Chijet Announces Financial Results for the Six Months Ended June 30, 2023

Revenue from vehicle sales were $2,092,000 for the six months ended June 30, 2023, representing a decrease of 71% from $7,328,000 for the six months ended June 30, 2022. Revenue from parts and others were $523,000 for the six months ended June 30, 2023, representing a decrease of 78% from $2,423,000 for the six months ended June 30, 2022. Cost of revenues was $3,410,000 for the six months ended June 30, 2023, representing a decrease of 66.0% from $10,018,000 for the six months ended June 30, 2022. Cost of revenues - idle capacity was $16,725,000 for the six months ended June 30, 2023, representing a decrease of 19.1% from $20,668,000 for the six months ended June 30, 2022. The decrease in idle capacity was mainly attributable to reduction in depreciation expenses of machinery and equipment since some were fully depreciated on and before June 30, 2023, partially offset by the shutdown period for the six months ended June 30, 2023 of about 5.7 months compared to 5.5 months for the six months ended June 30, 2022. Interest expense remained relatively stable at $7,491,000 for the six months ended June 30, 2023 as compared to $7,349,000 for the six months ended June 30, 2022. Net loss attributable to shareholders of Chijet was $39,826,000 for the six months ended June 30, 2023, compared with $32,211,000 in the six months ended June 30, 2022.