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Trade and Bills Receivable, Net
 6 Months Ended
Jun. 30, 2025
Trade and Bills Receivable, Net [Abstract]  
Trade and Bills Receivable, net
4.Trade and Bills Receivable, net

 

Trade and bills receivable as of December 31, 2024 and June 30, 2025:

 

   December 31,   June 30, 
   2024   2025 
Trade receivable  $28,569,823   $30,164,934 
Less: Allowance for credit losses   (2,841,728)   (2,685,681)
    25,728,095    27,479,253 
Bills receivable   7,210,823    7,175,921 
   $32,938,918   $34,655,174 

 

Included in trade and bills receivables are retention receivables of $71,207 and $72,554 as of December 31, 2024 and June 30, 2025. 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, 2025  $2,841,728 
Current period provision, net   91,519 
Written-off   (298,789)
Foreign exchange adjustment   51,223 
Balance as at June 30, 2025  $2,685,681