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BANK BORROWINGS
 9 Months Ended
Sep. 30, 2024
Bank Borrowings [Abstract]  
BANK BORROWINGS BANK BORROWINGS
On September 27, 2022, the Group entered into a $111,483 (RMB800 million) loan facilities agreement with a group of lenders led by a bank in China (the "2022 Facility Agreement"). The interest rate is prime plus 115 basis points where prime is based on Loan Prime Rate published by the National Inter-bank Funding Center of the PRC and is payable on a quarterly basis. The loan facilities can only be used for the manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The Group had a balance of restricted cash of $10,663 and $6,171 as of September 30, 2024 and December 31, 2023, respectively. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without the consent of the lender, and certain customary events of default.
As of September 30, 2024, the Group had outstanding borrowings of $75,115 under the 2022 Facility Agreement.
Repayment DateRepayment Amount
December 10, 2024
$10,859 (RMB76.2 million)
June 10, 2025
$10,859 (RMB76.2 million)
December 10, 2025
$10,859 (RMB76.2 million)
June 10, 2026
$16,288 (RMB114.3 million)
December 10, 2026
$26,250 (RMB184.2 million)
The amount of capitalized interest expenses, which was recorded in construction in progress and property, plant and equipment, was $65 and $475 for the three months ended September 30, 2024 and 2023, respectively, and $65 and $1,503 for the nine months ended September 30, 2024 and 2023, respectively.

The Group has also entered into short-term loan agreements and bank facilities with certain banks in China. The original terms of these loans are with a maximum maturity of 12 months and the interest rates range from 3.30% to 4.85% per annum.
Changes in bank borrowings are as follows:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Beginning balance$94,237 $49,146 $79,153 $46,395 
Proceeds from bank borrowings29,911 9,207 70,373 18,439 
Repayments of principal(8,375)(2,347)(31,824)(6,286)
Exchange difference3,801 (349)1,872 (2,891)
Ending balance$119,574 $55,657 $119,574 $55,657 
Balance of bank borrowings includes:September 30,
2024		December 31,
2023
Current$66,177 $35,392 
Non-current53,397 43,761 
Total$119,574 $79,153 
Certain assets of the Group have been pledged to secure the above bank facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of September 30, 2024 and December 31, 2023 are as follows:
September 30,
2024		December 31,
2023
Buildings$121,302 $124,565 
Machinery and equipment65,091 — 
Land use rights11,902 11,984 
Construction in progress348 — 
Total$198,643 $136,549