Cenntro Electric Group Limited (CENN) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-38544
Entity Registrant Name	CENNTRO INC.
Entity Central Index Key	0001707919
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	501 Okerson Road
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	732
Local Phone Number	820-6757
Title of 12(b) Security	Common Stock
Trading Symbol	CENN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,828,795

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
Net revenues		$ 8,320,492	$ 4,237,520	$ 11,712,491	$ 7,708,064
Cost of goods sold		(7,095,622)	(3,090,275)	(10,473,350)	(6,366,075)
Gross profit		1,224,870	1,147,245	1,239,141	1,341,989
OPERATING EXPENSES:
Selling and marketing expenses		(1,306,678)	(2,742,749)	(2,623,441)	(4,611,734)
General and administrative expenses		(7,649,940)	(9,285,213)	(14,011,136)	(16,643,477)
Research and development expenses		(1,087,639)	(2,143,070)	(2,815,469)	(3,712,989)
Total operating expenses		(10,044,257)	(14,171,032)	(19,450,046)	(24,968,200)
Loss from operations		(8,819,387)	(13,023,787)	(18,210,905)	(23,626,211)
OTHER (EXPENSE) INCOME:
Interest (expense) income, net		(97,788)	1,262	(24,546)	(53,153)
Loss from long-term investment		(3,590)	(148,645)	(17,110)	(129,603)
Impairment of long-term investment		0	(8,538)	0	(1,154,666)
Gain (loss) on redemption of convertible promissory notes		0	1,900	0	(101)
Loss on exercise of warrants		0	(14,745)	0	(227,615)
Loss from acquisition of Hezhe		(149,872)	0	(149,872)	0
Change in fair value of convertible promissory notes and derivative liability		9,237	199,698	8,532	73,425
Change in fair value of equity securities		259,564	60,452	494,451	713,468
Foreign currency exchange loss, net		(370,462)	(1,389,294)	(729,679)	(1,356,271)
Loss (gain) from cross-currency swaps		(4,346)	0	1,587	0
Other (expense) income, net		(21,834)	269,999	168,809	595,052
Loss before income taxes		(9,198,478)	(14,051,698)	(18,458,733)	(25,165,675)
Income tax benefit (expense)		4,683	(25,468)	34,715	(25,468)
Net loss		(9,193,795)	(14,077,166)	(18,424,018)	(25,191,143)
Less: net loss attributable to non-controlling interests		(10,968)	(2,682)	(11,040)	(158,710)
Net loss attributable to the Company's shareholders		(9,182,827)	(14,074,484)	(18,412,978)	(25,032,433)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment		(376,045)	(2,824,971)	(1,377,290)	(2,487,693)
Total comprehensive loss		(9,569,840)	(16,902,137)	(19,801,308)	(27,678,836)
Less: total comprehensive loss attributable to non-controlling interests		(7,700)	(2,683)	(7,844)	(183,278)
Total comprehensive loss to the Company's shareholders		$ (9,562,140)	$ (16,899,454)	$ (19,793,464)	$ (27,495,558)
Weighted average number of shares outstanding, basic (in shares)	[1]	30,828,795	30,444,909	30,828,795	30,377,615
Weighted average number of shares outstanding, diluted (in shares)	[1]	30,828,795	30,444,909	30,828,795	30,377,615
Loss per share, basic (in dollars per share)		$ (0.3)	$ (0.46)	$ (0.6)	$ (0.82)
Loss per share, diluted (in dollars per share)		$ (0.3)	$ (0.46)	$ (0.6)	$ (0.82)
[1]On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten one-for-ten

