News Hub | News Direct

News Release

4 Stocks with Exposure to the Growing Asian and Middle Eastern EV Markets

VVPR, VFS, NWTN, LCID

There’s been a lot of recent news about automakers cutting back on or delaying production of electric vehicles (EVs) due to slowing consumer demand. One of the main culprits responsible for the weakening demand is high interest rates, which have made consumers hesitant to finance big-ticket purchases like electric cars. Luckily, a rebound could be on the horizon as the Fed’s interest rate hiking cycle appears to be at an end, which means once rates start falling, EV sales should pick back up. As a matter of fact, a recent report from Fortune Business Insights projects that the global EV market will grow from $500.48 billion in 2023 to $1.5 trillion in 2030, representing a CAGR of 17.8%, which reaffirms the industry’s solid growth prospects. Even as the US market slows, EV adoption in other regions like Asia, the Middle East, and Africa has been rapidly increasing. In Asia, analysts expect EV sales to grow at least 22% annually until 2028, while the Middle East market will almost triple to be worth about $7.65 billion by the same time, according to Deloitte. These economies are already growing at a healthy clip, and now, thanks to increasing government incentives, EV adoption is driving massive demand. This means that EV companies with an early foothold in these regions could reap substantial gains as this trend continues to play out. Due to this fact, we have identified four EV stocks with a presence in these regions that we believe should be on your radar. VivoPower International PLC (NASDAQ:VVPR) provides a comprehensive suite of sustainable energy solutions (SES), including electric vehicles, solar systems, battery technology, microgrids, and critical power services, through its subsidiaries. For some background, VivoPower started out by providing solar energy for clients in the commercial, industrial, and government sectors but went public after Arowana Inc., a spac acquisition, acquired it in a transaction worth $162 million. In October 2020, VivoPower acquired a majority shareholding in Tembo e-LV, marking its entry into the highly profitable electric vehicle market as illustrated by the double-digit revenue growth rates of top OEMs. For instance, BYD, Tesla, and NIO increased FY2023 revenues by 42%, 19%, and 10%, respectively, while Li Auto (LI) experienced an impressive 160% growth. But unlike those companies, VivoPower’s Tembo takes a different approach to solving the EV problem, which we believe could be even more profitable. Instead of people getting rid of their current cars to buy new EVs, which inadvertently leads to more emissions, Tembo supplies conversion kits containing all the parts needed to convert a vehicle from an internal combustion engine (ICE) to an electric (EV). These parts include the batteries, an e-motor, a reduction box, a charger, software, and many other components that make the converted vehicle work safely and seamlessly. The EV specialist offers conversion and integration capabilities and IP for ruggedized and customized off- and on-road light utility vehicle applications (for both new and second-hand vehicles) that could be used to service a diverse range of sectors, from mining, infrastructure, and utilities to government services, game safaris, and humanitarian aid. According to the iea, there should be around 350 million EVs on the road by 2030 if we are to stay the course to reach net zero carbon emissions by 2050. The only problem is that, as of 2022, there were just over 26 million EVs on the road. It's unlikely that OEMs will fill all this demand and this is where VivoPower International PLC (NASDAQ:VVPR) comes in. The company’s conversion kits are already resonating well with the EV market, and we believe that the company’s business model and approach have been validated based on a number of key corporate milestones achieved so far. For starters, VivoPower International PLC (NASDAQ:VVPR) significantly expanded its distribution network after securing a commitment of 5000+ kits and an order pipeline of 10,000+ in the first half of 2023. Those included an MOU in Jordan for 1,000 kits, opening a path to the Middle East, which is the largest Landcruiser market, and a definitive agreement in Kenya for 4,000 kits, providing entry into second-hand vehicle segments, which expands the addressable market considerably. More recently, Tembo signed a definitive joint venture agreement with Francisco Motor Corporation in September 2023 to develop and supply electric utility vehicle (“EUV”) electrification kits for a new generation of electric jeepneys (e-jeepneys) in the Philippines, which could be a major growth driver for VivoPower. That is because the Electric Vehicle Association of the Philippines (EVAP) estimates that the cumulative sales of e-vehicles in the country will reach 6.6 million units by 2030, driven by favorable government policies. In fact, e-vehicles got an exemption from excise tax, and a recent Executive Order scrapped the tariff rates of completely built-up imported e-vehicles for five years to help them become more cost-competitive in the country. VivoPower International PLC (NASDAQ:VVPR) also signed a joint venture with Geminum Pty Ltd in October 2023 to design, test, and implement digital twins of Tembo’s EUVs and ancillary Vivopower sustainable energy solutions (SES). In essence, this means that VivoPower offers EV investors exposure to the fastest-growing economies in Southeast Asia, the Middle East, and Africa, which is why the company has seen strong financial support, illustrating investor interest and confidence. Last year, in December, Vivo received a direct investment of $5 million into Tembo at a pre-money valuation of $120 million from a private investment office based by a member of the ruling Al Maktoum family of Dubai. At the moment, VVPR has a market cap of about $4.5 million, which implies that its valuation has significant upside potential even without taking into account its other subsidiaries. Moreover, VivoPower International PLC (NASDAQ:VVPR) announced that it will spin off the majority of its Caret business unit’s portfolio, representing up to ten solar projects totaling 586 MW-DC at varying stages of development, which should further unlock shareholder value. It’s also important to note that in February, Vivo started the delivery of its next-generation Electric Utility Vehicle (EUV) powertrain conversion kits to Access Industrial Mining Inc, Tembo’s exclusive distributor in Canada. The Tembo EUV conversion kits will transform new and second-hand diesel-powered 4×4 LandCruiser and Hilux vehicles into ruggedized EUVs that are fit for purpose for mining and other industrial applications. VinFast Auto Ltd. (NASDAQ:VFS) is a Vietnamese EV maker which went public following the completion of its merger with the U.S.-listed spac company Black Spade Acquisition in a transaction valued at approximately $23 billion, according to a June filing with the U.S. SEC. Soon after listing, shares of the EV maker had a massive rally, topping out at an all-time high of $93 before retracing back to slightly below its listing price as demand for EVs cooled. VFS recently reported fourth-quarter earnings, revealing it delivered a record number of 13,513 EVs globally in the period, up 35% quarter-on-quarter, with total EV deliveries for the full year coming in at 34,855, representing a 374% increase from 2022. Going forward, the company has set its sights firmly on South Asia as its next growth frontier, which is why, at the Bangkok International Motor Show, VFS announced plans to sell its electric vehicles in Thailand, indicating it had already made arrangements with auto dealers to open showrooms in the country. This could be a huge opportunity for the company considering that Thailand has an ambitious goal to convert 30% of the 2.5 million vehicles it makes annually into EVs by 2030. In addition to that, VFS marked its launch in Indonesia during the Indonesia International Motor Show 2024 by signing preliminary agreements with five dealers. The company also signed an MOU with three Indonesian companies for our fleet of the first 600 EVs for taxi purposes in Indonesia. Unsurprisingly, Chardan Research has reiterated its bullish view on VinFast Auto, with analyst Briand Dobson noting the company’s Q4 results showed the company's ability to drive production growth despite supply chain headwinds. Dobson and team believe shares of VFS are undervalued at below $6 and boosted their price to $13, which implies about 133% upside from the current price. NWTN (NASDAQ:NWTN), based in the United Arab Emirates, is a pioneering green energy company that develops new energy vehicles and is dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers. The company’s electric vehicles include a Supersport coupe and smart passenger vehicles, such as MUSE and ADA. NWTN also went public via a SPAC with East Stone Acquisition back in November 2022, in a transaction that resulted in NWTN receiving gross proceeds of $400 million in PIPE investment from institutional investors and strategic partners. According to its most recent earnings filings, the company generated just $0.6 million in revenues over the six months ending June 30, 2023, and lost $70 million in operations over the same period. During the period, NWTN delivered ten vehicles to one customer from its electric vehicle assembly facility in Khalifa Economic Zones Abu Dhabi ("KEZAD"), which got its sales licenses from Abu Dhabi Emirate in early 2023. The company has been strengthening its distribution networks and recently established a ground-breaking collaboration with Autostrad Car Rental Company for the purchase of two hundred Rabdan One vehicles for their fleet, which would initially support the prestigious COP 28 event. According to NWTN, the partnership marks a historic moment in the evolution of sustainable transportation in the UAE as the Rabdan One is introduced into Autostrad’s prestigious fleet. Ahmed Abood Al Yafei, Group CEO of Autostrad, highlighted the group's commitment to sustainability: "The acquisition of the Rabdan electric fleet aligns with our strategic vision for sustainable mobility. " The company has been attracting significant investor attention, with a number of hedge funds such as Renaissance Technologies, Jane Street Group, and Mint Tower Capital Management B.V. and other institutional investors having recently increased their stakes in NWTN. Lucid Group, Inc. (NASDAQ:LCID) is an American EV company with headquarters in California and a manufacturing plant in Arizona. During the company’s recent earnings call, it was revealed that it produced 2,391 EVs for Q4 and a total of 8,428 electric vehicles in FY 2023, showing 17% year-over-year growth. Lucid's actual production results came in at the top end of Lucid's revised guidance for FY 2023 (8,000–8,500 EVs). The company reported revenue of $157.2 million, which was about 39% lower than Q4 2022, and the company's quarterly net loss was $653.8 million. Despite that loss, things could be gearing up for a turnaround. One of the highlights of the call was that the management team said that the Gravity, an SUV model scheduled to launch in late 2024, would "expand [the] total addressable market from 2023 by more than 6x," while the "more affordable, high-volume midsize car," scheduled to launch in late 2026, "will expand [the] market opportunity from 2023 to nearly 20x." That could perhaps explain why Saudi Arabia has invested immense political and economic capital for Lucid to succeed. Just recently, LCID announced that it had entered into an agreement with its majority stockholder, Ayar Third Investment Company, an affiliate of the Saudi Public Investment Fund ("PIF"), to purchase $1.0 billion of a newly created series of convertible preferred stock via private placement. "We are extremely pleased to receive this strong, continued support from the PIF as we work to solidify our place as the world's leading EV technology company," said Peter Rawlinson, CEO and CTO, Lucid Group. "We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF's support as a key differentiator.” Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, or assumptions of future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor’s investment may be lost or due to the speculative nature of the companies profiled. Capital Gains Report (CGR) owned by RazorPitch Inc. is responsible for the production and distribution of this content. CGR is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. CGR has been retained by VivoPower International PLC. to produce and distribute this content. As part of that content, readers, subscribers, and webs are expected to read the full disclaimers and financial disclosure statement that can be found on our website capitalgainsreport.com All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. CGR is not a fiduciary by virtue of any persons use of or access to this content. Contact Details CapitalGainsReport Mark McKelvie +1 585-301-7700 markrmckelvie@gmail.com Company Website http://razorpitch.com

