NIO vs WBX

NIO Material

Annual filing released 2025-04-08 · GPT 6 Luna

We distinguish ourself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. Our Vehicles We design, develop, manufacture and sell our premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand. Under the NIO brand, we introduced the EP9 supercar in 2016, which was the then fastest electric vehicle, setting the Nurburgring Nordschleife all-electric vehicle lap record.

We provide premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. In 2024, we delivered 221,970 vehicles, including 201,209 vehicles from our premium smart electric vehicle brand NIO, and 20,761 vehicles from our family-oriented smart electric vehicle brand ONVO. Key Line Items Affecting Our Results of Operations Revenues The following table presents our revenue components by amount and as a percentage of the total revenues for the periods indicated. Year Ended December 31 2022 2023 2024 RMB % RMB % RMB US$ % (in thousands) Revenues: Vehicle sales 45,506,581 92.4 49,257,270 88.6 58,234,086 7,978,037 88.6 Other sales(1) 3,761,980 7.6 6,360,663 11.4 7,497,473 1,027,150 11.4 Total revenues

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

The first phase of this journey started in 2016 with the launching of the Pulsar and Commander AC chargers. Our founders analyzed the EV charging market and saw an unserved demand for compact, smart, and efficient residential charging products, based on an estimated 70% charging happening at home. After providing the residential market with these innovative AC chargers, we launched our complementary 34 software, myWallbox, which enabled users to monitor in real time their EV charging utilization and status, and program the charger to charge during off-peak hours enabling compelling cost savings.

Additionally, we also sell directly to enterprises and end consumers through e‑commerce sales. We offer customer purchasing experience across all our channels: •Own channels ‑ Customers can purchase the charger and installation as a bundle with delivery within 48 hours. Customers can also pay in installments. •Partner channels ‑ We provide marketing materials, training and support to our partners to improve sales.

NIO Core

Annual filing released 2025-04-08 · GPT 6 Luna

We distinguish ourself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. Our Vehicles We design, develop, manufacture and sell our premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand. Under the NIO brand, we introduced the EP9 supercar in 2016, which was the then fastest electric vehicle, setting the Nurburgring Nordschleife all-electric vehicle lap record.

We provide premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. In 2024, we delivered 221,970 vehicles, including 201,209 vehicles from our premium smart electric vehicle brand NIO, and 20,761 vehicles from our family-oriented smart electric vehicle brand ONVO. Key Line Items Affecting Our Results of Operations Revenues The following table presents our revenue components by amount and as a percentage of the total revenues for the periods indicated. Year Ended December 31 2022 2023 2024 RMB % RMB % RMB US$ % (in thousands) Revenues: Vehicle sales 45,506,581 92.4 49,257,270 88.6 58,234,086 7,978,037 88.6 Other sales(1) 3,761,980 7.6 6,360,663 11.4 7,497,473 1,027,150 11.4 Total revenues

WBX Core

Annual filing released 2025-05-06 · GPT 6 Luna

Our smart charging product portfolio includes Level 2 alternating current (“AC”) chargers (“Pulsar Plus”, “Pulsar Max”, “Pulsar Pro”, “eM4”, and “eMC”) for home and business applications, and direct current (“DC”) fast chargers (“Supernova” and “Hypernova”) for public applications. We also offer the world’s first bi‑directional DC charger for the home (“Quasar”), which allows users to both charge their electric vehicle and use the energy from the car’s battery to power their home or business, or send stored energy back to the grid. Our proprietary residential and business software “myWallbox” gives users and charge point owners complete control over their private charging and energy management activities.

•Quasar 2: DC bi-directional charger for home-use that allows users to charge and discharge their electric vehicle, enabling them to use their car battery to power their home or sell energy back to the grid. Its V2H (vehicle-to-home) and V2G (vehicle-to-grid) functionalities turn the EV into a powerful energy source. Quasar 2 has a charging capacity of up to 12 kW and a CCS charging 36 cable. Its key characteristics include 4G, Wi-Fi, Ethernet and Bluetooth connectivity, and the smart features available on the Wallbox app. In 2022, we introduced Quasar 2, our newest bi-directional DC charger specifically intended for the US and European markets and compliant with CCS standards. In January 2025, we received the U.S product certification from UL solutions for the Quasar 2.

