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MATARAM, Indonesia, Aug. 14, 2024 /PRNewswire/ -- On August 12, AIMA, a leading brand in the electric two-wheeler industry, celebrated the grand opening of its first flagship store on Lombok Island, Indonesia. The event was attended by notable guests, including Ma Faming, General Manager of PT AIMA Electric Vehicles Indonesia, Li Shouchen, General Manager of AIMA Mataram Exclusive Store on Lombok Island, Indonesia, Zhou Pengfei, Marketing Manager of the Indonesian company, Pak habibi, Manager of the Mataram Exclusive Store, and Xiao Xiangming, Marketing Director of the Indonesian company, as well as media outlets. On August 12, AIMA, a leading brand in the electric two-wheeler industry, celebrated the grand opening of its first flagship store on Lombok Island, Indonesia. The event was attended by notable guests, including Ma Faming, General Manager of PT AIMA Electric Vehicles Indonesia, Li Shouchen, General Manager of AIMA Mataram Exclusive Store on Lombok Island, Indonesia, Zhou Pengfei, Marketing Manager of the Indonesian company, Pak habibi, Manager of the Mataram Exclusive Store, and Xiao Xiangming. Since the beginning of this year, AIMA has been continuously making progress in Indonesia. On March 21, AIMA's factory in Indonesia was officially put into operation. During April 30 and May 4, AIMA was invited to participate in the Asiabike Jakarta, where it showcased its exceptional strength. Through scientific and technological innovation, in-depth study of local laws, regulations, and user habits, and steady planning of its operations in overseas markets, AIMA is dedicated to providing high-quality travel solutions for consumers worldwide. It aims to showcase its robust capabilities in "intelligent manufacturing with technology", thereby contributing to global green travel initiatives.
The automotive industry is rapidly evolving, and pure-play EV companies are at the forefront of this change, championing a sustainable future. Unlike traditional automakers who may turn to hybrid models, these companies are fully committed to electric vehicles, driving the industry towards a greener tomorrow.HANOI, VIETNAM - Media OutReach Newswire - 14 August 2024 - The automotive industry is undergoing a transformative shift towards electric vehicles (EVs), disrupting the traditional dominance of internal combustion engines (ICE). While established car manufacturers grapple with the costly transition from ICE to EV, pure-play EV companies are emerging as agile and innovative players in the market. VinFast EV manufacturing complex in Hai Phong, Vietnam Unburdened by legacy technologies and ICE supply chains, these companies are laser-focused on EV development, embracing cutting-edge technologies and sustainable practices. This is a global phenomenon, evident in the emergence of EV companies in the Middle East, such as Ceer and NWTN. However, one notable example stands out for its rapid growth and ambition: VinFast. VinFast, the car-making arm of Vietnam's largest private conglomerate, Vingroup, has made remarkable strides in the EV market in less than five years since its founding. The company transitioned to become a fully electric vehicle manufacturer in 2021, delivering its first self-developed EVs to Vietnamese customers in December of that year. And thanks to Vingroup's expertise and resources, VinFast was able to construct a modern car factory in record time, a feat that usually takes traditional automakers years to accomplish. This rapid progress is a testament to VinFast's agility and ambition, earning it recognition on TIME's list of 100 most influential companies in 2024. VinFast's ambitions extend beyond its home market. The company has expanded its footprint globally, establishing a presence in the Middle East through partnerships with distributors and previously in other key markets like Southeast Asia, India, and the US. This global expansion demonstrates VinFast's commitment to making electric mobility accessible to a wider audience. All-In on EVs In its April report, the International Energy Agency notes that EV companies' stocks have outperformed general stock markets and traditional carmakers since 2019. This highlights the growing potential of this sector and the long-term growth prospects of pure-play EV companies like VinFast. However, the transition to electric vehicles is not without challenges. Competition in the EV market is intensifying, and pure-play companies need to scale up their production and build strong brand recognition to remain competitive. The EV industry as a whole faces infrastructure limitations, such as the availability of charging stations, and needs to address consumer pain points like charging times and range anxiety. But it's only in this difficult backdrop that we are able to see one notable advantage of pure-play EV makers: Their unwavering commitment to going green. This obligation to adapt and innovate differentiates them from traditional automakers who might hesitate or hedge their bets by turning to half-measures like hybrids. In VinFast's case, their desire to go green is baked into its DNA through the unwavering commitment of its founder and also chairman of Vingroup, Pham Nhat Vuong, Vietnam's richest man. Vingroup, its affiliates, and external lenders have provided VinFast with over $12.9 billion to fund operating expenses and capital expenditure between 2017 and March of this year. Vuong himself recently pledged another $1 billion to the company's success. Dedicated EV manufacturers are all-in on electric vehicles, not backing down from challenges. As the EV market matures and technology advances, pure-play companies are expected to play a crucial role in shaping the future of mobility. Hashtag: #VinFast #EVThe issuer is solely responsible for the content of this announcement.
