Thunder Power Holdings, Inc. Releases Q3 2024 10-Q Report

Thunder Power Holdings, Inc., a company dedicated to the development and manufacturing of premium electric vehicles (EVs), has released its Form 10-Q report for the third quarter of 2024. The report provides insights into the company's financial performance and operational progress during this period.

Financial Highlights

• Revenues: $0 million. The company has not generated revenue from the sale of EVs during the reporting period.
• Net loss: $(912,217) for the three months ended September 30, 2024, compared to $(646,148) for the same period in 2023, primarily due to increased professional expenses related to the Business Combination.
• Net loss: $(2,474,256) for the nine months ended September 30, 2024, compared to $(1,594,726) for the same period in 2023, driven by higher professional expenses and share-based compensation.
• Loss per share – basic and diluted: $(0.02) for the three months ended September 30, 2024, compared to $(0.02) for the same period in 2023.
• Loss per share – basic and diluted: $(0.06) for the nine months ended September 30, 2024, compared to $(0.05) for the same period in 2023.

Business Highlights

• Company Overview: Thunder Power Holdings, Inc. focuses on developing and manufacturing premium electric vehicles (EVs) with differentiated designs and solutions tailored for various lifestyles. The company aims to offer eco-friendly, premium EVs that are competitive in design, quality, comfort, range, and price.
• Product Development: The company has developed several proprietary technologies that form the foundation of its EV lineup. Currently, four models are featured 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.
• Business Combination: On June 21, 2024, Thunder Power Holdings completed a business combination with Feutune Light Acquisition Corporation. This merger resulted in the formation of Thunder Power Holdings, Inc., which is now listed on the Nasdaq Global Market under the symbol 'AIEV'.
• Future Outlook: The company plans to leverage its modular integration concept to create a family of EVs that share common parts and modules, aiming to reduce investment and production time compared to traditional automotive manufacturers. The initial design focus is on the Sedan, with plans to scale upwards to the Coupe and downwards to the City Car, eventually rounding off the offering with the SUV.
• Operational Challenges: The company acknowledges the challenges of being an early-stage company with limited operating history in a rapidly evolving market. It has not yet released any commercially available vehicles and lacks experience in manufacturing or selling products at scale.
• Strategic Focus: Thunder Power Holdings is actively seeking private equity financing and exploring opportunities to improve liquidity through borrowing from related parties and obtaining financial support from its principal shareholder.
• Market Positioning: The company intends to target not only consumers who desire EVs but also those who seek a luxury experience. It aims to capture market share based on its unique design, quality, comfort, range, and competitive pricing.

SEC Filing: Thunder Power Holdings, Inc. Releases Q3 2024 [ OTC:AIEV ] - 10-Q - Nov. 14, 2024