect in accordance with their respective terms. F-27 NWTN INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In U.S. dollars in thousands, except share and per share data) 18. SUBSEQUENT EVENTS (cont.) Loan with Related Party In August 2023, the Company entered into a loan agreement of RMB90 million with its related party, Tianjin Tuoda, to support Tianjin Tuoda's daily operation. The loan has a term of 12 months and the interest rate is based on the benchmark RMB lending rate for the same period published by the People's Bank of China. Loan and Pledge On September 7, 2023, the Group together with Mr. Alan Nan Wu entered into a loan agreement with ICONIC Investment One SPV RSC Ltd (the "Lender"), a shareholder of the Company, for an amount of US$30 million for three months with an annualized interest of 10%. As a condition to the agreement, all vehicles owned by the Cars Trading were pledged to this loan. And as additional security, Mr. Alan Nan Wu transferred to the Lender 3,348,215 Class B ordinary shares of the Company, which shall be transferred back by the Lender when the loan is repaid. On September 11, 2023, the Group received the US$30 million loan from the Lender. Purchase of Vehicles From July 1, 2023 to December 31, 2023, the Group entered into several vehicle purchase agreements with vehicle manufacturers to purchase a total number of 122 vehicles with approximately RMB 39.7 million (US$5.5 million). Sales of Vehicles From July 1, 2023 to December 31, 2023, the Group entered into several vehicle sales agreements with customers with an aggregate order quantity of 758 units with approximately US$32.6 million. Additionally, on September 19, 2023, the Group entered into a framework vehicle sales agreement with a customer, who placed minimum order quantity of 50,000 units within 3 years from the date of contract signing, and each order not to be less than 100 units of vehicles. The unit price of the vehicle was not set in the framework agreement but would be determined for each order by the Group after taking the market supply situation, actual purchase volume and the Group's stock level into consideration. The parties may mutually agree and sign a written agreement to terminate this framework agreement in advance. W Motors Transaction On December 28, 2023, NWTN entered into a binding term sheet (the "Term Sheet") with W Motors Automotive Group Holding Limited ("W Motors"). Pursuant to the Term Sheet, NWTN has agreed to issue (i) 308,171 restricted Class B ordinary shares to W Motors in settlement of certain outstanding invoices from W Motors and (ii) 2,070,000 restricted Class B ordinary shares to W Motors in exchange for 107,646 ordinary shares of W Motors, which is equivalent to 5% equity interest of W Motors based on a pre-transaction valuation of W Motors of $315,761,800. W Motors is entitled to certain registration rights and NWTN is entitled to appoint one director to W Motor's board of directors. F-28

文章來源 : PR Newswire 美通社 發表時間 : 2024/1/5 瀏覽次數 : 2695 加入收藏 :

Global Business News

XREAL Ships Industry-Leading 350,000 AR Glasses, Takes 51% of Worldwide AR Market in Q3 2023