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	Dec. 08, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
Reverse stock split ratio	0.1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 16,229,062	$ 29,375,727
Restricted cash	197,682	196,170
Short-term investment	4,154,255	4,236,588
Accounts receivable, net	7,871,086	6,530,801
Inventories, net	41,271,928	43,909,564
Prepayment and other current assets	21,687,766	20,391,150
Amounts due from related parties - current	$ 173,567	$ 287,439
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current assets	$ 91,585,346	$ 104,927,439
Non-current assets:
Long-term investments	4,254,373	4,685,984
Investment in equity securities	26,079,485	26,158,474
Property, plant and equipment, net	20,075,860	20,401,521
Goodwill	216,403	223,494
Intangible assets, net	6,494,829	6,873,781
Right-of-use assets, net	17,590,753	20,039,625
Other non-current assets	1,454,473	2,227,672
Total non-current assets	76,166,176	80,610,551
Total Assets	167,751,522	185,537,990
Current liabilities:
Accounts payable	6,630,085	6,797,852
Current portion of long-term bank loans	95,047	0
Accrued expenses and other current liabilities	4,046,031	4,263,887
Contract liabilities	5,476,006	3,394,044
Operating lease liabilities, current	4,607,925	4,741,599
Convertible promissory notes	9,951,000	9,956,000
Contingent liabilities, current	25,823	26,669
Deferred government grant, current	106,215	108,717
Amounts due to related parties	$ 0	$ 10,468
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current liabilities	$ 30,938,132	$ 29,299,236
Non-current liabilities:
Long-term bank loans	366,589	0
Contingent liabilities, non-current	222,763	230,063
Deferred tax liabilities	201,070	228,086
Deferred government grant, non-current	1,832,201	1,929,733
Derivative liability - investor warrant	12,186,795	12,189,508
Derivative liability - placement agent warrant	3,455,759	3,456,578
Operating lease liabilities, non-current	14,542,028	16,339,619
Total non-current liabilities	32,807,205	34,373,587
Total Liabilities	63,745,337	63,672,823
Commitments and contingencies
EQUITY
Ordinary shares (No par value; 30,828,795 and 30,828,778 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	0	0
Additional paid in capital	404,110,513	402,337,393
Accumulated deficit	(292,436,479)	(274,023,501)
Accumulated other comprehensive loss	(7,824,971)	(6,444,485)
Total equity attributable to shareholders	103,849,063	121,869,407
Non-controlling interests	157,122	(4,240)
Total Equity	104,006,185	121,865,167
Total Liabilities and Equity	$ 167,751,522	$ 185,537,990

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
EQUITY
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, shares issued (in shares)	30,828,795	30,828,778
Ordinary shares, shares outstanding (in shares)	30,828,795	30,828,778

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)		Ordinary Shares [Member]		Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Shareholders' Equity [Member]	Non-controlling Interest [Member]	Total
Beginning balance at Dec. 31, 2022		$ 0		$ 397,497,817	$ (219,824,176)	$ (5,306,972)	$ 172,366,669	$ (477,135)	$ 171,889,534
Beginning balance (in shares) at Dec. 31, 2022	[1]	30,084,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		$ 0		2,410,291	0	0	2,410,291	0	2,410,291
Net loss		0		0	(25,032,433)	0	(25,032,433)	(158,710)	(25,191,143)
Acquisition of 35% of CAE's equity interests		0		(2,558,882)	0	0	(2,558,882)	658,892	(1,899,990)
Exercise of warrants		$ 0		2,168,185	0	0	2,168,185	0	2,168,185
Exercise of warrants (in shares)	[1]	360,709
Foreign currency translation adjustment		$ 0		0	0	(2,463,125)	(2,463,125)	(24,568)	(2,487,693)
Ending balance at Jun. 30, 2023		$ 0		399,517,411	(244,856,609)	(7,770,097)	146,890,705	(1,521)	146,889,184
Ending balance (in shares) at Jun. 30, 2023	[1]	30,444,909
Beginning balance at Dec. 31, 2023		$ 0		402,337,393	(274,023,501)	(6,444,485)	121,869,407	(4,240)	$ 121,865,167
Beginning balance (in shares) at Dec. 31, 2023		30,828,778	[1]						30,828,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		$ 0		1,773,120	0	0	1,773,120	0	$ 1,773,120
Net loss		0		0	(18,412,978)	0	(18,412,978)	(11,040)	(18,424,018)
Acquisition of 60% of Hezhe's equity interests		0		0	0	0	0	169,206	169,206
Fractional shares issued due to reverse stock split		$ 0		0	0	0	0	0	0
Fractional shares issued due to reverse stock split (in shares)	[1]	17
Foreign currency translation adjustment		$ 0		0	0	(1,380,486)	(1,380,486)	3,196	(1,377,290)
Ending balance at Jun. 30, 2024		$ 0		$ 404,110,513	$ (292,436,479)	$ (7,824,971)	$ 103,849,063	$ 157,122	$ 104,006,185
Ending balance (in shares) at Jun. 30, 2024		30,828,795	[1]						30,828,795
[1]On September 1, 2023, the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten one-for-ten