April 01, 2024 05:00 AM Eastern Daylight Time

U.S. Ferrosilicon Producers File Petitions to Stop Unfairly Traded Imports from Russia, Kazakhstan, Malaysia, and Brazil

U.S. Ferrosilicon Producers

CC Metals and Alloys, LLC (“CCMA”) and Ferroglobe USA, Inc. (“Ferroglobe”), representing all American ferrosilicon production, today filed petitions with the U.S. Department of Commerce (“Commerce”) and U.S. International Trade Commission (“ITC”) alleging that unfairly priced and subsidized ferrosilicon imports from Russia, Kazakhstan, Malaysia, and Brazil are causing material injury to U.S. industry. The antidumping and countervailing duty petitions detail unfair trade practices to sell ferrosilicon at less than fair value and allege dumping margins of up to 212%, as well as numerous subsidies. The petitions detail the extensive injury suffered by the U.S. industry and its workers, and request relief in the form of special duties on all associated imports. “The onslaught of dumped imports from these countries over the last three years has caused serious harm to the U.S. industry, its workers, and the communities in which we operate,” said Marco Levi, Chief Executive Officer of Ferroglobe PLC. “A successful outcome in these cases will allow us to get back to work on a level playing field.” “American producers can compete with anyone in the world, as long as we’re all playing by the same rules,” said Chris Cobb, CCMA’s plant manager. “Bringing these cases allows us to protect our colleagues, employees, and communities. Fortunately, our country’s trade laws are set up to support fair trade. On behalf of our employees, customers, and colleagues, we look forward to seeing those laws enforced and those who violate our laws held accountable.” The cases filed today cover all types of ferrosilicon, regardless of chemistry, grade, or physical form. After today’s filing, Commerce will initiate its antidumping and countervailing duty investigations by April 17, 2024, and the ITC is expected to make a preliminary injury determination by May 13, 2024. About the CCMA and Ferroglobe CCMA traces its roots back to 1949, when it was founded as a producer of large-volume commodity ferroalloys for the steel industry in Calvert City, Kentucky. Today CCMA is an ISO 9001 certified leading manufacturer of more than 40 different products including 18 different ferrosilicons and more than 20 different magnesium ferrosilicon inoculants, high purity, 3%-9% magnesium and proprietary alloys. CCMA ships over 100,000 metric tons of finished product annually from our manufacturing facility in Calvert City, KY via barge, rail and truck. Ferroglobe is a wholly owned U.S. subsidiary of Ferroglobe PLC, a world-leading producer of ferrosilicon, silicon metal, and manganese-based alloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. Through its subsidiaries, Ferroglobe owns metallurgical manufacturing facilities and other operations in Ohio, West Virginia, South Carolina, Alabama, Indiana, Florida and Kentucky. For more information, visit https://www.ccmetals.com/ and https://www.ferroglobe.com/ Contact Details EAH Strategies, LLC Elizabeth Heaton +1 202-445-9858 elizabeth@eahstrategiesllc.com

March 28, 2024 04:15 PM Eastern Daylight Time

Foresight Announces Fourth Quarter and Full Year 2023 Financial Results

Foresight Autonomous Holdings Ltd.

Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), today reported financial results for the fourth quarter and full year ended December 31, 2023. Foresight ended the full year 2023 with revenues of $497,000 and with $15.7 million in cash, cash equivalent and restricted cash. The Company reported a U.S. generally accepted accounting principles (GAAP) operating loss of $16.3 million which is approximately a 7% decrease from the GAAP operating loss of $17.5 million reported for the full year 2022. Foresight reported a GAAP net loss of $3.6 million for the fourth quarter 2023, compared to a GAAP net loss of $3.8 million for the fourth quarter 2022, and a non-GAAP net loss of $3.3 million for the fourth quarter 2023, compared to a non-GAAP loss of $3.4 million for the fourth quarter 2022. A reconciliation between GAAP net loss and non-GAAP net loss is provided in the financial statements that are part of this release. “In 2023, the world was captivated by the potential of artificial intelligence (AI) to revolutionize the ways in which we live, work, and travel,” said Haim Siboni, CEO of Foresight. “This excitement extended to the mobility and transportation industries, as Foresight and its subsidiaries and affiliates gained momentum and drew global interest in their AI-based technologies and other innovative solutions. Foresight recently completed two paid proof of concept (POC) projects with a leading Japanese vehicle manufacturer, demonstrating the widespread commercial viability of our solutions for 3D depth perception. These successful projects follow similar collaborations with leading manufacturers in China, Israel, and South Korea. Foresight continues to execute on its strategy of collaborating with some of the world’s largest Tier One automotive suppliers, indicating expansive and diverse potential for long-term growth." “Foresight recently announced several milestones together with its wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net Mobile” or “Eye-Net”). Eye-Net has successfully completed the technology validation phase of a multi-phase collaboration project with SoftBank Corp. (“SoftBank”). Moving forward, SoftBank will collaborate with its business partners to initiate sales efforts for Eye-Net's products in Japan. Together, we believe that Foresight and Eye-Net are poised to achieve commercial breakthroughs in 2024,” concluded Siboni. Recent Corporate Highlights: Eye-Net and Softbank Corp. Successfully Complete Technology Validation Phase for Connected Mobility Applications in Japan: In March 2024, Eye-Net announced that SoftBank will collaborate with its business partners to initiate commercial validation efforts of Eye-Net's products in Japan. This follows the successful completion of the technology validation of Eye-Net’s products. SoftBank and Eye-Net have entered into a multi-phase agreement initiated in a paid technological POC, of which the first phase was successfully completed in November 2023. Through this collaboration, SoftBank will initiate sales efforts with its key business partners to move forward with the commercial validation of Eye-Net’s solutions, paving the way for improved collision prevention in Japan. Eye-Net Secures Follow-up Order from Leading Japanese Vehicle Manufacturer: In March 2024, Eye-Net announced that it has received an additional order for a paid development project from a leading global Japanese vehicle manufacturer, following the successful completion of the first two phases of a paid POC project. The parties engaged in a POC project back in February 2023. The successful completion of that phase is a significant milestone, demonstrating the feasibility and potential benefits of Eye-Net's technology for the automotive industry. Foresight Successfully Completes Project with Leading Japanese Vehicle Manufacturer: In February 2024, Foresight announced the successful completion of two POC projects with a leading Japanese vehicle manufacturer. The vehicle manufacturer evaluated the accuracy of Foresight’s unique automatic calibration capabilities to enhance 3D depth perception. Following satisfactory results, the parties are exploring co-development initiatives for further evaluation of the solution’s capabilities. Potential collaboration may involve integration of Foresight’s technology into the manufacturer’s passenger vehicles. Foresight Announces Pricing of $4.5 Million Registered Direct Offering: In December 2023, Foresight announced it entered into definitive agreements with institutional investors and insiders of the Company, including the Company’s Chief Executive Officer (through a company under his control), for the purchase and sale of 4,500,000 of the Company’s American Depositary Shares (“ADSs”) at a price of $1.00 per ADS pursuant to a registered direct offering. The gross proceeds of the offering amounted to $4.5 million before deducting placement agent fees and other offering expenses. Eye-Net Selected by European Software République Consortium to Take Part in the Road Safety Revolution: Foresight’s wholly owned subsidiary, Eye-Net Mobile, signed an agreement to join Software République in November 2023. Software République is a European innovation ecosystem for intelligent, secure, and sustainable mobility, founded by Dassault Systèmes SE, Eviden, Orange S.A., Renault Group, STMicroelectronics N.V and Thales Group. Eye-Net was selected to join Software République’s incubation program for a project that will deliver an accessible vehicle-to-everything (V2X) road safety solution for all road users. Foresight Receives Notice of U.S. Patent Allowance for 3D Image Analysis System and Calibration Technology: in October 2023 Foresight received a notice of allowance from the U.S. Patent and Trademark Office for its patent application, number 17/982,691, for “System and Method for Stereoscopic Image Analysis.” The patented technology enables the generation of 3D depth perception from any given pair of cameras, even those that have different optical properties and fields of view. The patent serves as the underlying technology of Foresight’s Mono2Stereo™ and Mono2Stereo™ 360° perception enhancement solutions. Fourth Quarter 2023 Financial Results Revenues for the fourth quarter of 2023 increased by 39.4% to $138,000, compared to $99,000 for the fourth quarter of 2022. The revenues were generated primarily from the successful completion of a POC project with a leading Japanese vehicle manufacturer in the amount of $60,000, and from the commercialization agreement with Elbit Systems Land Ltd. ("Elbit") in the amount of $57,000. Research and development (R&D) expenses, net for the fourth quarter of 2023 were $2,430,000, a 20% decrease compared to $3,035,000 for the fourth quarter of 2022. The decrease is mainly attributed to a decrease in payroll and related expenses and a decrease in subcontracted work and consultants. Sales and marketing (S&M) expenses for the fourth quarter of 2023 were $290,000, a decrease of 38.4% compared to $471,000 for the fourth quarter of 2022. The decrease is mainly attributed to a decrease in payroll and related expenses and a decrease in consultants. General and administrative (G&A) expenses for the fourth quarter of 2023 were $675,000, a decrease of 37.9% compared to $1,087,000 in the fourth quarter of 2022. The decrease is primarily attributed to a decrease in payroll and related expenses and in professional services. Financial expenses, net for the fourth quarter of 2023 were $255,000, compared to financial income, net of $718,000 in the fourth quarter of 2022. Financial expenses, net for the fourth quarter of 2023 consisted of a loss from the revaluation of the Company’s investment in Rail Vision Ltd. to its fair value in the amount of $759,000, offset by exchange rate differences and others in the amount of $383,000 and by interest income in the amount of $121,000. Finance income, net for the fourth quarter of 2022 consisted of profit from the revaluation of the Company’s investment in Rail Vision Ltd. to its fair value in the amount of $1,267,000 and interest income in the amount of $387,000, offset by exchange rate differences and others in the amount of $936,000. GAAP net loss for the fourth quarter of 2023 was $3,551,000, or $0.011 per ordinary share, compared to a GAAP net loss of $3,820,000, or $0.012 per ordinary share, in the fourth quarter of 2022. Non-GAAP net loss for the fourth quarter of 2032 was $3,293,000, or $0.01 per ordinary share, compared to a non-GAAP net loss of $3,377,000 in the fourth quarter of 2022, or $0.01 per ordinary share. A reconciliation between GAAP net loss and non-GAAP net loss is provided following the financial statements that are part of this release. Non-GAAP results exclude the effect of share-based compensation expenses. Full Year 2023 Financial Results Revenues for the full year ended December 31, 2023, decreased by 9.6% to $497,000, compared to $550,000 for the full year ended December 31, 2022. The revenues were generated primarily from the commercialization agreement of the Company with Elbit in the amount of $250,000 and from the successful execution of several projects including: POC project with two leading Japanese vehicle manufacturers in the amount of $106,000, POC project of Eye-Net with SoftBank in the amount of $34,000 and from a POC project of Eye-Net with a leading Japanese vehicle manufacturer in the amount of $28,000. R&D expenses, net for the full year ended December 31, 2023, were $11,587,000, compared to $11,534,000 for the full year ended December 31, 2022. S&M expenses for the full year ended December 31, 2023, were $1,939,000, a decrease of 13% compared to $2,230,000 for the full year ended December 31, 2022. The decrease is mainly attributed to a decrease in payroll and related expenses and a decrease in consultants offset by an increase in exhibitions and travel. G&A expenses for the full year ended December 31, 2023 were $3,119,000, a decrease of 21.8% compared to $3,989,000 for the full year ended December 31, 2022. The decrease is mainly attributed to a decrease in payroll and related expenses and in professional services. Financial expenses, net for the full year ended December 31, 2023 were $2,119,000, a decrease of 49.8% compared to financial expenses, net of $4,221,000 for the full year ended December 31, 2022. Financial expenses, net for the year ended December 31, 2023, consisted of loss from the revaluation of the Company’s investment in Rail Vision Ltd. to its fair value in the amount of $2,333,000 and from exchange rate differences and others in the amount of $453,000, offset by interest income in the amount of $667,000. Financial expenses, net for the year ended December 31, 2022, consisted of loss from the revaluation of the Company’s investment in Rail Vision Ltd. to its fair value in the amount of $2,208,000, and exchange rate differences and others in the amount of $2,202,000, offset by interest income in the amount of $189,000. GAAP net loss for the full year ended December 31, 2023, was $18,410,000, or $0.056 per ordinary share, a decrease of 15.1% compared to a GAAP net loss of $21,676,000 for the full year ended December 31, 2022, or $0.067 per ordinary share. Non-GAAP net loss for the full year ended December 31, 2023, was $16,969,000, or $0.051 per ordinary share, compared to a non-GAAP net loss of $19,850,000 for the full year ended December 31, 2022, or $0.061 per ordinary share. Balance Sheet Highlights Cash and restricted cash totaled $15.7 million as of December 31, 2023, compared to $26.5 million in cash, restricted cash, and short-term deposits as of December 31, 2022. GAAP total equity totaled $16.0 million as of December 31, 2023, a decrease of 44.4% compared to $28.8 million as of December 31, 2022. The decrease is mainly attributed to the net loss for the period in the amount of $18,410,000 and from share-based payments in the amount of $1,441,000, offset by issuance of ordinary shares, net of issuance expenses, in the amount of $4,183,000. Use of Non-GAAP Financial Results In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the company's earnings release contains non-GAAP financial measures of net loss for the period that exclude the effect of stock-based compensation expenses. The company’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the company's ongoing operations. Management also uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial measures disclosed by the company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and non-GAAP measures are provided later in this press release. About Foresight Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics. For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on X, or join Foresight Automotive on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses that its collaboration agreements indicate expansive and diverse potential for long-term growth, the belief that it and Eye-Net are poised to achieve commercial breakthroughs in 2024, the potential for SoftBank to initiate sales efforts with its key business partners to move forward with the commercial validation of Eye-Net’s solutions, paving the way for improved collision prevention in Japan and that it expects to explore co-development initiatives with a leading Japanese vehicle manufacturer, for further evaluation of its solution’s capabilities. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third party websites. Contact Details Investor Relations Contact: Miri Segal-Scharia, CEO, MS-IR LLC +1 917-607-8654 msegal@ms-ir.com Company Website https://www.foresightauto.com/

