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Warrant liabilities | 6 Months Ended
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Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract] |
Warrant liabilities | Warrant liabilities ECARX Warrants in connection with the Merger ECARX Public Warrants are publicly traded on Nasdaq, the liability is measured at fair value using observable inputs and categorized in Level 1 of the fair value hierarchy, while ECARX Private Warrant liability is measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Binomial Option Pricing Model with the following key assumptions is used for estimating the fair value of ECARX Private Warrants.
| As of December 31, |  | As of June 30,
| 2023 |  | 2024
Risk-free rate of return (%) | 3.93 | % |  | 4.47 | %
Volatility | 29.50 | % |  | 43.49 | %
Expected dividend yield | 0.0 | % |  | 0.0 | %
Expected term | 4.0 years |  | 3.5 years
Fair value of the underlying ordinary shares | US$3.16 (equivalent to RMB22.44) |  | US$2.06 (equivalent to RMB14.97)
The risk-free rate of return was based on the yield of US Treasury Notes for the expected remaining life of the warrant liabilities. The Company estimates the volatility of its common stock using a binomial lattice model based on the price of public warrant as of the valuation date. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term to exercise the warrant liabilities is up to December 2027. The fair value of the Company’s ordinary shares was obtained from the listed trading price of ECX. The table below reflects the movement of ECARX Warrants for the six months ended June 30, 2024:
| January 1, 2024 RMB |  | Addition RMB |  | Loss due to change in fair value RMB |  | Foreign exchange translation RMB |  | Settlement RMB |  | June 30, 2024 RMB
Liabilities |  |  |  |  |  |  |  |  |  |  |
ECARX Public Warrants | 3,195 |  |  | — |  |  | — |  |  | 75 |  |  | — |  |  | 3,270 |
ECARX Private Warrants | 1,946 |  |  | — |  |  | 236 |  |  | 49 |  |  | — |  |  | 2,231 |
Total | 5,141 |  |  | — |  |  | 236 |  |  | 124 |  |  | — |  |  | 5,501 |

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