SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Disaggregation of Revenue

The following table disaggregated the Company’s revenues by product line for the six months ended June 30, 2026 and 2025:

	For the Six Months Ended June 30,
	2026		2025
	(Unaudited)		(Unaudited)
Vehicles sales	$	5,320,493	$	7,976,499
Spare-parts sales		2,000,807		505,779
Other service income		112,682		229,877
Net revenues		7,433,982		8,712,155
Less: Net revenues, discontinued operation		-		(162,179	)
Net revenues, continuing operation	$	7,433,982	$	8,549,976

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 Six Months Ended June 30,
	2026		2025
	(Unaudited)		(Unaudited)
Primary geographical markets
Europe	$	2,935,218	$	5,786,495
Asia		2,290,151		1,931,593
America		1,829,902		960,227
Others		378,711		33,840
Net revenues		7,433,982		8,712,155
Less: Net revenues, discontinued operation		-		(162,179	)
Net revenues, continuing operation	$	7,433,982	$	8,549,976

Receivables and Contract Liabilities from Contracts with Customers

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

	June 30, 2026		December 31, 2025
	(Unaudited)
Accounts receivable, net	$	1,492,819	$	1,426,094
Less: accounts receivable, net, held for discontinued operation		-		(144,856	)
Accounts receivable, net, held for continuing operation		1,492,819		1,281,238
Contract liabilities	$	5,679,876	$	3,106,185
Less: contract liabilities, held for discontinued operation		-		(84,641	)
Contract liabilities, held for continuing operation		5,679,876		3,021,544