AIEV on OTC

Thunder Power Holdings, Inc.

Thunder Power Holdings, Inc. is an American motor vehicles and passenger car bodies company based in Wilmington.1 Its shares trade on OTC under the symbol AIEV.1

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Last updated Oct 20, 2026.

Overview

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  • TickerAIEV on OTC1
  • IndustryMotor Vehicles & Passenger Car Bodies1
  • HeadquartersDE1
  • Incorporated inDE2
  • Business addressUnit 5, 21/F., Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon2
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
  • Legal formCorporation

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Power Holdings,” “we,” “us,” “our” and similar terms refer to Thunder Power Holdings, Inc.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income4-$1.2M in 2023+146% since 2022
-$1.5M-$1.0M-$500.0K02022: -$508.4K-$508.4K20222023: -$1.2M-$1.2M2023+146%
Net income456-$2.1M in 2025
-$3.0M-$2.0M-$1.0M0$1.0M2022: $404.6K$404.6K20222023: -$1.8M-$1.8M20232024: -$2.5M-$2.5M2024+38%2025: -$2.1M-$2.1M2025−15%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
General and administrative expenses-$1.9M-$2.5M
Total operating expenses-$1.9M-$2.5M
Other expenses, net-$824
Interest (expenses) income-$200.9K$51
Foreign currency exchange income (loss)$92-$212
Total other expenses, net-$201.7K-$161
Loss before income taxes-$2.1M-$2.5M
Net loss-$2.1M-$2.5M
Foreign currency adjustments$47$133
Comprehensive loss-$2.1M-$2.5M
Loss per share basic (in Dollars per share)-$0.04-$0.06
Loss per share diluted (in Dollars per share)-$0.04-$0.06
Weighted average shares basic (in Shares)50.7M shares44.7M shares
Weighted average shares diluted (in Shares)50.7M shares44.7M shares

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Corporate structure

Thunder Power Holdings, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Thunder Power Holdings, Inc.

  • METEORA CAPITAL, LLC Filed SCHEDULE 13G/A on Thunder Power Holdings, Inc., latest Feb 14, 2025 (3 filings since Apr 10, 2024)
  • First Trust Capital Management L.P. Filed SC 13G/A on Thunder Power Holdings, Inc., latest Nov 15, 2024 (2 filings since Feb 14, 2024)
  • Atlas Merchant Capital LLC Filed SC 13G/A on Thunder Power Holdings, Inc., latest Nov 14, 2024 (2 filings since May 23, 2024)
  • AQR CAPITAL MANAGEMENT LLC Filed SC 13G/A on Thunder Power Holdings, Inc., latest Nov 13, 2024 (2 filings since Feb 14, 2024)
  • PERISCOPE CAPITAL INC. Filed SC 13G/A on Thunder Power Holdings, Inc., latest Nov 12, 2024 (2 filings since Feb 9, 2024)
  • Walleye Capital LLC Filed SC 13G/A on Thunder Power Holdings, Inc., latest Sep 9, 2024 (3 filings since Feb 14, 2024)
  • Feutune Light Sponsor LLC Filed SC 13D/A on Thunder Power Holdings, Inc., latest Jun 25, 2024 (3 filings since Jun 22, 2022)
  • WOLVERINE ASSET MANAGEMENT LLC Filed SC 13G/A on Thunder Power Holdings, Inc., latest Jun 18, 2024 (2 filings since Feb 8, 2024)
  • Karpus Management, Inc. Filed SC 13G/A on Thunder Power Holdings, Inc., latest Jun 7, 2024 (5 filings since Feb 14, 2023)
  • Yakira Capital Management, Inc. Filed SC 13G/A on Thunder Power Holdings, Inc., latest Apr 5, 2024 (2 filings since Jan 26, 2024)
  • Barclays Filed SC 13G on Thunder Power Holdings, Inc., latest Feb 14, 2024
  • ATW SPAC MANAGEMENT LLC Filed SC 13G/A on Thunder Power Holdings, Inc., latest Feb 13, 2024 (2 filings since Feb 14, 2023)
  • Thunder Power Holdings, Inc. DE

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Thunder Power Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$17.9K6 Dec 31, 2025$4.6K6 Dec 31, 2024+287.2%

Investments

ItemLatestA year beforeChange
Marketable securities, current$9336 Dec 31, 2025

Properties, in its own words

Our executive office Unit 5, 21/F., Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.

