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Product Warranty Provision
 9 Months Ended
Sep. 30, 2022
Product Warranties Disclosures [Abstract]  
Product Warranty Provision

18. Product Warranty Provision

 

The Company maintains a policy of providing after sales support for certain of its new EV and LEV battery products introduced since October 1, 2015 by way of a warranty program. The limited cover covers a period of six to twelve months for battery cells, a period of twelve to twenty seven months for battery modules for light electric vehicles (LEV) such as electric bicycles, and a period of three years to eight years (or 120,000 or 200,000 km if reached sooner) for battery modules for electric vehicles (EV). The Company accrues an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The Company assesses the adequacy of its recorded warranty liability at least annually and adjusts the amounts as necessary.

 

   December 31,
2021		   September 30,
2022		 
Balance at beginning of year  $1,991,605   $2,028,266 
Warranty costs incurred   (34,439)   (49,662)
Provision for the year   16,995    124,673 
Foreign exchange adjustment   54,105    (222,312)
Balance at end of year   2,028,266    1,880,965 
Less: Current portion   (127,837)   (104,053)
Non-current portion  $1,900,429   $1,776,912