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  11. <title>Highlights of Renault Group&#039;s 2025 Annual General Meeting | Auto Excelsior</title>
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  25. <title>Highlights of Renault Group&#039;s 2025 Annual General Meeting | Auto Excelsior</title>
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  30. <item>
  31. <title>Highlights of Renault Group&#8217;s 2025 Annual General Meeting</title>
  32. <link>https://autoexcelsior.com/highlights-of-renault-groups-2025-annual-general-meeting/53612/</link>
  34. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  35. <pubDate>Wed, 30 Apr 2025 16:07:00 +0000</pubDate>
  36. <category><![CDATA[Brand Post]]></category>
  37. <guid isPermaLink="false">https://autoexcelsior.com/highlights-of-renault-groups-2025-annual-general-meeting</guid>
  38.  
  39. <description><![CDATA[<div style="margin-bottom:20px;"><img width="2056" height="930" src="https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting.jpg 2056w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-300x136.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-1024x463.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-768x347.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-1536x695.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-2048x926.jpg 2048w" sizes="(max-width: 2056px) 100vw, 2056px" /></div>PRESS RELEASEApril 30 2025     HIGHLIGHTS OF RENAULT GROUP&#8217;S 2025 ANNUAL GENERAL MEETING Renault Group&#8217;s Annual Shareholders’ Meeting took place today, April 30, in Boulogne-Billancourt. The 24 resolutions submitted to the vote of the shareholders were adopted. This annual meeting was also an opportunity for Jean-Dominique Senard, Chairman of the Board of Directors, and [&#8230;]]]></description>
  40. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="2056" height="930" src="https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting.jpg 2056w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-300x136.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-1024x463.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-768x347.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-1536x695.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/05/highlights-of-renault-groups-2025-annual-general-meeting-2048x926.jpg 2048w" sizes="(max-width: 2056px) 100vw, 2056px" /></div><table align="right" style="border-collapse: collapse; border-collapse:collapse ;">
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  43. <p>  </td>
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  47. </tr>
  48. </table>
  49. <p><strong><strong>HIGHLIGHTS OF RENAULT GROUP&#8217;S 2025 ANNUAL GENERAL MEETING</strong></strong></p>
  50. <ul type="disc">
  51. <li style="margin-bottom:6pt; text-align:justify;"><strong>Renault Group&#8217;s Annual Shareholders’ Meeting took place today, April 30, in Boulogne-Billancourt. The 24 resolutions submitted to the vote of the shareholders were adopted.</strong></li>
  52. <li style="margin-bottom:6pt; text-align:justify;"><strong>This annual meeting was also an opportunity for Jean-Dominique Senard, Chairman of the Board of Directors, and Luca de Meo, Chief Executive Officer of Renault Group, to thank the shareholders for their loyalty and to look back on the four years of Renaulution.</strong></li>
  53. <li style="margin-bottom:6pt; text-align:justify;"><strong>More than a plan, Renaulution is a key lever for combining economic performance and value-sharing for its employees and shareholders, but also for the entire automotive ecosystem. </strong></li>
  54. <li style="margin-bottom:6pt; text-align:justify;"><strong>A dividend of €2.20 per share was proposed at the Annual Shareholders’ Meeting, up 19% compared to the previous year. Renault Group has confirmed that it is renewing its employee share plan for the 4th consecutive year. </strong></li>
  55. </ul>
  56. <p align="justify"><strong>Boulogne-Billancourt, April 30, 2025 –</strong> Renault Group held its Annual General Meeting today. All the resolutions submitted to the vote of the shareholders were adopted. This meeting was an opportunity for Jean-Dominique Senard, Chairman of the Board of Directors, and Luca de Meo, Chief Executive Officer of Renault Group, to review the four years of Renaulution in front of the shareholders and to reaffirm the Group&#8217;s commitments to those who contribute to the success of the company and the sustainability of the automotive industry. </p>
  57. <p align="justify"><em>“Whatever the international evolutions and the reality of the European awakening, the challenge for Renault Group is to transform itself in depth, with a long-term vision. The transformation will be sustainable because it places employees and stakeholders at its heart, around the levers of value sharing, empowerment and training. Empowerment and value sharing: these are two priorities on which we will continue, with the renewed Board of Directors, to be both committed and vigilant”, </em><strong>Jean Dominique Senard, Chairman of the Board of Directors of Renault Group.</strong>   </p>
  58. <p align="justify"><em>“The transformation of Renault Group is a source of huge pride. In an exceptionally difficult period, we have put the Group at the best level it has ever achieved. This is reflected in our renewed range – the best in three decades – and our excellent results. We fight every day to make Renault Group not a big company but the best. Innovation, the ability to adapt at all times, that&#8217;s where our strength lies. Growing this spirit must be the daily obsession while putting in place the necessary actions and levers to guarantee competitiveness “, </em><strong>Luca de Meo, CEO Renault Group.</strong>   </p>
  59. <p align="justify">Approval of all resolutions </p>
  60. <p align="justify">12,212 shareholders, representing 213,891,381 shares and 307,753,860 voting rights, participated in the General Meeting, by voting remotely, by giving proxy to the Chairman or a third party, or by attending the meeting. The quorum was therefore set at 74.04%. At this Shareholders&#8217; Meeting, all the resolutions submitted to the vote of the shareholders were adopted. </p>
  61. <p align="justify">The detailed results of the Shareholders&#8217; Meeting&#8217;s votes will be available on the Renault Group website (https://www.renaultgroup.com/finance/assemblee-generale/).</p>
  62. <p align="justify">The payment of a dividend of €2.20 per share was approved at the Annual General Meeting, marking an increase of 19% compared to the previous year. The payout ratio is 21.5%. </p>
  63. <p align="justify">A proactive and responsible policy focused on employees</p>
  64. <ul type="disc">
  65. <li style="margin-top:6pt; text-align:justify;"><strong>Rewarding employee investment</strong></li>
  66. </ul>
  67. <p align="justify">Thanks to the exceptional collective commitment of the teams and a constant &#8216;reinvention&#8217; of the spirit of innovation, the company has achieved historic results in the last two years. Its Renaulution strategic plan was key. Thus, <strong>more than 2.3 billion euros have been distributed to the employees</strong> since the beginning of the plan<sup>1</sup>. This remuneration includes measures such as bonuses, based on the company&#8217;s performance, the employee shareplan and the employment contribution supplements.</p>
  68. <ul type="disc">
  69. <li style="margin-top:6pt; text-align:justify;"><strong>Offering employees the opportunity to become shareholders</strong></li>
  70. </ul>
  71. <p align="justify">Renault Group has launched an employee share ownership plan, unique in the industry, to involve all its employees in the company&#8217;s future performance. Since 2022, the <em>Renaulution Shareplan, </em>deployed in nearly 30 countries, has enabled more than 90% of the Group&#8217;s employees to become shareholders. In just three years, the share of capital held by employees has risen from 3.6% to 5.63%. <strong>After the success of the previous operations, Renault Group is renewing its employee share ownership plan for the fourth consecutive year.</strong></p>
  72. <ul type="disc">
  73. <li style="margin-top:6pt; text-align:justify;"><strong>Taking care of its employees</strong></li>
  74. </ul>
  75. <p align="left">A &#8220;carmaker&#8221; who would also be a &#8220;care maker&#8221;: Renault Group places the well-being of its employees at the heart of its priorities, all over the world. In 2024, the company launched <strong>OneHealth, a comprehensive health and wellness program</strong> aimed at ensuring <strong>equitable access to quality care. </strong>The rollout is currently underway in all the countries where the Group operates, with the aim of achieving 100% coverage by June 2025. </p>
  76. <p align="justify">This system offers a comprehensive care pathway, with <strong>free check-ups, organised and fully covered by the company,</strong> a network of occupational health professionals close to the workplace, teleconsultations and advice, psychological assistance 24/7, etc. Free of charge for the Group&#8217;s employees, some services are also available to members of their households. </p>
  77. <ul type="disc">
  78. <li style="margin-top:6pt; text-align:justify;"><strong>Training to anticipate transformations</strong></li>
  79. </ul>
  80. <p align="justify">Worldwide, 25 million total industrial jobs are impacted by the digital and environmental transitions, not to mention the entire value chain (mining, circular economy). To <strong>support the challenges of mobility, the Group created the </strong>&#8220;ReKnow University&#8221;<strong> in April 2021</strong>. By relying on key players in training (industrial, academic, institutional), this corporate university designs and offers <strong>training courses</strong> around electrification, the circular economy, software development and cybersecurity, data and AI, as well as operational excellence<strong>. </strong></p>
  81. <p align="left">The university continues to expand with international development projects and has already trained <strong>nearly 40,000 people since 2021. </strong></p>
  82. <p>A strong commitment to the territories and the French economy </p>
  83. <p align="justify">Thanks to the Renaulution plan, all of the Group&#8217;s French plants have been equipped with new projects, <strong>with the launch of 9 new models since 2021. </strong>This dynamic makes Renault Group a key player in the regions: the indirect employment associated with Renault Group&#8217;s activities is estimated at around 30,000 jobs within the French supplier network. </p>
  84. <p align="justify">Since 2020, Renault Group has invested more than €14 billion in France (investments in tangible assets and research and development costs), in all the regions where the company operates, to transform and modernize its sites.</p>
  85. <table style="border-collapse: collapse; width:520.6pt; border-collapse:collapse ;">
  86. <tr>
  87. <td style="width:113.2px;;text-align: justify ; vertical-align: middle; text-align: justify ; vertical-align: middle; text-align: justify ; vertical-align: middle; text-align: justify ; vertical-align: middle; text-align: justify ; vertical-align: middle; vertical-align: top ; text-align: justify ; vertical-align: middle; "> <strong>RENAULT GROUP MEDIA RELATIONS</strong></p>
  88. <p> </p>
  89. <p> </p>
  90. <p> </p>
  91. <p>  </td>
  92. <td style="width:279px;;vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: top ; text-align: justify ; vertical-align: middle; "> <strong>Rie Yamane </strong><br />+33 6 03 16 35 20 <br />rie.yamane@renaut.com </td>
  93. <td style="width:301.94px;;vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; text-align: justify ; vertical-align: middle; vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: top ; text-align: justify ; vertical-align: middle; "> <strong>Florentina Deca </strong><br />+33 6 32 13 69 15<br />florentina.deca@renaut.com  </td>
  94. </tr>
  95. </table>
  96. <p><strong>About Renault Group </strong></p>
  97. <p align="justify">Renault Group is at the forefront of a mobility that is reinventing itself. The Group relies on the complementarity of its 4 brands &#8211; Renault &#8211; Dacia &#8211; Alpine and Mobilize &#8211; and offers sustainable and innovative mobility solutions to its customers.<br />Established in 114 countries, Renault Group sold 2.265 million vehicles in 2024. It employs more than 98,000 people who embody its Purpose every day, so that mobility brings people closer.<br />Ready to pursue challenges both on the road and in competition, the Group is committed to an ambitious and value generating transformation focused on the development of new technologies and services, and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group’s ambition is to achieve carbon neutrality in Europe by 2040. <br />https://www.renaultgroup.com/en/</p>
  98. <hr />
  99. <p>1 Additional to the salaries </p>
  100. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
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  102. <li> 20250430_RG_Press Release_AGM </li>
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  104. <p><img alt="" src='https://ml-eu.globenewswire.com/media/NGM1OWM2ZTQtNmQwMi00MWQ3LWFkZTUtODU3MDVjMzVhYWY4LTEwMTEwOTYtMjAyNS0wNC0zMC1lbg==/tiny/RENAULT.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  105. ]]></content:encoded>
  109. </item>
  110. <item>
  111. <title>From Shoreline to Showstopper: ECD Reveals Vibrant Yellow Soft-Top Defender 90 “Beach Patrol”</title>
  112. <link>https://autoexcelsior.com/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol/53610/</link>
  114. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  115. <pubDate>Wed, 30 Apr 2025 12:19:00 +0000</pubDate>
  116. <category><![CDATA[Brand Post]]></category>
  117. <guid isPermaLink="false">https://autoexcelsior.com/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol</guid>
  118.  
  119. <description><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1920" src="https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-300x225.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-1024x768.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-768x576.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-1536x1152.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-2048x1536.jpg 2048w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-86x64.jpg 86w" sizes="(max-width: 2560px) 100vw, 2560px" /></div>KISSIMMEE, Fla., April 30, 2025 (GLOBE NEWSWIRE) &#8212; ECD Auto Design (NASDAQ: ECDA), the world&#8217;s leading creator of restored Land Rovers and custom classic vehicles, proudly debuts Project Beach Patrol, a Defender 90 soft top built for warm weather, relaxed cruising, and statement-making style—all handcrafted in the U.S.A. View images and video of Project Beach [&#8230;]]]></description>
  120. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1920" src="https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-300x225.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-1024x768.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-768x576.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-1536x1152.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-2048x1536.jpg 2048w, https://autoexcelsior.com/wp-content/uploads/2025/04/from-shoreline-to-showstopper-ecd-reveals-vibrant-yellow-soft-top-defender-90-beach-patrol-86x64.jpg 86w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></div><p align="center"><img loading="lazy" decoding="async" alt="Woman in hat stands beside yellow custom Defender 90 soft top in a sunlit field." height="450" name="GNW_RichHtml_External_IMG" src="https://ml.globenewswire.com/Resource/Download/81100b5e-c108-4040-b48d-090ef06cb9dd/dscf0150.jpg" width="600" /></p>
  121. <p>KISSIMMEE, Fla., April 30, 2025 (GLOBE NEWSWIRE) &#8212; ECD Auto Design (NASDAQ: ECDA), the world&#8217;s leading creator of restored Land Rovers and custom classic vehicles, proudly debuts <em>Project Beach Patrol</em>, a Defender 90 soft top built for warm weather, relaxed cruising, and statement-making style—all handcrafted in the U.S.A.</p>
  122. <p><strong>View </strong><strong><u>images</u></strong><strong> and </strong><strong><u>video</u></strong><strong> of Project Beach Patrol</strong></p>
  123. <p>Finished in a vivid Land Rover AA Yellow gloss finish, <em>Beach Patrol</em> is a one-of-one open-air Defender built entirely at ECD’s 100,000-square-foot Florida facility. From its sleek black Optimil hardware to its powerful V8 heart, this Defender is engineered for long weekends, beach runs, and unforgettable coastal adventures.</p>
  124. <p><strong>A Clean Coastal Statement</strong></p>
  125. <p>Project Beach Patrol’s exterior is designed for head-turning simplicity. The vibrant yellow body is accented by Narvik Black elements, including its mesh grille, fender flares, light surrounds, and SVX side steps. The roll cage, finished in matte black, adds contrast and structure to the open-top layout, while twin HELLA 500 LED spotlights on the brush guard create a purposeful silhouette. Riding on 18” Satin Black Kahn 1983 wheels and BFG All-Terrain tires, this D90 is ready for both sand and street.</p>
  126. <p>A custom-painted brush guard, classic DRL-equipped front bumper, and round rear light guards round out the build, adding rugged utility to this otherwise breezy design. It’s not just ready to drive—it’s ready to be noticed.</p>
  127. <p><strong>Performance That Plays</strong></p>
  128. <p>Power comes from a GM LS3 6.2L V8 engine, delivering over 430 horsepower through a 6-speed automatic transmission. A Borla stainless dual sport exhaust adds throaty tone and visual symmetry, while heavy-duty axles and ECD’s road suspension keep the ride confident. Alcon high-performance brakes with red calipers ensure modern stopping power that complements the vintage styling.</p>
  129. <p><strong>Inside: Sport Meets Sophistication</strong></p>
  130. <p>Inside, the 2+2 layout balances utility with luxury. Up front, Corbeau Trailcat seats are finished in black Cadence Licorice leather with yellow single vertical diamond stitching and heated functionality for cool nights along the coast. In the cargo area, staggered inward-facing jump seats mirror the finish, offering flexibility and style.</p>
  131. <p>A MOMO Prototipo steering wheel, All American gauges, and a leather-wrapped Puma dash give the cockpit a tactile and driver-focused feel. The ECD custom center console houses dual USB outlets (A &amp; C), and the audio system is upgraded with Pioneer components, Bluetooth, and CarPlay for seamless summer playlists.</p>
  132. <p>Other comfort and convenience features include a digital rearview mirror, blind spot monitoring, remote start, and backup sensors—all integrated to modern standards while respecting the Defender’s utilitarian heritage.</p>
  133. <p><strong>Project Beach Patrol: Full Specification Overview</strong></p>
  134. <p><strong>Exterior</strong><br /> Paint: Land Rover AA Yellow (Gloss Finish)<br /> Roll Cage: Multi-point, Matte Black<br /> Grille: Body Color Surround with Narvik Black Mesh<br /> Wheels: 18” Kahn 1983 – Satin Black<br /> Tires: BFGoodrich All-Terrain – Black Walls Out<br /> Bumper: Classic Style with DRLs &amp; Brush Guard<br /> Lighting: HELLA 500 Series LED Spotlights, Rear Light Guards (Round, Black)<br /> Side Steps: SVX Black/Black<br /> Door Handles &amp; Hinges: Optimil Black Metal, Body Color Painted<br /> Rear: NAS Style Rear Bumper with Swing-Away Carrier<br /> Soft Top: Canvas, Black</p>
  135. <p><strong>Performance</strong><br /> Engine: GM LS3 V8<br /> Transmission: 6-Speed Automatic<br /> Suspension: ECD Upgraded Road Suspension<br /> Brakes: Alcon High-Performance (Red Calipers)<br /> Exhaust: Borla Stainless Dual Sport – Left &amp; Right<br /> Axles: Heavy Duty<br /> Chassis Coating: Raptor Liner</p>
  136. <p><strong>Interior</strong><br /> Layout: 2+2 (Front Buckets + Rear Jump Seats)<br /> Seats: Corbeau Trailcats in Cadence Licorice Leather<br /> Stitching: Yellow Single Vertical Diamond<br /> Center Console: ECD Custom Console with USB-A and USB-C<br /> Dash: Puma Style, Wrapped in Black Leather<br /> Door Cards: Leather Wrapped with Diamond Stitching + Storage Pockets<br /> Seat Belts: Custom Speed Yellow<br /> Flooring: Raptor-Lined Tub + OEM Rubber Mats<br /> Steering Wheel: MOMO Prototipo<br /> Gauges: All American<br /> Trim: Black Metal Kit</p>
  137. <p><strong>Technology &amp; Electronics</strong><br /> Audio: Pioneer System with Subwoofer, CarPlay &amp; Bluetooth<br /> Charging: USB Outlets Front &amp; Rear<br /> Safety: Backup Camera, Sensors, Blind Spot Assistant<br /> Mirrors: Digital Rear View<br /> Convenience: Remote Locking &amp; Alarm, Remote Start, Automatic Headlights</p>
  138. <p><strong>A Defender That Defines Summer</strong></p>
  139. <p>“Project Beach Patrol is a standout in our portfolio—it’s carefree, sunny, and unmistakably personal,” said Kevin Kastner, Chief Revenue Officer of ECD. “It’s more than a soft-top Defender—it’s a symbol of coastal escape, weekend freedom, and the confidence that comes from driving something truly one-of-a-kind.”</p>
  140. <p>To begin your own custom journey, visit <u>www.ecdautodesign.com</u> or schedule a design consultation with the ECD team.</p>
  141. <hr />
  142. <p><strong>About ECD Auto Design</strong><br /> ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic beauty with modern performance. Currently, ECD restores Land Rovers Series, Land Rover Series IIA, the Range Rover Classic, Jaguar E-Type, Ford Mustang, Toyota FJ, and highly specialized vehicles from its Boutique Studio. Each vehicle produced by ECD is fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence (“ASE”) craftsmen. The company was founded in 2013 by three British “gear heads” whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD’s global headquarters is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 105 talented and dedicated employees that hold a combined 80 ASE and five master-level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old vehicles back to the U.S. for restoration. For more information, visit <u>www.ecdautodesign.com</u>.</p>
  143. <p><strong>Media Contact:</strong><br /> Kevin Kastner<br /> Chief Revenue Officer<br /> kastnerk@ecdautodesign.com<br /> 407-738-1056</p>
  144. <p>A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/81100b5e-c108-4040-b48d-090ef06cb9dd</p>
  145. <p><img alt="" src='https://ml.globenewswire.com/media/MzdkMjE3ZDUtMDg0Ni00MTg1LWFlMjEtYmFhYjU4YWZhZjgwLTEyMTM2NzQtMjAyNS0wNC0zMC1lbg==/tiny/E-C-D-Automotive-Design.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  146. ]]></content:encoded>
  150. </item>
  151. <item>
  152. <title>SWITCH Mobility Flags Off 100 SWITCH IeV3 for Waste Management to Indore, boosting city&#8217;s sustainability efforts</title>
  153. <link>https://autoexcelsior.com/switch-mobility-flags-off-100-switch-iev3-for-waste-management-to-indore-boosting-citys-sustainability-efforts/53608/</link>
  155. <dc:creator><![CDATA[PR Newswire]]></dc:creator>
  156. <pubDate>Wed, 30 Apr 2025 08:55:00 +0000</pubDate>
  157. <category><![CDATA[Brand Post]]></category>
  158. <guid isPermaLink="false">https://autoexcelsior.com/switch-mobility-flags-off-100-switch-iev3-for-waste-management-to-indore-boosting-citys-sustainability-efforts</guid>
  159.  
  160. <description><![CDATA[<div style="margin-bottom:20px;"><img width="144" height="54" src="https://autoexcelsior.com/wp-content/uploads/2025/04/switch-mobility-flags-off-100-switch-iev3-for-waste-management-to-indore-boosting-citys-sustainability-efforts.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" /></div>INDORE, India, April 30, 2025 /PRNewswire/ &#8212; SWITCH Mobility, a leading global manufacturer of electric buses and light commercial vehicles, today flagged off 100 customized SWITCH IeV3 vehicles for Waste Management for the Indore Municipal Corporation, further strengthening Indore&#8217;s reputation as India&#8217;s cleanest city and reinforcing its commitment to sustainable urban development. The handover ceremony [&#8230;]]]></description>
  161. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="144" height="54" src="https://autoexcelsior.com/wp-content/uploads/2025/04/switch-mobility-flags-off-100-switch-iev3-for-waste-management-to-indore-boosting-citys-sustainability-efforts.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" /></div><p><span class="legendSpanClass"><span class="xn-location">INDORE</span>, <span class="xn-location">India</span></span>, <span class="legendSpanClass"><span class="xn-chron">April 30, 2025</span></span> /PRNewswire/ &#8212; SWITCH Mobility, a leading global manufacturer of electric buses and light commercial vehicles, today flagged off 100 customized SWITCH IeV3 vehicles for Waste Management for the Indore Municipal Corporation, further strengthening <span class="xn-location">Indore&#8217;s</span> reputation as <span class="xn-location">India&#8217;s</span> cleanest city and reinforcing its commitment to sustainable urban development.</p>
  162. <div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1">
  163. <p>  <img decoding="async" alt="SWITCH IeV3 electric vehicles for the Indore Municipal Corporation for Waste Management" src="https://mma.prnewswire.com/media/2676755/SWITCH_IeV3_electric_vehicles.jpg" title="SWITCH IeV3 electric vehicles for the Indore Municipal Corporation for Waste Management"></img>  </p>
  164. </p></div>
  165. <p>The handover ceremony was graced by Mr. <span class="xn-person">Kailash Vijayvargiya</span>, Hon&#8217;ble Minister of Urban Development and Housing and Mr. Pushyamitra Bhargav, Mayor of <span class="xn-location">Indore</span>, who commended SWITCH Mobility&#8217;s role in supporting <span class="xn-location">Indore&#8217;s</span> leadership in environmental stewardship. These specially designed electric garbage tippers will replace conventional diesel vehicles, significantly reducing carbon emissions, lowering noise pollution, and enhancing operational efficiency in waste collection. The SWITCH IeV3 is equipped to handle the transportation of both wet and dry waste effectively.</p>
  166. <p><b><span class="xn-person">Mahesh Babu</span>, CEO of SWITCH Mobility</b>, said, <i>&#8220;We are proud to partner with <span class="xn-location">Indore</span> in its inspiring journey towards a cleaner, greener future. <span class="xn-location">Indore</span> has consistently set an example for the entire nation by being ranked <span class="xn-location">India&#8217;s</span> cleanest city, and we are honored to contribute to maintaining and elevating that standard. Through our SWITCH IeV3 vehicles and our proprietary SWITCH iON connected mobility platform, we aim to deliver intelligent, sustainable solutions that help cities thrive in a cleaner environment.&#8221;</i></p>
  167. <p>The SWITCH IeV3 is engineered to meet the demands of urban municipal operations with a strong emphasis on sustainability, reliability, and efficiency. Powered by SWITCH iON, the brand&#8217;s proprietary connected vehicle platform, the fleet benefits from real-time monitoring, predictive maintenance, route optimization, and enhanced uptime, ensuring maximum operational effectiveness for <span class="xn-location">Indore&#8217;s</span> waste management initiatives.</p>
  168. <p>The deployment of these 100 electric vehicles for waste management, marks another major stride in <span class="xn-location">Indore&#8217;s</span> clean mobility roadmap, strengthening its efforts to retain the title of <span class="xn-location">India&#8217;s</span> Cleanest City while setting a new benchmark for sustainable urban living.</p>
  169. <p><b>About SWITCH Mobility</b></p>
  170. <p><i>SWITCH Mobility, an integral part of the Hinduja Group, is a global electric bus and light commercial vehicle manufacturer committed to advancing green mobility. Formed through a strategic collaboration between the engineering expertise of the Indian powerhouse <span class="xn-person">Ashok Leyland</span> and the British bus maker Optare, it seamlessly integrates the very best innovators and cutting-edge technology to deliver unrivalled product choices on a global scale. </i><i>In 2014, SWITCH (then Optare) introduced the first British built, pure electric buses to <span class="xn-location">London&#8217;s</span> roads and since then has put over 1250 ebuses on the road, clocking up over 150 million kilometers globally. </i><i>In 2024, SWITCH Mobility launched the SWITCH IeV Series, and today, over 1000 eLCVs are transforming last-mile logistics with zero-emission mobility.</i></p>
  171. <p><i>SWITCH Mobility&#8217;s accomplishments are underscored by numerous awards, such as Most Trusted Brand of <span class="xn-location">India</span>, Company of the Year, L&amp;ICV People Mover of the Year, Star Electric Bus of the Year, Sustainability Award, Best PR Campaign, and Most Trusted Brand of the Nation. Recognized as a Great Place to Work, SWITCH Mobility cultivates a corporate culture that values agility, innovation, and responsibility. </i></p>
  172. <p><i>SWITCH Mobility stands as a pragmatic force, guiding the world towards a sustainable and eco-friendly future. The company&#8217;s vehicles, representing a fusion of British and Indian expertise, epitomize the future of green mobility and SWITCH Mobility&#8217;s commitment to shaping a cleaner, more sustainable world. Capitalizing on its demonstrable experience and proven expertise in lightweight architecture, net zero carbon technologies, data analytics, software and customer service, SWITCH Mobility aims to be the commercial EV provider and employer of choice in the industry.</i></p>
  173. <p>Photo: https://mma.prnewswire.com/media/2676755/SWITCH_IeV3_electric_vehicles.jpg<br /></br>Logo: https://mma.prnewswire.com/media/2580555/5294857/SWITCH_Mobility_Logo.jpg</p>
  174. <div class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder2">
  175. <p>  <img decoding="async" alt="SWITCH Mobility Logo (PRNewsfoto/SWITCH Mobility)" src="https://mma.prnewswire.com/media/2580555/SWITCH_Mobility_Logo.jpg" title="SWITCH Mobility Logo (PRNewsfoto/SWITCH Mobility)"></img>  </p>
  176. </p></div>
  177. <p id="PURL"><img loading="lazy" decoding="async" alt="Cision" height="12" src="https://c212.net/c/img/favicon.png?sn=EN76645&amp;sd=2025-04-30" title="Cision" width="12"></img> View original content to download multimedia:https://www.prnewswire.com/in/news-releases/switch-mobility-flags-off-100-switch-iev3-for-waste-management-to-indore-boosting-citys-sustainability-efforts-302442461.html</p>
  178. <p> <img decoding="async" alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=EN76645&amp;Transmission_Id=202504300455PR_NEWS_EURO_ND__EN76645&amp;DateId=20250430" style="border:0px; width:1px; height:1px;"></img>Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Auto Excelsior takes no editorial responsibility for the same.</p>
  179. ]]></content:encoded>
  183. </item>
  184. <item>
  185. <title>Stellantis Reports Q1 2025 Net Revenues and Shipments</title>
  186. <link>https://autoexcelsior.com/stellantis-reports-q1-2025-net-revenues-and-shipments/53604/</link>
  188. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  189. <pubDate>Wed, 30 Apr 2025 06:02:00 +0000</pubDate>
  190. <category><![CDATA[Brand Post]]></category>
  191. <guid isPermaLink="false">https://autoexcelsior.com/stellantis-reports-q1-2025-net-revenues-and-shipments</guid>
  192.  