NIO Material

Annual filing released 2025-04-08 · GPT 6 Luna

Power Charger and Destination Charger Through Power Charger, our supercharging piles, we provide our users a fast and reliable power solution. Users are able to locate, use and pay for charging services via our apps. Our Power Chargers feature a slim design and are strategically placed in parking lots and other accessible locations. We currently offer Power Chargers with charging capacities of up to 640kW. We also deploy Destination Chargers at key locations such as tourist attractions, shopping malls and office buildings to provide greater convenience and flexibility for users. As of December 31, 2024, we had 25,097 Power Chargers and Destination Chargers in operation.

Our manufacturing model has transitioned from joint manufacturing to independent manufacturing. 81 Table of Contents Other Manufacturing We have established our manufacturing facilities in China for the production of electric powertrains and other vehicle parts, with highly automated production lines, advanced manufacturing execution systems and automated guided vehicles. We also manufacture Power Swap Stations and charging piles independently, as well as in collaboration with our partners. Quality Assurance We aim to deliver high-quality products and services to our users in line with our core values and commitments. We have established a Quality Committee responsible for the overall quality management across the company.

WBX Core

Annual filing released 2025-05-06 · GPT 6 Luna

Our smart charging product portfolio includes Level 2 alternating current (“AC”) chargers (“Pulsar Plus”, “Pulsar Max”, “Pulsar Pro”, “eM4”, and “eMC”) for home and business applications, and direct current (“DC”) fast chargers (“Supernova” and “Hypernova”) for public applications. We also offer the world’s first bi‑directional DC charger for the home (“Quasar”), which allows users to both charge their electric vehicle and use the energy from the car’s battery to power their home or business, or send stored energy back to the grid. Our proprietary residential and business software “myWallbox” gives users and charge point owners complete control over their private charging and energy management activities.

•In 2023, we introduced the Wallbox Care Program, specifically designed for fast-charging solutions. This program provides a variety of customizable services aimed at providing an optimal installation, operation, and maintenance of Supernova. The services offered include commissioning, corrective and preventive maintenance, remote support, spare parts, extended warranty, training, and support materials. Manufacturing and Sources and Availability of Raw Materials We design and manufacture our products in‑house across our factories. We opened our factory in Barcelona, Spain (Zona Franca) in December 2021. We opened a factory in the U.S. in Arlington, Texas in October 2022 to service the North American EV charging market. All chargers manufactured in our facilities are certified to be sold across North America, Europe, Latin America and the APAC region.

NIO Core

Annual filing released 2025-04-08 · GPT 6 Luna

We adhere to a structured internal process when sourcing suppliers, evaluating factors such as quality, cost and delivery timelines. We continuously enhance our supply chain to build a more efficient and diversified system. Additionally, we actively cultivate partnerships with suppliers that have innovative technological capabilities and cost advantages, thereby increasing the competitiveness and innovativeness of our supply chain. While we obtain components from multiple sources whenever possible, many of the components used in our vehicles are purchased from a single source. Eventually we plan to implement a multi-sourcing strategy in order to reduce reliance on sole-source suppliers. Manufacturing Vehicle Manufacturing We currently manufacture our vehicles at the F1 and F2 Plants in Anhui, China.

Our manufacturing model has transitioned from joint manufacturing to independent manufacturing. 81 Table of Contents Other Manufacturing We have established our manufacturing facilities in China for the production of electric powertrains and other vehicle parts, with highly automated production lines, advanced manufacturing execution systems and automated guided vehicles. We also manufacture Power Swap Stations and charging piles independently, as well as in collaboration with our partners. Quality Assurance We aim to deliver high-quality products and services to our users in line with our core values and commitments. We have established a Quality Committee responsible for the overall quality management across the company.

WBX Core

Annual filing released 2025-05-06 · GPT 6 Luna

•In 2023, we introduced the Wallbox Care Program, specifically designed for fast-charging solutions. This program provides a variety of customizable services aimed at providing an optimal installation, operation, and maintenance of Supernova. The services offered include commissioning, corrective and preventive maintenance, remote support, spare parts, extended warranty, training, and support materials. Manufacturing and Sources and Availability of Raw Materials We design and manufacture our products in‑house across our factories. We opened our factory in Barcelona, Spain (Zona Franca) in December 2021. We opened a factory in the U.S. in Arlington, Texas in October 2022 to service the North American EV charging market. All chargers manufactured in our facilities are certified to be sold across North America, Europe, Latin America and the APAC region.

