SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

The following table disaggregated the Company’s revenues by product line for the nine months ended September 30, 2025 and 2024:

	For the Nine Months Ended September 30,
	2025			2024
	(Unaudited)			(Unaudited)
Vehicles sales	$	12,389,471		$	25,483,836
Spare-parts sales		818,955			2,783,954
Other service income		302,380			176,041
Net revenues		13,510,806			28,443,831
Less: net revenues, discontinued operation		(390,612	)		(2,555,785	)
Net revenues, continuing operation	$	13,120,194		$	25,888,046

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

	For the Nine Months Ended September 30,
	2025			2024
	(Unaudited)			(Unaudited)
Primary geographical markets
Europe	$	9,732,252		$	7,260,544
Asia		2,494,237			4,080,473
America		1,250,477			17,071,721
Others		33,840			31,093
Net revenues		13,510,806			28,443,831
Less: Net revenues, discontinued operation		(390,612	)		(2,555,785	)
Net revenues, continuing operation	$	13,120,194		$	25,888,046

Receivables and Contractual Liabilities from Contracts with Customers

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

	September 30, 2025			December 31, 2024
	(Unaudited)
Accounts receivable, net	$	2,874,308		$	4,688,322
Less: accounts receivable, net, held for discontinued operation		(1,276,020	)		(1,406,457	)
Accounts receivable, net, held for continuing operation		1,598,288			3,281,865
Contractual liabilities	$	3,783,681		$	4,202,001
Less: contractual liabilities, held for discontinued operation		(84,634	)		(80,696	)
Contractual liabilities, held for continuing operation		3,699,047			4,121,305