SINGAPORE, Aug. 13, 2024 /PRNewswire/ -- Power semiconductors are essential components that function as efficient switches and rectifiers in electrical circuits, controlling and converting power with minimal losses. Their importance has grown significantly due to the global push for energy efficiency and carbon neutrality. Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9281451-toshiba-power-semiconductor-technology-electric-vehicles/ Building a carbon-neutral future in mobility with Toshiba Power Semiconductor Toshiba is leading the charge in power semiconductor technology, playing a vital role in the automotive industry's shift towards electrification. Toshiba's power semiconductors are crucial for managing electricity in electric vehicles (xEVs), controlling power supply, voltage, and current switching. At the forefront of power semiconductor development, Toshiba focuses on silicon (Si)-MOSFETs to reduce CO2 emissions across multiple sectors, particularly in vehicle electrification. These cutting-edge power semiconductors are designed to meet the rigorous demands of automotive applications, withstanding extreme conditions, and maintaining near-zero defect rates. Power semiconductors are increasingly being used in automobiles. Toshiba is also developing next-generation power semiconductors using silicon carbide (SiC) and gallium nitride (GaN) for improved efficiency and performance. These materials enable higher voltage management with lower resistance, contributing to higher output and smaller devices. SiC semiconductors can reduce power consumption, CO2 emissions, and equipment size in electric vehicles, allowing for larger batteries and extended range. Toshiba's research aims to enhance power semiconductor performance for various applications, including xEVs, railways, and offshore wind power generation, focusing on quality and performance. Promotion of carbon neutrality is bringing next-generation power semiconductors into an increasing range of applications. Beyond automotive and the application areas mentioned above, power semiconductors also play crucial roles in other sectors. In industrial equipment, they are essential components in motor drives, robotics, and factory automation systems, enhancing performance and efficiency. In consumer electronics, these advanced semiconductors significantly improve energy efficiency across a broad spectrum of household devices and electronic products, reducing power consumption and improving sustainability in everyday technology. Power semiconductors drive innovation across industries. As the world races to combat climate change, Toshiba emerges as a beacon of innovation. With over 60 years of research in silicon power semiconductors, Toshiba has developed a comprehensive lineup of more than 500 products. The U-MOS series of low-voltage MOSFETs, for instance, delivers world-class performance. Power semiconductors are the silent revolutionaries driving the electric transformation of our world. Toshiba's unwavering commitment to semiconductor innovation is revolutionizing the automotive industry and laying the foundation for a sustainable, electrified future that will reshape every facet of our daily existence.
CHENGDU, China, Aug. 12, 2024 /PRNewswire/ -- On August 10th, CATL celebrated the opening of NING Space, the world's first new energy experience center in Chengdu, Sichuan Province. Co-created with an array of car manufacturers and the local government, NING Space provides an innovative all-encompassing experience for consumers of "view, select, use, and learn" about electric vehicles, which will accelerate the global transition to e-mobility. NING Space Speaking at the opening ceremony, Li Ping, vice chairman of CATL, commented that amidst the global energy transformation, the automotive industry and consumer mindsets are undergoing a significant restructuring. CATL, in partnership with carmakers, has established a new platform designed to create a bridge between automakers and consumers, fostering innovation and mutual success. Opening ceremony of NING Space Luo Jian, general manager of CATL's marketing department, said that with the distinctive features of "completeness" and "innovation," the space is dedicated to aiding automakers in showcasing their vehicles effectively, assisting consumers in selecting the right cars, and promoting a low-carbon lifestyle. As the world's first brand pavilion of EVs, the 13,000 m² complex houses nearly 100 models from around 50 car brands, bringing a never-ending auto show to consumers with a full collection of the most popular car models. After-sales service brand "NING SERVICE" Across various areas of the space, EV experts are ready to answer questions and provide tailored recommendations based on consumer needs, budgets, and uses. The space also offers insights into the history and development of electric vehicles, and showcases the latest innovative battery technologies. In addition, the space hosts regular science workshops, helping users of all ages to explore and learn green energies as well as electric vehicles. At the opening ceremony, CATL also launched the after-sales service brand "NING SERVICE". With a network of 112 professional service stations and a robust training system, "NING SERVICE" provides high-standard services such as battery maintenance, health checks, and mobile rescue, ensuring a worry-free experience for electric vehicle users. Science workshops To further enhance the user experience and expand service offerings, CATL launched a WeChat mini-program on the same day. Specifically designed for EV users, the mini-program provides services including charging station searches, exploration, selection assistance and usage tips for EVs, and science workshops about new energy. By leveraging online channels, CATL delivers efficient, convenient, high-quality, and multi-dimensional services to EV users. EVs euipped with CATL's batteries The shift towards green energy is unstoppable. CATL's NING Space is set to create a profound link between automakers and EV consumers by offering a richer variety of scenarios, more specialized services, and exceptional consumer experience, thus ushering in a brand-new chapter of green energy living.