Our Facilities We design and manufacture our products in‑house across our leased factories located in Barcelona, Spain (Zona Franca) which has an estimated production capacity of approximately 624 thousand chargers per year, Arlington, Texas which has an estimated production capacity of approximately 283 thousand chargers per year, Nürnberg, Germany (Lauf an der Pegnitz) which has an estimated production capacity of approximately 302 thousand chargers per year and approximately 20,100 thousand of connectivity components per year and Tangier, Morocco where we produce components for the charger's production. In addition, the Group has a facility to manufacture printed circuit boards ("pcb") in Sant Boi de Llobregat, Barcelona, Spain which has an estimated production capacity of approximately 660 thousand pcb's per year.

NIO Material

Annual filing released 2025-04-08 · GPT 6 Luna

We distinguish ourself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. Our Vehicles We design, develop, manufacture and sell our premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand. Under the NIO brand, we introduced the EP9 supercar in 2016, which was the then fastest electric vehicle, setting the Nurburgring Nordschleife all-electric vehicle lap record.

Moreover, we have implemented our “Skyride” intelligent chassis system, which integrates core hardware components of steer-by-wire, rear-wheel steering, and fully active suspension. Our global design team has comprehensive design capabilities across the board, from brands, vehicles, user interface/user experience, lifestyle products to accessories. User Development and User Community We reach out to and engage with our users directly through our own offline and online platforms, to continuously expand our user community. Physical Stores NIO Houses and NIO Spaces serve as NIO’s offline channels for us to reach out to and serve our users, as well as the offline platforms for the NIO user community. NIO Houses have showroom functions while serving as a clubhouse for our users and their friends. NIO Spaces are mainly showrooms for our brand, vehicles and services.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

As disclosed in Note 2, on April 8, 2025, all remaining financial institutions adhered to the framework agreement, formalizing the grace period and waiving financial covenant requirements for 2025 (Notes 2 and 13). Additionally, the Group is renegotiating its €15 million bilateral loan with one of the lenders including financial covenants (Note 13). F-69 28. DETAILS OF WALLBOX GROUP SUBSIDIARIES % Equity interest Company name Registered office Activity Company holding investment December 31, 2024 December 31, 2023 Consolidation method Wall Box Chargers, S.L.U. Paseo de la Castellana, 95. Planta 28, 28046, Madrid, Spain Retail innovative solutions for charging Electric Vehicles Wallbox NV 100% 100% *

a result of the established conditions agreed with the aforementioned entities (Euros 1,706 thousand for 2023). F-55 WALLBOX N.V. Notes to the consolidated financial statements 19. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of revenue from contracts with customers set out below is the disaggregation of the Group’s revenue from contracts with customers: Year ended December 31, (In thousand Euros) 2024 2023 2022 Lines: Sales of goods 146,222 129,416 136,372 Sales of services 17,721 14,353 7,813 Total 163,943 143,769 144,185 Geographical markets (*): EMEA 125,182 116,929 120,619 NORAM

NIO Core

Annual filing released 2025-04-08 · GPT 6 Luna

We distinguish ourself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. Our Vehicles We design, develop, manufacture and sell our premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand. Under the NIO brand, we introduced the EP9 supercar in 2016, which was the then fastest electric vehicle, setting the Nurburgring Nordschleife all-electric vehicle lap record.

We provide premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. In 2024, we delivered 221,970 vehicles, including 201,209 vehicles from our premium smart electric vehicle brand NIO, and 20,761 vehicles from our family-oriented smart electric vehicle brand ONVO. Key Line Items Affecting Our Results of Operations Revenues The following table presents our revenue components by amount and as a percentage of the total revenues for the periods indicated. Year Ended December 31 2022 2023 2024 RMB % RMB % RMB US$ % (in thousands) Revenues: Vehicle sales 45,506,581 92.4 49,257,270 88.6 58,234,086 7,978,037 88.6 Other sales(1) 3,761,980 7.6 6,360,663 11.4 7,497,473 1,027,150 11.4 Total revenues

WBX Not tagged

Annual filing released 2025-05-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

NIO Material

Annual filing released 2025-04-08 · GPT 6 Luna

Moreover, it enables users to enjoy the benefits of battery technology advancements with upgrade options. Additionally, during each battery swap, a comprehensive health assessment on the battery and electric drive system is performed to ensure optimal condition of the vehicle. Equipped with Lidars and NVIDIA DRIVE Orin X chips, our Power Swap Station 4.0 can conduct fully automatic swaps up to 480 times per day and support intelligent vehicle-station connectivity in complex environments. ● BaaS. Enabled by vehicle-battery separation technology and battery subscription model, BaaS decouples the battery price from the purchase price of a vehicle and allows users to subscribe for battery usage separately. For each user under the BaaS model, we sell a battery to the Battery Asset Company, and the user subscribes for the usage of the battery from the Battery Asset Company.