March 27, 2024 05:00 PM Eastern Daylight Time

Ocean Power Technologies secures key deal for WAM-V USV's in Latin America

Ocean Power Technologies Inc

Ocean Power Technologies CEO Philipp Stratmann joined Steve Darling from Proactive to share exciting news regarding the company's latest commercial milestone. Ocean Power Technologies has announced the largest quantity order in its history, signifying a significant achievement for the company. A valued customer operating in the offshore energy service industry in Latin America has placed purchase orders for multiple WAM-V USVs (Wave Energy Marine Vehicles), representing a substantial investment totaling over $1.5 million. This milestone underscores OPT’s continued expansion in the region and highlights the growing demand for its innovative solutions. Stratmann explained to Proactive that the WAM-V USVs will be deployed in hydrographic applications, leveraging their adaptability and reliability to provide the customer with a versatile multi-application solution. This landmark order not only demonstrates the effectiveness of OPT's technology but also solidifies the company's position as a leader in the marine robotics industry. By delivering unrivaled solutions that redefine possibilities in marine robotics, OPT is poised to meet the evolving needs of its customers and drive growth in the region. The significance of this order extends beyond its monetary value, marking a pivotal moment for Ocean Power Technologies. It showcases the company's commitment to delivering innovative solutions that address the unique challenges of the offshore energy sector. OPT's ability to secure this substantial order underscores its reputation for excellence and positions it for further success in the dynamic Latin American market. In summary, the largest quantity order in Ocean Power Technologies' history represents a significant milestone for the company, highlighting its continued growth and success in the marine robotics industry. With a focus on delivering unparalleled solutions and driving innovation, OPT is well-positioned to capitalize on emerging opportunities and solidify its position as a leader in the field. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

