Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 112

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 112
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-hailing services are highly dependent on consumer perception.

For ride-hailing service, customer trust in service
reliability, affordability, and driver professionalism is critical to our retention and growth. Negative press coverage, safety incidents,
or unfavorable user experiences could adversely affect our brand and market position. We continue to focus on user experience, rider and
driver safety, and community engagement to foster long-term brand loyalty.

For two-wheeled electric vehicle service, concerns
around safety, usability, and public space usage can affect acceptance and utilization rates. We are committed to ongoing safety initiatives,
including rider education, vehicle maintenance standards, and data-driven improvements to our fleet and operational practices. While some
cities adopt two-wheeled electric vehicles easily, others may be unsuitable for or slow to adopt an increase in alternatives such as e-scooters,
e-mopeds, and e-bikes. Any negative perception about the safety of our two-wheeled electric vehicles may result in significant decline
in current addressable market size or potential market expansion opportunities. We continue to educate our riders and the public regarding
the measures taken and steps to ensure rider and pedestrian safety.

Regulatory framework and government relations

Urban mobility is a regulated market in
Türkiye, and local laws and practices continue to evolve and change as new mobility solutions emerge. Our two-wheeled electric
vehicle service subject to a multi-tiered licensing process. We are required to procure a national license from the Ministry of
Transportation, followed by city level licenses in each city in which we operate or propose to operate, followed by the payment of a
per-vehicle daily occupancy fee to each district in which we operate. This multi-tiered licensing process requires us to employ
extensive teams to properly navigate all regulatory requirements. Therefore, our relationships with local authorities matter
greatly. Any disturbance in the regulatory environment could have an adverse impact on our ability to penetrate new markets and
continue to effectively operate in our existing markets. We actively collaborate with our regulators at the national, city and
district level to ensure the urban mobility needs of our customers are fulfilled and compliant with applicable laws.

Competition

We operate in a highly competitive and rapidly
evolving industry. Our ride-hailing services compete with domestic taxi networks, other digital car-hailing and taxi hailing platforms,
and alternative modes of urban transport such as public transit, car-sharing, and private vehicle ownership. Our two-wheeled electric
vehicle services face direct competition from other micromobility platforms