XPT (Nanjing) E-Powertrain Technology Co., Ltd. (“XPT NJEP”) 100% Nanjing, PRC, July 2016 Manufacturing of E-Powertrain XPT (Nanjing) Energy Storage System Co., Ltd. (“XPT NJES”) 100% Nanjing, PRC, October 2016 Manufacturing of battery NIO Power Express Limited (“PE HK) 100% Hong Kong, January 2017 Investment holding NIO User Enterprise Limited (“UE HK”) 100% Hong Kong, February 2017 Investment holding NIO Sales and Services Co., Ltd. (“UE CNHC”) (formerly known as Shanghai NIO Sales and Service Co., Ltd. ) 100% Shanghai, PRC, March 2017 Investment holding and sales and after sales management NIO Energy Investment (Hubei) Co., Ltd. (“PE CNHC”) (Note (b)) 100% Wuhan PRC, April 2017 Investment holding Wuhan NIO Energy Co., Ltd. (“PE WHJV”) 100% Wuhan, PRC, May 2017 Investment holding

WBX Not tagged

Annual filing released 2025-05-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

NIO Material

Annual filing released 2025-04-08 · GPT 6 Luna

Our power solutions include home chargers called Power Home, battery swapping called Power Swap, supercharging piles called Power Charger, destination charging piles called Destination Charger, and mobile charging called Power Mobile. All of those solutions are integrated with Power Cloud, a cloud-based system that synchronizes users’ power consumption information with our power network. Power Cloud intelligently recommends appropriate services based on users’ locations and power consumption patterns. Our users can not only check the availability of charging and swapping resources within NIO’s own network, but also access real-time information on a wide range of public chargers through the Power Map feature on our apps. In addition, we offer One Click for Power valet service, where we pick up, charge and return the vehicle.

49,268,561 100.0 55,617,933 100.0 65,731,559 9,005,187 100.0 Note: (1) Other sales are comprised as below: Year Ended December 31 2022 2023 2024 RMB % RMB % RMB US$ % (in thousands) Other sales Parts, accessories and after-sales vehicle services 1,228,385 2.5 2,337,490 4.2 3,324,321 455,430 5.1 Provision of power solutions 1,016,094 2.0 1,666,346 3.0 2,100,553 287,775 3.2 Others 1,517,501 3.1 2,356,827 4.2 2,072,599 283,945 3.1 Total 3,761,980 7.6 6,360,663 11.4 7,497,473 1,027,150 11.4

WBX Not tagged

Annual filing released 2025-05-06 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

•Electromaps: Hardware-agnostic e-mobility service provider (eMSP) and charger management software with close to 1 million registered users which are connected close to 500,000 charge points worldwide as of December 31, 2024 and enables users to find publicly available charging ports. In addition, we have established partnerships in Europe with operators of charging points that allow users to pay for their charging directly via Electromaps. We intend to extend these relationships with charging operators outside of Europe and enable this payment feature globally.

•EVectrum: Hardware-agnostic platform for managing chargers used by fleets and public networks to provide charging services in various locations, including retail stores, hotels, public parking spaces, streets and highways. A dedicated EV Fleet charger management solution, EVectrum enables drivers to charge on the go, in-premise and at home. EVectrum allows users to publish on the Electromaps platform any charging point they manage, providing them with an opportunity to sell or rent the chargers to other users. As a hardware-agnostic platform, it can accommodate chargers from different brands. •Building Energy Management Software

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

A reduction of this rate to 1% would not result in impairment, given the existing headroom. Coil Coil is the cash-generating unit focused on providing electrical installation services for EV charging, battery storage and electrical infrastructure in North America. The recoverable amount of the COIL CGU has been determined based on a value in use calculation, which utilizes cash flow projections covering a five-year period, based on 2025 financial budget approved by the directors. The projected cash flows have been built to reflect the increasing demand for EV chargers and associated services in the USA. The pre-tax discount rate applied to cash flow projections is 18.00% (2023:16.84%), and cash flows beyond the five-year period are extrapolated using a 2.15% growth rate.