Showing strong momentum and brand growth, XREAL secures a dominant position in the global AR device market as the world's best-selling wearable display brand, with annual profits continuing to rise LAS VEGAS, Jan. 4, 2024 /PRNewswire/ -- XREAL (formerly 'Nreal') today reinforced its mission to bring spatial computing to global consumer markets, announcing that it has now shipped up to 350,000 AR glasses to date. XREAL added that it anticipates holding nearly 45% global market share today, coming shortly after IDC confirmed XREAL held a market share in the global AR segment of 51% in Q3 2023. This makes XREAL the largest player in the AR industry in terms of revenue and shipments and the most popular, best-selling AR brand in the world today. XREAL business momentum is on the rise Data from IDC reveals that XREAL commanded 51% market share of the AR market during Q3 2023, accounting for 58% of the year-over-year increased shipments in 2023 in the overall AR industry. Along with shipping up to 350,000 AR glasses to date, the XREAL Air series AR glasses are the best-seller on Amazon for the Smart Glasses category. These achievements not only underline the success of XREAL glasses, but also the increasing momentum of the XREAL spatial computing brand in the quickly growing consumer wearable display market. According to IDC, the worldwide AR market is forecasted to grow at a compound annual growth rate (CAGR) of 89% (2022A-2027E), and XREAL has achieved a CAGR (9M2021 to 9M2023) of 320% historically. As the global leader in consumer AR devices, XREAL's AR glasses are a lightweight, more comfortable, more affordable alternative to Apple's Vision Pro and Meta's Quest 3. Packing in advanced optics and environment sensing technology, XREAL AR glasses are the ultimate spatial computing companion. "Today we celebrate a major milestone on our journey to bring AR wearable displays to everyone around the world, revolutionizing how people experience everything from video games to movies and TV, in-car entertainment and displays, and how they work at their desks or on the go," said Chi Xu, founder, and CEO at XREAL. "Having secured a major foothold in the global wearable display market, XREAL is now in a stronger position to embrace market momentum and reaffirm its position as the leading, best-selling AR glasses and spatial computing brand in the world today, who's trajectory is outpacing the rest of the industry combined." Defining the Era of Wearable Displays and Future of Spatial ComputingSince the launch of Nreal Light in 2019 and XREAL Air, the first consumer AR glasses introduced to the world in 2022, the XREAL brand has continued to grow and thrive, quickly establishing itself as a leader in consumer AR device design and manufacturing. Today, XREAL Air series glasses give people a unique opportunity to experience a stunning virtual screen of up to 330-inches in a variety of everyday scenarios. Featuring the latest Micro-OLED displays from Sony, XREAL Air 2 and Air 2 Pro were launched globally in October 2023, building on the success of the previous generation, to give the wearer a lighter, more comfortable experience. XREAL Air 2 series glasses also offer a superior viewing experience with improved brightness and color reproduction, higher pixel density, and an ultra-high contrast ratio, while debuting an improved audio and microphone system, and one-touch immersion control using XREAL Electrochromic Dimming (XREAL Air 2 Pro). XREAL Air glasses are compatible with leading gaming and streaming entertainment devices including Microsoft Xbox, Sony PlayStation, Nintendo Switch, Valve Steam Deck, ASUS ROG Ally, iOS and Android devices, PCs, and Macs. XREAL Air 2 and XREAL Air 2 Pro are available now in the US, Europe and Asia, and will come to more countries in 2024. At CES 2024 in Las Vegas, XREAL will unveil its next iteration of spatial computing hardware and more details about its accompanying SDK for developers, rivaling the spatial capabilities of Apple's Vision Pro and Meta's Quest 3. XREAL promises more information at CES 2024. Celebrating all of XREAL's news during CES 2024, XREAL's full catalog of products is on sale now at XREAL.com. CONTACT: Ralph.Jodice@XREAL.com XREAL takes 51% AR market share in Q3 2023

文章來源 : PR Newswire 美通社 發表時間 : 2024/1/4 瀏覽次數 : 747 加入收藏 :

搶攻聖誕商機！iPhone 15 Pro Max天天現折4,110

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搶攻聖誕商機！iPhone 15 Pro Max天天現折4,110

