SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Estimated Useful Lives

Estimated useful lives are as follows:

Buildings	20 years
Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	3-10 years
Others	3 years

Estimated Useful Lives of Intangible Assets

Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:

Category	Estimated useful life
Land use rights	45.75-50 years
Software	3 years
Technology	5 years
Trademark	5 years

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2023 and 2022:

		For the Years Ended December 31,
		2023				2022
Vehicles sales		$	20,344,889			$	8,235,053
Spare-parts sales			1,554,311				304,506
Other service income			180,705				402,276
Net revenues		$	22,079,905			$	8,941,835

The Company’s revenues are primarily derived from Europe, America and Asia. The following table sets forth disaggregation of revenue by customer location.

		For the Years Ended December 31,
		2023				2022
Primary geographical markets
Europe		$	16,218,398			$	7,052,452
Asia			4,805,312				1,191,931
America			1,056,195				697,452
Total		$	22,079,905			$	8,941,835

Receivables and Contractual Liabilities from Contracts with Customers

The following table provides information about receivables and contractual liabilities from contracts with customers:

	December 31, 2023		December 31, 2022
Accounts receivable, net	$	6,530,801	$	565,398
Contractual liabilities	$	3,394,044	$	2,388,480

Foreign Currency Translation Rates

Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period. Capital accounts of the consolidated financial statements are translated into USD from RMB, EUR, DOP, COP and TRY at their historical exchange rates when the capital transactions occurred. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of accumulated other comprehensive loss in the balance sheets. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.

		For the Years Ended December 31,
		2023				2022
Period end USD: RMB exchange rate			7.0999				6.8972
Average USD: RMB exchange rate			7.0809				6.7290
Period end USD: EUR exchange rate			1.1062				0.9348
Average USD: EUR exchange rate			1.0817				0.9493

Long-lived Assets by Geographic Segment

The following table presents long-lived assets by geographic segment as of December 31, 2023 and 2022.

Long-lived assets

	December 31,
	2023		2022
PRC	$	19,900,770	$	18,018,954
US		19,730,650		9,125,535
Mexico		4,238,942		-
Dominican		808,346		469,740
Others		2,636,219		99,303
Total	$	47,314,927	$	27,713,532