  193. <description><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1810" src="https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-300x212.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-1024x724.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-768x543.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-1536x1086.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-2048x1448.jpg 2048w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></div>Stellantis Reports Q1 2025 Net Revenues and Shipments Net revenues of €35.8 billion, down 14% compared to Q1 2024 primarily due to lower shipment volumes, as well as unfavorable mix and pricing Consolidated shipments(1) of 1,217 thousand units, down 9%, reflect lower North American production, a consequence of extended holiday downtime in January, product transition [&#8230;]]]></description>
  194. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1810" src="https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-300x212.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-1024x724.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-768x543.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-1536x1086.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/stellantis-reports-q1-2025-net-revenues-and-shipments-2048x1448.jpg 2048w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></div><p align="center"><strong>Stellantis Reports Q1 2025 Net Revenues and Shipments</strong></p>
  195. <ul type="disc">
  196. <li style="margin-top:6pt;"><strong>Net revenues of </strong><strong>€35.8</strong><strong> billion, down </strong><strong>14%</strong><strong> compared to Q1 2024 primarily due to </strong><strong>lower shipment volumes, as well as unfavorable mix and pricing</strong></li>
  197. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>Consolidated shipments</strong><sup><strong>(1)</strong></sup><strong> of </strong><strong>1,217</strong><strong> thousand units, down </strong><strong>9%</strong><strong>, reflect lower North American production, a consequence of extended holiday downtime in January,</strong><strong> product transition impacts and lower industry LCV volume</strong><strong>s in Enlarged Europe</strong></li>
  198. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>Total new vehicle inventory of 1,210 thousand units (Company inventory of 333 thousand units) on March 31, 2025, broadly in line with December 31, 2024</strong></li>
  199. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>Commercial recovery actions included the launch of 3 all-new products and several updated nameplates in Q1 2025, contributing to increased EU30 market share compared to Q4 2024, and improvement in U.S. retail order volumes </strong></li>
  200. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>The Company is suspending its 2025 financial guidance due to tariff-related uncertainties </strong></li>
  201. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>The Company is highly engaged with policymakers on tariff policies, while taking action to reduce impacts</strong></li>
  202. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>Ordinary dividend of €0.68 per share was approved at AGM and will be distributed on May 5, 2025</strong></li>
  203. <li style="margin-top:6pt; margin-bottom:6pt;"><strong>The process to appoint the new permanent Chief Executive Officer is well underway and will be concluded within the first half of 2025</strong></li>
  204. </ul>
  205. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  206. <tr>
  207. <td style="width:345px;;vertical-align: middle ; "><em>&#8220;While Q1 2025 top-line results were below prior-year levels, other KPIs reflect early, initial progress on our commercial recovery efforts. North America is at a very early stage, with improvement in retail order intake, while we are seeing sequential improvement in EU30 market share. At the same time, the Company is benefiting from its diverse geographic footprint, as our &#8220;Third Engine&#8221;</em><sup><em>(2)</em></sup><em> regions delivered in Q1 2025 positive year-on-year growth in aggregate.&#8221;</em>              </p>
  208. <p>                                                     <strong>Doug Ostermann, CFO</strong></td>
  209. <td style="width:345px;;vertical-align: middle ; "> </td>
  210. </tr>
  211. <tr>
  212. <td style="width:345px;;vertical-align: bottom ; "> </td>
  213. <td style="width:345px;;text-align: center ; vertical-align: middle; vertical-align: middle ; ">Fiat Grande Panda Hybrid</td>
  214. </tr>
  215. </table>
  216. <p></p>
  217. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  218. <tr>
  219. <td colspan="7" style="width:420px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "><strong>RESULTS FROM CONTINUING OPERATIONS</strong></td>
  220. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: middle ; "> </td>
  221. <td rowspan="6" style="width:266px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; text-align: center ; vertical-align: middle; "><strong>SUSPENDING FY 2025 GUIDANCE</strong></p>
  222. <p>Due to evolving tariff policies, as well as the difficulty predicting possible impacts on market volumes and the competitive landscape. </p>
  223. <p>  </p>
  224. <p></td>
  225. </tr>
  226. <tr>
  227. <td rowspan="2" style="width:180px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  228. <td rowspan="2" style="width:4px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  229. <td rowspan="2" style="width:75px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; text-align: center ; vertical-align: middle; "><strong>Q1 2025</strong></p>
  230. <p></td>
  231. <td style="width:4px;;border-top: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  232. <td rowspan="2" style="width:75px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; text-align: center ; vertical-align: middle; "><strong>Q1 2024</strong></p>
  233. <p></td>
  234. <td style="width:4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  235. <td rowspan="2" style="width:78px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: center ; vertical-align: middle; "><strong>Change</strong></p>
  236. <p></td>
  237. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  238. </tr>
  239. <tr>
  240. <td style="width:4px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  241. <td style="width:4px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  242. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  243. </tr>
  244. <tr>
  245. <td style="width:180px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Combined shipments (000 units)</td>
  246. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  247. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">1,233</td>
  248. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  249. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">1,371</td>
  250. <td style="width:4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  251. <td style="width:78px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(10)%</td>
  252. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  253. </tr>
  254. <tr>
  255. <td style="width:180px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Consolidated shipments (000 units)</td>
  256. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  257. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">1,217</td>
  258. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  259. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">1,335</td>
  260. <td style="width:4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  261. <td style="width:78px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(9)%</td>
  262. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  263. </tr>
  264. <tr>
  265. <td style="width:180px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ billion)</td>
  266. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  267. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">35.8</td>
  268. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  269. <td style="width:75px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">41.7</td>
  270. <td style="width:4px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  271. <td style="width:78px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(14)%</td>
  272. <td style="width:4px;;border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  273. </tr>
  274. </table>
  275. <p><em>____________________________________________________________________________________________________________________________________</em><br />All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.</p>
  276. <p>AMSTERDAM, April 30, 2025 &#8211; Stellantis N.V. announced its Q1 2025 revenues and shipments today, reporting Net revenues of €35.8 billion, a 14% decrease compared to Q1 2024. This decline was primarily due to lower volume, adverse regional mix and price normalization. For the three months ending March 31, 2025, consolidated shipments were 1,217 thousand units, a 9% decrease versus the same period in 2024. The reduction in shipments was mainly due to lower production in North America, resulting from an extended holiday downtime in January, as well as impacts of product transitions and decreased LCV volumes in Enlarged Europe. </p>
  277. <p><strong>Update on Commercial Recovery Actions</strong></p>
  278. <ul type="disc">
  279. <li style="margin-bottom:6pt;"><strong>During Q1 2025, the Company launched 3 all-new products planned for 2025: </strong>the all-new Fiat Grande Panda, Opel/Vauxhall Frontera and Citroën C3 Aircross. Additionally, the refreshed Opel/Vauxhall Mokka, Ram 2500 HD and Ram 3500 HD went on sale.</li>
  280. <li style="margin-bottom:6pt;"><strong>Market share in EU30 of 17.3% in Q1 2025,</strong><strong> ro</strong><strong>se by 1.9 percentage points </strong>compared to Q4 2024, benefiting from continued ramp-up and expanding availability of the Citroën C3/ëC3, Peugeot 5008 and Opel/Vauxhall Grandland, which launched in late 2024. The introduction of the Citroën C3 Aircross, Opel/Vauxhall Frontera and Fiat Grande Panda during Q1 2025 provides opportunities to increase shipments of B-segment vehicles in upcoming periods. Also, in Q1 2025, Stellantis became the leader in the hybrid segment and regained the second position in the BEV market with market shares of 15.5% and 13.0%, respectively.</li>
  281. <li style="margin-bottom:6pt;"><strong>In the U.S., stabilization of retail share with a &gt;10% y-o-y retail sales increase in the Jeep® Grand Cherokee and Compass, as well as the Ram 1500 and 2500.</strong>   Further progress is expected from the expanded availability of specific light-duty truck trim levels, the successful launch of refreshed heavy-duty trucks, and enhanced sales and marketing efforts. In March 2025, new retail orders rose 82% compared to March 2024, hitting their highest monthly level since June 2023.</li>
  282. <li style="margin-bottom:6pt;"><strong>Continued strong revenue dynamics from the </strong><strong>Third Engine</strong><sup><strong>(</strong></sup><sup><strong>2)</strong></sup><strong>.</strong> In South America, the Company maintained its leading position, with market share of 23.8%, an increase of 1.5 percentage points from Q4 2024, due to the improvement of Stellantis&#8217; brands performance in Brazil, Chile and especially Argentina where the market is recovering following the easing of import restrictions. The Middle East &amp; Africa region, while facing import restrictions in some countries, continues to focus on its localization efforts that are expected to enable improved volumes in several markets in the mid-term. </li>
  283. </ul>
  284. <p><strong>Responding to tariff actions to safeguard the Company</strong></p>
  285. <ul type="disc">
  286. <li style="margin-bottom:12pt;"><strong>Protecting the Company while engaging extensively </strong>with relevant governments to facilitate informed implementation and evolution of policies. At the same time, management is taking action to adjust production plans, and identifying opportunities for improved sourcing.
  287. </li>
  288. </ul>
  289. <p><strong>Innovations driving the Company forward</strong></p>
  290. <ul type="disc">
  291. <li style="margin-bottom:12pt;"><strong>Introduction of STLA AutoDrive 1.0,</strong> Stellantis&#8217; proprietary automated driving system, delivers Hands-Free and Eyes-Off (SAE Level 3) functionality. AutoDrive supports automated driving at speeds up to 60 km/h (37 mph) and is a crucial component of Stellantis’ technology strategy alongside STLA Brain and STLA SmartCockpit, advancing vehicle intelligence, automation and user experience.</li>
  292. <li style="margin-bottom:12pt;"><strong>Stellantis and Mistral AI</strong> strengthened their strategic partnership to enhance vehicle development and manufacturing and customers&#8217; in-car experience, including the development of an AI-powered in-car assistant that allows drivers to interact with their vehicles using natural language. </li>
  293. </ul>
  294. <p> <strong>UPCOMING EVENTS: </strong></p>
  295. <p>First Half 2025 Results &#8211; July 24, 2025; Third Quarter Shipments &amp; Revenues &#8211; October 30, 2025</p>
  296. <p align="justify">On April 30, 2025, at 1:00 p.m. CEST / 7:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis&#8217; First Quarter 2025 Shipments and Revenues, with the presentation expected to be posted at approximately 8:00 a.m. CEST / 2:00 a.m. EDT. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (<u>www.stellantis.com</u>). </p>
  297. <p align="justify"><strong><em>About Stellantis</em></strong></p>
  298. <p>Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit <u>www.stellantis.com</u>.</p>
  299. <p>SEGMENT PERFORMANCE</p>
  300. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  301. <tr>
  302. <td colspan="5" style="width:233px;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">NORTH AMERICA</td>
  303. <td colspan="2" style="width:55px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  304. <td style="width:402px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  305. </tr>
  306. <tr>
  307. <td style="width:123px;;border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  308. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  309. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  310. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  311. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  312. <td style="width:50px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  313. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  314. <td rowspan="3" style="width:402px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  315. <ul type="disc">
  316. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Shipments</strong> down 20%, reflecting lower Jan production, a consequence of extended holiday downtime, initial ramp up of updated 2025 Ram HD trucks and continued gaps from discontinued models</li>
  317. <li style="margin-bottom:1.5pt;"><strong>Net revenues</strong> down 25%, primarily due to lower volumes and mix, as well as negative net pricing from increased incentives</li>
  318. </ul>
  319. </td>
  320. </tr>
  321. <tr>
  322. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Shipments (000s)</td>
  323. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">325</td>
  324. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  325. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">407</td>
  326. <td style="width:5px;;vertical-align: bottom ; "> </td>
  327. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(82)</td>
  328. <td style="width:5px;;vertical-align: bottom ; "> </td>
  329. </tr>
  330. <tr>
  331. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  332. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">14,416</td>
  333. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  334. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">19,291</td>
  335. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  336. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(4,875)</td>
  337. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  338. </tr>
  339. </table>
  340. <p></p>
  341. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  342. <tr>
  343. <td colspan="5" style="width:232px;;vertical-align: bottom ; ">ENLARGED EUROPE</td>
  344. <td colspan="2" style="width:55px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  345. <td style="width:403px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  346. </tr>
  347. <tr>
  348. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  349. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  350. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  351. <td style="width:49px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  352. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  353. <td style="width:50px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  354. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  355. <td rowspan="3" style="width:403px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  356. <ul type="disc">
  357. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Shipments</strong> down 8%, mostly due to transition gaps in certain A and B-segment vehicles replacing prior-generation products discontinued at the end of H1 2024, as well as a decline in LCV volumes</li>
  358. <li style="margin-bottom:1.5pt;"><strong>Net revenues</strong> down 3%, due to lower shipment volumes and increased incentives, partially offset by positive nameplate and energy mix impacts</li>
  359. </ul>
  360. </td>
  361. </tr>
  362. <tr>
  363. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Shipments (000s)</td>
  364. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">567</td>
  365. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  366. <td style="width:49px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">615</td>
  367. <td style="width:5px;;vertical-align: bottom ; "> </td>
  368. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(48)</td>
  369. <td style="width:5px;;vertical-align: bottom ; "> </td>
  370. </tr>
  371. <tr>
  372. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  373. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">13,565</td>
  374. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  375. <td style="width:49px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">14,051</td>
  376. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  377. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(486)</td>
  378. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  379. </tr>
  380. </table>
  381. <p></p>
  382. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  383. <tr>
  384. <td colspan="5" style="width:233px;;vertical-align: bottom ; ">MIDDLE EAST &amp; AFRICA</td>
  385. <td colspan="2" style="width:55px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  386. <td style="width:402px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  387. </tr>
  388. <tr>
  389. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  390. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  391. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  392. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  393. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  394. <td style="width:50px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  395. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  396. <td rowspan="4" style="width:402px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  397. <ul type="disc">
  398. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Consolidated shipments</strong> down 15%, mostly driven by the impact of import restrictions in some countries</li>
  399. <li style="margin-bottom:1.5pt;"><strong>Net revenues</strong> down 15%, due to lower volumes and translation effects mainly related to the Turkish Lira, partially offset by positive pricing and market mix impacts</li>
  400. </ul>
  401. <p></td>
  402. </tr>
  403. <tr>
  404. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Combined shipments (000s)<sup>(1)</sup></td>
  405. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">116</td>
  406. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  407. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">154</td>
  408. <td style="width:5px;;vertical-align: bottom ; "> </td>
  409. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(38)</td>
  410. <td style="width:5px;;vertical-align: bottom ; "> </td>
  411. </tr>
  412. <tr>
  413. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Consolidated shipments (000s)<sup>(1)</sup></td>
  414. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">100</td>
  415. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  416. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">118</td>
  417. <td style="width:5px;;vertical-align: bottom ; "> </td>
  418. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(18)</td>
  419. <td style="width:5px;;vertical-align: bottom ; "> </td>
  420. </tr>
  421. <tr>
  422. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  423. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2,280</td>
  424. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  425. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2,687</td>
  426. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  427. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(407)</td>
  428. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  429. </tr>
  430. </table>
  431. <p></p>
  432. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  433. <tr>
  434. <td colspan="5" style="width:233px;;vertical-align: bottom ; ">SOUTH AMERICA</td>
  435. <td colspan="2" style="width:55px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  436. <td style="width:402px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  437. </tr>
  438. <tr>
  439. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  440. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  441. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  442. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  443. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  444. <td style="width:50px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  445. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  446. <td rowspan="3" style="width:402px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  447. <ul type="disc">
  448. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Shipments</strong> up 19%, maintained &gt;23% market share in South America while benefiting from higher industry volumes, especially in Brazil and Argentina</li>
  449. <li style="margin-bottom:1.5pt;"><strong>Net revenues</strong> up 6%, primarily due to increased volumes and positive mix, partially offset by negative translation effects from Brazilian Real and Argentine Peso</li>
  450. </ul>
  451. </td>
  452. </tr>
  453. <tr>
  454. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Shipments (000s)</td>
  455. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">211</td>
  456. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  457. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">177</td>
  458. <td style="width:5px;;vertical-align: bottom ; "> </td>
  459. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">+34</td>
  460. <td style="width:5px;;vertical-align: bottom ; "> </td>
  461. </tr>
  462. <tr>
  463. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  464. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">3,678</td>
  465. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  466. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">3,466</td>
  467. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  468. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">+212</td>
  469. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  470. </tr>
  471. </table>
  472. <p></p>
  473. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  474. <tr>
  475. <td colspan="7" style="width:288px;;vertical-align: bottom ; ">CHINA AND INDIA &amp; ASIA PACIFIC</td>
  476. <td style="width:402px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  477. </tr>
  478. <tr>
  479. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  480. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  481. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  482. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  483. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  484. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  485. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  486. <td rowspan="4" style="width:402px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  487. <ul type="disc">
  488. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Consolidated shipments</strong> down 20%, driven by continued pressure in the region and an increased focus on reducing current inventory stock levels in China</li>
  489. <li style="margin-bottom:3pt;"><strong>Net revenues</strong> down 15%, due to lower shipment volumes, partially offset by higher market mix in Australia, New Zealand and South Korea.</li>
  490. </ul>
  491. </td>
  492. </tr>
  493. <tr>
  494. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Combined shipments (000s)<sup>(1)</sup></td>
  495. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">12</td>
  496. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  497. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">15</td>
  498. <td style="width:5px;;vertical-align: bottom ; "> </td>
  499. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(3)</td>
  500. <td style="width:5px;;vertical-align: bottom ; "> </td>
  501. </tr>
  502. <tr>
  503. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Consolidated shipments (000s)<sup>(1)</sup></td>
  504. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">12</td>
  505. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  506. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">15</td>
  507. <td style="width:5px;;vertical-align: bottom ; "> </td>
  508. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(3)</td>
  509. <td style="width:5px;;vertical-align: bottom ; "> </td>
  510. </tr>
  511. <tr>
  512. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  513. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">447</td>
  514. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  515. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">525</td>
  516. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  517. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(78)</td>
  518. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  519. </tr>
  520. </table>
  521. <p></p>
  522. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  523. <tr>
  524. <td colspan="5" style="width:233px;;vertical-align: bottom ; ">MASERATI</td>
  525. <td colspan="2" style="width:55px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  526. <td style="width:402px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  527. </tr>
  528. <tr>
  529. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  530. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2025</em></td>
  531. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  532. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Q1 2024</em></td>
  533. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  534. <td style="width:50px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; "><em>Change</em></td>
  535. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  536. <td rowspan="3" style="width:402px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; ">
  537. <ul type="disc">
  538. <li style="margin-top:2.75pt; margin-bottom:3pt;"><strong>Shipments</strong> down 48%, mainly due to reduced demand as well as significantly reduced product portfolio</li>
  539. <li style="margin-bottom:1.5pt;"><strong>Net revenues</strong> down 50%, primarily due to lower volumes as well as pricing actions to help reduce and reposition North America inventory</li>
  540. </ul>
  541. </td>
  542. </tr>
  543. <tr>
  544. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Shipments (000s)</td>
  545. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">1.7</td>
  546. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  547. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">3.3</td>
  548. <td style="width:5px;;vertical-align: bottom ; "> </td>
  549. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(1.6)</td>
  550. <td style="width:5px;;vertical-align: bottom ; "> </td>
  551. </tr>
  552. <tr>
  553. <td style="width:123px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net revenues (€ million)</td>
  554. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">157</td>
  555. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  556. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">313</td>
  557. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  558. <td style="width:50px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(156)</td>
  559. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  560. </tr>
  561. </table>
  562. <p>Reconciliations<br />Net revenues from external customers to Net revenues</p>
  563. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  564. <tr>
  565. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  566. <td style="width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  567. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  568. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  569. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  570. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  571. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  572. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  573. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  574. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  575. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  576. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  577. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  578. <td style="width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  579. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  580. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  581. <td style="width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  582. </tr>
  583. <tr>
  584. <td style="width:88px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2025</td>
  585. <td style="width:88px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(€ million)</td>
  586. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  587. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>NORTH AMERICA</strong></td>
  588. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  589. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>ENLARGED EUROPE</strong></td>
  590. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  591. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>MIDDLE EAST &amp; AFRICA</strong></td>
  592. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  593. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>SOUTH AMERICA</strong></td>
  594. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  595. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>CHINA AND INDIA &amp; ASIA PACIFIC</strong></td>
  596. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  597. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>MASERATI</strong></td>
  598. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  599. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>OTHER</strong><sup><strong>(*)</strong></sup></td>
  600. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  601. <td style="width:63px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>STELLANTIS</strong></td>
  602. </tr>
  603. <tr>
  604. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">Net revenues from external customers</td>
  605. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  606. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        14,416        </td>
  607. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  608. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        13,522        </td>
  609. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  610. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        2,274        </td>
  611. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  612. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        3,667        </td>
  613. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  614. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        446        </td>
  615. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  616. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        157        </td>
  617. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  618. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1,331        </td>
  619. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  620. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        <strong>35,813</strong>        </td>
  621. </tr>
  622. <tr>
  623. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">Net revenues from transactions with other segments</td>
  624. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  625. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        —        </td>
  626. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  627. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        43        </td>
  628. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  629. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        6        </td>
  630. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  631. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        11        </td>
  632. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  633. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1        </td>
  634. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  635. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        —        </td>
  636. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  637. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        (61)        </td>
  638. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  639. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        <strong>—</strong>        </td>
  640. </tr>
  641. <tr>
  642. <td colspan="2" style="width:176px;;vertical-align: bottom ; "><strong>Net revenues</strong></td>
  643. <td style="width:4px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  644. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>14,416</strong>        </td>
  645. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  646. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>13,565</strong>        </td>
  647. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  648. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>2,280</strong>        </td>
  649. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  650. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>3,678</strong>        </td>
  651. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  652. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>447</strong>        </td>
  653. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  654. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>157</strong>        </td>
  655. <td style="width:4px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  656. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>1,270</strong>        </td>
  657. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  658. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>35,813</strong>        </td>
  659. </tr>
  660. </table>
  661. <p>___________________________________________________________________________________________________________________<br />(*) Other activities, unallocated items and eliminations</p>
  662. <table style="border-collapse: collapse; width:517.5pt; border-collapse:collapse ;">
  663. <tr>
  664. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  665. <td style="width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  666. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  667. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  668. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  669. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  670. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  671. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  672. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  673. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  674. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  675. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  676. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  677. <td style="width:4px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  678. <td style="width:59px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  679. <td style="width:5px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  680. <td style="width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  681. </tr>
  682. <tr>
  683. <td style="width:88px;;text-align: center ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2024</td>
  684. <td style="width:88px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(€ million)</td>
  685. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  686. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>NORTH AMERICA</strong></td>
  687. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  688. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>ENLARGED EUROPE</strong></td>
  689. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  690. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>MIDDLE EAST &amp; AFRICA</strong></td>
  691. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  692. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>SOUTH AMERICA</strong></td>
  693. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  694. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>CHINA AND INDIA &amp; ASIA PACIFIC</strong></td>
  695. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  696. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>MASERATI</strong></td>
  697. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  698. <td style="width:59px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>OTHER</strong><sup><strong>(*)</strong></sup></td>
  699. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  700. <td style="width:63px;;text-align: center ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>STELLANTIS</strong></td>
  701. </tr>
  702. <tr>
  703. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">Net revenues from external customers</td>
  704. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  705. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        19,290        </td>
  706. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  707. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        13,985        </td>
  708. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  709. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        2,687        </td>
  710. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  711. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        3,476        </td>
  712. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  713. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        524        </td>
  714. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  715. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        312        </td>
  716. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  717. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1,423        </td>
  718. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  719. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        <strong>41,697</strong>        </td>
  720. </tr>
  721. <tr>
  722. <td colspan="2" style="width:176px;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">Net revenues from transactions with other segments</td>
  723. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  724. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1        </td>
  725. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  726. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        66        </td>
  727. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  728. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        —        </td>
  729. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  730. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        (10)        </td>
  731. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  732. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1        </td>
  733. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  734. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        1        </td>
  735. <td style="width:4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  736. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        (59)        </td>
  737. <td style="width:5px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td>
  738. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">        <strong>—</strong>        </td>
  739. </tr>
  740. <tr>
  741. <td colspan="2" style="width:176px;;vertical-align: bottom ; "><strong>Net revenues</strong></td>
  742. <td style="width:4px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  743. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>19,291</strong>        </td>
  744. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  745. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>14,051</strong>        </td>
  746. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  747. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>2,687</strong>        </td>
  748. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  749. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>3,466</strong>        </td>
  750. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  751. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>525</strong>        </td>
  752. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  753. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>313</strong>        </td>
  754. <td style="width:4px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  755. <td style="width:59px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>1,364</strong>        </td>
  756. <td style="width:5px;;border-top: solid black 1pt ; vertical-align: bottom ; "> </td>
  757. <td style="width:63px;;text-align: right ; vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; ">        <strong>41,697</strong>        </td>
  758. </tr>
  759. </table>
  760. <p>___________________________________________________________________________________________________________________<br />(*) Other activities, unallocated items and eliminations</p>
  761. <p align="center"><strong><em>NOTES</em></strong></p>
  762. <p align="justify">(1) Combined shipments include shipments by the Company&#8217;s consolidated subsidiaries and unconsolidated joint ventures, whereas Consolidated shipments only include shipments by the Company&#8217;s consolidated subsidiaries. This includes the vehicles produced by our joint ventures and associates (including Leapmotor) which are distributed by our consolidated subsidiaries. In addition to the volumes included in consolidated shipments, combined shipments also includes the vehicles distributed by our joint ventures (such as Tofas). Figures by segments may not add up due to rounding.<br />(2) Refers to the aggregation of the South America, Middle East &amp; Africa and China and India &amp; Asia Pacific segments for presentation purposes only.</p>
  763. <p align="justify">Rankings, market share and other industry information are derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), Ministry of Infrastructure and Sustainable Mobility (MIMS), S&amp;P Global, Ward’s Automotive) and internal information unless otherwise stated.</p>
  764. <p align="justify">For purposes of this document, and unless otherwise stated industry and market share information are for passenger cars (PC) plus light commercial vehicles (LCV), except as noted below: </p>
  765. <ul type="disc">
  766. <li style="text-align:justify;">Enlarged Europe excludes Russia and Belarus. From 2025, this includes Israel and Palestine (prior periods have not been restated); </li>
  767. <li style="text-align:justify;">Middle East &amp; Africa excludes Iran, Sudan and Syria. From 2025, this excludes Israel and Palestine (prior periods have not been restated);</li>
  768. <li style="text-align:justify;">South America excludes Cuba;</li>
  769. <li style="text-align:justify;">India &amp; Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia, New Zealand and South East Asia);</li>
  770. <li style="text-align:justify;">China represents PC only and includes licensed sales from DPCA; and</li>
  771. <li style="text-align:justify;">Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from S&amp;P Global data, Maserati competitive segment and internal information.</li>
  772. </ul>
  773. <p align="justify">Prior period figures have been updated to reflect current information provided by third-party industry sources. </p>
  774. <p>EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and UK.</p>
  775. <p>Low emission vehicles (LEV) = battery electric (BEV), plug-in hybrid (PHEV), range-extender electric vehicle (REEV) and fuel cell electric (FCEV) vehicles.</p>
  776. <p align="justify">All Stellantis reported BEV and LEV sales include Citroën Ami, Opel Rocks-e and Fiat Topolino; in countries where these vehicles are classified as quadricycles, they are excluded from Stellantis reported combined sales, industry sales and market share figures.</p>
  777. <p align="justify">Adjusted operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company&#8217;s ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).<br />Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company&#8217;s ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: impacts from strategic decisions to rationalize Stellantis&#8217; core operations; facility-related costs stemming from Stellantis&#8217; plans to match production capacity and cost structure to market demand, and convergence and integration costs directly related to significant acquisitions or mergers.</p>
  778. <p align="justify">Adjusted operating income/(loss) margin is calculated as Adjusted operating income/(loss) divided by Net revenues.</p>
  779. <p align="center"><strong>SAFE HARBOR </strong><strong>STATEMENT</strong></p>
  780. <p align="justify">This document, in particular references to “FY 2025 Guidance”, contains forward looking statements. Statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.</p>
  781. <p align="justify">Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; the Company’s ability to attract and retain experienced management and employees; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive industry; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification and accurately predict the market demand for electrified vehicles; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency and greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties.</p>
  782. <p align="justify">Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.</p>
  783. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
  784. <ul id="gnw_attachments_section-items">
  785. <li> EN-20250430-Stellantis-Q12025-Results </li>
  786. </ul>
  787. <p><img alt="" src='https://ml-eu.globenewswire.com/media/NzBlMTllMzYtYmYxZS00OTA4LTk5MWYtYWNkYjJmMzE1OTIyLTEyMjA4NjYtMjAyNS0wNC0zMC1lbg==/tiny/STELLANTIS-N-V.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  788. ]]></content:encoded>
  792. </item>
  793. <item>
  794. <title>Strong Q1 2025 financial results and integration gaining momentum</title>
  795. <link>https://autoexcelsior.com/strong-q1-2025-financial-results-and-integration-gaining-momentum/53606/</link>
  797. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  798. <pubDate>Wed, 30 Apr 2025 05:30:00 +0000</pubDate>
  799. <category><![CDATA[Brand Post]]></category>
  800. <guid isPermaLink="false">https://autoexcelsior.com/strong-q1-2025-financial-results-and-integration-gaining-momentum</guid>
  801.  
