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Inventories | 6 Months Ended | 12 Months Ended
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Jun. 30, 2025 | Dec. 31, 2024
Inventories [Abstract] |  |
INVENTORIES | 4. INVENTORIES Inventories consisted of the following:
|  | As of
|  | June 30, 2025 |  | December 31, 2024
|  | (Unaudited) |  |
Smart electric vehicles |  | $ | 430 |  | $ | 1,313
Auto parts and other materials |  |  | 552 |  |  | 1,110
Total |  | $ | 982 |  | $ | 2,423
During the six months ended June 30, 2025 and 2024, the Group recognized inventory write-downs of US$0.7 million and nil, respectively, within cost of revenues. The write-down in 2025 was primarily due to the estimated net realizable value of the related inventories falling below their carrying cost. | 6. INVENTORIES, NET Inventories, net consisted of the following:
|  | As of December 31,
|  | 2024 |  | 2023
Smart electric vehicles |  | $ | 1,313 |  | $ | 175
Vehicles in production |  |  | — |  |  | 6,545
Auto parts and other materials |  |  | 1,110 |  |  | 1,050
Total |  | $ | 2,423 |  | $ | 7,770
During the years ended December 31, 2024, 2023, and 2022, the Group recognized inventory write-downs of US$0.9 million, US$16.1 million, and nil, respectively, within cost of revenues. The write-down in 2024 was primarily due to the estimated net realizable value of the related inventories falling below their carrying cost.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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