March 27, 2024 12:30 PM Eastern Daylight Time

Video

Timothy Applegate Elected as Board Chair Elect for National Contract Management Association

National Contract Management Association

The National Contract Management Association (NCMA), dedicated to advancing the contract management profession, proudly announces the appointment of Timothy Applegate as its Board Chair for Program Year 2026, that begins July 1, 2025. A retired Colonel in the United States Air Force, Mr. Applegate brings over 36 years of acquisition and contracting expertise to the role. Mr. Applegate is currently a distinguished member of the Senior Executive Service and Director of the Acquisition Management and Integration Center at Headquarters Air Combat Command (ACC), where he is responsible for overseeing a total acquisition portfolio exceeding $20 billion. A devoted member of NCMA since 1992, an NCMA Certified Professional Contract Manager™ (CPCM™) certificant, Board Member (2018- 2021 and 2023-2024), and Board Advisor (2021-2022), Mr. Applegate is a dedicated and long-standing champion of NCMA and the role it plays in the advancement of the contract management profession. "It is a privilege to serve alongside such esteemed colleagues and I look forward to working with the NCMA's dedicated members and partners,” said Mr. Applegate. Kraig Conrad, CEO of NCMA, added, "Tim's wealth of experience and expertise is truly invaluable to meet our strategic objectives. Over the past six years, he has been instrumental in fostering the growth and evolution of our association through his dedicated service. I am eager to collaborate with him to advance our Common Language Initiative and expand our partnerships to elevate the profession with international standards.” With Mr. Applegate assuming the role of Board Chair-Elect, NCMA is poised to further enhance its programs and standards, ensuring that practitioners receive unparalleled support and opportunities for professional development and certification. The entire NCMA community eagerly looks forward to the transformative leadership that Mr. Applegate will bring to the organization. The National Contract Management Association (NCMA) – www.ncmahq.org – has grown as a professional society whose mission is to collaborate towards a globally recognized contract management profession that strengthens its nexus with related acquisition communities. Serving approximately 20,000 members in both the public and private sectors, NCMA propels the growth, advancement, and impact of practitioners through a steadfast commitment to serve through the open exchange of ideas in neutral forums. Contact Details National Contract Management Assocation Holly DeHesa +1 281-865-3296 holly.dehesa@ncmahq.org Company Website https://www.ncmahq.org

March 26, 2024 06:25 PM Eastern Daylight Time

Image

Ryvid introduces fresh new Colorways and Accessories for Anthem Electric Motorcycle, plus new Financing options

Ryvid, Inc

Following last month’s announcement of a complete 3D parts catalog available to owners of the American-built Ryvid Anthem electric motorcycle, the California-based company is continuing to expand at a phenomenal rate. The month of March is filled to the brim with announcements, headlined by two new colors for the 2024 Ryvid Anthem, including the distinctive Photon Blue and Plasma Yellow. These colorways join the existing line up of Galactica Black, Rapid White, Carbon Grey and Atomic Gold, expanding customer choice to six desirable colors. And thanks to the 3D Parts Catalog at ryvid.com, existing Anthem owners will be able to purchase body panels in the latest colors or even mix and match. The vibrant new Photon Blue and Plasma Yellow are perfect for the Spring and Summer, helping to ensure the clean lines of the Ryvid Anthem really stand out. ACCESSORIES Another new Ryvid initiative is its Accessories range, which will enable owners to personalize and customize their Anthem. As a special incentive for new owners, Ryvid is offering a $350 Accessories Bundle Credit for anyone purchasing an Anthem before April 15, 2024, allowing the new Accessories to be supplied with the bike. The Accessories are intended to make the electric motorcycle more convenient for users, providing a frequently-requested cargo rack, for example, which can carry up to 25 lb. The rack takes advantage of the threaded holes in every Anthem frame, which were always intended to fulfil this function. Other useful Accessories include a phone mount, Level 2 charging adapter, and helmet lock. Owners can also choose to change the color of their Anthem seat and bodywork or order a replacement battery. The full list of new Ryvid Accessories includes the following: Anthem Rear Rack - $195 Handlebar Phone mount - $55 Anthem Charging Cable 110V - $25 Anthem Charging Cable 220V - $40 Level 2 J-plug Charging Adapter - $95 Anthem 4.3 kWh Battery Pack with Integrated Fast Charger - $3995 Anthem Seat (4 color options) - $250 Helmet Cable Lock - $35 Power Controller Upgraded by ASI - $995 The high-performance Power Controller Upgrade by ASI is a simple plug-n-play swap, allowing Anthem owners can enjoy a 30% increase in acceleration without sacrificing range. The ASI Controller Kit includes a wiring harness that plugs straight into the Anthem. DIY installation instructions are available for new and existing Anthem motorcycles. Customers who order the ASI Controller with a new Anthem will only pay a discounted $800 for the controller once it’s ready to ship in April. FINANCE PLANS By popular demand, Ryvid has partnered with FreedomRoad Financial to offer competitive rates and extended term financing options. To see if an applicant qualifies, they simply click the “I Want to Finance” option on the Anthem page at ryvid.com and a member of the Lightning Squad will walk them through the process. The introduction of the new San Bernardino, CA factory facility has led to faster production schedules. This has not only allowed the company to ship the Anthem within four weeks of order completion, but customers can now select from four shipping options. This includes California collection and expedites national delivery to ensure new customers are enjoying the Anthem Electric as soon as possible. At the point of purchase, all California residents will pay tax and registration prior to shipping, ensuring their Anthem is ready to go upon arrival. Residents of all other states will pay the applicable tax and registration at their local DMV. SHOWS, DEMOS & MODEL LAUNCH At the Mama Tried motorcycle show in Milwaukee, WI in February, Ryvid was not only an event sponsor but supported the entry of a modified Anthem by Thor Drake from SeeSee Motorcycles. Competing in the Ryvid-sponsored EV class race, he placed third after an exciting battle. Additionally, Ryvid displayed the Anthem and provided demo rides to show attendees. Looking forward to April 19-21, Ryvid will be a title sponsor of The One Motorcycle Show in Portland, OR. There are big plans for this community event, which will again see the Anthem on display and available for demo rides. As a custom motorcycle show, many customized Anthems will also be on display for the first time, inspiring current and future owners. However, the major news is that Ryvid will debut its brand-new electric motorcycle at The One Moto Show, giving visitors and attending media the chance to see this exciting new model in the flesh for the very first time. More details will be revealed next month, but the groundbreaking concept will offer a revolutionary approach to motorcycle design, purchasing and customization. We can’t wait to reveal it to everybody at The One Moto Show and beyond. EDITOR’S NOTE Images of the new colorways and Accessories are available here: dropbox.com/scl/fo/17vu3pgnzq8lhj39h90tn/h?rlkey=j8r5h2tzgp810zfbm6fvfhxhi&dl=0 ABOUT RYVID Ryvid is a cutting-edge manufacturing corporation in the high-growth field of Electric Light Vehicles. Founded by enthusiasts, engineered by innovators, and designed by aerospace industry gearheads, Ryvid’s mission is to create more sustainable and enjoyable personal mobility. The company name was derived by the merging of Rhythm and Avid; elements of motion and emotion that define the experience of using our products. With its first product – the Anthem – Ryvid produced a revolutionary, lightweight, affordable electric motorcycle with a significantly lower carbon footprint than its competitors. With the same innovation to be applied to upcoming models and variants, Ryvid is poised to revolutionize urban commuting. Ryvid products are designed and assembled in the United States. For further information, please visit ryvid.com. The Ryvid Anthem is now available to reserve for delivery at $8,995 Contact Details Greg Emmerson greg@theidagency.com Company Website https://ryvid.com/