Item 2 of the 10-K filed Apr 7, 2026.3

Leadership

Who has led Thunder Power Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Xuedong Tian2022–2024
  2. Christopher Nicoll2024

Chief financial officer

  1. Yuanmei Ma2022–2024
2025
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • ChairmanBillimac Bradley Jr. named Sep 4, 202418

Former names

  • Feutune Light Acquisition CorpFeb 28, 2022 to Jun 21, 20242

Timeline

  1. Jul 17, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote19
  2. Apr 14, 20268-K Unregistered sale of shares; Regulation FD disclosure20
  3. Jun 30, 20258-K Shareholder vote21
  4. Apr 21, 20258-K Listing notice or transfer22
  5. Apr 14, 20258-K Listing notice or transfer23
  6. Mar 28, 20258-K Listing notice or transfer24
  7. Mar 12, 20258-K Listing notice or transfer25
  8. Dec 26, 20248-K Entered a material agreement26
  9. Dec 4, 20248-K Executive or director change27
  10. Dec 3, 20248-K Executive or director change28
  11. Nov 12, 20248-K Listing notice or transfer29
  12. Sep 16, 20248-K Executive or director change30
  13. Jul 1, 2024New chief executive Christopher Nicoll becomes CEO10
  14. Jun 17, 2022New chief executive Xuedong Tian becomes CEO11

Filings

226 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 45 major events, 31 insider forms, 40 large holders, 1 private raises, 89 other. The latest 20:

  1. Oct 13, 202610-Q QUARTERLY REPORT EDGAR
  2. Sep 21, 202610-K/A AMENDMENT NO. 1 TO FORM 10-K EDGAR
  3. Aug 14, 2026NT 10-Q NOTIFICATION OF LATE FILING EDGAR
  4. Jul 17, 20268-K CURRENT REPORT EDGAR
  5. Jun 2, 2026DEF 14C DEFINITIVE INFORMATION STATEMENT EDGAR
  6. May 22, 202610-Q QUARTERLY REPORT EDGAR
  7. May 18, 2026PRE 14C PRELIMINARY INFORMATION STATEMENT EDGAR
  8. May 15, 2026NT 10-Q NOTIFICATION OF LATE FILING EDGAR
  9. Apr 14, 20268-K CURRENT REPORT EDGAR
  10. Apr 7, 202610-K ANNUAL REPORT EDGAR
  11. Mar 31, 2026NT 10-K NOTIFICATION OF LATE FILING EDGAR
  12. Dec 19, 2025SEC STAFF ACTION EDGAR
  13. Nov 13, 202510-Q QUARTERLY REPORT EDGAR
  14. Aug 18, 2025424B3 PROSPECTUS SUPPLEMENT EDGAR
  15. Aug 13, 202510-Q QUARTERLY REPORT EDGAR
  16. Jul 21, 202525-NSE EDGAR
  17. Jun 30, 20258-K CURRENT REPORT EDGAR
  18. Jun 9, 2025DEF 14A DEFINITIVE PROXY STATEMENT EDGAR
  19. Jun 3, 2025UPLOAD EDGAR
  20. May 29, 2025PRER14A REVISED PRELIMINARY PROXY STATEMENT EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 2 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 6, 2023Davidov MichaelSale10,000$0.01$100Form 4
Mar 14, 2023Yeung Sau Fong10% ownerBuy75,650$0.01$756Form 4
Mar 14, 2023Xu LeiPresident and ChairwomanSale26,010$0.01$260Form 4
Mar 14, 2023Tian XuedongCEOSale23,970$0.01$240Form 4
Mar 14, 2023Ma YuanmeiCFOSale23,970$0.01$240Form 4
Mar 14, 2023Feutune Light Sponsor LLC10% ownerBuy75,650$0.01$756Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Pok Man Ho39$89.7K47
2024Chiu Wai Jo$61.0K47
2024Christopher Nicoll56$45.0K47
2023Former ChiefExecutive Officer$206.1K$667.7K47
2023Interim CFO$84.5K47
2023Director of Financial Planning & Analysis$66.0K47

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 4, 2024Raised $1.5 million in a private offering of equity Form D: $101.5 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Meteora Capital, LLC1,657,064$276.7K0.0%−75,717

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Thunder Power Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARThunder Power Holdings, Inc.1
  • CIK0001912582
  • Employer ID (EIN)87-46205153
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3711 Motor Vehicles & Passenger Car Bodies1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressUnit 5, 21/F., Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong, Hong Kong1
  • Phone909-214-24821
  • Shares outstanding82,597,432 as of Jun 30, 20267
  • Public float$7.1M as of Jun 30, 20253
  • AuditorAssentsure PAC, Singapore PCAOB ID 6783; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceFeb 28, 20221
  • Filings226 in all: 8-K (43), SC 13G/A (19), SC 13G (17), 4 (16), 10-Q (14), 3 (14), CORRESP (14), UPLOAD (12)1
    All 38 form types

