What the business leans on

1. 1Vehicle production depends on outside suppliers for components and materials, including some parts supplied by single-source suppliers, as well as battery packs and semiconductor chips.
2. 2Sales depend on demand for passenger vehicles and new energy vehicles in China, and on government policies that affect vehicle purchases and electric-vehicle use.
3. 3The offshore company relies on contractual arrangements with China-based variable interest entities (VIEs) to maintain control over certain operations; the company says those entities contributed less than 0.1% of revenue in 2025.
4. 4The business depends on a relatively limited number of vehicle models.