March 26, 2024 06:55 AM Pacific Daylight Time

Image

Classiq Advances the HPC Quantum Computing Stack by Integrating Classiq’s Engine with NVIDIA CUDA-Q

Classiq Technologies

Classiq, a leader in quantum computing software, today announced it is integrating Classiq’s software with the NVIDIA CUDA-Q platform, which was announced by NVIDIA at its GTC conference last week. This integration facilitates a streamlined process for researchers working with CUDA-Q to generate, analyze and execute quantum circuits. It supports a wide range of quantum applications, including simulations and machine learning. The Classiq true compilation technology enables quantum circuit synthesis that automates the implementation of quantum programs. This capability enables the development process for quantum software and ensures that the generated programs are finely tuned for execution on a broad range of quantum hardware, as well as NVIDIA GPUs. Previously, NVIDIA, Rolls Royce and Classiq demonstrated a breakthrough in quantum computational fluid dynamics (CFD) by designing and simulating the largest quantum program to date. Classiq also launched a Quantum Computing for Life Sciences & Healthcare Center in collaboration with NVIDIA. “Classiq’s technology lies at the heart of quantum computing and provides a powerful conduit between high-performance computing (HPC) users and quantum computing implementation,” said Nir Minerbi, CEO of Classiq. “We’re well-known for our popular quantum development platform, and this integration demonstrates Classiq’s focus on ensuring today’s CUDA-Q and HPC users benefit from seamless access to automatic production of optimized quantum and hybrid quantum-classical algorithms.” Classiq is leveraging its technology to bridge HPC and quantum computation. From simulation to deploying hybrid quantum-classical algorithms to enhanced data processing, this convergence is accelerating as the two advanced computation sectors grow closer. Classiq provides the ideal combination of libraries, functions and automation to support this hybrid HPC-quantum computation space. HPC and quantum computing are increasingly connected through the deployment of hybrid algorithms, co-location of hardware and an emerging talent pool of expert hybrid developers. Classiq makes quantum computing tools more accessible to the global research community, addressing the need to tackle complex problems across various domains such as healthcare, materials science, engineering and finance. Meet Classiq next at the International Supercomputing 2024 conference running May 12-16th in Hamburg, Germany. About Classiq Classiq Technologies, the leading quantum software company, provides an all-encompassing platform (IDE, compiler and OS) with a single point of entry into quantum computing, taking users from algorithm design to execution. The high-level descriptive quantum software development environment, tailored to all levels of developer proficiency, automates quantum programming. This ensures that a broad range of talents, including those with backgrounds in AI, ML and linear algebra, can harness quantum computing without requiring deep, specialized knowledge of quantum physics. Classiq democratizes access to quantum computing and equips its users to take full advantage of the quantum computing revolution, including access to a broad range of quantum hardware. Classiq’s core technology, algorithmic quantum circuit compilation, is engineered to power the quantum ecosystem of today and the future. Classiq works closely with quantum cloud providers and advanced computation hardware developers providing software for use with quantum computers, HPC and quantum simulators. Backed by powerful investors such as HPE, HSBC, Samsung, Intesa Sanpaolo and NTT, Classiq’s world-class team of scientists and engineers has distilled decades of quantum expertise into its groundbreaking software development platform. Follow Classiq on LinkedIn, X (formerly Twitter) or YouTube, join the Slack community, or try the Classiq platform. Contact Details Rainier Communications Michelle Allard McMahon +1 781-718-3248 classiqPR@rainierco.com Company Website http://www.classiq.io/

March 26, 2024 08:00 AM Eastern Daylight Time

NAVEX 2024 Global Incident Management Benchmark Study Reveals Significant Third-Party Reporting to Companies