    425 (10), 424B3 (8), NT 10-Q (6), S-1/A (6), S-4/A (5), 10-K (4), DEF 14A (3), EFFECT (3), PRE 14A (3), PRER14A (3), S-1 (3), 10-K/A (2), 25-NSE (2), 8-K/A (2), SC 13D/A (2), 25 (1), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), D (1), DEF 14C (1), DRS (1), NT 10-K (1), NT 10-Q/A (1), PRE 14C (1), S-4 (1), SC 13D (1), SCHEDULE 13G/A (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Apr 7, 2026
    Quarterly report (10-Q) Oct 13, 2026
    Proxy statement (DEF 14A) Jun 9, 2025
    Latest 8-K (8-K) Jul 17, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par value per shareAIEVNONE

From the cover page of the 10-K filed Apr 7, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Thunder Power Holdings, Inc. names in Item 1A of its 10-K filed Apr 7, 2026: 58 risks under these headings, as written.3

  • Risks Related to Thunder Power’s Business and Industry
  • Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.
  • We have incurred net losses each year since our inception and expect to incur increasing expenses and substantial losses for the foreseeable future.
  • Our business model has yet to be tested and any failure to commercialize our strategic plans would have an adverse effect on our operating results and business, harm our reputation and could result in substantial liabilities that exceed our resources.
  • We may have difficulty managing growth in our business, which could have a material adverse effect on our business, financial condition and results of operations and our ability to execute its business plan in a timely fashion.
  • The proceeds received in the Business Combination will only fund operations for a limited time and we will need to obtain additional financing to continue operations and execute our business plans. If we are unable to obtain such financing, we may be unable to complete the development and commercialization of our products and services.
  • Thunder Power’s management has limited experience in operating a public company.
  • We are actively negotiating with our affiliates to license the intellectual property and technology rights at the core of our business plan, and our inability to obtain and maintain these licenses could materially affect our business, financial condition, and operating results.
  • The obligations associated with being a public company involve significant expenses and require significant resources and management attention, which may divert from our business operations.
  • The inability to attract and retain qualified personnel may adversely impact our business.
  • Uninsured losses could result in payment of substantial damages, which would decrease our cash reserves and could harm our cash flow and financial condition.
  • Our strategy to outsource various elements of the products and services we sell may subject us to the business risks of our future third-party service providers, which could have a material adverse impact on our operations.
The other 47 risks
  • Our business and prospects will depend significantly on our brand.
  • Risks Related to Regulation and Litigation
  • The SEC and other parties may find that Thunder Power’s public-relations information before the production on any of our EVs may have misled investors or conditioned the market for investors or that we may have omitted to provide information that investors may reasonably find important to their investment decision.
  • Some of our directors, officers and assets reside or be located outside of the United States, which may cause investors difficulty in enforcing judgments against our directors and officers.
  • Our affiliated parties such as our major shareholders may be involved in governmental investigations and civil litigation relating to the business affairs of companies with which they are, were or may in the future be affiliated with.
  • We are subject to substantial laws and regulations that could impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these laws and regulations, including as they evolve, could substantially harm our business and results of operations.
  • In the future, if we develop or acquire proprietary intellectual property, protecting such intellectual property will be critical to our operations and we may suffer competitive harm from infringement on such rights.
  • We are subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management’s attention, and adversely affect our business, results of operations, cash flows and financial condition.
  • We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
  • We are subject to various environmental, health and safety laws and regulations that could impose substantial costs on us and cause delays in building and subsequently expanding our production facilities.
  • We face risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
  • Various states’ automobile manufacturer and dealer regulations may limit Thunder Power’s ability to implement its business model for the sale of the Coupe and for the servicing of its entire family of EVs in the U.S. EV market.
  • Our auditor, Assentsure PAC, is headquartered in Singapore, and is subject to inspection by the PCAOB on a regular basis. To the extent that our independent registered public accounting firm’s audit documentation related to their audit reports for our business activities in Hong Kong or Taiwan, the PCAOB may not be able inspect such audit documentation and, as such, you may be deprived of the benefits of such inspection and our Common Stock could be delisted from the stock exchange pursuant to the Holding Foreign Companies Accountable Act.
  • Risks Related to Thunder Power’s Products and Services
  • We have not yet commenced mass production, and any significant delay in the design, manufacture, launch and financing could make it difficult for us to commence production and harm our business and prospects.
  • Our prospect for future growth depends upon our ability to establish and maintain relationships with our potential suppliers and source suppliers for our critical components, and to completely build out our supply chain, while effectively managing the risks due to such relationships.
  • The automotive market is highly competitive, and we may not be successful in competing in this industry.
  • Our ability to generate meaningful product revenue will depend on consumer adoption of electric vehicles.