　　聖誕優惠來嚕！傑昇通信瞄準年末送禮商機，把握機會推出手機限定優惠，限時三天做最後加碼，自即日起至12/24聖誕活動期間，至全台傑昇通信門市購買蘋果指定商品有聖誕便宜價可入手外，三星、ASUS、vivo及OPPO，包含旗艦機款，也祭出各項加碼回饋炒熱買氣，最高都有破萬元的優惠，消費者不妨把握今年最後一檔聖誕優惠。送禮清單前三名 iPhone 15天天特價　　永遠都在送禮清單前三名的蘋果，全台最大連鎖通訊門市─傑昇通信表示，年末適逢送聖誕禮物、企業尾牙挑選禮品犒賞員工之時，尤其是iPhone 15系列新機最受青睞，趁此時到傑昇通信門市換上iPhone 15 Plus（128GB）還能再省3,110元；不僅如此，買氣最好的iPhone 15 Pro Max（256GB）也祭出優惠價40,790元，比原價現省4,110元。熱銷長壽機王iPhone 13（128G）更便宜，只要18,990元。安卓旗艦機甜甜價最高降破萬元　　想要趁年末優惠入手旗艦機的消費者注意，適逢三星Galaxy S24系列新機即將問世，熱賣全台的三星旗艦機Galaxy S23 Ultra此時價格最甜，聖誕活動期間選購12GB/512GB規格容量，官方定價44,900元，傑昇通信門市價格32,890元，降價幅度相當大，現省逾萬元；全台唯一翻轉鏡頭，用過就回不去的ASUS Zenfone 8 Filp，選擇8GB/256GB規格容量，最低只要12,990元，刷卡再享12期分期0利率。 AirPods Pro第二代 Type-C 加購保護套只要6,790元　　同場加映，採用11吋LCD螢幕，功能、效能兼具，在工作通勤或是日常娛樂均可帶來良好體驗的三星平板Galaxy Tab A9+ WiFi（64GB），傑昇通信聖誕優惠期間下殺5,990元；換上Type-C接孔後，還能無損音質的AirPods Pro第二代，充電盒升級至IP54，具備防塵、抗汗及耐水功能，年末耶誕優惠活動期間至傑昇通信門市購買，加購保護套就能用6,790元帶回家。　　此外，性價比高的平價機型，也一直是小資族換機首選，有超大儲存容量的vivo Y36，續航還有5,000mAh電池，支援44W快充，影像性能方面，前置相機畫素1,600萬畫素，官方萬元有找的定價，傑昇通信聖誕優惠直降66折；年末想犒賞辛苦一整年的自己，推薦採用聯發科天璣7050處理器的OPPO Reno10，一樣有5,000mAh大電量、支援67W快充，傑昇通信聖誕優惠破盤65折。

文章來源 : 束酷科技媒體股份有限公司 發表時間 : 2023/12/22 瀏覽次數 : 4638 加入收藏 :

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摸到最強「潮牌」！星際黑「ROG漂浮麻將」限量來襲

(12月18日，台北訊) 身為高端玩家，不僅叱吒虛擬戰場，真實世界也要和親友來場刺激的方城之戰！ROG玩家共和國從前衛、創新、多元、大膽的品牌精神出發，推出「ROG 漂浮麻將」星際黑限定版，首度將有百年歷史的「國民桌遊」與「電玩科技」元素結合，打造地表最潮麻將，年節團聚，就該讓酷東西上桌！即日起購買ROG Zephyrus Duo 16 (GX650PY)或ROG Zephyrus G14 (GA402XZ)電競筆電，登錄送「ROG漂浮麻將」星際黑限定版 (價值NT$6,888)，限量30組！活動詳情：ROG 漂浮麻將登錄送「ROG漂浮麻將」運用品牌一貫的星際黑、日蝕灰與警示紅元素，並將ROG電競筆電的透明設計再現於麻將，背面的ROG無懼之眼就像漂浮在宇宙中，相當科幻；「一筒」、「一條」牌面更藏有ROG LOGO小驚喜；搭配充滿ROG設計語彙的牌尺、紅色骰子、金屬方向環；純黑金屬收納盒質感與份量兼具，極致工藝值得收藏，絕對是節慶團聚的話題焦點！ ROG Zephyrus Duo 16 (GX650PY)雙螢幕電競筆電以16吋Mini LED主螢幕，配備第二觸控螢幕，實現無縫多工的流暢體驗；搭載AMD Ryzen™ 9 7945HX處理器與NVIDIA® GeForce RTX™ 4090 顯示卡；AAS Plus 2.0獨家散熱抬升設計，增加30%氣流，盡情釋放強悍效能，征服所有3A大作與重度剪輯需求。建議售價：NT$159,999，詳細規格：ROG Zephyrus Duo 16 (GX650PY) ROG Zephyrus G14 (GA402XZ)電競筆電，搭載AMD Ryzen™ 9 7940HS處理器、NVIDIA® GeForce RTX™ 4080顯示卡，支援MUX獨顯直連GPU強效模式，剽悍效能完整釋放！最新ROG Nebula霓真技術電競螢幕，QHD 165Hz/3ms鮮豔流暢； 16:10螢幕視野更寬廣，沉浸感再升級。上蓋的ROG動態編程LED顯示器 (AniMe Matrix™)可依個人風格自訂文字、動畫，盡顯潮流態度！建議售價：NT$81,999，詳細規格：ROG Zephyrus G14 (GA402XZ)