NAVEX Global

NAVEX, the global leader in integrated risk and compliance management software, has released its 2024 Whistleblowing & Incident Management Benchmark Report. The annual benchmark report offers valuable insights into workplace culture, analyzing trends from 1.86 million global reports spanning thousands of organizations that together employ more than 50 million employees. Amid a record number of tips to the SEC and a burgeoning DOJ whistleblowing program, NAVEX’s comprehensive analysis sheds a critical light on the state of workplace environments worldwide, guiding organizations toward program improvement. "NAVEX remains the gold standard in risk and compliance data analytics, continually innovating our benchmarks to enhance corporate compliance programs and offer business leaders insights into the trending risk areas for their organizations," says NAVEX Chief Risk and Compliance Officer Carrie Penman. "This year's report introduces crucial third-party reporting insights, highlighting an organization’s need to adopt internal and external reporting avenues to bolster integrity, foster accountability and equip the organization to tackle emerging challenges effectively.” This year’s analysis of the data revealed several key themes and notable findings, including: Report volume and case substantiation reach milestones. Internal reporting programs saw a record level of use as measured by NAVEX’s Reports per 100 Employees metric. In addition, the Substantiation Rate metric reached an all-time high, meaning more reports were received and more were found to be true. Report volume, and the substantiation rates of the reports received, are two of the most highly watched metrics in the annual NAVEX publication. To see both reach the highest levels ever is good news. For those with trusted and effective internal reporting programs, this added up to greater visibility into the trends of risk, ethics and culture playing out in their organizations’ operations – real-time intelligence to inform business decision-making. In 2023, organizations received a median 1.57 Reports per 100 Employees across their internal reporting systems, exceeding the previous record of 1.47 set in 2022. More organizations (23%) received five or more Reports per 100 Employees, making this population the largest in the NAVEX data set. And while year-over-year values fluctuated, every size of organization – from the smallest companies to enterprises with over 100,000 employees – has seen report volumes rise comparing 2021 and 2023. At 45%, the overall median share of substantiated or founded reports in 2023 reached an 11-year high. Third parties more likely to report business integrity and financial misconduct issues. In a first for this report, NAVEX analyzed its database by both employees and third-party reporters. Its analysis shows these two groups are distinct across several metrics, highlighting the insight organizations see by promoting their reporting programs internally and externally. Third parties as a group delivered a far greater median share of reports related to Business Integrity matters than employees in 2023 (50% versus 17%). Encompassing topics like conflicts of interest, vendor issues, fraud, global trade and human rights, this category of issues can manifest in various elements of a supply chain. Third-party reporters also showed twice the median share of Accounting, Auditing & Financial Reporting reports as employees in 2023 (10% versus 4.5%). Story emerging on accounting-related reporting – internally and externally. Accounting-related reports -- while lower in overall percentage of reports received internally by organizations at a median of 4.3.% in 2023 -- often receive an outsized share of attention due to potential for regulatory action and the well-publicized bounty program offered by the SEC and its Office of the Whistleblower. The SEC's program is witnessing unprecedented growth in tips and generously rewarding valuable information. Now, the U.S. Department of Justice is launching a similar initiative. Specifically, reports related to Accounting, Auditing, and Financial reporting: Showed the longest time between when an incident was observed and when it was reported to the organization By a large margin, were least likely to be reported anonymously Comprised an outsized share of cases for organizations that receive very few Reports per 100 Employees – meaning while these organizations received well below the benchmark number of reports, they had a much more significant percentage of accounting-related reports Experienced the longest time to investigate and close the case Had among the highest median Substantiation Rates, at 50% Were most likely to cause an employment separation event as a result of a substantiated case Accounted for twice as many of the reports submitted by third parties than those submitted by employees Small increase in report volume shows big payoff in healthy report mix. A diverse array of topics, inquiries, and allegations in internal reporting indicates a robust program. NAVEX’s findings reveal that even minor efforts to promote internal reporting significantly improve the mix of report types received. For instance, in organizations with the lowest report volume, only 8.7% of reports pertain to HR, Diversity, and Workplace Respect. However, in the next tier, this proportion jumps to 36.3%. This trend persists across different report volumes, emphasizing the importance of fostering a reporting culture. A varied mix of report types signifies trust in internal reporting to address a broad spectrum of issues. Even a slight increase from minimal reporting yields a more comprehensive and insightful flow of reports. "With NAVEX's integrated data platform, companies gain unparalleled risk signal data that empowers them to foster healthier workplace cultures, helping them achieve outcomes that matter most,” explains NAVEX Chief Product Officer A.G. Lambert. "Data isn't just numbers; it's the compass guiding organizations toward success and ensuring they stay ahead in the ever-evolving landscape of risk and compliance." Additional notable findings include: Workplace behaviors and discord were clearly visible in the data as more organizations return to office environments. As is always the case in these reports, workplace behaviors and other human resources related matters are by far the highest percentage of reports received by organizations. Workplace Civility matters continued to increase in prominence in 2023, representing a median of 18% of reports and the highest median reporting rate in 2023. This was followed by Discrimination, at a median 12%, Harassment, at a median 7.1%, then Retaliation at a median of 2.0%. The HR, Diversity and Workplace Respect category overall has seen a multi-year increase in its median share of all reports (from 50% in 2021 to 55% in 2023). These figures underscore the growing importance of fostering a respectful and inclusive work environment. Highlighting the seriousness with which organizations are taking reports received, more substantiated reports (18%) resulted in separation from employment in 2023, up significantly from 14% in 2022 and 12% in 2021. The share of reports resulting in no action – effectively the opposite end of the outcome spectrum – fell from 17% in 2022 to 14% in 2023. Nearly nine out of 10 reports of Imminent Threat to a Person, Animals or Property were substantiated in 2023 highlighting the importance that reporters possess the training, knowledge, tools and trust that promote rapid reporting of dangerous issues. This need is made even greater by a new California workplace violence prevention law expected to take effect this year that includes requirements for reporting, incident management and training around this issue. For more insights on the 2024 Whistleblowing & Incident Management Benchmark Report, join Jane Norberg, Arnold & Porter partner and former chief of the SEC Office of the Whistleblower, Keith Thomas, FedEx corporate integrity & compliance lead counsel, Carrie Penman, NAVEX chief risk & compliance officer, and Anders Olsen, NAVEX senior data scientist, for an informative webinar where they will discuss the results of this year’s analysis in detail. Watch the webinar here. NAVEX is trusted by thousands of customers worldwide to help them achieve the business outcomes that matter most. As the global leader in integrated risk and compliance management software and services, we deliver solutions through the NAVEX One platform, the industry’s most comprehensive governance, risk and compliance (GRC) information system. For more information, visit NAVEX.com and our blog. Follow us on Twitter and LinkedIn. Contact Details Navex Global scott.levesque@navex.com Company Website https://navex.com

