v3.25.2
Inventories, Net
12 Months Ended
Dec. 31, 2024
Inventories, Net [Abstract]  
INVENTORIES, NET

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.