DALIAN, China, Aug. 9, 2024 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the second quarter and the first half of 2024 ended June 30, 2024. First Half of 2024 Financial Highlights Net revenues from sales of batteries were $80.4 million, an increase of 55% from $51.8 million in the same period of 2023. - Net revenues from batteries used in light electric vehicles were $3.3 million, an increase of 7% from $3.1 million in the same period of 2023. - Net revenues from batteries used in electric vehicles were $0.7 million, a decrease of 65% from $2.0 million in the same period of 2023. - Net revenues from residential energy supply & uninterruptible supplies were $76.4 million, an increase of 63% from $46.8 million in the same period of 2023. Gross margin for the battery business was 39.0%, an increase of 26.2 percentage points from 12.8% in the same period of 2023. Net income from the battery business was $19.6 million, compared to net loss of $1.0 million in the same period of 2023. Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, "We are thrilled to share with our shareholders and investors that we have achieved a remarkable 55% increase in net revenues from our battery business, reaching $80.4 million for the first half of the year. This significant growth is particularly notable given the broader industry challenges and declining sales volumes faced by our competitors. Our strategic pivot towards residential energy solutions and diverse energy storage applications has been a key driver of this success, with the bulk of our revenue increase coming from these sectors. Our major clients remain highly satisfied with the performance of our products and continue to show strong loyalty. We are confident that this exceptional sales momentum will continue to drive our success in the future." Jiewei Li, Chief Financial Officer and Secretary of the Board of the Company, added, "In addition to the remarkable surge in net revenues from our battery business, we are thrilled to report an impressive gross margin of 39% for the first half of the year. This outstanding performance not only highlights our efficiency but also places us ahead of all our competitors in battery manufacturing. Consequently, our net income from the battery sector has reached $19.6 million, surpassing the figures from the previous fiscal year. We are confident that our gross margin will remain robust due to high client satisfaction with our battery products, and we anticipate continued growth in net income in the upcoming quarters. Furthermore, we are engaged in discussions with several private equity investors regarding both our sodium and lithium battery segments. These investors are showing interest in contributing capital at a significantly higher valuation. We expect to finalize these transactions and deliver positive news to the market." Second Quarter of 2024 Business Highlights & Recent Developments In June, CBAK Energy announced that its subsidiary, CBAK Power, had secured an order valued at almost USD7.0 million from a Renowned European Client. In June, CBAK Energy unveiled a significant advancement in fast-charging technology with the enhanced model 32140 battery, achieving a full charge in just 35 minutes. Second Quarter of 2024 Financial Results Net revenues[1] were $47.8 million, representing an increase of 13% compared to $42.4 million in the same period of 2023. This increase was primarily attributable to an increase in revenue from the Company's battery business. Among these revenues, detailed revenues from our battery business are: Battery Business 2023 Second Quarter 2024Second Quarter % ChangeYoY Net Revenues ($) 22,232,003 35,598,124 60 Gross Profits ($) 3,425,147 12,912,293 276 Gross Margin 15.4 % 36.3 % - Net (Loss) Income ($) (1,126,224) 7,892,641 - Net Revenues from Battery Business on Applications ($) Electric Vehicles 135,731 199,258 46 Light Electric Vehicles 1,147,902 1,825,501 59 Residential Energy Supply & Uninterruptable supplies 20,948,370 33,573,365 60 Total 22,232,003 35,598,124 60 [1] Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. Cost of revenues was $35.1 million, representing a slightly decrease of 9% from $38.5 million in the same period of 2023. The decrease in the cost of revenues corresponds to the Company's higher gross profit from the battery business. Gross profit was $12.7 million, representing an increase of 227% from $3.9 million in the same period of 2023. Gross margin was 26.6%, compared to 9.2% in the same period of 2023. Total operating