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	Jun. 30, 2023
CAE [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition equity interests	35%

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$ (12,710,460)	$ (35,499,138)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equity investment	0	(680,932)
Purchase of plant and equipment	(663,122)	(5,082,473)
Purchase of land use right and land	0	(2,200,559)
Acquisition of CAE's equity interests	0	(1,924,557)
Net of cash acquired of 60% of Hezhe's equity interests	(355,400)	0
Cash dividend from long-term investment	55,440	0
Proceeds from disposal of property, plant and equipment	39,720	0
Loans provided to third parties	0	(100,000)
Proceeds from interest and redemption of equity securities	573,441	0
Net cash used in investing activities	(349,921)	(9,988,521)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank loans	475,236	0
Repayment of bank loans	(13,600)	0
Redemption of convertible promissory notes	0	(45,583,321)
Net cash provided by (used in) financing activities	461,636	(45,583,321)
Effect of exchange rate changes on cash	(546,408)	(2,543,188)
Net decrease in cash, cash equivalents and restricted cash	(13,145,153)	(93,614,168)
Cash, cash equivalents and restricted cash at beginning of period	29,571,897	154,096,801
Cash, cash equivalents and restricted cash at end of period	16,426,744	60,482,633
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	338,415	1,051,054
Income tax paid	0	4,903
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cashless exercise of warrants	$ 0	$ 2,168,185

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2024	May 08, 2024
Hangzhou Hezhe [Member]
Noncontrolling Interest [Abstract]
Acquisition equity interests	60%	60%