文章來源 : ASUS 發表時間 : 2023/12/18 瀏覽次數 : 4556 加入收藏 :

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年末送禮夢幻清單華碩AI筆電最夯

(12月15日台北訊) 迎接聖誕佳節與新年，華碩精選多款熱銷產品，無論是專屬貼心好禮，或令人驚喜的交換禮物，ASUS Store應有盡有，增添新氣象！絕美高效Zenbook 14 OLED AI筆電、潮帥有型ROG Zephyrus G14電競筆電、可獨享也能同樂的ROG Ally電競掌機，為收禮者增添工作、娛樂戰力。粉嫩多彩Marshmallow無線鍵鼠、展現個性且實用的ROG SLASH經典單肩包2.0與ROG Strix Arion Lite SSD外接盒，具備時尚外觀與實用性，令人愛不釋手！。 l 專屬貼心好禮夢幻白色系科技潮品 ASUS Zenbook 14 OLED：Smart禮享效率 AI筆電神助攻新年就用AI筆電開展極「智」新生活！高階影像創作、圖像/文字及程式生成就靠Zenbook 14 OLED，通過Intel® Evo™認證，搭載最新Intel® Core™ Ultra處理器與 Intel® Arc™顯示晶片的強大效能，有效降低CPU負載，大幅提高運算能力，成就全新AI體驗，工作/學習事半功倍。最高14吋16:10 120Hz 3K OLED螢幕色彩鮮豔生動。堅固的全金屬機身，紳士藍、白霧銀兩款典雅配色更顯質感。2024年1月14日前購機登錄送Hahow線上AI課程(價值NT$3,280)，建議售價：NT$48,900，了解更多華碩AI筆電：ASUS Zenbook 14 OLED ROG Zephyrus G14：輕薄多工潮玩電競盡顯個人風格全球獲獎無數ROG Zephyrus G14外觀搶眼有型，內在高效多工，背蓋上的ROG 動態編程LED顯示器(AniMe Matrix™)，可自訂專屬顯示訊息、動畫，白色聖誕獻上內外兼備的潮帥單品，走到哪都享受眾人目光。最高搭載AMD Ryzen™ 9 7940HS處理器和125W TGP 的NVIDIA® GeForce RTX® 4080顯示卡，強悍效能輕鬆駕馭任何遊戲與多工任務。ROG Nebula 霓真技術電競螢幕，畫面流暢、清晰、鮮豔，更有德國萊因護眼認證，不閃屏、抗藍光。建議售價：NT$40,999起，了解更多：ROG Zephyrus G14 ROG Ally電競掌機：溫馨佳節同樂「隨時來Game」遊戲玩家的夢幻逸品—ROG Ally電競掌機，搭載Windows 11作業系統，支援跨平台遊戲，首創「Me Time」、「We Time」和「Pro Time」三大情境，歡聚時刻有ROG Ally，怎麼玩都好玩！採用AMD Ryzen™ Z1 Extreme處理器，RDNA™ 3 顯示晶片，擁有FHD 120Hz/7ms電競螢幕和FreeSync™ Premium技術，遊戲畫面清晰流暢。年底前購機，登錄最高享1年Game Pass！ROG護照會員再加贈ROG電競多合一充電器(價值NT$1,890)，限時優惠：NT$21,999，了解更多：ROG Ally l 交換禮物不踩雷時尚選品 ASUS Marshmallow無線鍵鼠：美型實用高人氣配件直覺易用的ASUS Marshmallow KW100無線鍵盤與MD100無線滑鼠採美型設計，抹茶綠、燕麥奶兩款清新配色拆封即吸眼球，不只好看更好用，送禮王非你莫屬！簡約出色的外觀巧妙融入各式空間，是筆電、桌機和平板的完美夥伴。KW100無縫兼容Windows、Chrome、MacOS及iOS系統，最多連接3個裝置多工作業，提升效率。MD100無線滑鼠僅輕56克、薄3公分，附隱藏式提帶方便攜帶。建議售價：NT$1,290，更多詳情：ASUS Marshmallow無線鍵盤KW100；建議售價：NT$1,090；更多詳情：ASUS Marshmallow無線滑鼠MD100 ROG SLASH經典單肩包2.0：最強穿搭單品讓心意長相伴深受電競迷喜愛的ROG SLASH電競潮品，全面進化的ROG SLASH經典單肩包2.0推出即熱銷，時尚好穿搭的特性，更擄獲了潮流人士的心，風格獨具質感超群，送禮自用兩相宜。升級更耐刮的布料加強黑化風格，連同拉鍊完美防水，新一代運用FIDLOCK磁吸扣環，可快速拿取物品，安全不易鬆脫；配有360°調節背帶，便於不同方向肩揹，材質柔軟舒適，機能收納與風格點綴並重！建議售價：NT$2,690，了解更多：ROG SLASH 經典單肩包 2.0 ROG Strix Arion Lite SSD外接盒：酷炫燈效高效傳輸內建獨家ASUS Aura Sync燈效的ROG Strix Arion Lite SSD外接盒，隨心所欲展現個人特色，亦兼備實用功能，支援2230/2242/2260/2280尺寸的M.2 PCIe NVM Express® SSD，擁有USB-C™ 3.2 Gen 2x1連線能力，以提供最高10 Gbps的資料傳輸速度；此外，其流線的鋁合金外殼及散熱片具備優異散熱效果，保護珍貴資料穩定可靠！12月底前，限時特價：NT$1,212；更多詳情：ROG Strix Arion Lite