  802. <description><![CDATA[<div style="margin-bottom:20px;"><img width="655" height="135" src="https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum.png 655w, https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum-300x62.png 300w" sizes="auto, (max-width: 655px) 100vw, 655px" /></div>Q1 2025 RESULTS Gross operating income stood at EUR 819 million, up +3.3% vs. EUR 793 million in Q1 2024 Leasing and Services margins stood at EUR 708 million, up +2.9% vs. EUR 689 million in Q1 2024. Underlying margins1 stood at 562 bps of average earning assets in Q1 2025 vs. 522 bps in [&#8230;]]]></description>
  803. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="655" height="135" src="https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum.png 655w, https://autoexcelsior.com/wp-content/uploads/2025/04/strong-q1-2025-financial-results-and-integration-gaining-momentum-300x62.png 300w" sizes="auto, (max-width: 655px) 100vw, 655px" /></div><hr />
  804. <p align="justify">Q1 2025 RESULTS </p>
  805. <p align="justify"><b>Gross operating income </b>stood at EUR 819 million, up +3.3% vs. EUR 793 million in Q1 2024</p>
  806. <p align="justify"><b><i>Leasing and Services margins</i></b> stood at EUR 708 million, up +2.9% vs. EUR 689 million in Q1 2024. Underlying margins<sup>1</sup> stood at 562 bps of average earning assets in Q1 2025 vs. 522 bps in Q1 2024.<br /><b><i>Used car sales (UCS) result and depreciation adjustments</i></b> stood at EUR 111 million up +5.8% vs. EUR 105 million in Q1 2024 thanks to slower used car sales market normalization and lower depreciation adjustments. UCS result and depreciation adjustments per unit stood at EUR 703 up vs. EUR 689 in Q1 2024 and EUR 239 in Q4 2024 <br /><b>Synergies<sup>2</sup> </b>stood at EUR 61 million in Q1 2025, up from EUR 20 million in Q1 2024 and EUR 41 million in Q4 2024. <br /><b>Cost to income ratio<sup>1</sup> stood </b>at 58.0%, down 9.7pp vs. Q1 2024 which stood at 67.7%<br /><b>Cost of risk<sup>3</sup> stood </b>at 23 bps vs. 25 bps in Q1 2024<br /><b>Net income group share stood </b>at EUR 220 million, up 21.3% vs. EUR 181 million in Q1 2024 <br /><b>Return on Tangible Equity (ROTE)<sup>4</sup> </b>stood at 11.0% vs. 9.4% in Q1 2024 <br /><b>Earnings per share<sup>5</sup></b> stood at EUR 0.24 vs. EUR 0.20 in Q1 2024 <br /><b>Earning assets<sup>6</sup> </b>up 1.4% vs. end March 2024, underpinned by the increase in vehicles’ value </p>
  807. <p align="justify"><b>CET1 ratio </b>at 13.2% as at end March 2025, including favourable impact of CRR3 implementation</p>
  808. <p align="left"><b>On 30 April 2025, Tim Albertsen, CEO of Ayvens, commenting on the Q1 2025 Group results, stated:</b></p>
  809. <p align="justify"> <i>“I am happy to share that Ayvens has delivered a strong financial performance across the board for the first quarter of 2025 and has continued on its integration and transformational journey at a high pace. </i></p>
  810. <p align="justify"><i>Integration is progressing according to plans and in line with budget without deviation. Eleven out of twenty-one overlapping countries have migrated and today more than half of the total fleet is managed on a single IT platform in each country.  Besides, following the approvals by work councils on the Group’s restructuring plans, Ayvens has now started to implement its target operating model for all corporate functions and IT activities to make our organization leaner, simpler and more efficient. As a result of the outstanding execution completed so far, synergies have accelerated, both on revenues and operating expenses.</i></p>
  811. <p align="justify"><i>As several key milestones have now been reached on our integration roadmap and after the 2024 thorough review of our business portfolio, we are now building-up a sustainable and profitable growth path for the coming quarters through targeted and complementary commercial initiatives with all our clients and partners, showing a commercial momentum that we expect to materialize towards the end of the year.</i></p>
  812. <p align="justify"><i>Lastly, I want to thank warmly all our teams for their high commitment, professionalism and resilience, keeping clients and partners in strong focus. I also want to thank our clients and partners who have been with us all the way. Together, we’re making this journey an outstanding success.”</i></p>
  813. <p> </p>
  814. <p align="justify">Q1 2025 FINANCIAL RESULTS </p>
  815. <p align="justify"><b>Asset growth driven by increase in vehicle value </b></p>
  816. <p align="justify">Earning assets increased by 1.4% year-on-year to EUR 53.5 billion as at 31 March 2025. Growth was driven by the transition to EVs, which have a higher value than ICE cars.</p>
  817. <p align="justify">Ayvens’ total fleet amounted to 3.246 million at end March 2025, down -3.8%<sup>7</sup> year-on-year and down -1.3% vs. end December 2024, reflecting the continued impacts of the portfolio review that was operated throughout 2024 and the proactive actions taken to restore profitability. </p>
  818. <p align="justify">Fleet management contracts reached 662 thousand vehicles as at 31 March 2025, a decrease of   -3.5% vs. end March 2024 and -1.5% vs. end December 2024. </p>
  819. <p align="justify">Full-service leasing contracts reached 2,584 thousand vehicles as at end March 2025, down -3.9%<sup>7</sup> year-on-year and -1.2% vs. end December 2024. </p>
  820. <p align="justify">EV penetration reached 41%<sup>8</sup> of new passenger car registrations in Q1 2025 vs. 36% in Q1 2024 and stable overall vs. 2024. Ayvens’ BEV<sup>9</sup> and PHEV<sup>9</sup> penetration stood at 30% and 11% respectively in Q1 2025. </p>
  821. <p> </p>
  822. <p align="justify"><b>Income statement</b></p>
  823. <p align="justify">Ayvens net income (Group share) stood at EUR 220 million in Q1 2025, marking a 21.3% increase vs. Q1 2024. This strong performance results from the combined effects of increasing revenues, both in margins and used car sales, and lower operating expenses, highlighting the strength of Ayvens’ business model and the growing benefits of the integration.       </p>
  824. <p align="justify"><b>Gross operating income</b></p>
  825. <p align="justify">In Q1 2025, gross operating income reached EUR 819 million, up +3.3% compared to Q1 2024 and up +14.9% compared to Q4 2024, thanks to increased margins and higher used car sales result and depreciation adjustments compared to both Q1 2024 and Q4 2024.</p>
  826. <p align="justify"><b><i>Leasing contract and Services margins </i></b></p>
  827. <p align="justify">Taken together, Leasing and Services margins reached EUR 708 million in Q1 2025, an increase of +2.9% compared to Q1 2024 and +4.9% compared to Q4 2024. </p>
  828. <p align="justify">Underlying margins increased by +10.1% compared to Q1 2024 and +4.3% in euros compared to Q4 2024, supported by the continued measures to increase margins and by the robust ramp-up of revenue synergies, mainly from procurement and insurance, at EUR 42 million this quarter vs. EUR 20 million in Q1 2024<sup>10</sup>. Underlying margins<sup>11</sup> are trending higher, at 562 bps vs. 522 bps in Q1 2024 and 541 bps in Q4 2024.</p>
  829. <p align="justify">Non-recurring items totaled EUR -44 million in Q1 2025 vs. EUR +5 million in Q1 2024, consisting in impact of hyperinflation in Turkey for EUR -34 million (vs. EUR -2 million in Q1 2024), mark-to-market (MtM) of derivatives and breakage revenues for EUR -7 million (vs. EUR +10 million in Q1 2024) and PPA impacts for EUR -2 million, unchanged vs. Q1 2024. </p>
  830. <p align="justify"><b><i>Used car sales result and Depreciation adjustments </i></b></p>
  831. <p align="justify">Ayvens’ Q1 2025 UCS result and Depreciation adjustments reached EUR 111 million, higher than in Q1 2024 which stood at EUR 105 million. While the normalization of the UCS market is slowing, the UCS result and depreciation adjustments was positively impacted by the reduction in the release of prospective depreciation and PPA depreciation as well as by an increase in volume of cars sold: </p>
  832. <ul>
  833. <li style="margin-top:6pt; margin-bottom:0cm; text-align:justify;">UCS result per unit stood at EUR 1,229 in Q1 2025, vs. EUR 1,267 in Q4 2024 and EUR 1,661 in Q1 2024;</li>
  834. <li style="margin-top:0cm; margin-bottom:0cm; text-align:justify;">PPA impact amounted to EUR -28 million in Q1 2025 vs. EUR -75 million in Q1 2024 and release of prospective depreciation amounted to EUR -55 million vs. EUR – 72 million in Q1 2024. </li>
  835. <li style="margin-top:0cm; margin-bottom:14pt; text-align:justify;">Volume of cars sold amounted to 157 thousand units vs. 152 thousand in Q1 2024.</li>
  836. </ul>
  837. <p align="justify">As a result, UCS result and Depreciation adjustment per unit reached EUR 703 in Q1 2025 vs. EUR 689 in Q1 2024.</p>
  838. <p align="justify">As at 31 March 2025, PPA on lease assets has been fully depreciated, hence will have no more impact on future UCS and depreciation adjustments going forward. As from Q2 2025, the Group’s stock of reduction in depreciation costs yet to be reversed was EUR 248 million.   </p>
  839. <p align="justify"><b>Operating expenses</b></p>
  840. <p align="justify">In Q1 2025, Ayvens’ operating expenses amounted to EUR 473 million, down from EUR 490 million in the same period last year and from EUR 475 million in Q4 2024.</p>
  841. <p align="justify">Cost to achieve<sup>12</sup> (CTA) amounted to EUR 36 million compared to EUR 26 million in Q1 2024 and EUR 41 million in Q4 2024.</p>
  842. <p align="justify">Excluding non-recurring items, operating expenses decreased by -5.6% vs. Q1 2024. Restated for the impact of IFRIC 21 on business taxes, Q1 2025 underlying operating expenses stood at EUR 431 million compared to EUR 434 million in Q4 2024. With the combined effect of increased underlying revenues and operating expenses, the Cost/Income ratio (excl. UCS result and depreciation adjustments) improved to 58.0% from 67.7% in Q1 2024 and from 60.2% in Q4 2024. </p>
  843. <p align="justify"><b>Cost of risk </b></p>
  844. <p align="justify">Impairment charges on receivables came in at EUR 31 million in Q1 2025, compared to EUR 33 million in Q1 2024 and EUR 36 million in Q4 2024. The cost of risk<sup>13</sup> stood at 23 bps in Q1 2025 vs. 25 bps in Q1 2024, at mid-cycle level. </p>
  845. <p align="justify"><b>Net income </b></p>
  846. <p align="justify">Income tax expense came in at EUR -95 million up from EUR -88 million in Q1 2024, as a result of a higher profit before tax. The effective tax rate decreased to 30.0% from 31.5% in Q1 2024, still impacted by non-deductible expenses related to hyperinflation accounting in Turkey. </p>
  847. <p align="justify">Non-controlling interests were EUR -1 million vs. EUR -11 million in Q1 2024 following the redemption of LeasePlan’s Tier 1 capital with third parties on 29 May 2024. </p>
  848. <p align="justify">Ayvens’ net income group share reached EUR 220 million in Q1 2025, compared to EUR 181 million in Q1 2024 and EUR 160 million in Q4 2024.</p>
  849. <p align="justify">Diluted Earnings per share<sup>14</sup> was EUR 0.24 vs. EUR 0.20 in Q1 2024. </p>
  850. <p align="justify">The Return on Tangible Equity (ROTE) came in at 11.0% in Q1 2025 vs. 9.4% in Q1 2024 and 7.8% in Q4 2024. </p>
  851. <p align="justify">BALANCE SHEET AND REGULATORY CAPITAL </p>
  852. <p align="justify"><b>Financial structure</b></p>
  853. <p align="justify">Group shareholders’ equity<sup>15</sup> totalled EUR 10.6 billion as at 31 March 2025 compared to EUR 10.4 billion as at 31 December 2024. Net asset value per share<sup>16</sup> (NAV) was EUR 12.94 and net tangible asset value per share (NTAV) was EUR 9.52 as at 31 March 2025, compared to EUR 12.70 and EUR 9.28 respectively as at 31 December 2024.</p>
  854. <p align="justify">Total balance sheet decreased from EUR 75.1 billion as at 31 December 2024 to EUR 73.6 billion as at 31 March 2025, due to lower financial debt. </p>
  855. <p align="justify">Financial debt stood at EUR 38.2 billion at the end of March 2025 compared to EUR 40.1 billion at the end of December 2024, while deposits reached EUR 14.5 billion compared to EUR 13.9 billion at the end of December 2024. </p>
  856. <p align="justify">As part of its active liquidity management strategy, Ayvens continued to diversify its funding by issuing EUR 1 billion bonds in Q1 2025, of which a EUR 500 million tranche maturing in November 2027 and EUR 500 million tranche maturing in February 2030. The amounts and maturities raised confirm the market’s robust appetite for Ayvens debt instruments. </p>
  857. <p align="justify">The Group has access to ample short-term liquidity, with cash holdings at central bank reaching EUR 4.5 billion and an undrawn committed Revolving Credit Facility of EUR 2.2 billion in place. Ayvens has strong long-term debt credit ratings from Moody’s (A1), S&amp;P Global Ratings and Fitch Ratings (A-).</p>
  858. <p align="justify"><b> </b></p>
  859. <p align="justify"><b>Regulatory capital </b></p>
  860. <p align="justify">From 1 January 2025, Ayvens has applied CRR3/CRD5 rules to compute risk-weighted assets (RWA) and prudential capital ratios resulting in an increase in its CET 1 ratio. </p>
  861. <p align="justify">Ayvens’ risk-weighted assets (RWA) totaled EUR 56.7 billion as at 31 March 2025, with credit risk-weighted assets accounting for 90% of the total. The EUR 2.3 billion decrease compared to 31 December 2024 is mainly explained by a EUR 3.4 billion decrease in operational RWA under CRR3/CRD5 rules offset by a EUR 1.1 billion increase in off balance sheet (order bank, guarantees, forward deposit) and miscellaneous items vs. 31 December 2024.</p>
  862. <p align="justify">Ayvens had a strong Common Equity Tier 1 ratio of 13.2%, i.e. 385 basis points above the regulatory requirement of 9.35%, and Total Capital ratio of 17.2% as at 31 March 2025 compared to 12.6% and 16.4% respectively as at 31 December 2024. </p>
  863. <p> </p>
  864. <p align="left">CONFERENCE CALL FOR INVESTORS AND ANALYSTS</p>
  865. <ul>
  866. <li style="margin-top:6pt; margin-bottom:0cm; text-align:left;"><b>Date: </b>30 April, at 10.00 am Paris time – 9.00 am London time</li>
  867. <li style="margin-top:0cm; margin-bottom:14pt; text-align:left;"><b>Speakers: </b>Tim Albertsen, CEO / Patrick Sommelet, Deputy CEO and CFO </li>
  868. </ul>
  869. <p align="justify">CONNECTION DETAILS</p>
  870. <ul>
  871. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>Webcast:</b> Click https://edge.media-server.com/mmc/p/7dj3p2nb</li>
  872. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>Conference call: </b>
  873. <ul type="circle">
  874. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;">FR: +33 1 70 91 87 04</li>
  875. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;">UK: +44 121 281 8004</li>
  876. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;">US: +1 718 705 8796 </li>
  877. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;">Other countries: + 39 02 802 09 11</li>
  878. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;">Access code: 457698</li>
  879. </ul>
  880. </li>
  881. </ul>
  882. <p align="justify">AGENDA</p>
  883. <ul>
  884. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>19 May 2025:</b> General assembly of shareholders</li>
  885. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>26 May 2025:</b> Dividend detachment </li>
  886. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>28 May 2025:</b> Dividend payment </li>
  887. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>31 July 2025:</b> Q2 and H1 2025 results</li>
  888. <li style="margin-top:6pt; margin-bottom:5pt; text-align:justify;"><b>30 October 2025:</b> Q3 and 9M 2025 results</li>
  889. </ul>
  890. <table style="border-collapse: collapse; width:636px; border-collapse:collapse ;">
  891. <tr>
  892. <td colspan="3" style="width:635.8px;;border-bottom: solid black 1pt ; vertical-align: top ; ">
  893. <ul>
  894. <li style="margin-top:6pt; margin-bottom:14pt; text-align:justify;"> </li>
  895. </ul>
  896. </td>
  897. </tr>
  898. <tr>
  899. <td colspan="3" style="width:635.8px;;vertical-align: top ; "><b> About Ayvens </b></td>
  900. </tr>
  901. <tr>
  902. <td style="width:308.07px;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.</td>
  903. <td style="width:18.94px;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td>
  904. <td style="width:308.8px;;text-align: justify ; vertical-align: middle; vertical-align: top ; ">With more than 14,000 employees across 41 countries, 3.2 million vehicles and the world’s largest multi-brand EV fleet, we are in a unique position to lead the way to net zero and spearhead the digital transformation of the mobility sector. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder.</p>
  905. <p>Find out more at <b>ayvens.com</b></td>
  906. </tr>
  907. </table>
  908. <p></p>
  909. <table style="border-collapse: collapse; margin-left:4.8pt; margin-right:4.8pt; width:636px; border-collapse:collapse ;">
  910. <tr>
  911. <td colspan="4" style="width:635.8px;;border-bottom: solid black 1pt ; text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td>
  912. </tr>
  913. <tr>
  914. <td colspan="4" style="width:635.8px;;vertical-align: top ; "><b> Press contact </b></td>
  915. </tr>
  916. <tr>
  917. <td style="width:5cm;;text-align: left ; vertical-align: middle; vertical-align: top ; ">Elise Boorée<br /> Communications Department<br /> Tel: +33 (0)6 25 01 24 16<br /> elise.booree@ayvens.com </td>
  918. <td style="width:5cm;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td>
  919. <td style="width:198.47px;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td>
  920. <td style="width:59.34px;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td>
  921. </tr>
  922. </table>
  923. <p align="justify">The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This document and its content may not be reproduced or distributed or published, directly or indirectly, in whole or in part, to any other person for any purpose without the prior written permission of the Company.</p>
  924. <p align="justify">“Ayvens” refers to the Company and its consolidated entities. </p>
  925. <p align="justify">The Information is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with respect to, any securities-related services of the Company. This document is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without professional advice when deciding whether an investment is appropriate.</p>
  926. <p align="justify">This document contains forward-looking statements relating to the targets and strategies of the Company. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company may be unable to:</p>
  927. <p align="justify">&#8211; anticipate all the risks, uncertainties or other factors likely to affect its business and  to appraise their potential consequences;</p>
  928. <p align="justify">&#8211; evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document.</p>
  929. <p align="justify">Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal.</p>
  930. <p align="justify">Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the Company’s financial results can be found in the 2024 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers).</p>
  931. <p align="justify">Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the information contained in such forward-looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates, directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect loss or damage which may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related document or any other information or material arising from any use of its materials or their contents or otherwise arising in connection with these materials.</p>
  932. <p align="justify">The financial information presented for the three-month period ending 31 March 2025 was reviewed by the Board of Directors on 29 April 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. </p>
  933. <p align="justify">By receiving this document and/or attending this document, you will be deemed to have represented, warranted and undertaken to have read and understood the above notice and to comply with its contents. </p>
  934. <p align="left"><b>Appendix</b></p>
  935. <p align="justify">CONSOLIDATED INCOME STATEMENT</p>
  936. <table style="border-collapse: collapse; border-collapse:collapse ;">
  937. <tr>
  938. <td style="text-align: left ; vertical-align: middle; "><b>in EUR million</b></td>
  939. <td style="text-align: center ; vertical-align: middle; "><b>Q1 2025</b></td>
  940. <td style="text-align: center ; vertical-align: middle; "><b>Q1 2024</b></td>
  941. <td style="text-align: center ; vertical-align: middle; "><b> Var.</b></td>
  942. </tr>
  943. <tr>
  944. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Leasing revenues</td>
  945. <td style="text-align: right ; vertical-align: middle; ">     2,846.3 </td>
  946. <td style="text-align: right ; vertical-align: middle; ">      2,659.9 </td>
  947. <td style="text-align: right ; vertical-align: middle; ">7.0%</td>
  948. </tr>
  949. <tr>
  950. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Leasing costs &#8211; depreciation</td>
  951. <td style="text-align: right ; vertical-align: middle; ">   (2,075.0)</td>
  952. <td style="text-align: right ; vertical-align: middle; ">   (2,008.9)</td>
  953. <td style="text-align: right ; vertical-align: middle; ">-3.3%</td>
  954. </tr>
  955. <tr>
  956. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Leasing costs &#8211; financing</td>
  957. <td style="text-align: right ; vertical-align: middle; ">      (487.3)</td>
  958. <td style="text-align: right ; vertical-align: middle; ">        (443.1)</td>
  959. <td style="text-align: right ; vertical-align: middle; ">-10.0%</td>
  960. </tr>
  961. <tr>
  962. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Unrealised gains/losses on financial instruments</td>
  963. <td style="text-align: right ; vertical-align: middle; ">        (18.9)</td>
  964. <td style="text-align: right ; vertical-align: middle; ">            73.3 </td>
  965. <td style="text-align: right ; vertical-align: middle; ">-125.8%</td>
  966. </tr>
  967. <tr>
  968. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Leasing margin</b></td>
  969. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      265.1 </b></td>
  970. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>       281.2 </b></td>
  971. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>-5.7%</b></td>
  972. </tr>
  973. <tr>
  974. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Services revenues</td>
  975. <td style="text-align: right ; vertical-align: middle; ">     1,270.0 </td>
  976. <td style="text-align: right ; vertical-align: middle; ">       1,414.1 </td>
  977. <td style="text-align: right ; vertical-align: middle; ">-10.2%</td>
  978. </tr>
  979. <tr>
  980. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Cost of services revenues</td>
  981. <td style="text-align: right ; vertical-align: middle; ">      (826.7)</td>
  982. <td style="text-align: right ; vertical-align: middle; ">    (1,006.7)</td>
  983. <td style="text-align: right ; vertical-align: middle; ">17.9%</td>
  984. </tr>
  985. <tr>
  986. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Services margin</b></td>
  987. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>     443.3 </b></td>
  988. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      407.4 </b></td>
  989. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>8.8%</b></td>
  990. </tr>
  991. <tr>
  992. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b><i>Leasing &amp; Services margins</i></b></td>
  993. <td style="text-align: right ; vertical-align: middle; "><b><i>    708.4 </i></b></td>
  994. <td style="text-align: right ; vertical-align: middle; "><b><i>     688.6 </i></b></td>
  995. <td style="text-align: right ; vertical-align: middle; "><b><i>2.9%</i></b></td>
  996. </tr>
  997. <tr>
  998. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Proceeds of cars sold</td>
  999. <td style="text-align: right ; vertical-align: middle; ">     2,313.4 </td>
  1000. <td style="text-align: right ; vertical-align: middle; ">       2,157.9 </td>
  1001. <td style="text-align: right ; vertical-align: middle; ">7.2%</td>
  1002. </tr>
  1003. <tr>
  1004. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Cost of cars sold</td>
  1005. <td style="text-align: right ; vertical-align: middle; ">   (2,120.0)</td>
  1006. <td style="text-align: right ; vertical-align: middle; ">    (1,905.9)</td>
  1007. <td style="text-align: right ; vertical-align: middle; ">-11.2%</td>
  1008. </tr>
  1009. <tr>
  1010. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Depreciation costs adjustments</td>
  1011. <td style="text-align: right ; vertical-align: middle; ">         (82.7)</td>
  1012. <td style="text-align: right ; vertical-align: middle; ">        (147.5)</td>
  1013. <td style="text-align: right ; vertical-align: middle; ">43.9%</td>
  1014. </tr>
  1015. <tr>
  1016. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Used car sales result and Depreciation adjustments</b></td>
  1017. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      110.6 </b></td>
  1018. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      104.5 </b></td>
  1019. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>5.8%</b></td>
  1020. </tr>
  1021. <tr>
  1022. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Gross Operating Income</b></td>
  1023. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>     819.0 </b></td>
  1024. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>       793.1 </b></td>
  1025. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>3.3%</b></td>
  1026. </tr>
  1027. <tr>
  1028. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Staff expenses</td>
  1029. <td style="text-align: right ; vertical-align: middle; ">      (289.6)</td>
  1030. <td style="text-align: right ; vertical-align: middle; ">       (301.3)</td>
  1031. <td style="text-align: right ; vertical-align: middle; ">3.9%</td>
  1032. </tr>
  1033. <tr>
  1034. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">General and administrative expenses</td>
  1035. <td style="text-align: right ; vertical-align: middle; ">       (137.8)</td>
  1036. <td style="text-align: right ; vertical-align: middle; ">        (140.1)</td>
  1037. <td style="text-align: right ; vertical-align: middle; ">1.6%</td>
  1038. </tr>
  1039. <tr>
  1040. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Depreciation and amortisation</td>
  1041. <td style="text-align: right ; vertical-align: middle; ">        (45.4)</td>
  1042. <td style="text-align: right ; vertical-align: middle; ">         (48.2)</td>
  1043. <td style="text-align: right ; vertical-align: middle; ">5.8%</td>
  1044. </tr>
  1045. <tr>
  1046. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b>Total operating expenses</b></td>
  1047. <td style="text-align: right ; vertical-align: middle; "><b>    (472.8)</b></td>
  1048. <td style="text-align: right ; vertical-align: middle; "><b>    (489.6)</b></td>
  1049. <td style="text-align: right ; vertical-align: middle; "><b>3.4%</b></td>
  1050. </tr>
  1051. <tr>
  1052. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Impairment charges on receivables</td>
  1053. <td style="text-align: right ; vertical-align: middle; ">        (30.7)</td>
  1054. <td style="text-align: right ; vertical-align: middle; ">          (33.1)</td>
  1055. <td style="text-align: right ; vertical-align: middle; ">7.2%</td>
  1056. </tr>
  1057. <tr>
  1058. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Other income / (expense)</td>
  1059. <td style="text-align: right ; vertical-align: middle; ">           (1.0)</td>
  1060. <td style="text-align: right ; vertical-align: middle; ">             9.0 </td>
  1061. <td style="text-align: right ; vertical-align: middle; ">-110.8%</td>
  1062. </tr>
  1063. <tr>
  1064. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Operating result</b></td>
  1065. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      314.5 </b></td>
  1066. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>       279.4 </b></td>
  1067. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>12.5%</b></td>
  1068. </tr>
  1069. <tr>
  1070. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; ">Share of profit of associates and jointly controlled entities</td>
  1071. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">1.6</td>
  1072. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">1.5</td>
  1073. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">4.7%</td>
  1074. </tr>
  1075. <tr>
  1076. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Profit before tax</b></td>
  1077. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>     316.0 </b></td>
  1078. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      280.9 </b></td>
  1079. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>12.5%</b></td>
  1080. </tr>
  1081. <tr>
  1082. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Income tax expense</td>
  1083. <td style="text-align: right ; vertical-align: middle; ">        (94.9)</td>
  1084. <td style="text-align: right ; vertical-align: middle; ">         (88.4)</td>
  1085. <td style="text-align: right ; vertical-align: middle; ">-7.3%</td>
  1086. </tr>
  1087. <tr>
  1088. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Net income</b></td>
  1089. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      221.2 </b></td>
  1090. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>       192.5 </b></td>
  1091. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>14.9%</b></td>
  1092. </tr>
  1093. <tr>
  1094. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; ">Non-controlling interests</td>
  1095. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">           (1.2)</td>
  1096. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">           (11.1)</td>
  1097. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">89.0%</td>
  1098. </tr>
  1099. <tr>
  1100. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Net income group share</b></td>
  1101. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>      219.9 </b></td>
  1102. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>       181.3 </b></td>
  1103. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>21.3%</b></td>
  1104. </tr>
  1105. </table>
  1106. <p> </p>
  1107. <p align="justify">BALANCE SHEET AS AT 31 MARCH 2025</p>
  1108. <table style="border-collapse: collapse; border-collapse:collapse ;">
  1109. <tr>
  1110. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b>in EUR million</b></td>
  1111. <td style="text-align: center ; vertical-align: middle; "><b> 31 March 2025</b></td>
  1112. <td style="text-align: center ; vertical-align: middle; "><b>31 December 2024</b></td>
  1113. </tr>
  1114. <tr>
  1115. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Earning assets</td>
  1116. <td style="text-align: right ; vertical-align: middle; ">53,483</td>
  1117. <td style="text-align: right ; vertical-align: middle; ">53,565</td>
  1118. </tr>
  1119. <tr>
  1120. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><i>   o/w Rental fleet</i></td>
  1121. <td style="text-align: right ; vertical-align: middle; "><i>51,464</i></td>
  1122. <td style="text-align: right ; vertical-align: middle; "><i>51,550</i></td>
  1123. </tr>
  1124. <tr>
  1125. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><i>   o/w Finance lease receivables</i></td>
  1126. <td style="text-align: right ; vertical-align: middle; "><i>2,019</i></td>
  1127. <td style="text-align: right ; vertical-align: middle; "><i>2,015</i></td>
  1128. </tr>
  1129. <tr>
  1130. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Cash &amp; Cash deposits with the ECB</td>
  1131. <td style="text-align: right ; vertical-align: middle; ">5,377</td>
  1132. <td style="text-align: right ; vertical-align: middle; ">5,023</td>
  1133. </tr>
  1134. <tr>
  1135. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Intangibles (incl. goodwill)</td>
  1136. <td style="text-align: right ; vertical-align: middle; ">2,788</td>
  1137. <td style="text-align: right ; vertical-align: middle; ">2,791</td>
  1138. </tr>
  1139. <tr>
  1140. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Operating lease and other receivables</td>
  1141. <td style="text-align: right ; vertical-align: middle; ">7,581</td>
  1142. <td style="text-align: right ; vertical-align: middle; ">8,786</td>
  1143. </tr>
  1144. <tr>
  1145. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Other</td>
  1146. <td style="text-align: right ; vertical-align: middle; ">4,410</td>
  1147. <td style="text-align: right ; vertical-align: middle; ">4,951</td>
  1148. </tr>
  1149. <tr>
  1150. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b> </b><b>Total assets</b><b> </b></td>
  1151. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>73,638</b></td>
  1152. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>75,116</b></td>
  1153. </tr>
  1154. <tr>
  1155. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Group shareholders&#8217; equity </td>
  1156. <td style="text-align: right ; vertical-align: middle; ">11,351</td>
  1157. <td style="text-align: right ; vertical-align: middle; ">11,135</td>
  1158. </tr>
  1159. <tr>
  1160. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><i>   o/w Group shareholders’ equity excl. AT1</i></td>
  1161. <td style="text-align: right ; vertical-align: middle; "><i>10,601</i></td>
  1162. <td style="text-align: right ; vertical-align: middle; "><i>10,385</i></td>
  1163. </tr>
  1164. <tr>
  1165. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><i>   o/w AT1 </i></td>
  1166. <td style="text-align: right ; vertical-align: middle; "><i>750</i></td>
  1167. <td style="text-align: right ; vertical-align: middle; "><i>750</i></td>
  1168. </tr>
  1169. <tr>
  1170. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><i>Tangible shareholders’ equity</i><i>  </i></td>
  1171. <td style="text-align: right ; vertical-align: middle; "><i>7,772</i></td>
  1172. <td style="text-align: right ; vertical-align: middle; "><i>7,572</i></td>
  1173. </tr>
  1174. <tr>
  1175. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Non-controlling interests </td>
  1176. <td style="text-align: left ; vertical-align: middle; ">                              28.9 </td>
  1177. <td style="text-align: left ; vertical-align: middle; ">                                27.2 </td>
  1178. </tr>
  1179. <tr>
  1180. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Total equity</b></td>
  1181. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>11,380</b></td>
  1182. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>11,162</b></td>
  1183. </tr>
  1184. <tr>
  1185. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Deposits </td>
  1186. <td style="text-align: right ; vertical-align: middle; ">14,500</td>