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES Historical and principal activities Cenntro Inc. was incorporated in the State of Nevada on March 9, 2023, under The Nevada Revised Statutes (the “NRS”). As a holding company with no material operations of its own, Cenntro Inc. conducts operations through its subsidiaries in the United States, Australia, Europe, Mexico, Hong Kong, the Dominican Republic, and in the People’s Republic of China, which we refer to as the PRC or China. Cenntro Automotive Group Limited (“CAG Cayman”) was formed in the Cayman Islands on August 22, 2014. CAG Cayman was the former parent of Cenntro (as defined below), prior to the closing of the Combination (as defined below). Cenntro Automotive Corporation (“CAC”) was incorporated in the State of Delaware on March 22, 2013. CAC became CAG Cayman’s wholly owned company on May 26, 2016. CAC’s operations include corporate affairs, administrative, human resources, global marketing and sales, after-market support, homologation, and quality assurance. CAC also leases and operates facilities in Freehold, New Jersey, including the Company’s corporate headquarters, and Jacksonville, Florida facility. Cenntro Automotive Group Limited (“CAG HK”) was established by CAG Cayman on February 15, 2016 in Hong Kong. CAG HK is a non-operating, investment holding company, which conducts business through its subsidiaries in mainland China and Hong Kong. Cenntro Electric Group, Inc. (“CEG”) was incorporated in the state of Delaware by CAG Cayman on March 9, 2020. Cenntro Electric Group Limited, formerly known as Naked Brand Group Limited (“NBG”), was incorporated in Australia on May 11, 2017, and is the parent company of Cenntro. NBG changed its name to Cenntro Electric Group Limited (“CEGL”) on December 30, 2021, in connection with the closing of the Combination. CEGL changed its name to Cenntro Electric Group Pty Limited on June 14, 2024. On March 25, 2022 and January 31, 2023, CEGL entered into Share Purchase Agreements to acquire 65% and 35% of the issued and outstanding shares in Cenntro Automotive Europe GmbH (“CAE”), formerly known as Tropos Motors Europe GmbH. For information of the Share Purchase Agreements, see Note 3 of the Company 2023 Form 10-K, CAC, CEG and CAG HK and its consolidated subsidiaries are collectively known as “Cenntro” ; Cenntro Inc., Reverse recapitalization On December 30, 2021, the Company consummated a stock purchase transaction (the “Combination”) pursuant to that certain stock purchase agreement, dated as of November 5, 2021 (the “Acquisition Agreement”) by and among CEGL (at the time, NBG), CAG Cayman, CAC, CEG and CAG HK. Cenntro was deemed to be the accounting acquirer given Cenntro effectively controlled the consolidated entity after the Combination. Under U.S. generally accepted accounting principles, the Combination is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by Cenntro for the net monetary assets of CEGL, accompanied by a recapitalization. As of June 30, 2024, Cenntro Inc’s subsidiaries are as follows: Name Date of Incorporation Place of Incorporation Percentage of direct or indirect economic interest Cenntro Electric Group Pty Limited (“CEGL”) May 11, 2017 Australia 100 Cenntro Automotive Corporation (“CAC”) March 22, 2013 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric Group, Inc. (“CEG”) March 9, 2020 Delaware, U.S. 100% owned by Cenntro Inc. Cennatic Power, Inc. (“Cennatic Power”) June 8, 2022 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric Group (Europe) GmbH January 13, 2022 Frankfurt, Germany 100% owned by Cenntro Inc. Teemak Power Corporation January 31, 2023 Delaware, U.S. 100% owned by Cenntro Inc. Avantier Motors Corporation November 17, 2017 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric CICS, SRL November 30, 2022 Santo Domingo, Dominican Republic 99% owned by Cenntro Inc. Cennatic Energy S. de R.L. de C.V. August 24, 2022 Monterrey, Mexico 100% owned by Cenntro Inc Cenntro Automotive S.A.S. January 16, 2023 Galapa, Colombia 100% owned by Cenntro Inc Cenntro Electric Colombia S.A.S. March 29, 2023 Atlántico, Colombia 100% owned by Cenntro Inc Cenntro Automotive Group Limited (“CAG HK”) February 15, 2016 Hong Kong 100% owned by Cenntro Inc Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”) June 5, 2017 PRC 100% owned by Cenntro Inc Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”) May 6, 2016 PRC 100% owned by Cenntro Inc Zhejiang Cenntro Machinery Co., Limited January 20, 2021 PRC 100% owned by Cenntro Inc Jiangsu Tooniu Tech Co., Limited December 19, 2018 PRC 100% owned by Cenntro Inc Hangzhou Hengzhong Tech Co., Limited December 16, 2014 PRC 100% owned by Cenntro Inc Teemak Power (Hong Kong) Limited (HK) May 17, 2023 Hong Kong 100% owned by Cenntro Inc Avantier Motors (Hong Kong) Limited March 13, 2023 Hong Kong 100% owned by Cenntro Inc Cenntro Automotive Europe GmbH (“CAE”) May 21, 2019 Herne, Germany 100% owned by Cenntro Inc Cenntro Electric B.V. December 12, 2022 Amsterdam, Netherlands 100% owned by Cenntro Inc Cenntro Elektromobilite Araçlar A.Ş February 21, 2023 Turkey 100% owned by Cenntro Inc Cenntro Elecautomotiv, S.L. July 5, 2022 Barcelona, Spain 100% owned by Cenntro Inc Cenntro Electric Group (Europe) GmbH (“CEGE”) January 13, 2022 Düsseldorf, Germany 100% owned by Cenntro Inc Simachinery Equipment Limited (“Simachinery HK”) June 2, 2011 Hong Kong 100% owned by Cenntro Inc Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”) * June 16, 2011 PRC 100% owned by Cenntro Inc Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”) * July 12, 2012 PRC 100% owned by Cenntro Inc Cenntro EV Center Italy S.R.L. May 8, 2023 Italy 100% owned by Cenntro Inc Antric Gmbh August 21, 2020 Herne, Germany 100% owned by Cenntro Inc Pikka Electric Corporation August 3, 2023 Delaware, U.S. 100% owned by Cenntro Inc Centro Technology Corporation August 24, 2023 California, U.S. 100% owned by Cenntro Inc Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) July 1, 2021 PRC 80% owned by Cenntro Inc * As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and the unaudited condensed consolidated financial statements as of June 30, 2024 and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures, which are normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. Management believes that the disclosures made are adequate to provide a fair presentation. The interim financial information should be read in conjunction with the financial statements and the notes for the fiscal year ended December 31, 2023. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results for the full year or any future periods. (b) Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include provision for doubtful accounts, lower of cost and net realizable value of inventories, impairment losses for long-lived assets and investments, valuation allowance for deferred tax assets and fair value of convertible promissory notes and warrants. Changes in facts and circumstances may result in revised estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions. (c) F air value measurement ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: In connection with the issuances of convertible promissory notes, the Company issued investor warrants and placement agent warrants to purchase ordinary shares of the Company. The Company utilizes a Binomial model to estimate the fair value of the warrants and are considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in the statement of operations. As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of its certain fund investment. The Company’s investments valued at NAV as a practical expedient are: i) private equity funds, which represent the investment in equity securities on the condensed consolidated balance sheet; ii) wealth management products purchased from banks, which represents the available-for-sale investments in short-term investments on the condensed consolidated balance sheet. (d) Revenue recognition The Company recognizes revenue when goods or services are transferred to customers in an amount that reflects the consideration which it expects to receive in exchange for those goods or services. In determining when and how revenue is recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of a contract with the customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue primarily through sales of light-duty ECVs, sales of ECV parts, and sales of off-road electric vehicles. Revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Revenue is recognized net of return allowance and any taxes collected from customers, which are subsequently remitted to governmental authorities. Significant judgement is required to estimate return allowances. The Company reasonably estimate the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods are accounted for as fulfilment costs rather than separate performance obligations and recorded as sales and marketing expenses. The following table disaggregates the Company’s revenues by product line for the six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Vehicles sales $ 9,610,536 $ 7,226,049 Spare-parts sales 1,978,161 344,702 Other service income 123,794 137,313 Net revenues $ 11,712,491 $ 7,708,064 The Company’s revenues are derived from Europe, Asia and America. The following table sets forth disaggregation of revenue by customer location. For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Primary geographical markets 　 America $ 5,763,387 $ 96,702 Europe 3,654,430 5,531,486 Asia 2,294,674 2,079,876 Total $ 11,712,491 $ 7,708,064 Contract Balances Timing of revenue recognition was once the Company has determined that the customer has obtained control over the product. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has an unconditional right to the payment. Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received 有 The following table provides information about receivables and contractual liabilities from contracts with customers: June 30, 2024 December 31, 2023 Accounts receivable, net $ 7,871,086 $ 6,530,801 Contract liabilities $ 5,476,006 $ 3,394,044 (e) Recently issued accounting standards pronouncement Except for the ASUs (“Accounting Standards Updates”) issued but not yet adopted disclosed in “Note 2 (ab) Recently issued accounting standards pronouncements” of the Company 2023 Form 10-K, there is no ASU issued by the FASB that is expected to have a material impact on the Company’s unaudited condensed consolidated results of operations or financial position.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	6 Months Ended
	Jun. 30, 2024
SHORT-TERM INVESTMENTS [Abstract]
SHORT-TERM INVESTMENTS	NOTE 3 - SHORT-TERM INVESTMENTS June 30, 2024 (Unaudited) December 31, 2023 Available-for-sale investment (1) $ 4,144,237 $ 4,227,947 Cross-currency swap (2) 10,018 8,641 Total $ 4,154,255 $ 4,236,588 (1) Available-for-sale investment represented wealth management products purchased from banks, for which the contractual maturity dates are more than three months and less than one year. (2) Cross-currency swap was bought by the Company to manage its exposures to movements in foreign exchange rates primarily related to the RMB.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2024
ACCOUNTS RECEIVABLE, NET [Abstract]
ACCOUNTS RECEIVABLE, NET	NOTE 4 - ACCOUNTS RECEIVABLE, NET Accounts receivable, net is summarized as follows: June 30, 2024 (Unaudited) December 31, 2023 Accounts receivable $ 9,554,579 $ 8,443,069 Less: allowance for credit losses (1,683,493 ) (1,912,268 ) Accounts receivable, net $ 7,871,086 $ 6,530,801 The changes in the allowance for credit losses are as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Balance at the beginning of the period $ 1,912,268 $ 1,961,034 Write-off (172,443 ) (47,980 ) Foreign exchange (56,332 ) 60,572 Balance at the end of the period $ 1,683,493 $ 1,973,626