文章來源 : ASUS 發表時間 : 2023/12/15 瀏覽次數 : 4745 加入收藏 :

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Accucrazy 攜手 bbm 品牌說書人打造創新 AI 品牌數據力，開創數位行銷新格局

【7-11NEWS/ 台北報導】知名管顧公司麥肯錫（Mckinsey）近期發佈了一個報告表示行銷的產能會因為 AI 提高 5 - 15% ，創造約 4630 億美元的價值。由此可見結合生成式人工智慧（Gen AI）已是行銷不可或缺的關鍵技術力。（麥肯錫數據來源：https://join-in.today/vtstl ）而《肖準行銷 Accucrazy》的核心價值就是「 Built for the Now! 不是為未來而做，而是做出未來！永遠站在最新的科技前沿，提供客戶最前瞻的科技行銷方式」。創辦人吳威翰 Ian Wu 過去曾任職獵豹移動、Tik Tok 前身 Musical.ly，美圖秀秀等多家知名科技公司，深耕數位行銷領域多年，結合深厚的技術實力，獨家提供客戶精準的數位行銷賦能，放大企業品牌力，更能協助客戶達成品效合一的精準行銷。最前瞻 AI 數位行銷科技，助知名品牌創造前所未見科技新體驗《Accucrazy》旗下共涉及品牌行銷、Web3.0，以及命理三個領域。子品牌《CRZY.io》的區塊鏈事業部門，製作知名熱門台劇《華燈初上》的 NFT，讓戲劇 IP 延展出第二生命，更與《怪奇事物所》合作打造的《國泰人壽》 60 週年 NFT、為瑞士奢華腕錶品牌《愛彼 AUDEMARS PIGUET》與台灣知名歌手 J.Sheon 打造元宇宙腕錶空間，還有與全球指標性 NFT 《Doodles》與加拿大鞋履品牌《BiiON》打造聯名的虛實整合 NFT，《Accucrazy》擅長協助各大品牌與知名 IP 橋接最新科技趨勢，做出前所未見的行銷操作！《Accucrazy》致力於生成式 AI 的應用開發與 Web 3.0 區塊鏈技術，並推廣「e/acc （有效加速）」概念，意指透過創新技術推動變革，在人工智慧發展勢不可擋的當代社會，與其想辦法減緩 AI 的發展速度，更希望藉由領先的技術優勢，鼓勵人們共同團結起來運用人工智慧產生正向影響，減少負面發展。《Accucrazy》加上億級群募品牌《bbm 品牌說書人》陳學誼，協助企業打造品效合一的精準行銷！當擅長將最新科技應用於實務的《Accucrazy》遇上多次成功群募千萬專案的《bbm 品牌說書人》會創造什麼樣的火花呢？《bbm 品牌說書人》過去累積募資金額高達 1.2 億，單次平均集資金額為 548 萬。過去曾協助新銳設計師團隊 holim 飲料杯達成首次集資即破千萬的紀錄，以及協助備受時尚圈關注的海廢漁網循環品牌 hibang 創造成功的群募專案。擅長讓新品牌在短時間內就可以達成大量曝光、千萬銷售，而《bbm品牌說書人》也因為擁有深厚「敏捷投放」經驗，成為多家品牌的數位轉型顧問，輔導許多品牌建置自有電商，拓展線上銷售機會，成功案例有精品燈飾品牌 Seeddesign 喜的燈飾、被媒體譽為最美家電行的 Suisuikaden 水水家電等。