Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 99

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4
Chunk 99
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 vehicle operators at scale globally where one or even numerous of these activities are conducted using third
parties.

Our apps, which include end users, drivers, operations,
and repair and maintenance apps, are all built in house. This enables faster development of successive generations of two-wheeled electric
vehicles and ride-hailing operations to improve the rider and driver experiences as well as to respond to operational requirements on
short notice. We also conduct all of our two-wheeled electric vehicle operations, including battery swapping, repair and maintenance,
and rebalancing, through in-house teams. We have at least one charging station per city where we operate. We have a swappable battery
operation, which means that we maintain a buffer of extra batteries beyond those in vehicles on the field, that we charge at our charging
stations. When the batteries in the two-wheeled electric vehicles on the field expire, our operations teams travel to the field and swap
the expired batteries with the batteries that have been fully charged at our charging stations. Furthermore, we design our own two-wheeled
electric vehicles and perform local assembly of various vehicle models. This approach allows us to tailor our two-wheeled electric vehicles
to the topography and needs of the markets we serve, while also creating more local employment opportunities.

A key component to our unique vertically integrated
business model is the low labor cost in Türkiye relative to developed countries that house other global two-wheeled electric vehicle
competitors.

As a result of our IoT lock-equipped vehicles
and our field motorcyclists that patrol our markets, our theft and vandalism rate is less than 0.1% of our fleet.

Constructive Regulatory Framework in Two-Wheeled
Electric Vehicles and Potentially in Ride-Hailing Services

Our experience bringing e-scooters to Türkiye
illustrates how, as the largest e-scooter operator and together with other e-scooter operators, we have successfully contributed to the
development of a new transport modality in the country. The second and third largest e-scooter companies in the sector, as measured by
app downloads, are both domestic. As of December 31, 2024, we have 57% of app downloads among the top five two-wheeled electric vehicle
companies in Türkiye, with the other four companies having the remaining 43% of app downloads in the aggregate.

Shortly after we began operations in 2019, e-scooters
were first introduced to the Turkish transportation code in