  1187. <td style="text-align: right ; vertical-align: middle; ">13,891</td>
  1188. </tr>
  1189. <tr>
  1190. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Financial debt</td>
  1191. <td style="text-align: right ; vertical-align: middle; ">38,209</td>
  1192. <td style="text-align: right ; vertical-align: middle; ">40,142</td>
  1193. </tr>
  1194. <tr>
  1195. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Trade and other payables</td>
  1196. <td style="text-align: right ; vertical-align: middle; ">6,321</td>
  1197. <td style="text-align: right ; vertical-align: middle; ">6,465</td>
  1198. </tr>
  1199. <tr>
  1200. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Other liabilities</td>
  1201. <td style="text-align: right ; vertical-align: middle; ">3,229</td>
  1202. <td style="text-align: right ; vertical-align: middle; ">3,456</td>
  1203. </tr>
  1204. <tr>
  1205. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Total liabilities and equity</b></td>
  1206. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>73,638</b></td>
  1207. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>75,116</b></td>
  1208. </tr>
  1209. </table>
  1210. <p> </p>
  1211. <p align="justify">EARNINGS PER SHARE (EPS) </p>
  1212. <table style="border-collapse: collapse; border-collapse:collapse ;">
  1213. <tr>
  1214. <td style="width:406.4px;;vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b>Basic EPS</b></td>
  1215. <td style="width:106.87px;;text-align: right ; vertical-align: middle; "><b>Q1 2025</b></td>
  1216. <td style="width:122.47px;;text-align: right ; vertical-align: middle; "><b>Q1 2024</b></td>
  1217. </tr>
  1218. <tr>
  1219. <td style="width:406.4px;;text-align: left ; vertical-align: middle; ">Existing shares </td>
  1220. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">816,960,428</td>
  1221. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">816,960,428</td>
  1222. </tr>
  1223. <tr>
  1224. <td style="width:406.4px;;text-align: left ; vertical-align: middle; ">Shares allocated to cover stock options and shares awarded  to staff</td>
  1225. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">           (432,602)</td>
  1226. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">         (839,734)</td>
  1227. </tr>
  1228. <tr>
  1229. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; ">Treasury shares in liquidity contracts</td>
  1230. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">              (163,293)</td>
  1231. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">              (143,312)</td>
  1232. </tr>
  1233. <tr>
  1234. <td style="width:406.4px;;text-align: left ; vertical-align: middle; "><b>End of period number of shares</b></td>
  1235. <td style="width:106.87px;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>816,364,533</b></td>
  1236. <td style="width:122.47px;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>815,977,382</b></td>
  1237. </tr>
  1238. <tr>
  1239. <td style="width:406.4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Weighted average number of shares used for EPS calculation<sup>17</sup> (A)</b></td>
  1240. <td style="width:106.87px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>816,163,003</b></td>
  1241. <td style="width:122.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>815,843,462</b></td>
  1242. </tr>
  1243. <tr>
  1244. <td style="width:406.4px;;text-align: left ; vertical-align: middle; "><i>in EUR million</i></td>
  1245. <td style="width:106.87px;;text-align: right ; vertical-align: middle; "> </td>
  1246. <td style="width:122.47px;;text-align: right ; vertical-align: middle; "> </td>
  1247. </tr>
  1248. <tr>
  1249. <td style="width:406.4px;;text-align: left ; vertical-align: middle; ">Net income group share</td>
  1250. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">                    219.9 </td>
  1251. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">                       181.3 </td>
  1252. </tr>
  1253. <tr>
  1254. <td style="width:406.4px;;text-align: left ; vertical-align: middle; ">Deduction of interest on AT1 capital</td>
  1255. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">                    (18.7)</td>
  1256. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">                      (18.3)</td>
  1257. </tr>
  1258. <tr>
  1259. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; ">Net income group share after deduction of interest on AT1 capital (B) </td>
  1260. <td style="width:106.87px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">                  201.3 </td>
  1261. <td style="width:122.47px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">                      163.0 </td>
  1262. </tr>
  1263. <tr>
  1264. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Basic EPS (in EUR) (B/A)</b></td>
  1265. <td style="width:106.87px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>0.25</b></td>
  1266. <td style="width:122.47px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>0.20</b></td>
  1267. </tr>
  1268. <tr>
  1269. <td colspan="3" style="width:635.74px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1270. </tr>
  1271. <tr>
  1272. <td style="width:406.4px;;vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b>Diluted EPS</b></td>
  1273. <td style="width:106.87px;;text-align: center ; vertical-align: middle; "><b>Q1</b><b> </b><b> 2024</b></td>
  1274. <td style="width:122.47px;;text-align: center ; vertical-align: middle; "><b>Q1</b><b> </b><b> 2023</b></td>
  1275. </tr>
  1276. <tr>
  1277. <td style="width:406.4px;;text-align: left ; vertical-align: middle; ">Existing shares </td>
  1278. <td style="width:106.87px;;text-align: right ; vertical-align: middle; ">816,960,428</td>
  1279. <td style="width:122.47px;;text-align: right ; vertical-align: middle; ">816,960,428</td>
  1280. </tr>
  1281. <tr>
  1282. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; ">Shares issued for no consideration<sup>18</sup></td>
  1283. <td style="width:106.87px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">19,530,557</td>
  1284. <td style="width:122.47px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">17,995,041</td>
  1285. </tr>
  1286. <tr>
  1287. <td style="width:406.4px;;text-align: left ; vertical-align: middle; "><b>End of period number of shares</b></td>
  1288. <td style="width:106.87px;;text-align: right ; vertical-align: middle; "><b>836,490,985</b></td>
  1289. <td style="width:122.47px;;text-align: right ; vertical-align: middle; "><b>834,955,469</b></td>
  1290. </tr>
  1291. <tr>
  1292. <td style="width:406.4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Weighted average number of shares used for EPS calculation (A)</b></td>
  1293. <td style="width:106.87px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>835,640,591</b></td>
  1294. <td style="width:122.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>835,066,308</b></td>
  1295. </tr>
  1296. <tr>
  1297. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1298. <td style="width:106.87px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1299. <td style="width:122.47px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1300. </tr>
  1301. <tr>
  1302. <td style="width:406.4px;;border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Diluted EPS (in EUR) (B/A’)</b></td>
  1303. <td style="width:106.87px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>0.24</b></td>
  1304. <td style="width:122.47px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>0.20</b></td>
  1305. </tr>
  1306. </table>
  1307. <p> </p>
  1308. <p align="justify">Return on tangible equity (ROTE)</p>
  1309. <table style="border-collapse: collapse; border-collapse:collapse ;">
  1310. <tr>
  1311. <td style="text-align: left ; vertical-align: middle; "><b>in EUR million</b></td>
  1312. <td style="text-align: right ; vertical-align: middle; "><b> Q1 2025 </b></td>
  1313. <td style="text-align: right ; vertical-align: middle; "><b> Q1 2024<sup>19</sup> </b></td>
  1314. </tr>
  1315. <tr>
  1316. <td style="border-top: solid black 1pt ; text-align: left ; vertical-align: middle; ">Group shareholders&#8217; equity </td>
  1317. <td style="text-align: right ; vertical-align: middle; ">                          11,350.7 </td>
  1318. <td style="text-align: right ; vertical-align: middle; ">           11,036.1 </td>
  1319. </tr>
  1320. <tr>
  1321. <td style="text-align: left ; vertical-align: middle; ">AT1 Capital</td>
  1322. <td style="text-align: right ; vertical-align: middle; ">                            (750.0)</td>
  1323. <td style="text-align: right ; vertical-align: middle; ">              (750.0)</td>
  1324. </tr>
  1325. <tr>
  1326. <td style="text-align: left ; vertical-align: middle; ">Dividend provision and interest on AT1 capital<sup>20</sup></td>
  1327. <td style="text-align: right ; vertical-align: middle; ">                            (459.1)</td>
  1328. <td style="text-align: right ; vertical-align: middle; ">              (520.5)</td>
  1329. </tr>
  1330. <tr>
  1331. <td style="text-align: left ; vertical-align: middle; ">OCI excluding conversion reserves</td>
  1332. <td style="text-align: right ; vertical-align: middle; ">                               11.6</td>
  1333. <td style="text-align: right ; vertical-align: middle; ">                  20.7 </td>
  1334. </tr>
  1335. <tr>
  1336. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Equity base for ROE end of period</b></td>
  1337. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>                  10,153.2 </b></td>
  1338. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>        9,786.3 </b></td>
  1339. </tr>
  1340. <tr>
  1341. <td style="text-align: left ; vertical-align: middle; ">Goodwill</td>
  1342. <td style="text-align: right ; vertical-align: middle; ">                           2,128.3 </td>
  1343. <td style="text-align: right ; vertical-align: middle; ">             2,128.3 </td>
  1344. </tr>
  1345. <tr>
  1346. <td style="text-align: left ; vertical-align: middle; ">Intangible assets</td>
  1347. <td style="text-align: right ; vertical-align: middle; ">                              659.6 </td>
  1348. <td style="text-align: right ; vertical-align: middle; ">               660.3 </td>
  1349. </tr>
  1350. <tr>
  1351. <td style="text-align: left ; vertical-align: middle; "> </td>
  1352. <td style="text-align: right ; vertical-align: middle; "> </td>
  1353. <td style="text-align: right ; vertical-align: middle; "> </td>
  1354. </tr>
  1355. <tr>
  1356. <td style="text-align: left ; vertical-align: middle; ">Average equity base for ROE calculation</td>
  1357. <td style="text-align: right ; vertical-align: middle; ">                         10,103.3 </td>
  1358. <td style="text-align: right ; vertical-align: middle; ">            9,704.9 </td>
  1359. </tr>
  1360. <tr>
  1361. <td style="text-align: left ; vertical-align: middle; ">Average Goodwill</td>
  1362. <td style="text-align: right ; vertical-align: middle; ">                           2,128.3 </td>
  1363. <td style="text-align: right ; vertical-align: middle; ">             2,128.3 </td>
  1364. </tr>
  1365. <tr>
  1366. <td style="text-align: left ; vertical-align: middle; ">Average Intangible assets</td>
  1367. <td style="text-align: right ; vertical-align: middle; ">                              661.3 </td>
  1368. <td style="text-align: right ; vertical-align: middle; ">                653.1 </td>
  1369. </tr>
  1370. <tr>
  1371. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Average tangible equity for ROTE calculation</b></td>
  1372. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>                     7,313.8 </b></td>
  1373. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>        6,923.5 </b></td>
  1374. </tr>
  1375. <tr>
  1376. <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1377. <td style="text-align: right ; vertical-align: middle; "> </td>
  1378. <td style="text-align: right ; vertical-align: middle; "> </td>
  1379. </tr>
  1380. <tr>
  1381. <td style="text-align: left ; vertical-align: middle; ">Group net income after non-controlling interests</td>
  1382. <td style="text-align: right ; vertical-align: middle; ">                              219.9 </td>
  1383. <td style="text-align: right ; vertical-align: middle; ">                181.3 </td>
  1384. </tr>
  1385. <tr>
  1386. <td style="text-align: left ; vertical-align: middle; ">Interest on AT1 capital</td>
  1387. <td style="text-align: right ; vertical-align: middle; ">                               (18.7)</td>
  1388. <td style="text-align: right ; vertical-align: middle; ">                (18.3)</td>
  1389. </tr>
  1390. <tr>
  1391. <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1392. <td style="text-align: right ; vertical-align: middle; "> </td>
  1393. <td style="text-align: right ; vertical-align: middle; "> </td>
  1394. </tr>
  1395. <tr>
  1396. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Adjusted Group net income</b></td>
  1397. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">                              201.3 </td>
  1398. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">                163.0 </td>
  1399. </tr>
  1400. <tr>
  1401. <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1402. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1403. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1404. </tr>
  1405. <tr>
  1406. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>ROTE</b></td>
  1407. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>11.0%</b></td>
  1408. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>9.4%</b></td>
  1409. </tr>
  1410. </table>
  1411. <p> </p>
  1412. <p align="justify">CRR2/CRD5 prudential capital ratios and Risk Weighted Assets</p>
  1413. <table style="border-collapse: collapse; border-collapse:collapse ;">
  1414. <tr>
  1415. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; "><b>in EUR million</b></td>
  1416. <td style="text-align: right ; vertical-align: middle; "><b>31-Mar-25</b></td>
  1417. <td style="text-align: right ; vertical-align: middle; "><b>31-Dec-24</b></td>
  1418. </tr>
  1419. <tr>
  1420. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Group shareholders’ equity </td>
  1421. <td style="text-align: right ; vertical-align: middle; ">               11,351 </td>
  1422. <td style="text-align: right ; vertical-align: middle; ">              11,135 </td>
  1423. </tr>
  1424. <tr>
  1425. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">AT1 capital</td>
  1426. <td style="text-align: right ; vertical-align: middle; ">                 (750)</td>
  1427. <td style="text-align: right ; vertical-align: middle; ">                 (750)</td>
  1428. </tr>
  1429. <tr>
  1430. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Dividend provision &amp; interest on AT1 capital<sup>21</sup></td>
  1431. <td style="text-align: right ; vertical-align: middle; ">                (459)</td>
  1432. <td style="text-align: right ; vertical-align: middle; ">                (340)</td>
  1433. </tr>
  1434. <tr>
  1435. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Goodwill and intangible assets</td>
  1436. <td style="text-align: right ; vertical-align: middle; ">             (2,788)</td>
  1437. <td style="text-align: right ; vertical-align: middle; ">              (2,791)</td>
  1438. </tr>
  1439. <tr>
  1440. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Deductions and regulatory adjustments</td>
  1441. <td style="text-align: right ; vertical-align: middle; ">                    133 </td>
  1442. <td style="text-align: right ; vertical-align: middle; ">                   149 </td>
  1443. </tr>
  1444. <tr>
  1445. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1446. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1447. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1448. </tr>
  1449. <tr>
  1450. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Common Equity Tier 1 capital</b></td>
  1451. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>            7,487</b></td>
  1452. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>           7,403 </b></td>
  1453. </tr>
  1454. <tr>
  1455. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">AT1 capital</td>
  1456. <td style="text-align: right ; vertical-align: middle; ">                   750 </td>
  1457. <td style="text-align: right ; vertical-align: middle; ">                   750 </td>
  1458. </tr>
  1459. <tr>
  1460. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Tier 1 capital</b></td>
  1461. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>           8,237 </b></td>
  1462. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>           8,153 </b></td>
  1463. </tr>
  1464. <tr>
  1465. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; text-align: left ; vertical-align: middle; ">Tier 2 capital</td>
  1466. <td style="text-align: right ; vertical-align: middle; ">               1,500 </td>
  1467. <td style="text-align: right ; vertical-align: middle; ">               1,500 </td>
  1468. </tr>
  1469. <tr>
  1470. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Total capital (Tier 1 + Tier 2)</b></td>
  1471. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>            9,737 </b></td>
  1472. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>           9,653 </b></td>
  1473. </tr>
  1474. <tr>
  1475. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1476. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1477. <td style="border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1478. </tr>
  1479. <tr>
  1480. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Risk-Weighted Assets</b></td>
  1481. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         56,700</b></td>
  1482. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        58,960 </b></td>
  1483. </tr>
  1484. <tr>
  1485. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Credit Risk Weighted Assets</td>
  1486. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             50,980 </td>
  1487. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             49,955 </td>
  1488. </tr>
  1489. <tr>
  1490. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Market Risk Weighted Assets</td>
  1491. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               2,666 </td>
  1492. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                2,547 </td>
  1493. </tr>
  1494. <tr>
  1495. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Operational Risk Weighted Assets</td>
  1496. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               3,054 </td>
  1497. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               6,458 </td>
  1498. </tr>
  1499. <tr>
  1500. <td style="border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1501. <td style="border-right: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1502. <td style="border-right: solid black 1pt ; text-align: left ; vertical-align: middle; "> </td>
  1503. </tr>
  1504. <tr>
  1505. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Common Equity Tier 1 ratio</b></td>
  1506. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>13.2%</b></td>
  1507. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>12.6%</b></td>
  1508. </tr>
  1509. <tr>
  1510. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Tier 1 ratio</td>
  1511. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14.5%</td>
  1512. <td style="border-right: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13.8%</td>
  1513. </tr>
  1514. <tr>
  1515. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Total Capital ratio</td>
  1516. <td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">17.2%</td>
  1517. <td style="border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16.4%</td>
  1518. </tr>
  1519. </table>
  1520. <p> </p>
  1521. <p align="justify">Tangible book value per share</p>
  1522. <table style="border-collapse: collapse; border-collapse:collapse ;">
  1523. <tr>
  1524. <td style="text-align: left ; vertical-align: middle; "><b>in EUR million</b></td>
  1525. <td style="text-align: center ; vertical-align: middle; "><b> </b></td>
  1526. <td style="text-align: right ; vertical-align: middle; "><b> Q1 2025 </b></td>
  1527. <td style="text-align: right ; vertical-align: middle; "><b> Q1 2024 </b></td>
  1528. </tr>
  1529. <tr>
  1530. <td style="border-top: solid black 1pt ; text-align: left ; vertical-align: middle; ">Group shareholders&#8217; equity</td>
  1531. <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "> </td>
  1532. <td style="text-align: right ; vertical-align: middle; ">             11,350.7 </td>
  1533. <td style="text-align: right ; vertical-align: middle; ">                 11,036.1 </td>
  1534. </tr>
  1535. <tr>
  1536. <td style="text-align: left ; vertical-align: middle; ">AT1 capital</td>
  1537. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1538. <td style="text-align: right ; vertical-align: middle; ">               (750.0)</td>
  1539. <td style="text-align: right ; vertical-align: middle; ">                   (750.0)</td>
  1540. </tr>
  1541. <tr>
  1542. <td style="text-align: left ; vertical-align: middle; ">Interest on AT1 capital</td>
  1543. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1544. <td style="text-align: right ; vertical-align: middle; ">                  (56.2)</td>
  1545. <td style="text-align: right ; vertical-align: middle; ">                      (55.4)</td>
  1546. </tr>
  1547. <tr>
  1548. <td style="text-align: left ; vertical-align: middle; ">Book value of treasury shares</td>
  1549. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1550. <td style="text-align: right ; vertical-align: middle; ">                    15.3 </td>
  1551. <td style="text-align: right ; vertical-align: middle; ">                        18.1 </td>
  1552. </tr>
  1553. <tr>
  1554. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Net Asset Value (NAV)</b></td>
  1555. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b> </b></td>
  1556. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>        10,559.8 </b></td>
  1557. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>          10,248.8 </b></td>
  1558. </tr>
  1559. <tr>
  1560. <td style="text-align: left ; vertical-align: middle; ">Goodwill</td>
  1561. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1562. <td style="text-align: right ; vertical-align: middle; ">             (2,128.3)</td>
  1563. <td style="text-align: right ; vertical-align: middle; ">                (2,128.3)</td>
  1564. </tr>
  1565. <tr>
  1566. <td style="text-align: left ; vertical-align: middle; ">Intangible assets</td>
  1567. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1568. <td style="text-align: right ; vertical-align: middle; ">               (659.6)</td>
  1569. <td style="text-align: right ; vertical-align: middle; ">                   (660.3)</td>
  1570. </tr>
  1571. <tr>
  1572. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>Net Tangible Asset Value (NTAV)</b></td>
  1573. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b> </b></td>
  1574. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>           7,771.9 </b></td>
  1575. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>             7,460.3 </b></td>
  1576. </tr>
  1577. <tr>
  1578. <td style="text-align: left ; vertical-align: middle; ">Number of shares<sup>22</sup> </td>
  1579. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1580. <td style="text-align: right ; vertical-align: middle; ">     816,364,533 </td>
  1581. <td style="text-align: right ; vertical-align: middle; ">          815,977,382 </td>
  1582. </tr>
  1583. <tr>
  1584. <td style="text-align: left ; vertical-align: middle; ">NAV per share</td>
  1585. <td style="text-align: right ; vertical-align: middle; "> </td>
  1586. <td style="text-align: right ; vertical-align: middle; ">                    12.94 </td>
  1587. <td style="text-align: right ; vertical-align: middle; ">                        12.6 </td>
  1588. </tr>
  1589. <tr>
  1590. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; "><b>NTAV per share</b></td>
  1591. <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b> </b></td>
  1592. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>               9.52 </b></td>
  1593. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><b>                  9.14 </b></td>
  1594. </tr>
  1595. <tr>
  1596. <td style="text-align: left ; vertical-align: middle; ">Net Tangible Asset Value (NTAV) after dividend provision<sup>23</sup></td>
  1597. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1598. <td style="text-align: right ; vertical-align: middle; ">               7,369.0</td>
  1599. <td style="text-align: right ; vertical-align: middle; ">                  6,995.2 </td>
  1600. </tr>
  1601. <tr>
  1602. <td style="text-align: left ; vertical-align: middle; ">NTAV per share after dividend provision</td>
  1603. <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1604. <td style="text-align: right ; vertical-align: middle; ">                   9.03 </td>
  1605. <td style="text-align: right ; vertical-align: middle; ">                        8.57 </td>
  1606. </tr>
  1607. <tr>
  1608. <td style="text-align: left ; vertical-align: middle; ">NTAV before dividend provision</td>
  1609. <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1610. <td style="text-align: right ; vertical-align: middle; ">                    9.52 </td>
  1611. <td style="text-align: right ; vertical-align: middle; ">                        9.14 </td>
  1612. </tr>
  1613. </table>
  1614. <p align="justify"><b>Quarterly series</b></p>
  1615. <table style="border-collapse: collapse; width:731.85pt; border-collapse:collapse ;">
  1616. <tr>
  1617. <td style="width:286.07px;;text-align: left ; vertical-align: middle; "><b>(in EUR million)</b></td>
  1618. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q1 2023</b></td>
  1619. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q2 2023</b></td>
  1620. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q3 2023</b></td>
  1621. <td style="width:79.8px;;text-align: center ; vertical-align: middle; "><b>Q4 2023<sup>24</sup></b></td>
  1622. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q1 2024</b></td>
  1623. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q2 2024</b></td>
  1624. <td style="width:77.4px;;text-align: center ; vertical-align: middle; "><b>Q3 2024</b></td>
  1625. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q4 2024</b></td>
  1626. <td style="width:67.94px;;text-align: center ; vertical-align: middle; "><b>Q1 2025</b></td>
  1627. </tr>
  1628. <tr>
  1629. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> Leasing margin<sup>25</sup> <sup>26</sup></td>
  1630. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           210.6 </td>
  1631. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            247.7 </td>
  1632. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            239.6 </td>
  1633. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               77.6 </td>
  1634. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            281.2 </td>
  1635. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           260.2 </td>
  1636. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            231.7 </td>
  1637. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            297.7 </td>
  1638. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          265.1 </td>
  1639. </tr>
  1640. <tr>
  1641. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> Services margin<sup> 26</sup></td>
  1642. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            156.2 </td>
  1643. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            293.2 </td>
  1644. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             413.1 </td>
  1645. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           388.4 </td>
  1646. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            407.4 </td>
  1647. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            426.7 </td>
  1648. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            414.8 </td>
  1649. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            377.5 </td>
  1650. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">         443.3 </td>
  1651. </tr>
  1652. <tr>
  1653. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b><i>Leasing and Services margins</i></b></td>
  1654. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        366.7 </i></b></td>
  1655. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        540.9 </i></b></td>
  1656. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>         652.7 </i></b></td>
  1657. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>         466.1 </i></b></td>
  1658. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        688.6 </i></b></td>
  1659. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>       686.9 </i></b></td>
  1660. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        646.5 </i></b></td>
  1661. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        675.2 </i></b></td>
  1662. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>      708.4 </i></b></td>
  1663. </tr>
  1664. <tr>
  1665. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><i> Used Car Sales (UCS) result </i></td>
  1666. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           233.2 </i></td>
  1667. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           269.5 </i></td>
  1668. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>            321.1 </i></td>
  1669. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>            254.7 </i></td>
  1670. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           252.0 </i></td>
  1671. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>          234.0 </i></td>
  1672. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           222.3 </i></td>
  1673. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           199.6 </i></td>
  1674. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>         193.4 </i></td>
  1675. </tr>
  1676. <tr>
  1677. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><i> Depreciation adjustments </i></td>
  1678. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>            131.7 </i></td>
  1679. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>            (24.5)</i></td>
  1680. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           (141.7)</i></td>
  1681. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           (161.0)</i></td>
  1682. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>           (147.5)</i></td>
  1683. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>          (136.3)</i></td>
  1684. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>          (145.2)</i></td>
  1685. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>          (162.0)</i></td>
  1686. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><i>         (82.7)</i></td>
  1687. </tr>
  1688. <tr>
  1689. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b><i>UCS result and Depreciation adjustments<sup> 25</sup></i></b></td>
  1690. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>       364.9 </i></b></td>
  1691. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>        245.0 </i></b></td>
  1692. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>         179.4 </i></b></td>
  1693. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>          93.7 </i></b></td>
  1694. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>         104.5 </i></b></td>
  1695. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>          97.7 </i></b></td>
  1696. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>          77.2 </i></b></td>
  1697. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>          37.7 </i></b></td>
  1698. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b><i>      110.6 </i></b></td>
  1699. </tr>
  1700. <tr>
  1701. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Gross operating income</b></td>
  1702. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         731.6 </b></td>
  1703. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         785.9 </b></td>
  1704. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         832.2 </b></td>
  1705. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         559.8 </b></td>
  1706. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         793.1 </b></td>
  1707. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        784.5 </b></td>
  1708. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         723.7 </b></td>
  1709. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         712.9 </b></td>
  1710. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>      819.0</b></td>
  1711. </tr>
  1712. <tr>
  1713. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Total operating expenses</td>
  1714. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">        (260.5)</td>
  1715. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (369.7)</td>
  1716. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (444.5)</td>
  1717. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (516.9)</td>
  1718. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (489.6)</td>
  1719. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (475.3)</td>
  1720. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (459.9)</td>
  1721. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (474.6)</td>
  1722. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">       (472.8)</td>
  1723. </tr>
  1724. <tr>
  1725. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Impairment charges on receivables</td>
  1726. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (8.8)</td>
  1727. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (15.7)</td>
  1728. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (21.8)</td>
  1729. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (24.4)</td>
  1730. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (33.1)</td>
  1731. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (30.5)</td>
  1732. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (28.8)</td>
  1733. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (36.1)</td>
  1734. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">       (30.7)</td>
  1735. </tr>
  1736. <tr>
  1737. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Other income/(expense) </td>
  1738. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (20.6)</td>
  1739. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              33.1 </td>
  1740. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (12.4)</td>
  1741. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (28.8)</td>