expenses were $6.8 million, representing a decrease of 12% from $7.7 million in the same period of 2023. Research and development expenses was $3.0 million for the three months ended June 30, 2024 and 2023. Sales and marketing expenses were $1.4 million, an increase of 42% from $1.0 million in the same period of 2023. General and administrative expenses were $3.1 million, a slightly decrease of 14% from $3.6 million in the same period of 2023. Recover of doubtful accounts was $0.67 million, compared to a provision of doubtful accounts of $0.13 million in the same period of 2023. Operating income amounted to $5.9 million, compared to an operating loss of $3.8 million in the same period of 2023. Finance income, net amounted to $0.7, compared to $0.3 million in the same period of 2023. Change in fair value of warrants was nil, compared to $0.04 million in the same period of 2023. Net income attributable to shareholders of CBAK Energy was $6.45 million, compared to net loss attributable to shareholders of CBAK Energy of $2.6 million in the same period of 2023. Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $6.45 million, compared to a net loss of $2.7 million in the same period of 2023, mainly due to the strong performance of our battery business. Basic and diluted income per share were both $0.07, compared to basic and diluted loss per share of $0.03 in 2023. First Half of 2024 Financial Results Net revenues[1] were $106.6 million, representing an increase of 26% compared to $84.8 million in the same period of 2023. This increase was primarily attributable to an increase in revenue from the Company's battery business. Among these revenues, detailed revenues from our battery business are: Battery Business 2023 First Half 2024First Half % ChangeYoY Net Revenues ($) 51,835,386 80,435,993 55 Gross Profits ($) 6,638,505 31,375,815 372 Gross Margin 12.8 % 39.0 % - Net (Loss) Income ($) (1,017,300) 19,575,070 - Net Revenues from Battery Business on Applications ($) Electric Vehicles 1,955,979 679,439 -65 Light Electric Vehicles 3,115,959 3,335,793 7 Residential Energy Supply & Uninterruptable supplies 46,763,448 76,420,761 63 Total 51,835,386 80,435,993 55 [1] Net revenues consist of the Company's self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business. Cost of revenues was $75.0 million, representing a slightly decrease of 4% from $78.0 million in the same period of 2023. The increase in the cost of revenues corresponds to the Company's higher gross profit from the battery business. Gross profit was $31.5 million, representing an increase of 22% from $6.8 million in the same period of 2023. Gross margin was 29.5%, compared to 8.0% in the same period of 2023. Total operating expenses were $15.3 million, representing an increase of 14% from $13.4 million in the same period of 2023. Research and development expenses were $5.8 million, an increase of 6% from $5.4 million in the same period of 2023. Sales and marketing expenses were $3.1 million, an increase of 8.4% from $1.7 million in the same period of 2023. General and administrative expenses were $7.2 million, an increase of 19% from $6.1 million in the same period of 2023. Recover of doubtful accounts was $0.8 million, compared to a provision of doubtful accounts of $0.26 million in the same period of 2023. Operating income amounted to $16.2 million, compared to an operating loss of $6.7 million in the same period of 2023. Finance income, net amounted to $0.7, compared to $0.3 million in the same period of 2023. Change in fair value of warrants was nil, compared to $0.12 million in the same period of 2023. Net income attributable to shareholders of CBAK Energy was $16.3 million, compared to net loss attributable to shareholders of CBAK Energy of $4.0 million in the same period of 2023. Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $16.3 million, compared to a net loss of $4.1 million in the same period of 2023, mainly due to the strong performance of our battery business. Basic and diluted income per share were both $0.18, compared to basic and diluted loss per share of $0.05 in 2023. Conference Call CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, August 9, 2024 (8:00 PM Beijing/Hong Kong Time on August 9, 2024). For participants who wish to join our call online, please visit: https://edge.media-server.com/mmc/p/etm9tt44 Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions. Participant Online Registration: https://register.vevent.com/register/BI88cb5143d85b4257ac2ba1e1f0e4d8e2 Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call. A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/etm9tt44 The earnings release and the link for the replay are available at ir.cbak.com.cn. About CBAK Energy CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian. For more information, please visit ir.cbak.com.cn. Safe Harbor Statement This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are 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. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. For further inquiries, please contact: In China: CBAK Energy Technology, Inc.Investor Relations DepartmentPhone: +86-18675423231Email: ir@cbak.com.cn CBAK Energy Technology, Inc. and Subsidiaries Condensed consolidated Balance Sheets As of December 31, 2023 and June 30, 2024 (Unaudited) (In US$ except for number of shares) December 31,2023 June 30,2024 (Unaudited) Assets Current assets Cash and cash equivalents $ 4,643,267 $ 9,709,059 Pledged deposits 54,179,549 10,418,508 Short-term deposits - 34,342,812 Trade and bills receivable, net 28,653,047 32,710,720 Inventories 33,413,422 31,226,831 Prepayments and other receivables 7,459,254 5,017,982 Receivables from a former subsidiary, net 74,946 12,620 Total current assets 128,423,485 123,438,532 Property, plant and equipment, net 91,628,832 86,966,492 Construction in progress 37,797,862 36,086,788 Long-term investments, net 2,565,005 2,256,386 Prepaid land use rights 11,712,704 11,281,490 Intangible assets, net 841,360 599,350 Deposit paid for acquisition of long-term investments 7,101,492 15,934,172 Operating lease right-of-use assets, net 1,084,520 3,053,819 Total assets $ 281,155,260 $ 279,617,029 Liabilities Current liabilities Trade and bills payable $ 82,429,575 $ 71,644,150 Short-term bank borrowings 32,587,676 35,077,469 Other short-term loans 339,552 338,623 Accrued expenses and other payables 41,992,540 33,431,784 Payables to a former subsidiary, net 411,111 418,499 Deferred government grants, current 375,375 482,714 Product warranty provisions 23,870 17,888 Operating lease liability, current 691,992 994,562 Finance lease liability, current 1,643,864 1,424,535 Income tax payable - 798,715 Total current liabilities 160,495,555 144,628,939 Deferred government grants, non-current 6,203,488 5,700,353 Product warranty provisions 522,574 434,724 Operating lease liability, non-current 475,302 2,326,064 Total liabilities 167,696,919 153,090,080 Commitments and contingencies Shareholders' equity Common stock $0.001 par value; 500,000,000 authorized; 90,063,396 issued and 89,919,190 outstanding as of December 31, 2023 and 90,083,396 issued and 89,939,190 outstanding as of June 30, 2024 90,063 90,083 Donated shares 14,101,689 14,101,689 Additional paid-in capital 247,465,817 247,674,563 Statutory reserves 1,230,511 1,230,511 Accumulated deficit (134,395,762) (118,113,850) Accumulated other comprehensive loss (11,601,403) (14,326,079) 116,890,915 130,656,917 Less: Treasury shares (4,066,610) (4,066,610) Total shareholders' equity 112,824,305 126,590,307 Non-controlling interests 634,036 (63,358) Total equity 113,458,341 126,526,949 Total liabilities and shareholder's equity $ 281,155,260 $ 279,617,029 CBAK Energy Technology, Inc. and Subsidiaries Condensed consolidated Statements of Operations and Comprehensive Income (Loss) For the three and six months ended June 30, 2023 and 2024 (Unaudited) (In US$ except for number of shares) Three months endedJune 30, Six months ended June 30, 2023 2024 2023 2024 Net revenues $ 42,420,870 $ 47,793,045 $ 84,817,571 $ 106,615,477 Cost of revenues (38,536,228) (35,065,019) (78,027,185) (75,106,404) Gross profit 3,884,642 12,728,026 6,790,386 31,509,073 Operating expenses: Research and development expenses (2,980,718) (2,955,509) (5,436,046) (5,771,027) Sales and marketing expenses (963,588) (1,368,373) (1,684,592) (3,092,405) General and administrative expenses (3,582,893) (3,129,994) (6,062,028) (7,222,521) Recovery of (provision for) doubtful accounts (130,493) 673,330 (261,660) 787,343 Total operating expenses (7,657,692) (6,780,546) (13,444,326) (15,298,610) Operating income (loss) (3,773,050) 5,947,480 (6,653,940) 16,210,463 Finance (expenses) income, net 252,472 688,721 257,783 698,384 Other income, net 238,040 141,975 421,253 509,413 Share of loss of equity investee - 18,824 - - Gain on disposal of equity investee - 26,912 - 26,912 Change in fair value of warrants 36,000 - 121,000 - Income before income tax (3,246,538) 6,823,912 (5,853,904) 17,445,172 Income