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

•The myWallbox platform: A cloud based software designed to provide smart management of our chargers in Residential and Business parking settings such as workplaces, fleets and semi-public parking lots. The myWallbox app and portal include a range of management features available for all of our clients. It allows remote control and over the air updates for continuous improvement and maintenance of Wallbox chargers. The myWallbox key functionalities include: oManage charging status and information from smart devices oReal-time status, notifications and statistics of our chargers oRemote locking and unlocking our chargers on the myWallbox app oManage multiple users and chargers using the myWallbox portal oAccessing an integrated payment system to manage charging fees oAccessing a range of intelligent energy management features such as:

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

1.Highly compatible charging solutions: Our equipment is compatible with all hybrid and electric car manufacturers across the globe, and we sell our products in countries across six continents. This business model results in revenues through the: (i) sale of hardware (chargers & accessories); (ii) hardware installation services; (iii) software services (subscription fees from businesses and fleets through myWallbox and commissions obtained from every charging transaction carried out through Electromaps); and (iv) service contracts under the Wallbox Care plan launched in 2023, providing added value services such as commissioning, preventive and corrective maintenance, extended warranty and more. Portfolio

•The myWallbox platform: A cloud based software designed to provide smart management of our chargers in Residential and Business parking settings such as workplaces, fleets and semi-public parking lots. The myWallbox app and portal include a range of management features available for all of our clients. It allows remote control and over the air updates for continuous improvement and maintenance of Wallbox chargers. The myWallbox key functionalities include: oManage charging status and information from smart devices oReal-time status, notifications and statistics of our chargers oRemote locking and unlocking our chargers on the myWallbox app oManage multiple users and chargers using the myWallbox portal oAccessing an integrated payment system to manage charging fees oAccessing a range of intelligent energy management features such as:

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Material

Annual filing released 2025-05-06 · GPT 6 Luna

1.Highly compatible charging solutions: Our equipment is compatible with all hybrid and electric car manufacturers across the globe, and we sell our products in countries across six continents. This business model results in revenues through the: (i) sale of hardware (chargers & accessories); (ii) hardware installation services; (iii) software services (subscription fees from businesses and fleets through myWallbox and commissions obtained from every charging transaction carried out through Electromaps); and (iv) service contracts under the Wallbox Care plan launched in 2023, providing added value services such as commissioning, preventive and corrective maintenance, extended warranty and more. Portfolio

•The myWallbox platform: A cloud based software designed to provide smart management of our chargers in Residential and Business parking settings such as workplaces, fleets and semi-public parking lots. The myWallbox app and portal include a range of management features available for all of our clients. It allows remote control and over the air updates for continuous improvement and maintenance of Wallbox chargers. The myWallbox key functionalities include: oManage charging status and information from smart devices oReal-time status, notifications and statistics of our chargers oRemote locking and unlocking our chargers on the myWallbox app oManage multiple users and chargers using the myWallbox portal oAccessing an integrated payment system to manage charging fees oAccessing a range of intelligent energy management features such as:

NIO Not tagged

Annual filing released 2025-04-08 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

WBX Core

Annual filing released 2025-05-06 · GPT 6 Luna

Overview We believe we are a global leader in intelligent electric vehicle charging and energy management solutions. Founded in 2015, we create smart charging systems that combine innovative technology with outstanding design and that manage the communication between user, vehicle, grid, building and charger. Our mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. By designing, manufacturing, and distributing charging solutions for residential, business, and public use, we intend to lay the infrastructure required to meet the demands of mass EV ownership everywhere. We believe our customer‑centric approach to our holistic hardware, software, installation and service offering allows us to solve existing barriers to EV adoption as well as anticipate potential future opportunities.

In addition to these, it is projected that there will be 16 million public chargers, 42 million work place chargers and 10 million depot chargers to be sold during this period. Over $800 billion of cumulative investment would be needed to install all of these chargers. We believe we are positioned to capture and control a large share of this market by leveraging smart charging technology to enable mass EV adoption, fast time to market and robust supply chain to meet demand, global operations and local certifications. Full‑service technology provider We have a full suite of EV charging solutions spanning proprietary hardware, software, and services for domestic, business and public charging. Our enterprise grade software platform seamlessly connects across all of the chargers.