March 26, 2024 06:00 AM Eastern Daylight Time

SERES announces comprehensive global sales and service expansion strategy

SERES

SERES, the leading Chinese new energy vehicle company, recently announced its global sales and service expansion strategy to redefine the luxury vehicle market using intelligent technology. To achieve this goal, SERES will leverage its exceptional R&D and manufacturing capabilities to implement a series of major initiatives. These include: The launch of a range of more luxurious and intelligent new energy vehicles Increased cooperation with global partners to optimize and improve sales and service networks in major markets worldwide The development of a new service system to provide global users with a premium intelligent service experience "We stand at the forefront of the new energy automotive revolution, aiming to redefine luxury in the electric era with intelligence," said Zhang Xinghai, Founder and Chairman of SERES Group. "In the coming years, SERES will lead the way in 'defining vehicles by software', deeply integrating intelligence into our vehicles to span the full value chain of intelligent products, intelligent safety, and intelligent services. This will deliver a brand-new experience that meets users' most fundamental luxury needs." SERES launched its new expansion strategy at the 2024 Oversea Business Conference held in Chongqing. The company invited business partners from over 60 countries and regions to discuss plans for a global luxury sales and service network. SERES targets exporting 50,000 units by the end of this year, making it the top luxury brand to export from China, and plans to increase exports to 200,000 within three years, with a long-term goal of reaching 500,000 exports by 2030. SERES further elaborated on its overseas strategy, emphasizing its focus on the global SUV market with luxury, intelligent and comfort products. By harnessing local insights and leveraging existing technological advancements from the Chinese market, along with expansion into both left-hand and right-hand drive markets, SERES aims to deliver unparalleled driving experiences worldwide. SERES will soon launch new luxury intelligent SUV models in its SERES 5, SERES 7 and SERES 9 ranges in markets around the world, offering pure electric and range-extended options. In 2024, a total of six models from these three ranges will be launched into the global market, targeting the need for individual use, family use, as well as business use. As early as Q2 2024, consumers in the Middle East, Central Asia and South America can start to purchase these products. To enhance a premium sales and services network, SERES will continue to increase cooperation with global partners. Based on current diverse, flexible, and mutually beneficial collaborations, future plans include the development of service systems, local sales companies and the construction of overseas factories. SERES has already successfully expanded its presence to more than 20 countries worldwide and is actively enhancing its global market footprint through a robust growth strategy in key regions, including European, Middle Eastern and North African, as well as Latin American markets. This year, SERES plans to expand further by opening up 30 new markets, bringing its global presence to 60 major markets by the year’s end. With powerful products and premium sales and service networks, SERES is aiming to redifne the traditional luxury market. According to China Passenger Cars Association’s luxury brand sales rankings in the Chinese market (January 1 – March 10, 2024), SERES has already become a top-5 luxury brand in China, closely following the traditional luxury brands Audi, BMW and Mercedes. The new SERES range: A fusion of luxury and intelligence The brand-new flagship full-size luxury SUV SERES 9 leads its generation in intelligent technology. Its cutting-edge tech features include dual-megapixel projection headlights, an intelligent lighting system, and a 10-screen intelligent cabin. Its space design is exceptional, with a class-leading 3.04 square meter flat floor, excellent 2,725mm seating space, and support for flexible 3-6 seat layouts with outstanding spatial appeal. It also comes equipped with the industry's first intelligent AR-HUD, with industry-leading 2K resolutions, and ultra-brightness. It can project images of 75 inches, at 8.5 meters. Together with the Triple-Screen Display in the front, SERES 9 creates an immersive navigation experience. The SERES 9 excels in intelligent driving control capabilities. With full Aluminum-Alloy Chassis, intelligent air suspension system and other configurations, it delivers a class-leading driving control experience. Its safety protection is comprehensive, with an ultra-strong body structure made by world-leading 9000-ton die-casting technology, and up to nine airbags in the highest configuration. Combined with an 800-volt SiC platform and cloud-based BMS battery management, the consumption is as low as 6.9L/100km. It can go over 1,400 kilometers and safety is also significantly enhanced. The new SERES 7 is a premium range-extended comfort SUV, combining versatile large spaces, exceptional comfort and top-level safety. Passengers can choose between spacious 5-seat or 6-seat layouts. The unique zero-gravity seat design with an 8-point full back massage, combined with the camping bed mode, delivers an unparalleled riding experience. The SERES 7 adopts an all-round safety design philosophy. Parts of the body are made of hot-formed steel like in submarines, while the eight all-round safety airbags and aviation-grade battery heat insulation technology provides solid protection for driving safety. The negative ion air purification system creates a healthy and comfortable in-car environment. The interior design pursues ultimate aesthetics, with power doors, power steps, power sunshades, fast wireless charging and other luxury configurations and functions showcasing its premium quality. As an intelligent sport SUV, the SERES 5 does not fall short in performance. SERES 5 EV has a luxurious intelligent cockpit, and reliable electric performance. The Range Extender version takes away any range anxiety as the CLTC range is up to 1455 km. It comes with a 40-kWh battery pack, with pure electric range of 260 km. And the Saker Falcon version, the sports edition of SERES 5, brings great performance and unique style for sport, with distinctive driving experience. It has Dual-Motor All-Wheel drive with 90kWh battery, accelerating from 0-100km/h in just 3.7 seconds. Intelligent sales and service system for global users To meet the ever-increasing demands of premium consumers, SERES will invest in building a series of luxury intelligent offline sales and service centers, including brand and product showcases, delivery, comprehensive after-sales services, performance test tracks, science exhibitions, business lounges, charging services, and more, with the strategic target of achieving No. 1 in customer satisfaction. "The concept of service has recently undergone a significant change, so our service philosophy and approach should also be upgraded and optimized,” said John Zhang, Rotating President of SERES Group. “We will define our vehicles by software and become leaders in intelligent services to ensure our users are enjoying the very best experience available in the luxury market." Meanwhile, SERES will implement the "C.A.R.E" service philosophy, and will join hands with global partners to build an efficient, collaborative, and creative global team that meets the demands of the intelligent new energy vehicle era, continuously enhancing the brand's global service capabilities. In this new era of electrification, SERES Auto is building a new future for the luxury automotive industry. Its unique vision to ‘define vehicles by software’ is converging the worlds of intelligent technology and traditional luxury to revolutionize the driving experience for people all over the world. Contact Details Sabrina Wan sabrina.wan@dawnriderltd.com

March 22, 2024 11:34 AM Eastern Daylight Time

Image

Transportation

4 Stocks with Exposure to the Growing Asian and Middle Eastern EV Markets

U.S. Ferrosilicon Producers File Petitions to Stop Unfairly Traded Imports from Russia, Kazakhstan, Malaysia, and Brazil

Foresight Announces Fourth Quarter and Full Year 2023 Financial Results

Ocean Power Technologies secures key deal for WAM-V USV's in Latin America

Timothy Applegate Elected as Board Chair Elect for National Contract Management Association

Ryvid introduces fresh new Colorways and Accessories for Anthem Electric Motorcycle, plus new Financing options

Classiq Advances the HPC Quantum Computing Stack by Integrating Classiq’s Engine with NVIDIA CUDA-Q

NAVEX 2024 Global Incident Management Benchmark Study Reveals Significant Third-Party Reporting to Companies

SERES announces comprehensive global sales and service expansion strategy