  1742. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               9.0 </td>
  1743. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (1.2)</td>
  1744. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (7.3)</td>
  1745. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (2.7)</td>
  1746. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (1.0)</td>
  1747. </tr>
  1748. <tr>
  1749. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Net result from equity method</td>
  1750. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              0.8 </td>
  1751. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               0.8 </td>
  1752. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               3.3 </td>
  1753. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                1.6 </td>
  1754. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                1.5 </td>
  1755. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               2.3 </td>
  1756. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               2.0 </td>
  1757. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               4.4 </td>
  1758. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             1.6 </td>
  1759. </tr>
  1760. <tr>
  1761. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Profit before tax</b></td>
  1762. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        442.6 </b></td>
  1763. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        434.3 </b></td>
  1764. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         356.7 </b></td>
  1765. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>(8.7) </b></td>
  1766. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        280.9 </b></td>
  1767. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         279.9 </b></td>
  1768. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         229.7 </b></td>
  1769. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        203.9 </b></td>
  1770. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>       316.0 </b></td>
  1771. </tr>
  1772. <tr>
  1773. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Income tax expense</td>
  1774. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">          (125.6)</td>
  1775. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (101.4)</td>
  1776. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (131.5)</td>
  1777. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (0.8)</td>
  1778. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (88.4)</td>
  1779. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> (71.4)</td>
  1780. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (81.6)</td>
  1781. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (42.7)</td>
  1782. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">         (94.9)</td>
  1783. </tr>
  1784. <tr>
  1785. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Result from discontinued operations</td>
  1786. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                &#8211;   </td>
  1787. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (91.3)</td>
  1788. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              14.0 </td>
  1789. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (0.2)</td>
  1790. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                 &#8211;   </td>
  1791. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                &#8211;   </td>
  1792. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                &#8211;   </td>
  1793. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">                &#8211;   </td>
  1794. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              &#8211;   </td>
  1795. </tr>
  1796. <tr>
  1797. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Non-controlling interests</td>
  1798. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           (1.5)</td>
  1799. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (4.8)</td>
  1800. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (11.2)</td>
  1801. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             (10.4)</td>
  1802. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (11.1)</td>
  1803. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">            (12.5)</td>
  1804. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (1.4)</td>
  1805. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              (1.6)</td>
  1806. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            (1.2)</td>
  1807. </tr>
  1808. <tr>
  1809. <td style="width:286.07px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Net income group share</b></td>
  1810. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         315.5 </b></td>
  1811. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         236.7 </b></td>
  1812. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        228.0 </b></td>
  1813. <td style="width:79.8px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>(20.2) </b></td>
  1814. <td style="width:78.6px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         181.3 </b></td>
  1815. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         195.9 </b></td>
  1816. <td style="width:77.4px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         146.7 </b></td>
  1817. <td style="width:76.27px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>         159.7 </b></td>
  1818. <td style="width:67.94px;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>       219.9 </b></td>
  1819. </tr>
  1820. <tr>
  1821. <td style="width:286.07px;;vertical-align: bottom ; "> </td>
  1822. <td style="width:76.27px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1823. <td style="width:78.6px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1824. <td style="width:78.6px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1825. <td style="width:79.8px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1826. <td style="width:78.6px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1827. <td style="width:76.27px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1828. <td style="width:77.4px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1829. <td style="width:76.27px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1830. <td style="width:67.94px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  1831. </tr>
  1832. <tr>
  1833. <td style="width:286.07px;;text-align: left ; vertical-align: middle; "><b>(in &#8216;000)</b></td>
  1834. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q1 2023</b></td>
  1835. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q2 2023</b></td>
  1836. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q3 2023</b></td>
  1837. <td style="width:79.8px;;text-align: center ; vertical-align: middle; "><b>Q4 2023</b></td>
  1838. <td style="width:78.6px;;text-align: center ; vertical-align: middle; "><b>Q1 2024</b></td>
  1839. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q2 2024</b></td>
  1840. <td style="width:77.4px;;text-align: center ; vertical-align: middle; "><b>Q3 2024</b></td>
  1841. <td style="width:76.27px;;text-align: center ; vertical-align: middle; "><b>Q4 2024</b></td>
  1842. <td style="width:67.94px;;text-align: center ; vertical-align: middle; "><b>Q1 2025</b></td>
  1843. </tr>
  1844. <tr>
  1845. <td style="width:286.07px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "><b>Total Contracts</b></td>
  1846. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        1,815 </b></td>
  1847. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,496 </b></td>
  1848. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,394 </b></td>
  1849. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,420 </b></td>
  1850. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,386 </b></td>
  1851. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,373 </b></td>
  1852. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,332 </b></td>
  1853. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>        3,288 </b></td>
  1854. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><b>      3,246 </b></td>
  1855. </tr>
  1856. <tr>
  1857. <td style="width:286.07px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Full service leasing contracts</td>
  1858. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           1,473 </td>
  1859. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            2,755 </td>
  1860. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           2,692 </td>
  1861. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            2,709 </td>
  1862. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">            2,699 </td>
  1863. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           2,686 </td>
  1864. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           2,653 </td>
  1865. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           2,616 </td>
  1866. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">        2,584 </td>
  1867. </tr>
  1868. <tr>
  1869. <td style="width:286.07px;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Fleet management contracts</td>
  1870. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              342 </td>
  1871. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               741 </td>
  1872. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              703 </td>
  1873. <td style="width:79.8px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">               710 </td>
  1874. <td style="width:78.6px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              686 </td>
  1875. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              686 </td>
  1876. <td style="width:77.4px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">             680 </td>
  1877. <td style="width:76.27px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">              672 </td>
  1878. <td style="width:67.94px;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">           662 </td>
  1879. </tr>
  1880. </table>
  1881. <p align="justify"><sup>1</sup> Excluding UCS result, non-recurring items and impact of PPA</p>
  1882. <p align="justify"><sup>2</sup> Management information</p>
  1883. <p align="justify"><sup>3</sup> Annualized impairment charges on receivables expressed as a percentage of average earning assets </p>
  1884. <p align="justify"><sup>4</sup> Net income group share after deduction of interest on AT1 capital divided by average shareholder equity before non‑controlling interests, goodwill and intangible assets </p>
  1885. <p align="justify"><sup>5</sup> Diluted Earnings per share, calculated according to IAS 33. Basic EPS for Q1 2025 at EUR 0.25</p>
  1886. <p align="justify"><sup>6</sup> Net carrying amount of the rental fleet plus net receivables on finance leases</p>
  1887. <p align="justify"><sup>7</sup> Q1 2024 on a like-for-like perimeter, restated due to derecognition of Morocco as at 31 December 2024</p>
  1888. <p align="justify"><sup>8</sup> Management information, in EU+: European Union, UK, Norway, Switzerland</p>
  1889. <p align="justify"><sup>9</sup> Battery Electric Vehicles (BEV) and Plug-in Hybrids (PHEV)</p>
  1890. <p align="justify"><sup>10</sup> Management information</p>
  1891. <p align="justify"><sup>11</sup> Annualized</p>
  1892. <p align="justify"><sup>12</sup> Management information</p>
  1893. <p align="justify"><sup>13</sup> Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets</p>
  1894. <p align="justify"><sup>14</sup> Calculated according to IAS 33. Basic EPS at EUR 0.25. Under IAS 33, EPS is computed using the average number of shares weighted by time apportionment </p>
  1895. <p align="justify"><sup>15</sup> Excluding Additional Tier 1 capital</p>
  1896. <p align="justify"><sup>16</sup> Before dividend provision </p>
  1897. <p align="justify"><sup>17</sup> Average number of shares weighted by time apportionment</p>
  1898. <p align="justify"><sup>18</sup> Assuming exercise of warrants as per IAS 33</p>
  1899. <p align="justify"><sup>19</sup> Group shareholders’ equity restated for PPA update and provision for UK motor finance commissions</p>
  1900. <p align="justify"><sup>20</sup> The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital</p>
  1901. <p align="left"><sup>21</sup> The dividend provision assumes a payout ratio of 50% of Net Income group share, after deduction of interest on AT1 capital</p>
  1902. <p align="left"><sup>22</sup> The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares</p>
  1903. <p align="left"><sup>23</sup> The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital</p>
  1904. <p align="left"><sup>24</sup> Restated for the provision related to the UK motor finance commissions</p>
  1905. <p align="left"><sup>25</sup> Change in presentation of GOI components: prospective depreciation was reclassified from Leasing costs – depreciation in Leasing margin to Depreciation costs adjustments in Used car sales result and depreciation adjustments. This change is applied retrospectively to all periods. </p>
  1906. <p align="left"><sup>26</sup> Reclassification of depreciation costs for short-term rental vehicles from Leasing to Services margin applied retrospectively to all periods from 2023. </p>
  1907. <p></p>
  1908. <p id="gnw_attachments_section-header"> <strong>Attachment</strong> </p>
  1909. <ul id="gnw_attachments_section-items">
  1910. <li> Ayvens Q1 2025 Press release_final </li>
  1911. </ul>
  1912. <p><img alt="" src='https://ml-eu.globenewswire.com/media/YzY2YjBjNzMtMTdkNC00Zjc2LTg3OTUtZjc1MzQyNDNjYjQ4LTEyMzQxNTQtMjAyNS0wNC0zMC1lbg==/tiny/Ayvens.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  1913. ]]></content:encoded>
  1917. </item>
  1918. <item>
  1919. <title>Follow JETOUR at the Auto Shanghai 2025: A Glimpse of Global Travel and Emerging Off-Road Trends</title>
  1920. <link>https://autoexcelsior.com/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends/53602/</link>
  1922. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  1923. <pubDate>Tue, 29 Apr 2025 16:00:00 +0000</pubDate>
  1924. <category><![CDATA[Brand Post]]></category>
  1925. <guid isPermaLink="false">https://autoexcelsior.com/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends</guid>
  1926.  
  1927. <description><![CDATA[<div style="margin-bottom:20px;"><img width="1294" height="678" src="https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends.png 1294w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-300x157.png 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-1024x537.png 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-768x402.png 768w" sizes="auto, (max-width: 1294px) 100vw, 1294px" /></div>Shanghai, April 29, 2025 (GLOBE NEWSWIRE) &#8212; From April 22-24, JETOUR welcomed over 130 media members and influencers from the Middle East, Africa, South America, Asia-Pacific, and CIS regions at Auto Shanghai 2025 for a one-of-a-kind experience. The three-day gathering incorporated the best of JETOUR’s “Travel+” culture together with a historic tech reveal, a JETOUR [&#8230;]]]></description>
  1928. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="1294" height="678" src="https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends.png 1294w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-300x157.png 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-1024x537.png 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/follow-jetour-at-the-auto-shanghai-2025-a-glimpse-of-global-travel-and-emerging-off-road-trends-768x402.png 768w" sizes="auto, (max-width: 1294px) 100vw, 1294px" /></div><p>Shanghai, April 29, 2025 (GLOBE NEWSWIRE) &#8212; <b>From April 22-24,</b> JETOUR welcomed over 130 media members and influencers from the Middle East, Africa, South America, Asia-Pacific, and CIS regions at Auto Shanghai 2025 for a one-of-a-kind experience. The three-day gathering incorporated the best of JETOUR’s “Travel<sup>+</sup>” culture together with a historic tech reveal, a JETOUR International media workshop and test drives of the automaker’s newest vehicles.</p>
  1929. <p><b><br /> </b><b>“</b><b>Travel<sup>+</sup></b><b>”</b><b> Culture Incorporating the best of Past, Present and Future</b><br />JETOUR held its “Travel<sup>+</sup>” city tour in Shanghai, featuring the city’s most renowned landmarks. JETOUR’s media and influencers enjoyed views from the Oriental Pearl Tower, then explored the historic alleys of Town God&#8217;s Temple. The group later soaked in the sights of the Bund.<br />The city tour concluded at the Grand Halls in Shanghai, just north of the Bund. That evening, media guests were fully immersed in the “Travel+” lifestyle, surrounded by a JETOUR-branded atmosphere showcasing outdoor gear, cutting-edge technologies, and highlights of the automaker’s Cheetah conservation public welfare initiative. The company also treated guests to a traditional Chinese dance, featuring a live international band. The fusion of performance and tech demonstrated how JETOUR uses travel to inspire shared passions and break new ground.</p>
  1930. <p align="left">
  1931. <p> <b>Unveiling JETOUR</b><b>’</b><b>s New Premium Hybrid Off-Road Architecture</b><br />On the first day of the Auto Shanghai 2025, JETOUR held a press conference to introduce its GAIA architecture, alongside the first models powered by this innovative architecture—the G700 and G900. <br />GAIA offers two advanced power systems: the Super Hybrid iDM-O and the Amphibious Off-Road Range Extender iEM-O, both of which boast high thermal efficiency and robust performance. This architecture is further enhanced by an intelligent off-road chassis capable of tackling diverse terrain, coupled with marine technology that enables seamless transitions between land and water. With additional features like low-orbit satellite communications and an integrated oxygen generation system, this design truly achieves comprehensive terrain coverage.<br />The G700 and G900 are positioned as premium off-road SUVs. In both design and performance, these new models exceed expectations for what premium off-road vehicles can deliver, raising the bar with superior power systems, enhanced off-road capabilities, and advanced intelligent dominance.</p>
  1932. <p align="left"><img loading="lazy" decoding="async" data-mce-src="/api/ImageRender/DownloadFile?resourceId=fc5d6db8-2f69-493e-85da-fc3c8d61377a&amp;size=0" data-state="draft" height="532" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/fc5d6db8-2f69-493e-85da-fc3c8d61377a/jetour-auto-shanghai-2025.jpg" title="JETOUR Auto Shanghai 2025.jpg" width="800" /></p>
  1933. <p align="left">（Highlights from JETOUR’s exhibit at Auto Shanghai 2025)</p>
  1934. <p> <b>Co-creating a Global JETOUR</b><br />JETOUR further strengthened its global engagement through a media workshop, convening over 40 seasoned automotive journalists from core markets including the Middle East, Africa, South America, and CIS regions. Participants engaged in focused discussions on making JETOUR the world&#8217;s leading Hybrid Off-Road Brand and product positioning for the G700, delivering actionable insights to inform the world of JETOUR&#8217;s ongoing global expansion.<br />A landmark development also emerged with the official launch of the JETOUR Media Alliance (JMA). As the brand&#8217;s first international media platform, JETOUR Media Alliance (JMA) establishes systematic engagement mechanisms through product evaluations and co-created brand initiatives with media members and influencers. The alliance will harness collective expertise from global media partners to drive JETOUR&#8217;s strategy. The alliance plans phased expansion to incorporate additional authoritative media outlets.</p>
  1935. <p align="left"><b><br /> Unforgettable Test Drives: the T1, T2 i-DM, and G700</b><br /> On April 24, the test drive event provided an exclusive opportunity for invitees to experience the JETOUR T1, T2 i-DM and G700.<br />The T1, a lite off-road SUV, combined the required agility for city driving with the robust power for off-road adventures, all while maintaining excellent clearance and uncompromised comfort. The T1’s innovative XWD intelligent four-wheel drive system—an exclusive first from JETOUR—adapts dynamically by automatically switching drive modes on different terrains. During test drives, guests praised the system’s ability to intelligently distribute power for optimal grip and responsiveness.<br />The T2 i-DM, a hybrid version of the T2 model, retains the T2’s rugged design while adding a 1.5TD DHE+3DHT high-efficiency hybrid power system. The result is smoother driving, stronger acceleration, improved fuel efficiency and quieter driving.<br />Also during the test drive, the JETOUR G700 impressed with its precious autonomous parking feature, leaving a lasting impact and building anticipation for its market debut.</p>
  1936. <p align="left"><img loading="lazy" decoding="async" data-mce-src="/api/ImageRender/DownloadFile?resourceId=7a911b50-511c-4919-8d0c-66f3823dd4e1&amp;size=0" data-state="draft" height="534" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/7a911b50-511c-4919-8d0c-66f3823dd4e1/jetour.jpg" title="JETOUR.jpg" width="800" /></p>
  1937. <p align="left">（Highlights from the JETOUR media test drive sessions)</p>
  1938. <p align="left"><b>A Leader in Surprise and Innovation</b><br />From the JETOUR Global Travel<sup>+</sup> Conference in 2024 to this journey at Auto Shanghai 2025, events hosted by JETOUR have provided a delightful combination of surprise and innovation. Through immersive experiences at urban landmarks, hands-on access to cutting-edge technologies, dynamic exchanges at media workshops, and the official launch of the Global Media Alliance (JMA), JETOUR has also created an immersive experience of its “Travel<sup>+</sup>” culture for media members and influencers across the world to enjoy. <br />These activities embody the “Travel<sup>+</sup>” brand strategy while marking a crucial milestone in JETOUR&#8217;s brand elevation. Moving forward, JETOUR will continue to expand its “Travel<sup>+</sup>” lifestyle mantra by partnering with drivers across the world to create boundless travel experiences.</p>
  1939. <pre>CONTACT: JETOUR Global support@jetourglobal.com</pre>
  1940. <p><img alt="" src='https://ml.globenewswire.com/media/NDBjOWJkOTAtYTQ1ZS00NTg2LWEzOTUtN2JkNmMyM2NlOTE4LTUwMDEyOTc1NC0yMDI1LTA0LTI5LWVu/tiny/JETOUR.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  1941. ]]></content:encoded>
  1945. </item>
  1946. <item>
  1947. <title>Porsche LED headlight kits for select classic models now available in Canada</title>
  1948. <link>https://autoexcelsior.com/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada/53598/</link>
  1950. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  1951. <pubDate>Tue, 29 Apr 2025 13:00:00 +0000</pubDate>
  1952. <category><![CDATA[Brand Post]]></category>
  1953. <guid isPermaLink="false">https://autoexcelsior.com/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada</guid>
  1954.  
  1955. <description><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1707" src="https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-300x200.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-1024x683.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-768x512.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-1536x1024.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-2048x1365.jpg 2048w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-450x300.jpg 450w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></div>Porsche LED headlight kits for select classic models now available in Canada Porsche Cars Canada Porsche LED headlight kits for select classic models now available in Canada Porsche Cars Canada New plug-and-play equipment allows easy retrofit with the latest, road-legal lighting technology The Porsche H4 and H7 kits are the first and only brand-made road-legal [&#8230;]]]></description>
  1956. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="2560" height="1707" src="https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-scaled.jpg 2560w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-300x200.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-1024x683.jpg 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-768x512.jpg 768w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-1536x1024.jpg 1536w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-2048x1365.jpg 2048w, https://autoexcelsior.com/wp-content/uploads/2025/04/porsche-led-headlight-kits-for-select-classic-models-now-available-in-canada-450x300.jpg 450w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /></div><div style="float:right;padding:0 0 15px 20px;margin:15px 0 20px 20px;width:300px">
  1957. <p>Porsche LED headlight kits for select classic models now available in Canada</p>
  1958. <figure> <img decoding="async" src="https://ml.globenewswire.com/Resource/Download/bf97fe0f-7bc1-43b1-8c32-79bfd80105ff" title="Porsche LED headlight kits for select classic models now available in Canada" alt="Porsche Cars Canada" /><figcaption>Porsche Cars Canada</figcaption></figure>
  1959. </p></div>
  1960. <div style="float:right;padding:0 0 15px 20px;margin:15px 0 20px 20px;width:300px">
  1961. <p>Porsche LED headlight kits for select classic models now available in Canada</p>
  1962. <figure> <img decoding="async" src="https://ml.globenewswire.com/Resource/Download/90f19194-c11d-4e18-89e3-3e56880a6a67" title="Porsche LED headlight kits for select classic models now available in Canada" alt="Porsche Cars Canada" /><figcaption>Porsche Cars Canada</figcaption></figure>
  1963. </p></div>
  1964. <p align="justify"><u>New plug-and-play equipment allows easy retrofit with the latest, road-legal lighting technology</u></p>
  1965. <ul type="square">
  1966. <li style="text-align:justify;">The Porsche H4 and H7 kits are the first and only brand-made road-legal plug-and-play LED retrofit option specifically for classic Porsche vehicles</li>
  1967. <li style="text-align:justify;">The halogen lamp replacement is available for several 911 models (F model from 1972, G model, and type 964), as well as 924, 944, and the first-generation Boxster (986)</li>
  1968. <li style="text-align:justify;">The kits can be ordered from Canadian Porsche Centres at a price of $298.09</li>
  1969. </ul>
  1970. <p>TORONTO, April 29, 2025 (GLOBE NEWSWIRE) &#8212; Canadian drivers of select classic Porsche models are now able to retrofit their vehicles with the first and only road-legal LED headlights made by the sportscar manufacturer from Stuttgart.</p>
  1971. <p>The Porsche H4 and Porsche H7 LED are a plug-and-play LED retrofit option to the factory halogen lamps. Available for the 911 F model from 1972, the 911 G model, the 911 (type 964) as well as the 924 and 944 as H4 LEDs. Moreover, an H7 LED kit is offered for the 911 (type 996) and Boxster (type 986). These modern headlamps embody a symbiosis of elegant aesthetics and outstanding functionality.</p>
  1972. <p>The modern technology of the H4 and H7 LED headlights guarantees a longer service life of the lamps, as well as a significant increase in visibility. The bright beam quality of the lamps ensures enhanced lighting at night as well as in adverse weather conditions.</p>
  1973. <p align="justify">The H4 and H7 LED kits can be ordered from Canadian Porsche Centres at a price of $298.09</p>
  1974. <p align="justify"><strong>About Porsche Cars Canada, Ltd. </strong><br />Porsche Cars Canada, Ltd. (PCL) is the exclusive importer and distributor of the Porsche 911, 718 Boxster and 718 Cayman, Taycan, Panamera, as well as Cayenne and Macan. Headquartered in Toronto, Ontario, PCL employs a team of more than 70 supporting sales, aftersales, marketing, retail development, and public relations. They, in turn, work to provide Porsche customers with a best-in-class experience in keeping with the brand&#8217;s more than 75-year history of leadership in the advancement of vehicle performance, safety, and efficiency. In 2019, a Parts Distribution Centre opened its doors in Mississauga to service the countrywide network of 23 Porsche Centres. Located in Pickering, ON, the Porsche Experience Centre Toronto will open its doors in 2025. PCL is the dedicated subsidiary of Porsche AG, headquartered in Stuttgart, Germany.</p>
  1975. <p align="justify">At the core of this success is Porsche&#8217;s proud racing heritage that boasts some 30,000-plus motorsport wins to date.</p>
  1976. <p>Follow us: <br />https://www.porsche.ca | https://www.instagram.com/porschecanada | https://www.linkedin.com/company/porsche-cars-canada-ltd | https://www.youtube.com/Porsche | https://www.facebook.com/Porsche | https://www.pinterest.ca/porsche</p>
  1977. <p align="justify">Photos and video footage are available to accredited journalists on the Porsche Press Database at https://press.ca.porsche.com</p>
  1978. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  1979. <tr>
  1980. <td style="max-width:40%; width:40%; min-width:40%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">Public Relations</td>
  1981. <td style="max-width:60%; width:60%; min-width:60%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">Public Relations</td>
  1982. </tr>
  1983. <tr>
  1984. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">Patrick Saint-Pierre</td>
  1985. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">Tina McMullan</td>
  1986. </tr>
  1987. <tr>
  1988. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">647-531-2992</td>
  1989. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">647-393-2264</td>
  1990. </tr>
  1991. <tr>
  1992. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">Patrick.Saint-Pierre@porsche.ca</td>
  1993. <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">Tina.McMullan@porsche.ca</td>
  1994. </tr>
  1995. </table>
  1996. <p>Photos accompanying this announcement are available at</p>
  1997. <p>https://www.globenewswire.com/NewsRoom/AttachmentNg/bf97fe0f-7bc1-43b1-8c32-79bfd80105ff</p>
  1998. <p>https://www.globenewswire.com/NewsRoom/AttachmentNg/90f19194-c11d-4e18-89e3-3e56880a6a67</p>
  1999. <p><img alt="" src='https://ml.globenewswire.com/media/ZGViZjAxNzItYTVhYi00NGU2LTk2MjUtZGFmYzhiM2RjZWQ2LTUwMDA2NjMwOS0yMDI1LTA0LTI5LWVu/tiny/Porsche-Cars-Canada-Ltd-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2000. ]]></content:encoded>
  2004. </item>
  2005. <item>
  2006. <title>PONY AI Inc. to Report First Quarter 2025 Financial Results on May 20, 2025</title>
  2007. <link>https://autoexcelsior.com/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025/53600/</link>
  2009. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2010. <pubDate>Tue, 29 Apr 2025 09:00:00 +0000</pubDate>
  2011. <category><![CDATA[Brand Post]]></category>
  2012. <guid isPermaLink="false">https://autoexcelsior.com/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025</guid>
  2013.  
  2014. <description><![CDATA[<div style="margin-bottom:20px;"><img width="359" height="113" src="https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025.jpg 359w, https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025-300x94.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025-357x113.jpg 357w" sizes="auto, (max-width: 359px) 100vw, 359px" /></div>NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) &#8212; Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in achieving large-scale commercialization of autonomous mobility, today announced that it will report its unaudited financial results for the first quarter 2025 before the U.S. market opens on Tuesday, May 20, 2025. The Company’s management [&#8230;]]]></description>
  2015. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="359" height="113" src="https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025.jpg 359w, https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025-300x94.jpg 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/pony-ai-inc-to-report-first-quarter-2025-financial-results-on-may-20-2025-357x113.jpg 357w" sizes="auto, (max-width: 359px) 100vw, 359px" /></div><p align="justify">NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) &#8212; Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in achieving large-scale commercialization of autonomous mobility, today announced that it will report its unaudited financial results for the first quarter 2025 before the U.S. market opens on Tuesday, May 20, 2025.</p>
  2016. <p align="justify">The Company’s management will hold an earnings conference call on Tuesday, May 20, 2025, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing/Hong Kong Time on the same day.</p>
  2017. <p align="justify">For participants who wish to join the call by phone, please complete the online registration process using the link provided below prior to the scheduled call start time. Upon registration, participants will receive a confirmation email containing dial-in numbers, passcode, and a unique access PIN.</p>
  2018. <p align="justify">Participant Online Registration: https://dpregister.com/sreg/10199232/ff02e07c40</p>
  2019. <p align="justify">A replay of the conference call will be accessible through May 27, 2025, by dialing the following numbers:</p>
  2020. <p align="justify">United States: 1-877-344-7529<br />International: 1-412-317-0088<br />Replay Access Code: 1232599</p>
  2021. <p align="justify">A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.pony.ai.</p>
  2022. <p align="justify"><strong>About Pony AI Inc.</strong></p>
  2023. <p align="justify">Pony AI Inc. is a global leader in achieving large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates Pony.ai’s proprietary software, hardware, and services, Pony.ai is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, Pony.ai has expanded its presence across China, Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to its advanced technology. For more information, please visit: https://ir.pony.ai.</p>
  2024. <p align="justify"><strong>For investor and media inquiries, please contact:</strong></p>
  2025. <p align="justify">Pony.ai<br />Investor Relations<br />Email: ir@pony.ai</p>
  2026. <p align="justify">Christensen Advisory<br />Email: pony@christensencomms.com</p>
  2027. <p><img alt="" src='https://ml.globenewswire.com/media/YWM4YWE2NTgtOGNmOC00MmE4LTk0ZDYtZDIyNzYyNjgyZjFmLTEzMDY3MTctMjAyNS0wNC0yOS1lbg==/tiny/Pony-ai-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  2028. ]]></content:encoded>
  2032. </item>
  2033. <item>
  2034. <title>Kandi Technologies Reports 2024 Financial Results</title>
  2035. <link>https://autoexcelsior.com/kandi-technologies-reports-2024-financial-results/53597/</link>
  2037. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  2038. <pubDate>Mon, 28 Apr 2025 11:00:00 +0000</pubDate>
  2039. <category><![CDATA[Brand Post]]></category>
  2040. <guid isPermaLink="false">https://autoexcelsior.com/kandi-technologies-reports-2024-financial-results</guid>
  2041.  