  • Until the foreseeable future our revenue will be significantly dependent on a limited number of models of electric vehicles.
  • Developments in electric vehicle or alternative fuel technology or improvements in the internal combustion engine may adversely affect the demand for our vehicles.
  • We will be dependent on our suppliers and the inability of these suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components or to implement or maintain effective inventory management and other systems, processes and personnel to support ongoing and increased production, could have a material adverse effect on our results of operations and financial condition.
  • Increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business.
  • We must develop complex software and technology systems, including in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will be successfully developed.
  • We rely on complex machinery for our operations, and production involves a significant degree of risk and uncertainty in terms of operational performance, safety, security and costs.
  • We have no experience to date in mass manufacturing of our electric vehicles.
  • If our vehicles fail to perform as expected, our ability to develop, market and sell or lease our products could be harmed.
  • We face challenges providing charging solutions for our vehicles.
  • Insufficient reserves to cover future warranty or part replacement needs or other vehicle repair requirements, including any potential software upgrades, could materially adversely affect our business, prospects, financial condition and results of operations.
  • We may not be able to accurately estimate the supply and demand for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.
  • Risks Related to Cybersecurity and Data Privacy
  • Any unauthorized control, manipulation, interruption or compromise of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business and materially adversely affect our financial performance, results of operations or prospects.
  • We are subject to evolving laws, regulations, standards, policies, and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.
  • Risks Related to Ownership of Thunder Power’s Securities
  • The price of our Common Stock may be volatile.
  • We may incur significant costs from class action litigation due to stock volatility.
  • We are an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companies may make our Common Stock less attractive to investors and may make it more difficult to compare our financial performance with other public companies.
  • Future sales and issuances of Common Stock or rights to purchase Common Stock could result in additional dilution to our stockholders and could cause the price of our Common Stock to decline.
  • Reports published by analysts, including projections in those reports that differ from our actual results, could adversely affect the price and trading volume of our Common Stock.
  • Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our Common Stock.
  • If the Business Combination’s benefits do not meet the expectations of investors, stockholders or financial analysts, the market price of our Common Stock may decline.
  • Risks Related to Ownership of Thunder Power’s Warrants
  • Our warrants became exercisable for our Common Stock thirty (30) days after the completion of the Business Combination, which increased the number of shares eligible for future issuance and resale in the public market.
  • Once our warrants become exercisable, we may redeem the unexpired warrants prior to their exercise at a time or in a manner that is disadvantageous to you.
  • The Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants.
  • If we do not file and maintain a current and effective prospectus relating to the Common Stock issuable upon exercise of our warrants, warrant holders will only be able to exercise such warrants on a “cashless basis.”
  • Risks Related to Finance, Accounting and Tax Matters
  • Our actual results could differ from the estimates and assumptions used to prepare our consolidated financial statements.
  • We may need to raise additional funds and these funds may not be available to us when needed. If we cannot raise additional funds when we need them, our business, prospects, financial condition and operating results could be negatively affected.
  • Our financial results may vary significantly from quarter to quarter.
  • We could be subject to additional tax liabilities.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
  • The issuance and sale of additional shares of Common Stock under the Purchase Agreement may result in dilution to our stockholders and have a negative impact on the market price of our Common Stock.
  • Our Common Stock has been delisted from The Nasdaq Capital Market and is now traded on the OTCQB Venture Market, which could adversely affect its market price, liquidity, and our ability to raise capital.

Legal proceedings

Legal Proceedings

There are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is adverse to our company or any of our subsidiaries or has a material interest adverse to our company or any of our subsidiaries. No director or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy petition filed against it during the past ten years. No current director or executive officer has been convicted of a criminal offense or is the subject of a pending criminal proceeding during the past ten years. No current director or executive officer has been the subject of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities during the past ten years. No current director or officer has been found by a court to have violated a federal or state securities or commodities law during the past ten years.

From time to time, we are subject to various legal proceedings that arise from the normal course of business activities. In addition, from time to time, third parties may assert claims of intellectual property infringement, misappropriation or other violation against us in the form of letters and other forms of communication. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on our results of operations, prospects, cash flows, financial position and brand.

We are not currently a party to any material legal proceedings; however, Mr. Well Sham, our controlling shareholder, is a party to the following legal proceedings:

The opening of Item 3, Legal Proceedings.3

Sources

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