RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 24 - RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:	Relationship with the Company
Zhejiang RAP	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. Since May 8, 2024, Hangzhou Hezhe became a subsidiary of the Company.
Billy Rafael Romero Del Rosario	A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and is the CEO of Cenntro Electric CICS, SRL

Related party transactions

During the years ended December 31, 2024 and 2023, the Company had the following material related party transactions for the continuing operation.

	For the Years Ended December 31,
	2024		2023
Interest income from a related party
Zhejiang RAP	$	22,227	$	12,767
Purchase of raw materials from related parties
Hangzhou Hezhe		3,760		233,536
Payment on the purchase of the raw materials
Hangzhou Hezhe		69,417		54,617
Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario (1)		675,058		113,560
Reimbursement from a related party
Billy Rafael Romero Del Rosario		810,873		-

(1) This was the payment to this related party for daily operating reimbursement with no interest and without expiration date.

Amounts due from Related Parties

The following table presents amounts due from related parties as of December 31, 2024 and 2023.

	As of December 31,
	2024		2023
Hangzhou Hezhe (1)	$	-	$	178,019
Billy Rafael Romero Del Rosario (2)		-		109,420
Zhejiang RAP (3)		11,729		-
Total amounts due from related parties		11,729		287,439
Less: amounts due from related parties, held for discontinued operations		-		-
Amounts due from related parties, held for continuing operations	$	11,729	$	287,439

(1) The balance mainly represents the prepayment for raw material to the related party.

(2) The balance mainly represents the prepayment of operating fund to the related party.

(3) The balance mainly represents the interest income receivable from the related party.

Amounts due to Related Parties - current

The following table presents amounts due to related parties as of December 31, 2024 and 2023.

	As of December 31,
	2024		2023
Zhejiang RAP	$	-	$	10,468
Billy Rafael Romero Del Rosario (1)		26,226		-
Total amounts due to related parties		26,226		10,468
Less: amounts due to related parties, held for discontinued operations		-		-
Amounts due to related parties, held for continuing operations	$	26,226	$	10,468

(1) The balance represented the payable of reimbursement to the replated party.