  2042. <description><![CDATA[Revenue Of $127.6M up 3.2% YoY, Supported by Expanded Product Reach And Improved Geographic Balance Electric Off-Road Vehicle Revenue Rose 8.9% YoY, Reinforcing Core Segment Leadership Enhanced Supply Chain Flexibility with Taiwan Upgrades, While Progressing Steadily Toward U.S. Localization Goals JINHUA, China, April 28, 2025 (GLOBE NEWSWIRE) &#8212; Kandi Technologies Group, Inc. (the “Company”, “we” [&#8230;]]]></description>
  2043. <content:encoded><![CDATA[<ul type="disc">
  2044. <li style="list-style-position:inside; margin-top:6pt; text-align:left;"><em>Revenue Of $127.6M up 3.2% YoY, Supported by Expanded Product Reach And Improved Geographic Balance</em></li>
  2045. <li style="list-style-position:inside; margin-top:6pt; text-align:left;"><em>Electric Off-Road Vehicle Revenue Rose 8.9% YoY, Reinforcing Core Segment Leadership</em></li>
  2046. <li style="list-style-position:inside; margin-top:6pt; text-align:left;"><em>Enhanced Supply Chain Flexibility with Taiwan Upgrades, While Progressing Steadily Toward U.S. Localization Goals</em></li>
  2047. </ul>
  2048. <p>JINHUA, China, April 28, 2025 (GLOBE NEWSWIRE) &#8212; Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), today announced its financial results for the full year ended December 31, 2024.</p>
  2049. <p><strong><u>Full Year 2024 Highlights</u></strong></p>
  2050. <ul type="disc">
  2051. <li style="margin-top:6pt;">Total revenue increased to $127.6 million, a 3.2% increase from $123.6 million in 2023.
  2052. <ul type="circle">
  2053. <li style="margin-top:6pt;">By segment: Sales of off-road vehicles and associated parts rose 8.9% year-over-year to $116.6 million, accounting for over 91% of total annual revenue.</li>
  2054. <li style="margin-top:6pt;">By geography: Revenue from China grew 80% year-over-year, contributing to a more balanced and diversified geographic sales mix.</li>
  2055. </ul>
  2056. </li>
  2057. <li style="margin-top:6pt;">Recorded gross profit of $39.3 million, reflecting solid overall profitability.</li>
  2058. <li style="margin-top:6pt;">Gross margin down to 30.8% from 33.5%, primarily impacted by regional and product mix shifts.</li>
  2059. <li style="margin-top:6pt;">R&amp;D spending increased 17.1%, focusing on next-generation battery products and new electric off-road vehicle model development, further strengthening the Company’s technological foundation.</li>
  2060. <li style="margin-top:6pt;">Ended the year with a strong liquidity, including $126.3 million in cash and cash equivalents, restricted cash and certificate of deposit as of December 31, 2024.</li>
  2061. <li style="margin-top:6pt;">Drove strong growth in the electric off-road vehicle segment through new model launches, themed marketing campaigns, and deeper collaboration with local retailers and distributors in the U.S. and Canada.</li>
  2062. <li style="margin-top:6pt;">Enhanced supply chain flexibility and scalability through upgrades to the Company’s Taiwan-based manufacturing operations, supporting long-term sustainable growth.</li>
  2063. <li style="margin-top:6pt;">During 2024, the Company repurchased 1,892,568 shares of ordinary shares at an average price of $2.05 per share, demonstrating ongoing confidence in the Company&#8217;s intrinsic value and long-term growth prospects.</li>
  2064. </ul>
  2065. <p>Feng Chen, CEO of Kandi, commented, “In 2024, Kandi expanded its footprint across North America, executing with discipline to launch several new electric utility vehicles and crossover golf carts tailored to U.S. consumer preferences. Themed models, including those inspired by major sports brands, enhanced our brand visibility and strengthened appeal in the recreational segment. Supported by broader retail access and our entry into the Canadian market, these efforts helped expand customer reach and contributed to the resilience of our electric off-road vehicle portfolio amid shifting market conditions.”</p>
  2066. <p>Feng continued, “Complementing our product traction, we broadened our distribution network across the U.S., reinforcing our ability to meet rising demand and support long-term market penetration. This geographic and channel expansion has further solidified the foundation for sustained sales performance. On the supply chain side, our collaboration with Hartford Industrial is improving production efficiency and flexibility through enhanced Taiwan-based manufacturing capabilities, supporting greater operational resilience for our off-road vehicle business.”</p>
  2067. <p>Feng also highlighted, “More recently, we announced a strategic alliance with CBAK Energy to establish localized lithium battery production facilities in the United States. This initiative marks a significant milestone in Kandi’s North American strategy. By establishing local production capacity for both battery cells and packs, we are not only better positioned to meet growing demand for electric off-road and recreational vehicles but also to navigate international trade dynamics, including tariffs, more effectively. The partnership strengthens our supply chain, aligns with the clean energy incentives of the U.S. Inflation Reduction Act, and creates new runway for long-term growth.”</p>
  2068. <p>Looking ahead, Feng emphasized, “We are energized by the road ahead. With deeper industry partnerships, expanding infrastructure, and a focused commitment to innovation and execution, Kandi is well-positioned to seize new opportunities and deliver real, lasting value to the market.”</p>
  2069. <p><strong><u>Full Year 2024 Financial Results</u></strong></p>
  2070. <p><em>Net Revenues and Gross Profit (in USD millions)</em></p>
  2071. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2072. <tr>
  2073. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  2074. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">2024</td>
  2075. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2076. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">2023</td>
  2077. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2078. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Y-o-Y%</td>
  2079. </tr>
  2080. <tr>
  2081. <td style="max-width:55%; width:55%; min-width:55%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net Revenues</td>
  2082. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$127.6</td>
  2083. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2084. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$123.6</td>
  2085. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2086. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.2%</td>
  2087. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2088. </tr>
  2089. <tr>
  2090. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Gross Profit</td>
  2091. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$39.3</td>
  2092. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2093. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$41.4</td>
  2094. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2095. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-5.1%</td>
  2096. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2097. </tr>
  2098. <tr>
  2099. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Gross Margin%</td>
  2100. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">30.8%</td>
  2101. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2102. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33.5%</td>
  2103. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2104. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
  2105. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2106. </tr>
  2107. </table>
  2108. <p>Our net revenues increased to $127.6 million, a 3.2% rise from $123.6 million in 2023, driven by higher sales of electric off-road vehicles, which accounted for over 91% of total revenue. Notably, revenue from the China market grew 80% year-over-year, helping to partially offset a decline in U.S. sales. Gross profit reached $39.3 million, with a gross margin of 30.8%, compared to 33.5% in the prior year. The margin contraction was primarily due to regional and product mix shifts, though overall profitability remained solid.</p>
  2109. <p><em>Operating Loss (in USD millions)</em></p>
  2110. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2111. <tr>
  2112. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; "> </td>
  2113. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">2024</td>
  2114. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2115. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">2023</td>
  2116. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2117. <td colspan="2" style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; ">Y-o-Y%</td>
  2118. </tr>
  2119. <tr>
  2120. <td style="max-width:55%; width:55%; min-width:55%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Operating Expenses</td>
  2121. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">($108.1)</td>
  2122. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2123. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">($54.4)</td>
  2124. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2125. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">98.5%</td>
  2126. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2127. </tr>
  2128. <tr>
  2129. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Loss from Operations</td>
  2130. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">($68.8)</td>
  2131. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2132. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">($13.1)</td>
  2133. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2134. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">427.0%</td>
  2135. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2136. </tr>
  2137. <tr>
  2138. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Operating Margin%</td>
  2139. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-53.9%</td>
  2140. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-right: solid black 1pt ; vertical-align: bottom ; "> </td>
  2141. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-10.6%</td>
  2142. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2143. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
  2144. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2145. </tr>
  2146. </table>
  2147. <p>Total operating expenses increased to $108.1 million, reflecting continued investment in retail expansion, organizational development, and strategic repositioning. The increase also includes a one-time, non-cash impairment loss of $24.1 million, primarily related to long-lived assets, accounting for approximately 22% of total operating expenses. Selling and marketing expenses rose to support broader distribution coverage, while administrative costs included provisions to strengthen operational discipline. These proactive investments and accounting adjustments contributed to a loss from operations of $68.8 million, compared to $13.1 million in the prior year.</p>
  2148. <p><em>Net Income/Loss </em></p>
  2149. <table style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2150. <tr>
  2151. <td style="max-width:55%; width:55%; min-width:55%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2152. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; ">2024</td>
  2153. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2154. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; ">2023</td>
  2155. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2156. <td style="max-width:14%; width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; ">Y-o-Y%</td>
  2157. <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2158. </tr>
  2159. <tr>
  2160. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net (Loss) Income <br /><em>(in USD millions)</em></td>
  2161. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">($51.0</td>
  2162. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  2163. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$1.7</td>
  2164. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  2165. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">N/M</td>
  2166. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2167. </tr>
  2168. <tr>
  2169. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: bottom ; ">Net (Loss) Income per Share, Basic and Diluted</td>
  2170. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">($0.59</td>
  2171. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: middle ; ">)</td>
  2172. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">$0.02</td>
  2173. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: middle ; "> </td>
  2174. <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: middle ; ">&#8211;</td>
  2175. <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: middle ; vertical-align: bottom ; "> </td>
  2176. </tr>
  2177. </table>
  2178. <p>We recorded a net loss of $51.0 million, compared to a net income of $1.7 million in 2023. The shift to a net loss was primarily driven by increased operating expenses, which included a one-time, non-cash impairment loss associated with strategic business adjustments. Despite these impacts, the Company remained focused on strengthening its core electric off-road vehicle business and made forward-looking investments aimed at building long-term shareholder value.</p>
  2179. <p><strong><u>Full Year 2024 Conference Call Details</u></strong></p>
  2180. <p>The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on Monday, April 28, 2025. Management will deliver prepared remarks to be followed by a question and answer session. </p>
  2181. <p>The dial-in details for the conference call are as follows:</p>
  2182. <ul type="disc">
  2183. <li>Toll-free dial-in number: +1-877-407-3982</li>
  2184. <li>International dial-in number: + 1-201-493-6780</li>
  2185. <li>Webcast and replay: <br />https://viavid.webcasts.com/starthere.jsp?ei=1717223&amp;tp_key=6b62938ea7</li>
  2186. </ul>
  2187. <p>The live audio webcast of the call can also be accessed by visiting Kandi&#8217;s Investor Relations page on the Company&#8217;s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company&#8217;s website following the live call.</p>
  2188. <p><strong>About Kandi Technologies Group, Inc.</strong></p>
  2189. <p>Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua New Energy Vehicle Town, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. (“Zhejiang Kandi Technologies”), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China&#8217;s leading manufacturers of pure electric vehicle parts and off-road vehicles. For more information, please visit http://www.kandivehicle.com.</p>
  2190. <p><strong>Safe Harbor Statement</strong></p>
  2191. <p>This press release contains certain statements that may include &#8220;forward-looking statements.&#8221; All statements other than statements of historical fact included herein are &#8220;forward-looking statements.&#8221; These forward-looking statements are often identified by the use of forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects&#8221; or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company&#8217;s periodic reports that are filed with the Securities and Exchange Commission and available on the SEC&#8217;s website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.</p>
  2192. <p>Follow us on Twitter: @ Kandi_Group</p>
  2193. <p><strong>Contacts:</strong></p>
  2194. <p><strong>Kandi Technologies Group, Inc.</strong><br />Ms. Kewa Luo<br />+1 (212) 551-3610<br />IR@kandigroup.com</p>
  2195. <p><strong>The Blueshirt Group</strong><br />Mr. Gary Dvorchak, CFA<br />gary@blueshirtgroup.com</p>
  2196. <p align="center">&#8211; Tables Below &#8211;</p>
  2197. <p align="center"></p>
  2198. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2199. <tr>
  2200. <td colspan="8" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED BALANCE SHEETS</strong></td>
  2201. </tr>
  2202. <tr>
  2203. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong> </strong></td>
  2204. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2205. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2024</strong></td>
  2206. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2207. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2023</strong></td>
  2208. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2209. </tr>
  2210. <tr>
  2211. <td style="vertical-align: bottom ; "><strong>CURRENT ASSETS</strong></td>
  2212. <td style="vertical-align: bottom ; "> </td>
  2213. <td colspan="2" style="vertical-align: bottom ; "> </td>
  2214. <td style="vertical-align: bottom ; "> </td>
  2215. <td colspan="2" style="vertical-align: bottom ; "> </td>
  2216. <td style="vertical-align: bottom ; "> </td>
  2217. </tr>
  2218. <tr>
  2219. <td style="max-width:75%; width:75%; min-width:75%;;vertical-align: bottom ; ">Cash and cash equivalents</td>
  2220. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  2221. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2222. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">37,307,867</td>
  2223. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2224. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2225. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">33,756,941</td>
  2226. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2227. </tr>
  2228. <tr>
  2229. <td style="vertical-align: bottom ; ">Restricted cash</td>
  2230. <td style="vertical-align: bottom ; "> </td>
  2231. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2232. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">83,530,443</td>
  2233. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2234. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2235. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">59,873,127</td>
  2236. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2237. </tr>
  2238. <tr>
  2239. <td style="vertical-align: bottom ; ">Certificate of deposit</td>
  2240. <td style="vertical-align: bottom ; "> </td>
  2241. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2242. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,481,329</td>
  2243. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2244. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2245. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">33,947,212</td>
  2246. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2247. </tr>
  2248. <tr>
  2249. <td style="vertical-align: bottom ; ">Accounts receivable (net of allowance for doubtful accounts of $3,680,803 and $2,886,223 as of December 31, 2024 and December 31, 2023, respectively)</td>
  2250. <td style="vertical-align: bottom ; "> </td>
  2251. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2252. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">26,462,884</td>
  2253. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2254. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2255. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">18,951,745</td>
  2256. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2257. </tr>
  2258. <tr>
  2259. <td style="vertical-align: bottom ; ">Inventories</td>
  2260. <td style="vertical-align: bottom ; "> </td>
  2261. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2262. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">51,268,075</td>
  2263. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2264. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2265. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">61,551,268</td>
  2266. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2267. </tr>
  2268. <tr>
  2269. <td style="vertical-align: bottom ; ">Notes receivable</td>
  2270. <td style="vertical-align: bottom ; "> </td>
  2271. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2272. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">346,202</td>
  2273. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2274. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2275. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">124,473,111</td>
  2276. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2277. </tr>
  2278. <tr>
  2279. <td style="vertical-align: bottom ; ">Other receivables</td>
  2280. <td style="vertical-align: bottom ; "> </td>
  2281. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2282. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">144,721,398</td>
  2283. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2284. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2285. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">6,476,542</td>
  2286. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2287. </tr>
  2288. <tr>
  2289. <td style="vertical-align: bottom ; ">Prepayments and prepaid expense</td>
  2290. <td style="vertical-align: bottom ; "> </td>
  2291. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2292. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,967,736</td>
  2293. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2294. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2295. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,909,094</td>
  2296. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2297. </tr>
  2298. <tr>
  2299. <td style="vertical-align: bottom ; ">Advances to suppliers</td>
  2300. <td style="vertical-align: bottom ; "> </td>
  2301. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2302. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">562,094</td>
  2303. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2304. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2305. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,609,098</td>
  2306. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2307. </tr>
  2308. <tr>
  2309. <td style="vertical-align: bottom ; "><strong>TOTAL CURRENT ASSETS</strong></td>
  2310. <td style="vertical-align: bottom ; "> </td>
  2311. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2312. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">354,648,028</td>
  2313. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2314. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2315. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">343,548,138</td>
  2316. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2317. </tr>
  2318. <tr>
  2319. <td style="vertical-align: bottom ; "> </td>
  2320. <td style="vertical-align: bottom ; "> </td>
  2321. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2322. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2323. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2324. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2325. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2326. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2327. </tr>
  2328. <tr>
  2329. <td style="vertical-align: bottom ; "><strong>NON-CURRENT ASSETS</strong></td>
  2330. <td style="vertical-align: bottom ; "> </td>
  2331. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2332. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2333. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2334. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2335. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2336. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2337. </tr>
  2338. <tr>
  2339. <td style="vertical-align: bottom ; ">Property, plant and equipment, net</td>
  2340. <td style="vertical-align: bottom ; "> </td>
  2341. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2342. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">63,503,610</td>
  2343. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2344. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2345. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">98,803,772</td>
  2346. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2347. </tr>
  2348. <tr>
  2349. <td style="vertical-align: bottom ; ">Intangible assets, net</td>
  2350. <td style="vertical-align: bottom ; "> </td>
  2351. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2352. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,893,128</td>
  2353. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2354. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2355. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">6,395,825</td>
  2356. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2357. </tr>
  2358. <tr>
  2359. <td style="vertical-align: bottom ; ">Land use rights, net</td>
  2360. <td style="vertical-align: bottom ; "> </td>
  2361. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2362. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,586,628</td>
  2363. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2364. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2365. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,754,442</td>
  2366. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2367. </tr>
  2368. <tr>
  2369. <td style="vertical-align: bottom ; ">Deferred tax assets</td>
  2370. <td style="vertical-align: bottom ; "> </td>
  2371. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2372. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">6,496,863</td>
  2373. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2374. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2375. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">814,610</td>
  2376. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2377. </tr>
  2378. <tr>
  2379. <td style="vertical-align: bottom ; ">Long-term investment</td>
  2380. <td style="vertical-align: bottom ; "> </td>
  2381. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2382. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,413,065</td>
  2383. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2384. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2385. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  2386. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2387. </tr>
  2388. <tr>
  2389. <td style="vertical-align: bottom ; ">Goodwill</td>
  2390. <td style="vertical-align: bottom ; "> </td>
  2391. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2392. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">31,182,116</td>
  2393. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2394. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2395. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">33,146,682</td>
  2396. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2397. </tr>
  2398. <tr>
  2399. <td style="vertical-align: bottom ; ">Other long-term assets</td>
  2400. <td style="vertical-align: bottom ; "> </td>
  2401. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2402. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">10,173,183</td>
  2403. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2404. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2405. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,993,130</td>
  2406. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2407. </tr>
  2408. <tr>
  2409. <td style="vertical-align: bottom ; "><strong>TOTAL NON-CURRENT ASSETS</strong></td>
  2410. <td style="vertical-align: bottom ; "> </td>
  2411. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2412. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">119,248,593</td>
  2413. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2414. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2415. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">151,908,461</td>
  2416. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2417. </tr>
  2418. <tr>
  2419. <td style="vertical-align: bottom ; "> </td>
  2420. <td style="vertical-align: bottom ; "> </td>
  2421. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2422. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2423. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2424. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2425. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2426. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2427. </tr>
  2428. <tr>
  2429. <td style="vertical-align: bottom ; "><strong>TOTAL ASSETS</strong></td>
  2430. <td style="vertical-align: bottom ; "> </td>
  2431. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2432. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">473,896,621</td>
  2433. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2434. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2435. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">495,456,599</td>
  2436. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2437. </tr>
  2438. <tr>
  2439. <td style="vertical-align: bottom ; "> </td>
  2440. <td style="vertical-align: bottom ; "> </td>
  2441. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2442. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2443. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2444. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2445. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2446. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2447. </tr>
  2448. <tr>
  2449. <td style="vertical-align: bottom ; "><strong>CURRENT LIABILITIES</strong></td>
  2450. <td style="vertical-align: bottom ; "> </td>
  2451. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2452. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2453. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2454. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2455. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2456. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2457. </tr>
  2458. <tr>
  2459. <td style="vertical-align: bottom ; ">Accounts payable</td>
  2460. <td style="vertical-align: bottom ; "> </td>
  2461. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2462. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">25,475,725</td>
  2463. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2464. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2465. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">28,744,854</td>
  2466. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2467. </tr>
  2468. <tr>
  2469. <td style="vertical-align: bottom ; ">Other payables and accrued expenses</td>
  2470. <td style="vertical-align: bottom ; "> </td>
  2471. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2472. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">8,544,046</td>
  2473. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2474. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2475. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">7,252,814</td>
  2476. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2477. </tr>
  2478. <tr>
  2479. <td style="vertical-align: bottom ; ">Short-term loans</td>
  2480. <td style="vertical-align: bottom ; "> </td>
  2481. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2482. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">37,528,831</td>
  2483. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2484. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2485. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,072,336</td>
  2486. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2487. </tr>
  2488. <tr>
  2489. <td style="vertical-align: bottom ; ">Notes payable</td>
  2490. <td style="vertical-align: bottom ; "> </td>
  2491. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2492. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">41,620,702</td>
  2493. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2494. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2495. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">24,071,461</td>
  2496. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2497. </tr>
  2498. <tr>
  2499. <td style="vertical-align: bottom ; ">Income tax payable</td>
  2500. <td style="vertical-align: bottom ; "> </td>
  2501. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2502. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,430,612</td>
  2503. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2504. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2505. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,130,083</td>
  2506. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2507. </tr>
  2508. <tr>
  2509. <td style="vertical-align: bottom ; ">Other current liabilities</td>
  2510. <td style="vertical-align: bottom ; "> </td>
  2511. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2512. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,794,987</td>
  2513. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2514. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2515. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,402,081</td>
  2516. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2517. </tr>
  2518. <tr>
  2519. <td style="vertical-align: bottom ; "><strong>TOTAL CURRENT LIABILITIES</strong></td>
  2520. <td style="vertical-align: bottom ; "> </td>
  2521. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2522. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">120,394,903</td>
  2523. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2524. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2525. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">76,673,629</td>
  2526. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2527. </tr>
  2528. <tr>
  2529. <td style="vertical-align: bottom ; "> </td>
  2530. <td style="vertical-align: bottom ; "> </td>
  2531. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2532. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2533. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2534. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2535. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2536. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2537. </tr>
  2538. <tr>
  2539. <td style="vertical-align: bottom ; "><strong>NON-CURRENT LIABILITIES</strong></td>
  2540. <td style="vertical-align: bottom ; "> </td>
  2541. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2542. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2543. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2544. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2545. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2546. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2547. </tr>
  2548. <tr>
  2549. <td style="vertical-align: bottom ; ">Long-term loans</td>
  2550. <td style="vertical-align: bottom ; "> </td>
  2551. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2552. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,706,510</td>
  2553. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2554. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2555. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">8,389,163</td>
  2556. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2557. </tr>
  2558. <tr>
  2559. <td style="vertical-align: bottom ; ">Deferred taxes liability</td>
  2560. <td style="vertical-align: bottom ; "> </td>
  2561. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2562. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">524,903</td>
  2563. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2564. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2565. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">963,691</td>
  2566. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2567. </tr>
  2568. <tr>
  2569. <td style="vertical-align: bottom ; ">Contingent consideration liability</td>
  2570. <td style="vertical-align: bottom ; "> </td>
  2571. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2572. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  2573. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2574. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2575. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,693,000</td>
  2576. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2577. </tr>
  2578. <tr>
  2579. <td style="vertical-align: bottom ; ">Other long-term liabilities</td>
  2580. <td style="vertical-align: bottom ; "> </td>
  2581. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2582. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">640,839</td>
  2583. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2584. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2585. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">227,024</td>
  2586. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2587. </tr>
  2588. <tr>
  2589. <td style="vertical-align: bottom ; "><strong>TOTAL NON-CURRENT LIABILITIES</strong></td>
  2590. <td style="vertical-align: bottom ; "> </td>
  2591. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2592. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">6,872,252</td>
  2593. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2594. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2595. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">12,272,878</td>
  2596. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2597. </tr>
  2598. <tr>
  2599. <td style="vertical-align: bottom ; "> </td>
  2600. <td style="vertical-align: bottom ; "> </td>
  2601. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2602. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2603. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2604. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2605. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2606. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2607. </tr>
  2608. <tr>
  2609. <td style="vertical-align: bottom ; "><strong>TOTAL LIABILITIES</strong></td>
  2610. <td style="vertical-align: bottom ; "> </td>
  2611. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2612. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">127,267,155</td>
  2613. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2614. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2615. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">88,946,507</td>
  2616. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2617. </tr>
  2618. <tr>
  2619. <td style="vertical-align: bottom ; "> </td>
  2620. <td style="vertical-align: bottom ; "> </td>
  2621. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2622. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2623. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2624. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2625. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2626. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2627. </tr>
  2628. <tr>
  2629. <td style="vertical-align: bottom ; "><strong>STOCKHOLDER’S EQUITY</strong></td>
  2630. <td style="vertical-align: bottom ; "> </td>
  2631. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2632. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2633. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2634. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2635. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2636. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2637. </tr>
  2638. <tr>
  2639. <td style="vertical-align: bottom ; ">Ordinary Shares, $0.001 par value; 100,000,000 shares authorized; 87,552,800 and 87,532,800 shares issued and 85,475,666 and 87,348,234 outstanding at December 31,2024 and December 31,2023, respectively</td>
  2640. <td style="vertical-align: bottom ; "> </td>
  2641. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2642. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,553</td>
  2643. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2644. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2645. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,533</td>
  2646. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2647. </tr>
  2648. <tr>
  2649. <td style="vertical-align: bottom ; ">Less: Treasury stock (2,077,134 shares with average price of $2.11 and 184,566 shares with average price of $2.75 at December 31, 2024 and December 31, 2023, respectively )</td>
  2650. <td style="vertical-align: bottom ; "> </td>
  2651. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2652. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,385,882</td>
  2653. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2654. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2655. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(507,013</td>
  2656. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2657. </tr>
  2658. <tr>
  2659. <td style="vertical-align: bottom ; ">Additional paid-in capital</td>
  2660. <td style="vertical-align: bottom ; "> </td>
  2661. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2662. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">463,922,873</td>
  2663. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2664. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2665. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">457,847,155</td>
  2666. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2667. </tr>
  2668. <tr>
  2669. <td style="vertical-align: bottom ; ">Accumulated deficit (the restricted portion is $4,422,033 and $4,422,033 at December 31, 2024 and December 31, 2023, respectively)</td>
  2670. <td style="vertical-align: bottom ; "> </td>
  2671. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2672. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(66,828,296</td>
  2673. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2674. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2675. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(16,332,633</td>
  2676. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2677. </tr>
  2678. <tr>
  2679. <td style="vertical-align: bottom ; ">Accumulated other comprehensive loss</td>
  2680. <td style="vertical-align: bottom ; "> </td>
  2681. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2682. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(48,097,215</td>
  2683. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2684. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2685. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(36,970,066</td>
  2686. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2687. </tr>
  2688. <tr>
  2689. <td style="vertical-align: bottom ; "><strong>TOTAL KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS’ EQUITY</strong></td>
  2690. <td style="vertical-align: bottom ; "> </td>
  2691. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2692. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">344,699,033</td>
  2693. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2694. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2695. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">404,124,976</td>
  2696. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2697. </tr>
  2698. <tr>
  2699. <td style="vertical-align: bottom ; "> </td>
  2700. <td style="vertical-align: bottom ; "> </td>
  2701. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2702. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2703. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2704. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2705. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2706. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2707. </tr>
  2708. <tr>
  2709. <td style="vertical-align: bottom ; ">Non-controlling interests</td>
  2710. <td style="vertical-align: bottom ; "> </td>
  2711. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2712. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,930,433</td>
  2713. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2714. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2715. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,385,116</td>
  2716. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2717. </tr>
  2718. <tr>
  2719. <td style="vertical-align: bottom ; "><strong>TOTAL STOCKHOLDERS’ EQUITY</strong></td>
  2720. <td style="vertical-align: bottom ; "> </td>
  2721. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2722. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">346,629,466</td>
  2723. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2724. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2725. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">406,510,092</td>
  2726. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2727. </tr>
  2728. <tr>
  2729. <td style="vertical-align: bottom ; "> </td>
  2730. <td style="vertical-align: bottom ; "> </td>
  2731. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2732. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2733. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2734. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2735. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2736. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2737. </tr>
  2738. <tr>
  2739. <td style="vertical-align: bottom ; "><strong>TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY</strong></td>
  2740. <td style="vertical-align: bottom ; "> </td>
  2741. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2742. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">473,896,621</td>
  2743. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2744. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2745. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">495,456,599</td>
  2746. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2747. </tr>
  2748. </table>
  2749. <p align="center"></p>
  2750. <p align="center"></p>
  2751. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  2752. <tr>
  2753. <td colspan="11" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND</strong><br /><strong>COMPREHENSIVE INCOME (LOSS)</strong><br /><strong>FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022</strong></td>
  2754. </tr>
  2755. <tr>
  2756. <td colspan="11" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  2757. </tr>
  2758. <tr>
  2759. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td>
  2760. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2761. <td colspan="8" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Years Ended</strong></td>
  2762. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2763. </tr>
  2764. <tr>
  2765. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  2766. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2767. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31,</strong><br /><strong>2024</strong></td>
  2768. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2769. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31,</strong><br /><strong>2023</strong></td>
  2770. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2771. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2022</strong></td>
  2772. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2773. </tr>
  2774. <tr>
  2775. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td>
  2776. <td style="vertical-align: bottom ; "> </td>
  2777. <td colspan="2" style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2778. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2779. <td colspan="2" style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2780. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2781. <td colspan="2" style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2782. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2783. </tr>
  2784. <tr>
  2785. <td style="max-width:63%; width:63%; min-width:63%;;vertical-align: bottom ; ">REVENUES, NET</td>
  2786. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  2787. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  2788. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">127,569,613</td>
  2789. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2790. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2791. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">123,599,232</td>
  2792. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2793. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2794. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">117,813,049</td>
  2795. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2796. </tr>
  2797. <tr>
  2798. <td style="vertical-align: bottom ; "> </td>
  2799. <td style="vertical-align: bottom ; "> </td>
  2800. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2801. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2802. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2803. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2804. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2805. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2806. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2807. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2808. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2809. </tr>
  2810. <tr>
  2811. <td style="vertical-align: bottom ; ">COST OF GOODS SOLD</td>
  2812. <td style="vertical-align: bottom ; "> </td>
  2813. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2814. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(88,299,242</td>
  2815. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2816. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2817. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(82,229,209</td>
  2818. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2819. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2820. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(98,295,323</td>
  2821. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2822. </tr>
  2823. <tr>
  2824. <td style="vertical-align: bottom ; "> </td>
  2825. <td style="vertical-align: bottom ; "> </td>
  2826. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2827. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2828. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2829. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2830. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2831. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2832. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2833. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2834. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2835. </tr>
  2836. <tr>
  2837. <td style="vertical-align: bottom ; "><strong>GROSS PROFIT</strong></td>
  2838. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2839. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2840. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>39,270,371</strong></td>
  2841. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2842. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2843. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>41,370,023</strong></td>
  2844. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2845. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2846. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>19,517,726</strong></td>
  2847. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2848. </tr>
  2849. <tr>
  2850. <td style="vertical-align: bottom ; "> </td>
  2851. <td style="vertical-align: bottom ; "> </td>
  2852. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2853. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2854. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2855. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2856. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2857. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2858. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2859. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2860. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2861. </tr>
  2862. <tr>
  2863. <td style="vertical-align: bottom ; "><strong>OPERATING EXPENSE:</strong></td>
  2864. <td style="vertical-align: bottom ; "> </td>
  2865. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2866. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2867. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2868. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2869. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2870. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2871. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2872. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2873. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2874. </tr>
  2875. <tr>
  2876. <td style="vertical-align: bottom ; ">Research and development</td>
  2877. <td style="vertical-align: bottom ; "> </td>
  2878. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2879. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,995,940</td>
  2880. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2881. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2882. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,265,176</td>
  2883. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2884. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2885. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(6,029,608</td>
  2886. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2887. </tr>
  2888. <tr>
  2889. <td style="vertical-align: bottom ; ">Selling and marketing</td>
  2890. <td style="vertical-align: bottom ; "> </td>
  2891. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2892. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(21,237,864</td>
  2893. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2894. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2895. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(13,335,950</td>
  2896. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2897. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2898. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(5,501,475</td>
  2899. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2900. </tr>
  2901. <tr>
  2902. <td style="vertical-align: bottom ; ">General and administrative</td>
  2903. <td style="vertical-align: bottom ; "> </td>
  2904. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2905. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(57,683,262</td>
  2906. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2907. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2908. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(35,381,496</td>
  2909. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2910. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2911. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(32,325,889</td>
  2912. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2913. </tr>
  2914. <tr>
  2915. <td style="vertical-align: bottom ; ">Impairment of goodwill</td>
  2916. <td style="vertical-align: bottom ; "> </td>
  2917. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2918. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  2919. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2920. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2921. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(496,981</td>
  2922. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2923. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2924. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(642,665</td>
  2925. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2926. </tr>
  2927. <tr>
  2928. <td style="vertical-align: bottom ; ">Impairment of long-lived assets</td>
  2929. <td style="vertical-align: bottom ; "> </td>
  2930. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2931. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(24,135,226</td>
  2932. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2933. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2934. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(942,591</td>
  2935. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2936. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2937. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(2,697,521</td>
  2938. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2939. </tr>
  2940. <tr>
  2941. <td style="vertical-align: bottom ; "><strong>TOTAL OPERATING EXPENSE</strong></td>
  2942. <td style="vertical-align: bottom ; "> </td>
  2943. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2944. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(108,052,292</td>
  2945. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2946. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2947. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(54,422,194</td>
  2948. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2949. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2950. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(47,197,158</td>
  2951. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  2952. </tr>
  2953. <tr>
  2954. <td style="vertical-align: bottom ; "> </td>
  2955. <td style="vertical-align: bottom ; "> </td>
  2956. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2957. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2958. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2959. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2960. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2961. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2962. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2963. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2964. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2965. </tr>
  2966. <tr>
  2967. <td style="vertical-align: bottom ; "><strong>LOSS FROM OPERATIONS</strong></td>
  2968. <td style="vertical-align: bottom ; "><strong> </strong></td>
  2969. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2970. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(68,781,921</strong></td>
  2971. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  2972. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2973. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(13,052,171</strong></td>
  2974. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  2975. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  2976. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(27,679,432</strong></td>
  2977. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  2978. </tr>
  2979. <tr>
  2980. <td style="vertical-align: bottom ; "> </td>
  2981. <td style="vertical-align: bottom ; "> </td>
  2982. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2983. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2984. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2985. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2986. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2987. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2988. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2989. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2990. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2991. </tr>
  2992. <tr>
  2993. <td style="vertical-align: bottom ; "><strong>OTHER INCOME (EXPENSE):</strong></td>
