SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SCHEDULE OF RESTRICTED CASH

The restricted cash is presented separately on the consolidated balance sheets as follows:

	June 30, 2024		December 31, 2023
	US$’000 (Unaudited)		US$’000
Frozen amount		104		1,378
Security amount		283		-
Total restricted cash		387		1,378

SCHEDULE OF ALLOWANCE FOR EXPECTED CREDIT LOSS

The following table summarizes the activity in the allowance for expected credit loss for the six months ended June 30, 2024 and 2023, respectively.

	For the six months ended
	June 30, 2024
	US$’000
	(Unaudited)
Balance as of January 1, 2024		129
Current period provision		-
Reversal		(8	)
Write-offs		-
Balance as of June 30, 2024		121

	For the six months ended
	June 30, 2023
	US$’000
	(Unaudited)
Balance as of December 31, 2022		-
Adoption of ASC Topic 326		73
Balance as of January 1, 2023		73
Current period provision		-
Write-offs		-
Balance as of June 30, 2023		73

SCHEDULE OF ESTIMATED USEFUL LIFE

	Estimated useful lives
Buildings	20 years
Machinery and equipment	3 to 25 years
Vehicles	4 to 5 years
Computer and electronic equipment	2 to 5 years
Mold and tooling	1 to 13 years

SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS

Amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below:

	Estimated useful lives
Patent	5 to 10 years
Computer software	2 to 10 years

SCHEDULE OF ACCRUED WARRANTY

Accrued warranty is included in other liabilities and the movement of accrued warranty is as following:

	June 30, 2024			December 31, 2023
	US$’000			US$’000
	(Unaudited)			(Audited)
Accrued warranty - beginning of period/year		204			319
Warranty costs incurred		46			(106	)
Provision for warranty		-			-
Translation adjustment		(6	)		(9	)
Accrued warranty - end of period/year		244			204

SCHEDULE OF REVENUE

	For the six months ended
	June 30, 2024				June 30, 2023
	US$’000				US$’000
	(Unaudited)				(Unaudited)
	Related Parties		Third Parties		Related Parties		Third Parties
Vehicle sales	$	-	$	3,161	$	51	$	2,041
Sales of vehicle parts and accessories	$	245	$	-	$	508	$	3
Others	$	-	$	1	$	-	$	12
Total revenues		245		3,162		559		2,056

SCHEDULE OF GOVERNMENT SUBSIDY

See below for the nature of each government subsidy received and the related accounting treatment:

For the six months ended June 30, 2024 (Unaudited)
No.	US$’000		Type of Subsidies	Accounting Treatment
1		1,426	Subsidies compensating for expenses or losses	The government subsidy is recognized as government grant income when the amounts are received and conditions are met.
2		280	Subsidies related to fixed assets	The Company recorded subsidies as other liabilities when received and recognized government subsidies as government grant income over the depreciable lives of the related fixed assets for which the subsidies are intended to compensate.
TOTAL		1,706

For the six months ended June 30, 2023 (Unaudited)
No.	US$’000		Type of Subsidies	Accounting Treatment
1		1,542	Subsidies compensating for expenses or losses	The government subsidy is recognized as government grant income when the amounts are received and conditions are met.
2		281	Subsidies related to fixed assets	The Company recorded subsidies as other liabilities when received and recognized government subsidies as government grant income over the depreciable lives of the related fixed assets for which the subsidies are intended to compensate.
TOTAL		1,823