CONTRACT LIABILITIES

6 Months Ended

Jun. 30, 2024

Contract Liabilities

CONTRACT LIABILITIES

15. CONTRACT LIABILITIES

Contract liabilities primarily consisted of advance payments from customers prior to the transfer of goods or services by the Company. The payment amounts and timing vary depending on the vehicle model, the energy product and the location of delivery. Contract liabilities are included in current liabilities until refunded or until they are applied towards the revenue.

	June 30, 2024			December 31, 2023
	US$’000			US$’000
	(Unaudited)
Contract liabilities - beginning of period/year		5,008			3,654
A change in time frame for a performance obligation satisfied		(6,405	)		(11,747	)
Advance received		5,511			13,205
Translation adjustment		(115	)		(104	)
Contract liabilities - subtotal		3,999			5,008
Less: contract liabilities to related parties		(1,360	)		(2,483	)
Contract liabilities - end of period/year		2,639			2,525