  2994. <td style="vertical-align: bottom ; "> </td>
  2995. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2996. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2997. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2998. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  2999. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3000. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3001. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3002. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3003. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3004. </tr>
  3005. <tr>
  3006. <td style="vertical-align: bottom ; ">Interest income</td>
  3007. <td style="vertical-align: bottom ; "> </td>
  3008. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3009. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">10,046,204</td>
  3010. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3011. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3012. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,984,558</td>
  3013. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3014. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3015. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">6,427,502</td>
  3016. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3017. </tr>
  3018. <tr>
  3019. <td style="vertical-align: bottom ; ">Interest expense</td>
  3020. <td style="vertical-align: bottom ; "> </td>
  3021. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3022. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(2,195,618</td>
  3023. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3024. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3025. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(1,327,341</td>
  3026. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3027. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3028. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(707,488</td>
  3029. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3030. </tr>
  3031. <tr>
  3032. <td style="vertical-align: bottom ; ">Change in fair value of contingent consideration</td>
  3033. <td style="vertical-align: bottom ; "> </td>
  3034. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3035. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,693,000</td>
  3036. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3037. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3038. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,803,000</td>
  3039. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3040. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3041. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,196,995</td>
  3042. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3043. </tr>
  3044. <tr>
  3045. <td style="vertical-align: bottom ; ">Government grants</td>
  3046. <td style="vertical-align: bottom ; "> </td>
  3047. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3048. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,620,632</td>
  3049. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3050. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3051. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,017,551</td>
  3052. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3053. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3054. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,639,328</td>
  3055. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3056. </tr>
  3057. <tr>
  3058. <td style="vertical-align: bottom ; ">Other income, net</td>
  3059. <td style="vertical-align: bottom ; "> </td>
  3060. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3061. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">537,966</td>
  3062. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3063. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3064. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,047,074</td>
  3065. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3066. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3067. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,784,561</td>
  3068. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3069. </tr>
  3070. <tr>
  3071. <td style="vertical-align: bottom ; "><strong>TOTAL OTHER INCOME, NET</strong></td>
  3072. <td style="vertical-align: bottom ; "> </td>
  3073. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3074. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">12,702,184</td>
  3075. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3076. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3077. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">16,524,842</td>
  3078. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3079. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3080. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">14,340,898</td>
  3081. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3082. </tr>
  3083. <tr>
  3084. <td style="vertical-align: bottom ; "> </td>
  3085. <td style="vertical-align: bottom ; "> </td>
  3086. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3087. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3088. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3089. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3090. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3091. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3092. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3093. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3094. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3095. </tr>
  3096. <tr>
  3097. <td style="vertical-align: bottom ; "><strong>(LOSS) INCOME BEFORE INCOME TAXES</strong></td>
  3098. <td style="vertical-align: bottom ; "> </td>
  3099. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3100. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(56,079,737</td>
  3101. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3102. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3103. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,472,671</td>
  3104. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3105. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3106. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(13,338,534</td>
  3107. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3108. </tr>
  3109. <tr>
  3110. <td style="vertical-align: bottom ; "> </td>
  3111. <td style="vertical-align: bottom ; "> </td>
  3112. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3113. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3114. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3115. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3116. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3117. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3118. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3119. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3120. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3121. </tr>
  3122. <tr>
  3123. <td style="vertical-align: bottom ; ">INCOME TAX BENEFIT (EXPENSE)</td>
  3124. <td style="vertical-align: bottom ; "> </td>
  3125. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3126. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,129,391</td>
  3127. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3128. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3129. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(1,802,904</td>
  3130. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3131. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3132. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">487,510</td>
  3133. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3134. </tr>
  3135. <tr>
  3136. <td style="vertical-align: bottom ; "> </td>
  3137. <td style="vertical-align: bottom ; "> </td>
  3138. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3139. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3140. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3141. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3142. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3143. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3144. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3145. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3146. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3147. </tr>
  3148. <tr>
  3149. <td style="vertical-align: bottom ; "><strong>NET (LOSS) INCOME</strong></td>
  3150. <td style="vertical-align: bottom ; "><strong> </strong></td>
  3151. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3152. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(50,950,346</strong></td>
  3153. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  3154. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3155. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>1,669,767</strong></td>
  3156. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3157. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3158. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(12,851,024</strong></td>
  3159. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  3160. </tr>
  3161. <tr>
  3162. <td style="vertical-align: bottom ; "> </td>
  3163. <td style="vertical-align: bottom ; "> </td>
  3164. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3165. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3166. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3167. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3168. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3169. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3170. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3171. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3172. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3173. </tr>
  3174. <tr>
  3175. <td style="vertical-align: bottom ; ">LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS</td>
  3176. <td style="vertical-align: bottom ; "> </td>
  3177. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3178. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(454,683</td>
  3179. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3180. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3181. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,662,635</td>
  3182. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3183. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3184. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(727,361</td>
  3185. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3186. </tr>
  3187. <tr>
  3188. <td style="vertical-align: bottom ; "> </td>
  3189. <td style="vertical-align: bottom ; "> </td>
  3190. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3191. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3192. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3193. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3194. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3195. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3196. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3197. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3198. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3199. </tr>
  3200. <tr>
  3201. <td style="vertical-align: bottom ; "><strong>NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS</strong></td>
  3202. <td style="vertical-align: bottom ; "><strong> </strong></td>
  3203. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3204. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(50,495,663</strong></td>
  3205. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  3206. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3207. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>7,132</strong></td>
  3208. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3209. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong> </strong></td>
  3210. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>(12,123,663</strong></td>
  3211. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "><strong>)</strong></td>
  3212. </tr>
  3213. <tr>
  3214. <td style="vertical-align: bottom ; "> </td>
  3215. <td style="vertical-align: bottom ; "> </td>
  3216. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3217. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3218. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3219. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3220. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3221. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3222. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3223. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3224. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3225. </tr>
  3226. <tr>
  3227. <td style="vertical-align: bottom ; ">OTHER COMPREHENSIVE LOSS</td>
  3228. <td style="vertical-align: bottom ; "> </td>
  3229. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3230. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3231. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3232. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3233. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3234. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3235. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3236. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3237. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3238. </tr>
  3239. <tr>
  3240. <td style="vertical-align: bottom ; ">Foreign currency translation adjustment</td>
  3241. <td style="vertical-align: bottom ; "> </td>
  3242. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3243. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(11,127,149</td>
  3244. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3245. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3246. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(8,636,827</td>
  3247. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3248. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3249. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(28,585,025</td>
  3250. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3251. </tr>
  3252. <tr>
  3253. <td style="vertical-align: bottom ; "> </td>
  3254. <td style="vertical-align: bottom ; "> </td>
  3255. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3256. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3257. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3258. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3259. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3260. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3261. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3262. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3263. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3264. </tr>
  3265. <tr>
  3266. <td style="vertical-align: bottom ; "><strong>COMPREHENSIVE LOSS</strong></td>
  3267. <td style="vertical-align: bottom ; "> </td>
  3268. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3269. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(62,077,495</td>
  3270. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3271. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3272. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(6,967,060</td>
  3273. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3274. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3275. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(41,436,049</td>
  3276. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3277. </tr>
  3278. <tr>
  3279. <td style="vertical-align: bottom ; "> </td>
  3280. <td style="vertical-align: bottom ; "> </td>
  3281. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3282. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3283. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3284. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3285. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3286. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3287. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3288. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3289. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3290. </tr>
  3291. <tr>
  3292. <td style="vertical-align: bottom ; ">WEIGHTED AVERAGE SHARES OUTSTANDING BASIC</td>
  3293. <td style="vertical-align: bottom ; "> </td>
  3294. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3295. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">86,317,058</td>
  3296. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3297. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3298. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">78,781,094</td>
  3299. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3300. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3301. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">75,571,702</td>
  3302. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3303. </tr>
  3304. <tr>
  3305. <td style="vertical-align: bottom ; ">WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED</td>
  3306. <td style="vertical-align: bottom ; "> </td>
  3307. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3308. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">86,317,058</td>
  3309. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3310. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3311. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">79,902,891</td>
  3312. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3313. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3314. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">75,571,702</td>
  3315. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3316. </tr>
  3317. <tr>
  3318. <td style="vertical-align: bottom ; "> </td>
  3319. <td style="vertical-align: bottom ; "> </td>
  3320. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3321. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3322. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3323. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3324. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3325. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3326. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3327. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3328. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3329. </tr>
  3330. <tr>
  3331. <td style="vertical-align: bottom ; ">NET (LOSS) INCOME PER SHARE, BASIC</td>
  3332. <td style="vertical-align: bottom ; "> </td>
  3333. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3334. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.59</td>
  3335. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3336. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3337. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">0.02</td>
  3338. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3339. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3340. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.17</td>
  3341. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3342. </tr>
  3343. <tr>
  3344. <td style="vertical-align: bottom ; ">NET (LOSS) INCOME PER SHARE, DILUTED</td>
  3345. <td style="vertical-align: bottom ; "> </td>
  3346. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3347. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.59</td>
  3348. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3349. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3350. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">0.02</td>
  3351. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3352. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3353. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.17</td>
  3354. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3355. </tr>
  3356. <tr>
  3357. <td style="vertical-align: bottom ; "> </td>
  3358. <td style="vertical-align: bottom ; "> </td>
  3359. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3360. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3361. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3362. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3363. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3364. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3365. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3366. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3367. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3368. </tr>
  3369. <tr>
  3370. <td style="vertical-align: bottom ; ">NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, BASIC</td>
  3371. <td style="vertical-align: bottom ; "> </td>
  3372. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3373. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.59</td>
  3374. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3375. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3376. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">0.00</td>
  3377. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3378. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3379. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.16</td>
  3380. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3381. </tr>
  3382. <tr>
  3383. <td style="vertical-align: bottom ; ">NET (LOSS) INCOME ATTRIBUTABLE TO KANDI TECHNOLOGIES GROUP, INC. STOCKHOLDERS PER SHARE, DILUTED</td>
  3384. <td style="vertical-align: bottom ; "> </td>
  3385. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3386. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.59</td>
  3387. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3388. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3389. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">0.00</td>
  3390. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3391. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3392. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(0.16</td>
  3393. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3394. </tr>
  3395. </table>
  3396. <p align="center"></p>
  3397. <p align="center"></p>
  3398. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  3399. <tr>
  3400. <td colspan="26" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY</strong><br /><strong>FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022</strong></td>
  3401. </tr>
  3402. <tr>
  3403. <td colspan="26" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td>
  3404. </tr>
  3405. <tr>
  3406. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3407. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3408. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Number of</strong><br /><strong>Outstanding</strong><br /><strong>Shares</strong></td>
  3409. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3410. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Common</strong><br /><strong>Stock</strong></td>
  3411. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3412. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Treasury</strong><br /><strong>Stock</strong></td>
  3413. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3414. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Additional</strong><br /><strong>Paid-in</strong><br /><strong>Capital</strong></td>
  3415. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3416. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Accumulated</strong><br /><strong>Deficit</strong></td>
  3417. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3418. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Accumulated</strong><br /><strong>Other</strong><br /><strong>Comprehensive</strong><br /><strong>Income</strong><br /><strong>(Loss）</strong></td>
  3419. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3420. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Non-controlling</strong><br /><strong>interests</strong></td>
  3421. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3422. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Total</strong></td>
  3423. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  3424. </tr>
  3425. <tr>
  3426. <td style="max-width:19%; width:19%; min-width:19%;;vertical-align: bottom ; "><strong>BALANCE AS OF DECEMBER 31, 2021</strong></td>
  3427. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  3428. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3429. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">77,385,130</td>
  3430. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3431. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3432. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">77,385</td>
  3433. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3434. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3435. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(2,392,203</td>
  3436. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3437. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3438. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">449,479,461</td>
  3439. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3440. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3441. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,216,102</td>
  3442. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3443. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3444. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">251,786</td>
  3445. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3446. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3447. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3448. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3449. <td style="max-width:1%; width:1%; min-width:1%;;border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3450. <td style="max-width:8%; width:8%; min-width:8%;;border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">443,200,327</td>
  3451. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3452. </tr>
  3453. <tr>
  3454. <td style="vertical-align: bottom ; "> </td>
  3455. <td style="vertical-align: bottom ; "> </td>
  3456. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3457. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3458. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3459. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3460. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3461. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3462. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3463. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3464. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3465. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3466. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3467. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3468. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3469. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3470. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3471. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3472. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3473. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3474. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3475. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3476. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3477. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3478. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3479. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3480. </tr>
  3481. <tr>
  3482. <td style="vertical-align: bottom ; ">Stock issuance and award</td>
  3483. <td style="vertical-align: bottom ; "> </td>
  3484. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3485. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">283,600</td>
  3486. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3487. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3488. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">284</td>
  3489. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3490. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3491. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3492. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3493. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3494. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">746,636</td>
  3495. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3496. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3497. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3498. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3499. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3500. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3501. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3502. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3503. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3504. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3505. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3506. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">746,920</td>
  3507. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3508. </tr>
  3509. <tr>
  3510. <td style="vertical-align: bottom ; ">Stock based compensation</td>
  3511. <td style="vertical-align: bottom ; "> </td>
  3512. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3513. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3514. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3515. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3516. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3517. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3518. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3519. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3520. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3521. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3522. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,231,566</td>
  3523. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3524. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3525. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3526. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3527. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3528. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3529. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3530. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3531. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3532. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3533. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3534. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,231,566</td>
  3535. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3536. </tr>
  3537. <tr>
  3538. <td style="vertical-align: bottom ; ">Stock buyback</td>
  3539. <td style="vertical-align: bottom ; "> </td>
  3540. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3541. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3542. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3543. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3544. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3545. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3546. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3547. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(7,415,617</td>
  3548. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3549. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3550. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(84,018</td>
  3551. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3552. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3553. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3554. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3555. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3556. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3557. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3558. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3559. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3560. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3561. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3562. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(7,499,635</td>
  3563. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3564. </tr>
  3565. <tr>
  3566. <td style="vertical-align: bottom ; ">Capital contribution from shareholder</td>
  3567. <td style="vertical-align: bottom ; "> </td>
  3568. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3569. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3570. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3571. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3572. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3573. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3574. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3575. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3576. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3577. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3578. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3579. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3580. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3581. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3582. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3583. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3584. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3585. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3586. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3587. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,449,842</td>
  3588. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3589. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3590. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,449,842</td>
  3591. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3592. </tr>
  3593. <tr>
  3594. <td style="vertical-align: bottom ; ">Net loss</td>
  3595. <td style="vertical-align: bottom ; "> </td>
  3596. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3597. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3598. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3599. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3600. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3601. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3602. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3603. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3604. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3605. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3606. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3607. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3608. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3609. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(12,123,663</td>
  3610. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3611. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3612. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3613. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3614. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3615. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(727,361</td>
  3616. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3617. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3618. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(12,851,024</td>
  3619. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3620. </tr>
  3621. <tr>
  3622. <td style="vertical-align: bottom ; ">Foreign currency translation</td>
  3623. <td style="vertical-align: bottom ; "> </td>
  3624. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3625. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3626. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3627. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3628. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3629. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3630. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3631. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3632. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3633. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3634. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3635. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3636. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3637. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3638. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3639. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3640. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(28,585,025</td>
  3641. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3642. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3643. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3644. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3645. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3646. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(28,585,025</td>
  3647. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3648. </tr>
  3649. <tr>
  3650. <td style="vertical-align: bottom ; "><strong>BALANCE AS OF DECEMBER 31, 2022</strong></td>
  3651. <td style="vertical-align: bottom ; "> </td>
  3652. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3653. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">77,668,730</td>
  3654. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3655. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3656. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">77,669</td>
  3657. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3658. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3659. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(9,807,820</td>
  3660. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3661. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3662. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">451,373,645</td>
  3663. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3664. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3665. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(16,339,765</td>
  3666. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3667. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3668. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(28,333,239</td>
  3669. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3670. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3671. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">722,481</td>
  3672. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3673. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3674. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">397,692,971</td>
  3675. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3676. </tr>
  3677. <tr>
  3678. <td style="vertical-align: bottom ; "> </td>
  3679. <td style="vertical-align: bottom ; "> </td>
  3680. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3681. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3682. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3683. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3684. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3685. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3686. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3687. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3688. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3689. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3690. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3691. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3692. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3693. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3694. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3695. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3696. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3697. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3698. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3699. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3700. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3701. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3702. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3703. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3704. </tr>
  3705. <tr>
  3706. <td style="vertical-align: bottom ; ">Stock issuance and award</td>
  3707. <td style="vertical-align: bottom ; "> </td>
  3708. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3709. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">11,685,968</td>
  3710. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3711. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3712. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">11,686</td>
  3713. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3714. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3715. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3716. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3717. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3718. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,357,192</td>
  3719. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3720. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3721. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3722. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3723. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3724. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3725. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3726. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3727. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3728. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3729. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3730. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,368,878</td>
  3731. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3732. </tr>
  3733. <tr>
  3734. <td style="vertical-align: bottom ; ">Stock based compensation</td>
  3735. <td style="vertical-align: bottom ; "> </td>
  3736. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3737. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3738. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3739. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3740. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3741. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3742. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3743. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3744. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3745. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3746. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,476,058</td>
  3747. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3748. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3749. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3750. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3751. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3752. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3753. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3754. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3755. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3756. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3757. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3758. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,476,058</td>
  3759. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3760. </tr>
  3761. <tr>
  3762. <td style="vertical-align: bottom ; ">Stock buyback</td>
  3763. <td style="vertical-align: bottom ; "> </td>
  3764. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3765. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3766. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3767. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3768. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3769. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3770. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3771. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(507,013</td>
  3772. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3773. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3774. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,731</td>
  3775. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3776. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3777. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3778. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3779. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3780. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3781. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3782. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3783. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3784. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3785. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3786. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(510,744</td>
  3787. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3788. </tr>
  3789. <tr>
  3790. <td style="vertical-align: bottom ; ">Cancellation of the Treasury Stock</td>
  3791. <td style="vertical-align: bottom ; "> </td>
  3792. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3793. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,488,559</td>
  3794. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3795. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3796. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,489</td>
  3797. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3798. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3799. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">9,807,820</td>
  3800. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3801. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3802. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(9,804,331</td>
  3803. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3804. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3805. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3806. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3807. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3808. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3809. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3810. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3811. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3812. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3813. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3814. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3815. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3816. </tr>
  3817. <tr>
  3818. <td style="vertical-align: bottom ; ">Stock option exercise</td>
  3819. <td style="vertical-align: bottom ; "> </td>
  3820. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3821. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,666,661</td>
  3822. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3823. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3824. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,667</td>
  3825. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3826. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3827. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3828. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3829. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3830. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,448,322</td>
  3831. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3832. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3833. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3834. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3835. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3836. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3837. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3838. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3839. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3840. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3841. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3842. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,449,989</td>
  3843. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3844. </tr>
  3845. <tr>
  3846. <td style="vertical-align: bottom ; ">Net income</td>
  3847. <td style="vertical-align: bottom ; "> </td>
  3848. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3849. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3850. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3851. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3852. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3853. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3854. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3855. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3856. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3857. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3858. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3859. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3860. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3861. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">7,132</td>
  3862. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3863. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3864. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3865. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3866. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3867. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,662,635</td>
  3868. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3869. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3870. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,669,767</td>
  3871. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3872. </tr>
  3873. <tr>
  3874. <td style="vertical-align: bottom ; ">Foreign currency translation</td>
  3875. <td style="vertical-align: bottom ; "> </td>
  3876. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3877. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3878. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3879. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3880. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3881. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3882. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3883. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3884. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3885. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3886. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3887. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3888. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3889. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3890. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3891. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3892. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(8,636,827</td>
  3893. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3894. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3895. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3896. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3897. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3898. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(8,636,827</td>
  3899. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3900. </tr>
  3901. <tr>
  3902. <td style="vertical-align: bottom ; "><strong>BALANCE AS OF DECEMBER 31, 2023</strong></td>
  3903. <td style="vertical-align: bottom ; "> </td>
  3904. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3905. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,532,800</td>
  3906. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3907. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3908. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,533</td>
  3909. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3910. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3911. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(507,013</td>
  3912. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3913. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3914. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">457,847,155</td>
  3915. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3916. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3917. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(16,332,633</td>
  3918. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3919. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3920. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(36,970,066</td>
  3921. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  3922. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3923. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,385,116</td>
  3924. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3925. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  3926. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">406,510,092</td>
  3927. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3928. </tr>
  3929. <tr>
  3930. <td style="vertical-align: bottom ; "> </td>
  3931. <td style="vertical-align: bottom ; "> </td>
  3932. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3933. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3934. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3935. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3936. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3937. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3938. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3939. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3940. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3941. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3942. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3943. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3944. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3945. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3946. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3947. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3948. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3949. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3950. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3951. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3952. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3953. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3954. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3955. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3956. </tr>
  3957. <tr>
  3958. <td style="vertical-align: bottom ; ">Stock issuance and award</td>
  3959. <td style="vertical-align: bottom ; "> </td>
  3960. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3961. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">20,000</td>
  3962. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3963. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3964. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">20</td>
  3965. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3966. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3967. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3968. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3969. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3970. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,532,762</td>
  3971. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3972. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3973. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3974. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3975. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3976. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3977. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3978. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3979. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3980. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3981. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3982. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,532,782</td>
  3983. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3984. </tr>
  3985. <tr>
  3986. <td style="vertical-align: bottom ; ">Stock based compensation</td>
  3987. <td style="vertical-align: bottom ; "> </td>
  3988. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3989. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3990. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3991. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3992. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3993. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3994. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3995. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  3996. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3997. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  3998. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,584,443</td>
  3999. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4000. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4001. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4002. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4003. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4004. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4005. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4006. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4007. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4008. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4009. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4010. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,584,443</td>
  4011. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4012. </tr>
  4013. <tr>
  4014. <td style="vertical-align: bottom ; ">Stock buyback</td>
  4015. <td style="vertical-align: bottom ; "> </td>
  4016. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4017. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4018. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4019. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4020. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4021. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4022. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4023. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,878,869</td>
  4024. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4025. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4026. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(41,487</td>
  4027. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4028. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4029. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4030. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4031. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4032. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4033. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4034. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4035. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4036. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4037. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4038. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,920,356</td>
