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Trade and Bills Receivable, Net
 9 Months Ended
Sep. 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 September 30, 2025:

 

   December 31,   September 30, 
   2024   2025 
Trade receivable  $28,569,823   $26,961,393 
Less: Allowance for credit losses   (2,841,728)   (2,532,012)
    25,728,095    24,429,381 
Bills receivable   7,210,823    23,369,064 
   $32,938,918   $47,798,445 

 

Included in trade and bills receivables are retention receivables of $71,207 and $72,994 as of December 31, 2024 and September 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 is as follows:

 

Balance as at January 1, 2025  $2,841,728 
Current period provision, net   (69,059)
Written-off   (306,684)
Foreign exchange adjustment   66,027 
Balance as at September 30, 2025  $2,532,012