Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Summary of Significant Accounting Policies [Abstract] |
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| Schedule of Estimated Useful Lives of Property and Equipment |
Estimated useful lives are as follows: | Category | | Estimated
useful lives | | Electronic equipment | | 5 years | | Vehicles | | 5 years | | Production facilities | | 10 years | | Battery and charging swap infrastructure | | 5 years | | Furniture | | 5 years |
|
| Schedule of Estimated Useful Lives of Intangible Assets |
Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows: | Category | | Estimated
useful lives | | Software | | 2 years | | Trademark | | 10 years |
|
| Schedule of Fair Value Measurements of Liabilities |
The following table details the fair value measurements of liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of December 31, 2024 and 2023.
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|
|
Fair Value Measurement using
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| |
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Level 1
|
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Level 2
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Level 3
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Total fair
value
|
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Warrant liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024
|
|
$
|
52 |
|
$
|
—
|
|
$
|
—
|
|
$
|
52 |
|
As of December 31, 2023
|
|
$
|
288 |
|
$
|
—
|
|
$
|
—
|
|
$
|
288 |
|
| Schedule of Changes for Warrant Liabilities Measured at Fair Value |
The changes for warrant liabilities measured at fair value are as follows:
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|
|
Private
Warrants
|
|
Representative
Warrants
|
|
Fair value as of December 31, 2021
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Acquired from the Business Combination
|
|
|
62 |
|
|
|
200 |
|
|
Change in fair value
|
|
|
39 |
|
|
|
199 |
|
|
Fair value as of December 31, 2022
|
|
$
|
101 |
|
|
$
|
399 |
|
|
Change in fair value
|
|
|
(43 |
)
|
|
|
(169 |
)
|
|
Fair value as of December 31, 2023
|
|
$
|
58 |
|
|
$
|
230 |
|
|
Change in fair value
|
|
|
(47 |
)
|
|
|
(189 |
)
|
|
Fair value as of December 31, 2024
|
|
$
|
11 |
|
|
$
|
41 |
|
|
| Schedule of Allowance for Expected Credit Losses |
For the years ended December 31, 2024, 2023 and 2022, allowance for expected credit losses made by the Group were shown as follows:
|
|
|
For the years ended December 31,
|
| |
|
2024
|
|
2023
|
|
2022
|
|
Allowance for expected credit losses for accounts receivable, current
|
|
$
|
1,493 |
|
$
|
3,937 |
|
$
|
—
|
|
Allowance for expected credit losses for advance to suppliers
|
|
|
649 |
|
|
42,478 |
|
|
—
|
|
Allowance for expected credit losses for prepaid expenses and other current assets
|
|
|
3,016 |
|
|
20,187 |
|
|
—
|
|
Allowance for expected credit losses for amounts due from related parties
|
|
|
60,495 |
|
|
15,000 |
|
|
—
|
|
Allowance for expected credit losses for accounts receivable, non-current
|
|
|
—
|
|
|
3,829 |
|
|
—
|
|
Total
|
|
$
|
65,653 |
|
$
|
85,431 |
|
$
|
—
|
|
| Schedule of Currency Exchange Rates of Consolidated Financial Statements |
The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:
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|
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As of
December 31,
|
|
Balance sheet items, except for equity accounts
|
|
2024
|
|
2023
|
|
US$
|
against RMB
|
|
7.2993 |
|
7.0999 |
|
US$
|
against AED
|
|
3.6726 |
|
3.6738 |
|
Items in the statements of operations and comprehensive loss,
and statements of cash flows
|
|
For the years ended December 31,
|
|
2024
|
|
2023
|
|
2022
|
|
US$
|
against RMB
|
|
7.1957 |
|
7.0809 |
|
6.7290 |
|
US$
|
against AED
|
|
3.6726 |
|
3.6843 |
|
3.6709 |
|
| Schedule of Disaggregation of Groups Long-Lived Assets by Geographic Area |
The following table sets forth the disaggregation of the Groups long-lived assets by geographic area:
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|
|
As of December 31,
|
| |
|
2024
|
|
2023
|
|
The United States
|
|
$
|
151 |
|
$
|
71,141 |
|
The United Arab Emirates
|
|
|
6,125 |
|
|
8,602 |
|
Mainland China
|
|
|
2,637 |
|
|
3,637 |
|
Total
|
|
$
|
8,913 |
|
$
|
83,380 |
|