Thunder Power Holdings, Inc. Releases Q2 2024 10-Q Report

Thunder Power Holdings, Inc., a company dedicated to developing and manufacturing premium electric vehicles (EVs), has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the company's financial performance and operational progress, highlighting its ongoing efforts to innovate in the EV market.

Financial Highlights

• Revenues: $0 million. The company did not generate any revenue for the three and six months ended June 30, 2024, and 2023.
• Net loss: $(1.3) million for the three months ended June 30, 2024, compared to $(0.7) million for the same period in 2023, primarily due to increased share-based compensation expenses.
• Net loss: $(1.6) million for the six months ended June 30, 2024, compared to $(0.9) million for the same period in 2023, driven by higher general and administrative expenses.
• Loss per share – basic and diluted: $(0.03) for the three months ended June 30, 2024, compared to $(0.02) for the same period in 2023.
• Loss per share – basic and diluted: $(0.04) for the six months ended June 30, 2024, compared to $(0.03) for the same period in 2023.

Business Highlights

• Business Overview: Thunder Power Holdings, Inc. is focused on developing and manufacturing premium electric vehicles (EVs) with differentiated designs and solutions tailored for various lifestyles. The company is a technology innovator in the EV market, aiming to offer eco-friendly, premium EVs that stand out based on design, quality, comfort, range, and price.
• Product Development: The company has four models in its phased development strategy: the limited-edition Coupe (488), long-range Sedan, compact City Car (Chloe), and long-range SUV. These models are designed to cater to consumers seeking practical, innovative, and luxury EV experiences.
• Modular Integration Concept: Thunder Power leverages a modular integration concept starting with a patented modularized chassis system. This approach allows for the creation of a family of EVs (excluding the City Car) that share common parts and modules, reducing investment and design/production time compared to traditional automotive manufacturers.
• Future Outlook: The company plans to first create the initial design for its Sedan, then scale upwards to create the Coupe and downwards to create the City Car. Eventually, they aim to complete their offering with the SUV. The company is also actively seeking private equity financing to support its business plan and sustain growth.
• Market Strategy: Thunder Power intends to target not only consumers who desire EVs but also those who seek practical and innovative solutions as well as a luxury experience. The company aims to build its first production facility in the U.S., capitalizing on the growing global demand for EVs, especially in the premium segment.

SEC Filing: Thunder Power Holdings, Inc. Releases Q2 2024 [ OTC:AIEV ] - 10-Q - Sep. 04, 2024