INVENTORIES, NET

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

5. INVENTORIES, NET

Inventory as of December 31, 2024 and 2023 consisted of the following:

	As of December 31, 2024			As of December 31, 2023
Raw materials	$	1,293,051		$	1,447,850
Work-in-process(i)		20,660			17,552
Semi-finished goods(ii)		632,670			2,391,380
Finished goods		609,516			899,839
Inventory, subtotal		2,555,897			4,756,621
Less: inventory impairment provision		(1,127,700	)		(1,942,922	)
Inventory, net	$	1,428,197		$	2,813,699

(i) Work-in-process primarily consists of battery cells under production or battery pack under assembly process, which will be transferred into Semi-finished goods or finished goods respectively when completed.

(ii) Semi-finished goods are mainly battery cells which can be used to produce battery packs or sold directly.

Movement of inventory impairment provision is as below:

	For the Years Ended December 31,
	2024			2023			2022
Balance at beginning of the year	$	1,942,922		$	1,810,384			1,617,467
Addition		483,992			1,506,422			1,544,475
Deletion*		(1,257,111	)		(1,321,709	)		(1,220,673	)
Exchange difference		(42,103	)		(52,175	)		(130,885	)
Balance at end of the year	$	1,127,700		$	1,942,922		$	1,810,384

* Inventory with impairment provision in the earlier period was sold for the years ended of December 31, 2024, 2023 and 2022.