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Trade and Bills Receivable, Net
 12 Months Ended
Dec. 31, 2024
Trade and Bills Receivable, Net [Abstract]  
Trade and Bills Receivable, net
5.Trade and Bills Receivable, net

 

Trade and bills receivable as of December 31, 2023 and 2024:

 

   December 31,   December 31, 
   2023   2024 
Trade receivable  $29,368,296   $28,569,823 
Less: Allowance for credit losses   (3,198,249)   (2,841,728)
    26,170,047    25,728,095 
Bills receivable   2,483,000    7,210,823 
   $28,653,047   $32,938,918 

 

Included in trade and bills receivables are retention receivables of $65,162 and $71,207 as of December 31, 2023 and 2024. Retention receivables are interest-free and recoverable either at the end of the retention period of three to five years since the sales of the EV batteries or 200,000 km since the sales of the motor vehicles (whichever comes first).

 

An analysis of the allowance for the credit losses are as follows:

 

Balance as at January 1, 2023  $2,274,513 
Current period provision, net   1,012,404 
Reversal – recoveries by cash   (10,250)
Written-off   (14,661)
Foreign exchange adjustment   (63,757)
Balance as at December 31, 2023  $3,198,249 
Current period provision, net   512,123 
Reversal – recoveries by cash   (653,568)
Written-off   (130,465)
Foreign exchange adjustment   (84,611)
Balance as at December 31, 2024  $2,841,728