SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Estimated Useful Lives

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment. Depreciation is calculated over the asset’s estimated useful life, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows:

Category	Estimated useful life
Land	Infinite
Plant and building	20 years
Machinery and equipment	5-10 years
Office equipment	3-5 years
Motor vehicles	3-5 years
Leasehold improvement	Over the shorter of the lease term or estimated useful lives

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 disaggregated the Company’s revenues by product lines for the years ended December 31, 2025 and 2024:

	For the Years Ended December 31,
	2025			2024
Vehicles sales	$	16,646,054		$	31,658,358
Spare-parts sales		1,730,394			2,977,323
Other service income		349,689			428,129
Net revenues		18,726,137			35,063,810
Less: net revenues, discontinued operation		(645,976	)		(3,766,417	)
Net revenues, continuing operation	$	18,080,161		$	31,297,393

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 Years Ended December 31,
	2025				2024
Primary geographical markets
Europe		$	12,804,228			$	9,485,770
Asia			4,035,448				4,579,104
America (1)			1,852,544				20,888,931
Others			33,917				110,005
Net revenues			18,726,137				35,063,810
Less: Net revenues, discontinued operation			(645,976	)			(3,766,417	)
Net revenues, continuing operation		$	18,080,161			$	31,297,393

(1) The decrease in revenue from the Americas for the year ended December 31, 2025 was primarily attributable to changes in the external trade environment, including increased tariffs and related uncertainties, which adversely affected the Company’s sales activities in the U.S. market.

Receivables and Contractual Liabilities from Contracts with Customers

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

	December 31, 2025			December 31, 2024
Accounts receivable, net	$	1,426,094		$	4,688,322
Less: accounts receivable, net, held for discontinued operation		(144,856	)		(1,406,457	)
Accounts receivable, net, held for continuing operation		1,281,238			3,281,865
Contractual liabilities	$	3,106,185		$	4,202,001
Less: contractual liabilities, held for discontinued operation		(84,641	)		(80,696	)
Contractual liabilities, held for continuing operation		3,021,544			4,121,305

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, Dominican peso (“DOP”), Colombian peso (“COP”), Turkish lira (“TRY”), and Mexican peso (“MXN”)  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,
		2025				2024
Year end USD: RMB exchange rate			6.9931				7.2993
Average USD: RMB exchange rate			7.1875				7.1957
Year end USD: EUR exchange rate			1.1736				1.0351
Average USD: EUR exchange rate			1.1306				1.0820

Long-lived Assets by Geographic Segment

The following table presents long-lived assets by geographic segment as of December 31, 2025 and 2024.

	December 31,
	2025		2024
PRC	$	18,850,948	$	18,870,911
US		3,510,019		8,544,239
Europe		1,553,990		1,971,381
Mexico		-		3,792,146
Dominican		-		395,569
Others		811		893
Total long-lived assets		23,915,768		33,575,139
Less: long-lived assets, held for discontinued operation		-		-
Long-lived assets, held for continuing operation	$	23,915,768	$	33,575,139