  4039. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4040. </tr>
  4041. <tr>
  4042. <td style="vertical-align: bottom ; ">Net loss</td>
  4043. <td style="vertical-align: bottom ; "> </td>
  4044. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4045. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4046. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4047. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4048. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4049. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4050. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4051. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4052. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4053. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4054. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4055. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4056. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4057. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(50,495,663</td>
  4058. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4059. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4060. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4061. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4062. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4063. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(454,683</td>
  4064. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4065. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4066. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(50,950,346</td>
  4067. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4068. </tr>
  4069. <tr>
  4070. <td style="vertical-align: bottom ; ">Foreign currency translation</td>
  4071. <td style="vertical-align: bottom ; "> </td>
  4072. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4073. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4074. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4075. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4076. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4077. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4078. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4079. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4080. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4081. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4082. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4083. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4084. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4085. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4086. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4087. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4088. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(11,127,149</td>
  4089. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4090. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4091. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4092. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4093. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4094. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(11,127,149</td>
  4095. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4096. </tr>
  4097. <tr>
  4098. <td style="vertical-align: bottom ; "><strong>BALANCE AS OF DECEMBER 31, 2024</strong></td>
  4099. <td style="vertical-align: bottom ; "> </td>
  4100. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4101. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,552,800</td>
  4102. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4103. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4104. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">87,553</td>
  4105. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4106. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4107. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,385,882</td>
  4108. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4109. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4110. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">463,922,873</td>
  4111. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4112. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4113. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(66,828,296</td>
  4114. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4115. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4116. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(48,097,215</td>
  4117. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4118. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4119. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,930,433</td>
  4120. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4121. <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4122. <td style="border-bottom: double black 3pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">346,629,466</td>
  4123. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4124. </tr>
  4125. </table>
  4126. <p align="center">
  4127. <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;">
  4128. <tr>
  4129. <td colspan="11" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>KANDI TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong><br /><strong>FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022</strong></td>
  4130. </tr>
  4131. <tr>
  4132. <td colspan="11" style="vertical-align: bottom ; "> </td>
  4133. </tr>
  4134. <tr>
  4135. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td>
  4136. <td style="vertical-align: bottom ; "><strong> </strong></td>
  4137. <td colspan="8" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Years Ended</strong></td>
  4138. <td style="vertical-align: bottom ; "> </td>
  4139. </tr>
  4140. <tr>
  4141. <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  4142. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  4143. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2024</strong></td>
  4144. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  4145. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2023</strong></td>
  4146. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  4147. <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>December 31, </strong><br /><strong>2022</strong></td>
  4148. <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td>
  4149. </tr>
  4150. <tr>
  4151. <td style="max-width:63%; width:63%; min-width:63%;;vertical-align: bottom ; "><strong>CASH FLOWS FROM OPERATING ACTIVITIES:</strong></td>
  4152. <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td>
  4153. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4154. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4155. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4156. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4157. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4158. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4159. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4160. <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4161. <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4162. </tr>
  4163. <tr>
  4164. <td style="vertical-align: bottom ; ">Net income (loss)</td>
  4165. <td style="vertical-align: bottom ; "> </td>
  4166. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4167. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(50,950,346</td>
  4168. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4169. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4170. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,669,767</td>
  4171. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4172. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4173. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(12,851,024</td>
  4174. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4175. </tr>
  4176. <tr>
  4177. <td style="vertical-align: bottom ; ">Adjustments to reconcile net (loss) income to net cash provided by operating activities</td>
  4178. <td style="vertical-align: bottom ; "> </td>
  4179. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4180. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4181. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4182. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4183. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4184. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4185. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4186. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4187. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4188. </tr>
  4189. <tr>
  4190. <td style="vertical-align: bottom ; ">Depreciation and amortization</td>
  4191. <td style="vertical-align: bottom ; "> </td>
  4192. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4193. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">12,021,015</td>
  4194. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4195. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4196. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">11,913,647</td>
  4197. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4198. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4199. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">12,427,973</td>
  4200. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4201. </tr>
  4202. <tr>
  4203. <td style="vertical-align: bottom ; ">Impairments</td>
  4204. <td style="vertical-align: bottom ; "> </td>
  4205. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4206. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">45,499,258</td>
  4207. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4208. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4209. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,439,573</td>
  4210. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4211. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4212. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,340,186</td>
  4213. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4214. </tr>
  4215. <tr>
  4216. <td style="vertical-align: bottom ; ">Provision of allowance for doubtful accounts</td>
  4217. <td style="vertical-align: bottom ; "> </td>
  4218. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4219. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">884,134</td>
  4220. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4221. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4222. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">656,330</td>
  4223. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4224. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4225. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(542,801</td>
  4226. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4227. </tr>
  4228. <tr>
  4229. <td style="vertical-align: bottom ; ">Deferred taxes</td>
  4230. <td style="vertical-align: bottom ; "> </td>
  4231. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4232. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(6,140,342</td>
  4233. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4234. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4235. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">203,236</td>
  4236. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4237. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4238. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(461,045</td>
  4239. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4240. </tr>
  4241. <tr>
  4242. <td style="vertical-align: bottom ; ">(Gain) Loss from long-term Investment</td>
  4243. <td style="vertical-align: bottom ; "> </td>
  4244. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4245. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(419,114</td>
  4246. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4247. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4248. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">141,389</td>
  4249. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4250. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4251. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4252. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4253. </tr>
  4254. <tr>
  4255. <td style="vertical-align: bottom ; ">Loss from disposal of a subsidiary</td>
  4256. <td style="vertical-align: bottom ; "> </td>
  4257. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4258. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">2,826,213</td>
  4259. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4260. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4261. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4262. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4263. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4264. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4265. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4266. </tr>
  4267. <tr>
  4268. <td style="vertical-align: bottom ; ">Change in fair value of contingent consideration</td>
  4269. <td style="vertical-align: bottom ; "> </td>
  4270. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4271. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(2,693,000</td>
  4272. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4273. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4274. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(1,803,000</td>
  4275. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4276. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4277. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,196,995</td>
  4278. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4279. </tr>
  4280. <tr>
  4281. <td style="vertical-align: bottom ; ">Stock award and stock based compensation expense</td>
  4282. <td style="vertical-align: bottom ; "> </td>
  4283. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4284. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">7,114,524</td>
  4285. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4286. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4287. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">11,059,801</td>
  4288. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4289. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4290. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,926,376</td>
  4291. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4292. </tr>
  4293. <tr>
  4294. <td style="vertical-align: bottom ; "> </td>
  4295. <td style="vertical-align: bottom ; "> </td>
  4296. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4297. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4298. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4299. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4300. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4301. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4302. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4303. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4304. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4305. </tr>
  4306. <tr>
  4307. <td style="vertical-align: bottom ; "><strong>Changes in operating assets and liabilities:</strong></td>
  4308. <td style="vertical-align: bottom ; "> </td>
  4309. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4310. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4311. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4312. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4313. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4314. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4315. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4316. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4317. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4318. </tr>
  4319. <tr>
  4320. <td style="vertical-align: bottom ; "> </td>
  4321. <td style="vertical-align: bottom ; "> </td>
  4322. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4323. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4324. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4325. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4326. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4327. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4328. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4329. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4330. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4331. </tr>
  4332. <tr>
  4333. <td style="vertical-align: bottom ; ">Accounts receivable</td>
  4334. <td style="vertical-align: bottom ; "> </td>
  4335. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4336. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(29,770,703</td>
  4337. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4338. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4339. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">10,560,521</td>
  4340. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4341. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4342. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(20,965,140</td>
  4343. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4344. </tr>
  4345. <tr>
  4346. <td style="vertical-align: bottom ; ">Notes receivable</td>
  4347. <td style="vertical-align: bottom ; "> </td>
  4348. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4349. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">131,350,242</td>
  4350. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4351. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4352. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(123,992,862</td>
  4353. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4354. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4355. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">4,726,570</td>
  4356. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4357. </tr>
  4358. <tr>
  4359. <td style="vertical-align: bottom ; ">Inventories</td>
  4360. <td style="vertical-align: bottom ; "> </td>
  4361. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4362. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(11,581,779</td>
  4363. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4364. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4365. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(21,531,323</td>
  4366. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4367. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4368. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(9,145,298</td>
  4369. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4370. </tr>
  4371. <tr>
  4372. <td style="vertical-align: bottom ; ">Other receivables and other assets</td>
  4373. <td style="vertical-align: bottom ; "> </td>
  4374. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4375. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(141,311,335</td>
  4376. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4377. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4378. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">5,165,337</td>
  4379. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4380. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4381. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,932,463</td>
  4382. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4383. </tr>
  4384. <tr>
  4385. <td style="vertical-align: bottom ; ">Advances to supplier and prepayments and prepaid expenses</td>
  4386. <td style="vertical-align: bottom ; "> </td>
  4387. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4388. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(1,095,052</td>
  4389. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4390. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4391. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,491,762</td>
  4392. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4393. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4394. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">16,275,678</td>
  4395. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4396. </tr>
  4397. <tr>
  4398. <td style="vertical-align: bottom ; "> </td>
  4399. <td style="vertical-align: bottom ; "> </td>
  4400. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4401. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4402. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4403. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4404. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4405. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4406. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4407. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4408. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4409. </tr>
  4410. <tr>
  4411. <td style="vertical-align: bottom ; "><strong>Increase (Decrease) In:</strong></td>
  4412. <td style="vertical-align: bottom ; "> </td>
  4413. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4414. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4415. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4416. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4417. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4418. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4419. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4420. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4421. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4422. </tr>
  4423. <tr>
  4424. <td style="vertical-align: bottom ; ">Accounts payable</td>
  4425. <td style="vertical-align: bottom ; "> </td>
  4426. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4427. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">79,040,317</td>
  4428. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4429. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4430. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">38,603,301</td>
  4431. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4432. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4433. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">62,592,477</td>
  4434. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4435. </tr>
  4436. <tr>
  4437. <td style="vertical-align: bottom ; ">Other payables and accrued liabilities</td>
  4438. <td style="vertical-align: bottom ; "> </td>
  4439. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4440. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,315,701</td>
  4441. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4442. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4443. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(5,062,494</td>
  4444. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4445. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4446. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">7,842,715</td>
  4447. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4448. </tr>
  4449. <tr>
  4450. <td style="vertical-align: bottom ; ">Notes payable</td>
  4451. <td style="vertical-align: bottom ; "> </td>
  4452. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4453. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(55,334,895</td>
  4454. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4455. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4456. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(32,629,627</td>
  4457. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4458. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4459. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(24,533,127</td>
  4460. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4461. </tr>
  4462. <tr>
  4463. <td style="vertical-align: bottom ; ">Income tax payable</td>
  4464. <td style="vertical-align: bottom ; "> </td>
  4465. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4466. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(575,250</td>
  4467. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4468. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4469. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">954,006</td>
  4470. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4471. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4472. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(25,171</td>
  4473. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4474. </tr>
  4475. <tr>
  4476. <td style="vertical-align: bottom ; "><strong>Net cash (used in) provided by operating activities</strong></td>
  4477. <td style="vertical-align: bottom ; "> </td>
  4478. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4479. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(17,820,412</td>
  4480. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4481. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4482. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(101,160,636</td>
  4483. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4484. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4485. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">31,478,911</td>
  4486. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4487. </tr>
  4488. <tr>
  4489. <td style="vertical-align: bottom ; "> </td>
  4490. <td style="vertical-align: bottom ; "> </td>
  4491. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4492. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4493. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4494. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4495. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4496. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4497. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4498. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4499. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4500. </tr>
  4501. <tr>
  4502. <td style="vertical-align: bottom ; "><strong>CASH FLOWS FROM INVESTING ACTIVITIES:</strong></td>
  4503. <td style="vertical-align: bottom ; "> </td>
  4504. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4505. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4506. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4507. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4508. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4509. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4510. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4511. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4512. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4513. </tr>
  4514. <tr>
  4515. <td style="vertical-align: bottom ; ">Purchases of property, plant and equipment, net</td>
  4516. <td style="vertical-align: bottom ; "> </td>
  4517. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4518. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(934,985</td>
  4519. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4520. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4521. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(13,172,512</td>
  4522. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4523. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4524. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,690,235</td>
  4525. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4526. </tr>
  4527. <tr>
  4528. <td style="vertical-align: bottom ; ">Payment for construction in progress</td>
  4529. <td style="vertical-align: bottom ; "> </td>
  4530. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4531. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4532. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4533. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4534. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(75,185</td>
  4535. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4536. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4537. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(129,894</td>
  4538. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4539. </tr>
  4540. <tr>
  4541. <td style="vertical-align: bottom ; ">Certificate of deposit</td>
  4542. <td style="vertical-align: bottom ; "> </td>
  4543. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4544. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">27,831,121</td>
  4545. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4546. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4547. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">45,244,390</td>
  4548. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4549. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4550. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(31,210,986</td>
  4551. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4552. </tr>
  4553. <tr>
  4554. <td style="vertical-align: bottom ; ">Acquisition (Disposal) of NGI</td>
  4555. <td style="vertical-align: bottom ; "> </td>
  4556. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4557. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(157,211</td>
  4558. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4559. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4560. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">282,135</td>
  4561. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4562. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4563. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4564. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4565. </tr>
  4566. <tr>
  4567. <td style="vertical-align: bottom ; ">Long-term Investment</td>
  4568. <td style="vertical-align: bottom ; "> </td>
  4569. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4570. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(1,015,836</td>
  4571. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4572. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4573. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4574. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4575. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4576. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4577. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4578. </tr>
  4579. <tr>
  4580. <td style="vertical-align: bottom ; "><strong>Net cash provided by (used in) investing activities</strong></td>
  4581. <td style="vertical-align: bottom ; "> </td>
  4582. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4583. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">25,723,089</td>
  4584. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4585. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4586. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">32,278,828</td>
  4587. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4588. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4589. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(35,031,115</td>
  4590. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4591. </tr>
  4592. <tr>
  4593. <td style="vertical-align: bottom ; "> </td>
  4594. <td style="vertical-align: bottom ; "> </td>
  4595. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4596. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4597. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4598. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4599. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4600. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4601. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4602. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4603. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4604. </tr>
  4605. <tr>
  4606. <td style="vertical-align: bottom ; "><strong>CASH FLOWS FROM FINANCING ACTIVITIES:</strong></td>
  4607. <td style="vertical-align: bottom ; "> </td>
  4608. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4609. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4610. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4611. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4612. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4613. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4614. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4615. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4616. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4617. </tr>
  4618. <tr>
  4619. <td style="vertical-align: bottom ; ">Proceeds from short-term loans</td>
  4620. <td style="vertical-align: bottom ; "> </td>
  4621. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4622. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">66,203,360</td>
  4623. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4624. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4625. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">23,420,534</td>
  4626. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4627. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4628. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">30,765,776</td>
  4629. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4630. </tr>
  4631. <tr>
  4632. <td style="vertical-align: bottom ; ">Repayments of short-term loans</td>
  4633. <td style="vertical-align: bottom ; "> </td>
  4634. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4635. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(37,489,677</td>
  4636. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4637. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4638. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(19,709,663</td>
  4639. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4640. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4641. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(28,357,211</td>
  4642. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4643. </tr>
  4644. <tr>
  4645. <td style="vertical-align: bottom ; ">Repayments of long-term loans</td>
  4646. <td style="vertical-align: bottom ; "> </td>
  4647. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4648. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(2,284,081</td>
  4649. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4650. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4651. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(46,426</td>
  4652. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4653. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4654. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4655. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4656. </tr>
  4657. <tr>
  4658. <td style="vertical-align: bottom ; ">Proceeds from long-term loans</td>
  4659. <td style="vertical-align: bottom ; "> </td>
  4660. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4661. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4662. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4663. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4664. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">8,225,000</td>
  4665. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4666. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4667. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4668. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4669. </tr>
  4670. <tr>
  4671. <td style="vertical-align: bottom ; ">Contribution from non-controlling shareholder</td>
  4672. <td style="vertical-align: bottom ; "> </td>
  4673. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4674. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4675. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4676. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4677. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4678. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4679. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4680. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">757,981</td>
  4681. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4682. </tr>
  4683. <tr>
  4684. <td style="vertical-align: bottom ; ">Purchase of treasury stock</td>
  4685. <td style="vertical-align: bottom ; "> </td>
  4686. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4687. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,920,356</td>
  4688. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4689. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4690. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(510,745</td>
  4691. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4692. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4693. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(7,499,634</td>
  4694. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4695. </tr>
  4696. <tr>
  4697. <td style="vertical-align: bottom ; ">Proceeds from exercises stock options, stock awards and other financing</td>
  4698. <td style="vertical-align: bottom ; "> </td>
  4699. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4700. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4701. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4702. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4703. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">3,449,988</td>
  4704. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4705. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4706. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4707. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4708. </tr>
  4709. <tr>
  4710. <td style="vertical-align: bottom ; "><strong>Net cash provided by (used in) financing activities</strong></td>
  4711. <td style="vertical-align: bottom ; "> </td>
  4712. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4713. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">22,509,246</td>
  4714. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4715. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4716. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">14,828,688</td>
  4717. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4718. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4719. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(4,333,088</td>
  4720. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4721. </tr>
  4722. <tr>
  4723. <td style="vertical-align: bottom ; "> </td>
  4724. <td style="vertical-align: bottom ; "> </td>
  4725. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4726. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4727. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4728. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4729. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4730. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4731. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4732. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4733. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4734. </tr>
  4735. <tr>
  4736. <td style="vertical-align: bottom ; "><strong>NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH</strong></td>
  4737. <td style="vertical-align: bottom ; "> </td>
  4738. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4739. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">30,411,923</td>
  4740. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4741. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4742. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(54,053,120</td>
  4743. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4744. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4745. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(7,885,292</td>
  4746. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4747. </tr>
  4748. <tr>
  4749. <td style="vertical-align: bottom ; ">Effect of exchange rate changes</td>
  4750. <td style="vertical-align: bottom ; "> </td>
  4751. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4752. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,203,681</td>
  4753. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4754. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4755. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(3,357,083</td>
  4756. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4757. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4758. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">(9,750,444</td>
  4759. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">)</td>
  4760. </tr>
  4761. <tr>
  4762. <td style="vertical-align: bottom ; "><strong>CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR</strong></td>
  4763. <td style="vertical-align: bottom ; "> </td>
  4764. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4765. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">93,630,068</td>
  4766. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4767. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4768. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">151,040,271</td>
  4769. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4770. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4771. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">168,676,007</td>
  4772. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4773. </tr>
  4774. <tr>
  4775. <td style="vertical-align: bottom ; "> </td>
  4776. <td style="vertical-align: bottom ; "> </td>
  4777. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4778. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4779. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4780. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4781. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4782. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4783. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4784. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4785. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4786. </tr>
  4787. <tr>
  4788. <td style="vertical-align: bottom ; "><strong>CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD</strong></td>
  4789. <td style="vertical-align: bottom ; "> </td>
  4790. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4791. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">120,838,310</td>
  4792. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4793. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4794. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">93,630,068</td>
  4795. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4796. <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4797. <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">151,040,271</td>
  4798. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4799. </tr>
  4800. <tr>
  4801. <td style="vertical-align: bottom ; ">-CASH AND CASH EQUIVALENTS AT END OF PERIOD</td>
  4802. <td style="vertical-align: bottom ; "> </td>
  4803. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4804. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">37,307,867</td>
  4805. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4806. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4807. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">33,756,941</td>
  4808. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4809. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4810. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">84,063,717</td>
  4811. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4812. </tr>
  4813. <tr>
  4814. <td style="vertical-align: bottom ; ">-RESTRICTED CASH AT END OF PERIOD</td>
  4815. <td style="vertical-align: bottom ; "> </td>
  4816. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4817. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">83,530,443</td>
  4818. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4819. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4820. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">59,873,127</td>
  4821. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4822. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4823. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">66,976,554</td>
  4824. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4825. </tr>
  4826. <tr>
  4827. <td style="vertical-align: bottom ; "><strong> </strong></td>
  4828. <td style="vertical-align: bottom ; "> </td>
  4829. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4830. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4831. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4832. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4833. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4834. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4835. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4836. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4837. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4838. </tr>
  4839. <tr>
  4840. <td style="vertical-align: bottom ; "><strong>SUPPLEMENTARY CASH FLOW INFORMATION</strong></td>
  4841. <td style="vertical-align: bottom ; "> </td>
  4842. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4843. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4844. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4845. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4846. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4847. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4848. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4849. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4850. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4851. </tr>
  4852. <tr>
  4853. <td style="vertical-align: bottom ; ">Income taxes paid</td>
  4854. <td style="vertical-align: bottom ; "> </td>
  4855. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4856. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">859,673</td>
  4857. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4858. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4859. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">311,504</td>
  4860. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4861. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4862. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">350,002</td>
  4863. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4864. </tr>
  4865. <tr>
  4866. <td style="vertical-align: bottom ; ">Interest paid</td>
  4867. <td style="vertical-align: bottom ; "> </td>
  4868. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4869. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,737,738</td>
  4870. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4871. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4872. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">965,025</td>
  4873. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4874. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4875. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">345,451</td>
  4876. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4877. </tr>
  4878. <tr>
  4879. <td style="vertical-align: bottom ; "> </td>
  4880. <td style="vertical-align: bottom ; "> </td>
  4881. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4882. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4883. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4884. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4885. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4886. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4887. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4888. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4889. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4890. </tr>
  4891. <tr>
  4892. <td style="vertical-align: bottom ; "><strong>SUPPLEMENTAL NON-CASH DISCLOSURES:</strong></td>
  4893. <td style="vertical-align: bottom ; "> </td>
  4894. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4895. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4896. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4897. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4898. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4899. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4900. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4901. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4902. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4903. </tr>
  4904. <tr>
  4905. <td style="vertical-align: bottom ; ">Contribution from non-controlling shareholder by inventories, fixed assets and intangible assets</td>
  4906. <td style="vertical-align: bottom ; "> </td>
  4907. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4908. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4909. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4910. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4911. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4912. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4913. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4914. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">393,986</td>
  4915. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4916. </tr>
  4917. <tr>
  4918. <td style="vertical-align: bottom ; ">Ordinary Shares issued for settlement of payables related to acquisitions (see Note 19)</td>
  4919. <td style="vertical-align: bottom ; "> </td>
  4920. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4921. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4922. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4923. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4924. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">1,812,005</td>
  4925. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4926. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">$</td>
  4927. <td style="text-align: right ; vertical-align: middle; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; ">&#8211;</td>
  4928. <td style="padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; "> </td>
  4929. </tr>
  4930. </table>
  4931. <p><img alt="" src='https://ml.globenewswire.com/media/MzY5MjRkMDMtZGNjMy00Njg1LWJjZjktOWUyYzZiOWNhODZlLTUwMDA2OTkzNy0yMDI1LTA0LTI4LWVu/tiny/Kandi-Technologies-Group-Inc-.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  4932. ]]></content:encoded>
  4936. </item>
  4937. <item>
  4938. <title>JETOUR Showcases Advanced Off-Road Technology at Auto Shanghai 2025 with Global Media Test Drive Event</title>
  4939. <link>https://autoexcelsior.com/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event/53595/</link>
  4941. <dc:creator><![CDATA[GlobeNewswire]]></dc:creator>
  4942. <pubDate>Sun, 27 Apr 2025 18:00:00 +0000</pubDate>
  4943. <category><![CDATA[Brand Post]]></category>
  4944. <guid isPermaLink="false">https://autoexcelsior.com/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event</guid>
  4945.  
  4946. <description><![CDATA[<div style="margin-bottom:20px;"><img width="1294" height="678" src="https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event.png 1294w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-300x157.png 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-1024x537.png 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-768x402.png 768w" sizes="auto, (max-width: 1294px) 100vw, 1294px" /></div>Shanghai, April 27, 2025 (GLOBE NEWSWIRE) &#8212; JETOUR, the innovative auto brand, hosted an test drive event for over 200 global media and influencers from the Middle East, South America, Africa, Asia-Pacific, and the CIS region. The event, held at the Shanghai Pudong Chuansha Test Drive Center, served as a platform for JETOUR to demonstrate [&#8230;]]]></description>
  4947. <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img width="1294" height="678" src="https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event.png 1294w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-300x157.png 300w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-1024x537.png 1024w, https://autoexcelsior.com/wp-content/uploads/2025/04/jetour-showcases-advanced-off-road-technology-at-auto-shanghai-2025-with-global-media-test-drive-event-768x402.png 768w" sizes="auto, (max-width: 1294px) 100vw, 1294px" /></div><p>Shanghai, April 27, 2025 (GLOBE NEWSWIRE) &#8212; JETOUR, the innovative auto brand, hosted an test drive event for over 200 global media and influencers from the Middle East, South America, Africa, Asia-Pacific, and the CIS region. The event, held at the Shanghai Pudong Chuansha Test Drive Center, served as a platform for JETOUR to demonstrate its three core technological pillars: off-road capability, hybrid power, and intelligent innovation. The spotlight was firmly on the T1, T2 i-DM, and a preview of the upcoming G700, leaving attendees thoroughly impressed by the brand’s technical expertise and advanced innovations.</p>
  4948. <p align="center"><img loading="lazy" decoding="async" data-mce-src="/api/ImageRender/DownloadFile?resourceId=dcb66a5d-c9cd-4641-8bc8-43051b6d1184&amp;size=0" data-state="draft" height="535" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/dcb66a5d-c9cd-4641-8bc8-43051b6d1184/jetour-media-test-drive.png" title="JETOUR Media Test Drive.png" width="800" /></p>
  4949. <p align="center">(Group photo of the media at the test drive site）</p>
  4950. <p><b>JETOUR T1: Mastering Both Urban Streets and Rugged Terrains</b></p>
  4951. <p>The T1, lite off-road SUV, equipped with a robust 2.0T engine paired with an 8-speed automatic transmission, immediately captivated drivers with its refined performance. On city roads, the powertrain delivered smooth and linear acceleration, effortlessly handling frequent stops and starts. Highway cruising was equally impressive, with the T1 maintaining a stable driving even at higher speeds. </p>
  4952. <p>The star of the show was undoubtedly the XWD intelligent four-wheel drive system. During the cross-axle test, the XWD system demonstrated its ability to instantaneously redistribute power to the wheels with the most grip, ensuring a seamless and confident escape from precarious situations. On steep side slopes, the vehicle’s reinforced chassis and advanced suspension system minimized body roll, providing drivers and passengers alike with an unparalleled sense of security even at extreme angles.</p>
  4953. <p>“The XWD system has been validated by over 200,000 users worldwide,” explained a JETOUR test drive coach. “Whether you’re a seasoned off-roader or a beginner, the system’s ‘X Mode’ takes the uncertainty out of driving by automatically adapting to road conditions in milliseconds.” For those who prefer a more hands-on approach, the T1 also offers seven driving modes, including Sport, Snow, and Sand, allowing drivers to tailor the vehicle’s performance to their preferences.</p>
  4954. <p align="center"></p>
  4955. <p><b>JETOUR T2 i-DM: The Perfect Fusion of Efficiency and Power</b></p>
  4956. <p>The T2 i-DM, combining rugged design with eco-friendly efficiency. Under the hood, the model features a fifth-generation 1.5TGDI hybrid engine, boasting an industry-leading thermal efficiency of 44.5%. This is paired with a 3-speed DHT, ensuring seamless power delivery across all driving conditions.</p>
  4957. <p>The T2 i-DM’s electric motor provides whisper-quiet starts, mimicking the serene driving experience of a pure electric vehicle. However, as the speed increases, the engine seamlessly kicks in, unleashing a surge of torque that highlights the vehicle’s off-road DNA. During the S-curve test, the T2 i-DM showcased its agile handling and precise steering, with minimal body roll even during high-speed maneuvers.</p>
  4958. <p>The true test of its off-road capabilities came during the 10-meter-high seesaw and steep incline challenges. Here, the hybrid powertrain and advanced hill descent control system worked in perfect harmony. As the vehicle ascended, the engine and electric motor combined forces to deliver relentless traction, while the descent was managed effortlessly by the intelligent braking system, eliminating the need for driver intervention. The electronic suspension further enhanced the experience, absorbing shocks and maintaining stability even on the most uneven surfaces. </p>
  4959. <p align="center"></p>
  4960. <p><b>Sneak Peek: G700’s Autonomous Parking and Beyond</b></p>
  4961. <p>While the G700 premium all-terrain SUV was not available for test drives, it still managed to steal the show with a stunning demonstration of its autonomous parking capabilities. Equipped with 12 ultrasonic sensors and four 360° cameras, the G700 effortlessly navigated tight parking spaces, executing perfect maneuvers without any driver input. This feature addresses one of the most common pain points for urban drivers, promising to make parking stress-free and effortless.</p>
  4962. <p>Rumors about the G700, have only heightened anticipation for its global debut, scheduled for September in the UAE. The vehicle’s combination of luxury, intelligence, and off-road prowess positions it as a potential trailblazer in the premium SUV segment.</p>
  4963. <p align="center"><img loading="lazy" decoding="async" data-mce-src="/api/ImageRender/DownloadFile?resourceId=7467910e-f4d3-4310-ac3e-7527f438c9fd&amp;size=0" data-state="draft" height="533" name="GNW_RichHtml_IMG" src="https://ml.globenewswire.com/Resource/Download/7467910e-f4d3-4310-ac3e-7527f438c9fd/jetour-g700-test-drive.jpg" title="JETOUR G700 Test Drive.jpg" width="800" /></p>
  4964. <p align="center">（Pictures of the test ride site of G700）</p>
  4965. <p><b>Global Rollout and Future Prospects</b></p>
  4966. <p>The T1 and T2 i-DM are already making waves in the Middle East, with plans for rapid expansion into Africa, South America, Asia-Pacific, and the CIS region. JETOUR’s multi-technology strategy—encompassing traditional fuel, hybrid, and cutting-edge intelligent systems—underscores its commitment to catering to diverse consumer needs and preferences.</p>
  4967. <p>From the T1 (lite off-road SUV), to the T2 i-DM (travel hybrid SUV), and further to the G700 (premium all-terrain SUV), JETOUR is showcasing its strategy, which is off-road specialization, hybridization, and intelligent innovation to the world.  By seamlessly blending innovation with practicality, JETOUR is redefining the boundaries of adventure travel. What was once a niche pursuit reserved for the few is now becoming an accessible and enjoyable everyday experience for families around the world.</p>
  4968. <p>According to recent reports, the G700 is set to make its global debut in the UAE in the last quarter of this year. We will closely monitor the global rollout of these models and look forward to their arrival in local markets.</p>
  4969. <pre>CONTACT: JETOUR Global support@jetourglobal.com</pre>
  4970. <p><img alt="" src='https://ml.globenewswire.com/media/YWM2ZmU5NTMtNjkxMS00OWNmLTg3OWQtYjZiNmZkZTk3ZTQwLTUwMDEyOTc1NC0yMDI1LTA0LTI3LWVu/tiny/JETOUR.png' referrerpolicy='no-referrer-when-downgrade' /></p>
  4971. ]]></content:encoded>
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