SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the nine months ended September 30, 2024 and 2023:

	For the Nine Months Ended  September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Vehicles sales	$	25,483,836	$	12,732,639
Spare-parts sales		2,783,954		586,632
Other service income		176,041		151,624
Net revenues	$	28,443,831	$	13,470,895

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

	For the Nine Months Ended September 30,
	2024		2023
	(Unaudited)		(Unaudited)
Primary geographical markets
America	$	17,071,721	$	451,848
Europe		7,260,544		10,035,492
Asia		4,080,473		2,983,555
Others		31,093		-
Total	$	28,443,831	$	13,470,895

Receivables and Contractual Liabilities from Contracts with Customers

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

	September 30, 2024 (Unaudited)		December 31, 2023
Accounts receivable, net	$	4,556,857	$	6,530,801
Contractual liabilities	$	4,958,315	$	3,394,044