tax credit (expenses) 307,311 (800,727) 710,195 (1,849,513) Net income (loss) (2,939,227) 6,023,185 (5,143,709) $ 15,595,659 Less: Net (income) loss attributable to non-controlling interest 304,237 422,277 1,128,364 686,253 Net income (loss) attributable to CBAK Energy Technology, Inc. $ (2,634,990) $ 6,445,462 $ (4,015,345) $ 16,281,912 Net income (loss) (2,939,227) 6,023,185 (5,143,709) 15,595,659 Other comprehensive loss – Foreign currency translation adjustment (6,639,109) (829,769) (5,890,330) (2,735,817) Comprehensive (loss) income (9,578,336) 5,193,416 (11,034,039) 12,859,842 Less: Comprehensive (loss) income attributable to non-controlling interest 643,620 423,171 1,373,641 697,394 Comprehensive (loss) income attributable to CBAK Energy Technology, Inc. $ (8,934,716) $ 5,616,587 $ (9,660,398) $ 13,557,236 Income (loss) per share – Basic $ (0.03)* $ 0.07 $ (0.05) $ 0.18 – Diluted $ (0.03)* $ 0.07 $ (0.05) $ 0.18 Weighted average number of shares of common stock: – Basic 89,029,399 89,931,617 89,021,424 89,931,727 – Diluted 89,029,399 90,111,613 89,021,424 90,289,544
DOHA, QATAR - Media OutReach Newswire - 9 August 2024 - VinFast Auto has officially signed an exclusive dealership agreement with Al Mana Holding W.L.L. for the distribution of VinFast electric vehicles (EV) across Qatar. The inaugural facility is planned to open in Q3/2024 in the heart of Doha city and will offer four VinFast e-SUV models VF 6, VF 7, VF 8, and VF 9 upon each model's respective launch in the market. Mr. Hisham Saleh Al Mana, Chairman of Al Mana Holding Group (in white) and Mr. Ta Xuan Hien, CEO of VinFast Middle East (4th from the left), along with representatives from both parties at the signing ceremony. Under the agreement, Al Mana Holding will become the exclusive dealer of VinFast in Qatar. With extensive experience and long-standing reputation in the automotive sector, Al Mana Holding will be a reliable partner, helping VinFast quickly capture the potential Qatar market by establishing a network of professional stores and services in the country. Founded in the 1950s, Al Mana Holding is one of the leading economic conglomerates in Qatar. With a shared vision for a green future, the cooperation agreement between VinFast and Al Mana Holding promises to bring the people of Qatar smart and green mobility solutions, contributing to the sustainable development goals of the country as well as the Middle East region. Mr. Ta Xuan Hien, CEO of VinFast Middle East, said: "The agreement with Al Mana Holding W.L.L. marks an important milestone in VinFast's global market expansion strategy, and specifically, our entry into the Middle East. We are confident that Al Mana Holding's reputation, expertise and market knowledge will enable us to quickly deliver premium products and services to Qatari customers." Mr. Hisham Saleh Al Mana, Chairman of Al Mana Holding, said: "We are thrilled to announce our exclusive partnership with VinFast in Qatar, adding to the Al Mana Holding's portfolio. VinFast's innovation and rapid growth showcase their high-quality products. By joining forces, Al Mana Holding and VinFast aim to revolutionize the Qatari automotive landscape, offering customers a range of cutting-edge electric vehicles that cater to their needs while minimizing environmental impact." Since the fourth quarter of 2023, VinFast has changed its strategy from a direct sales model to consumers to a hybrid model that leverages existing distribution infrastructure through the establishment of a global dealer network. It is expected that sales through dealers will contribute significantly to VinFast's sales in the second half of 2024. In addition to key markets such as the United States, Canada, and Europe, VinFast is actively expanding into neighboring countries in Asia such as India, Indonesia, Thailand, and the Philippines, as well as the Middle East and Africa. Hashtag: #VinFastThe issuer is solely responsible for the content of this announcement.About VinFastVinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play EV manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://vinfast.com/ About Al Mana Holding W.L.L. Al Mana Holding W.L.L. - a prominent Qatari conglomerate with a history dating back to the late 1950s. As one of the region's leading automotive dealers since 1998, Al Mana Holding is known for its strong reputation and diverse business portfolio. Learn more at: https://www.almanaholding.com.qa/
A12 藝術空間
Electric Vehicles
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