此次，《Accucrazy》與《bbm品牌說書人》宣布攜手合併，迎來《bbm品牌說書人》創辦人陳學誼的加入，出任《Accucrazy》的總經理一職。陳學誼將帶著旗下專業團隊併入《Accucrazy》，全面整合，並結合未來不可或缺的 AI 技術力，強化原有的廣告代理商服務，並提供更加精準與前瞻性的行銷方案，提供客戶無縫接軌最新的 AI 行銷科技服務。同時，也將結合群眾集資服務，為品牌客戶提供完整的規模化服務，打造絕佳的行銷生態鏈，樹立行業內新標竿。橫掃知名品牌，強化數位版圖，透過最新科技領先行業趨勢《Accucrazy》過去曾與眾多知名品牌合作，包含雀巢、德之寶、Asus ROG、余仁生、王品、夏慕尼、西提、Lab52、飛利浦家電、國家地理頻道 National Geographic 等，橫跨多元產業與領域。未來，《Accucrazy》將整合強大生成式 AI 模組與專業數位行銷團隊，更有曾與全球知名品牌合作過的 Web 3.0 區塊鏈技術，融合《bbm品牌說書人》的豐富的品牌放大能力與千萬募資行銷力，打造不只是數位行銷，更是走在科技前沿的 AI 行銷科技品牌操盤手，為客戶締造更多商機，也即將前進國際市場，提供跨境品牌營運服務。【關於Accucrazy肖準行銷】Accucrazy 擁有深厚的技術實力，致力於將 AI、機器學習和數據分析等最新的科技應用於行銷操作，提供客戶獨一無二的品牌體驗，更提供透明且精準的數據分析，讓客戶能安心嘗試最新科技，同時也大力推廣推廣「e/acc （有效加速）」概念，希望在不可逆的人工智慧發展趨勢中，讓人們共同團結起來運用 AI 產生正向影響，減少負面發展。 Accucrazy 更專精於數位科技的「湧現」能力，運用更多創新性的科技手法，激發前所未見的行銷操作，打造最符合當代消費者的行銷體驗，形塑廣告代理商全新面貌。 Accucrazy 涉及領域包含數位廣告、Web3區塊鏈、紫微斗數與命理等，也曾攜手知名品牌像是華燈初上、國泰世華發行 NFT、瑞士奢華腕錶品牌創造元宇宙空間，帶領專業數位團隊，打造全新思維，締造廣告行銷新的版圖。開發多元面向數位領域，同時持續培育出新世代的數位行銷人，期望壯大台灣的數位廣告生態圈。更多資訊看官網：https://www.accucrazy.com/ 【關於bbm品牌說書人】bbm 品牌說書人以卓越的品牌行銷能力，創造千萬級專案，成功為眾多客戶打造深具影響力的品牌故事，同時協助品牌在面對新的市場變化時，能成功達到數位轉型。在群眾集資領域，累積募資金額高達 1.2 億，單次平均集資金額達 548 萬，bbm 專案更多次榮獲嘖嘖年度優質提案人獎，成功案例有孕龍科技的 Wirecare 宅電防護員、Funxion 方方好食杯、holim 飲料杯、以及備受時尚圈矚目的海廢漁網循環品牌 Hibang 等創造佳績的銷售佳績的募資品牌。

文章來源 : 7-11NEWS 發表時間 : 2023/12/15 瀏覽次數 : 14899 加入收藏 :

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