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Jun. 30, 2024
INVENTORIES, NET [Abstract]
INVENTORIES, NET	NOTE 5 - INVENTORIES, NET Inventories, net are summarized as follows: June 30, 2024 (Unaudited) December 31, 2023 Raw material $ 11,381,841 $ 11,568,791 Work-in-progress 1,711,685 1,494,441 Goods in transit 3,862,972 3,774,310 Finished goods 28,782,669 30,576,355 Inventories, gross 45,739,167 47,413,897 Less: Inventory valuation allowance (4,467,239 ) (3,504,333 ) Inventories, net $ 41,271,928 $ 43,909,564 The changes in inventory valuation allowance are as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Balance at the beginning of the period $ 3,504,333 $ 3,218,765 Addition during the period 1,725,891 - Write-off (727,927 ) (6,021 ) Foreign exchange (35,058 ) (97,942 ) Balance at the end of the period $ 4,467,239 $ 3,114,802

PREPAYMENT AND OTHER CURRENT AS

PREPAYMENT AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2024
PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]
PREPAYMENT AND OTHER CURRENT ASSETS	NOTE 6 - PREPAYMENT AND OTHER CURRENT ASSETS Prepayment and other current assets consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 Advance to suppliers $ 14,570,540 $ 12,579,554 Deductible input value added tax 6,286,175 6,238,040 Receivable from third parties - 1,000,000 Others 831,051 573,556 Prepayment and other current assets $ 21,687,766 $ 20,391,150

LONG-TERM INVESTMENT, NET

LONG-TERM INVESTMENT, NET	6 Months Ended
	Jun. 30, 2024
LONG-TERM INVESTMENT, NET [Abstract]
LONG-TERM INVESTMENT, NET	NOTE 7 - LONG-TERM INVESTMENT, NET Equity method investments, net The Company had the following equity method investments: June 30, 2024 (Unaudited) December 31, 2023 Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) (1) $ 2,078,108 $ 2,127,062 Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (2) - 407,778 Able 2rent GmbH (DEU) (3) 99,553 89,432 Total $ 2,177,661 $ 2,624,272 (1) On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,119,111) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu. (2) On June 23, 2021, the Company invested RMB2,000,000 (approximately $275,209) in Hangzhou Hezhe to acquire 20% of its equity interest. On May 8, 2024, the Company entered an agreement to acquire 60 3,704,307 509,730 (3) On March 22, 2022, CAE invested EUR100,000 (approximately $107,110) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director. Equity investment without readily determinable fair value The Company had the following equity investment without readily determinable fair value: June 30, 2024 (Unaudited) December 31, 2023 HW Electro Co., Ltd. (1) $ 1,000,000 $ 1,000,000 Robostreet Inc. (2) 450,000 450,000 Total $ 1,450,000 $ 1,450,000 (1) On January 31, 2023, the Company entered into a debt convention agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 into HW Electro Co., Ltd.’s shares. The Company held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest. (2) On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97% of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000. Debt Security Investments On July 24, 2023 the Company purchased a $1,000,000 convertible note (the “Convertible Note”) from third party Acton, Inc. (the “Issuer”). As of June 30, 2024, the Company has paid $600,000 to the Issuer, the balance of debt investments was $626,712. At any time on or after the maturity date, the convertible loan will convert into shares equal to the quotient obtained by dividing the outstanding principal balance and unpaid accrued interest of the convertible loan as of the date of such conversion by the applicable conversion price.

INVESTMENT IN EQUITY SECURITIES

INVESTMENT IN EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2024
INVESTMENT IN EQUITY SECURITIES [Abstract]
INVESTMENT IN EQUITY SECURITIES	NOTE 8 - INVESTMENT IN EQUITY SECURITIES As of June 30, 2024, the balance consisted of the following two equity investments: June 30, 2024 (Unaudited) December 31, 2023 MineOne Fix Income Investment I L.P $ 26,079,485 $ 26,060,355 Micro Money Fund SPC - 98,119 Total $ 26,079,485 $ 26,158,474 For the six months ended June 30, 2024 and 2023, the Company made redemption of $73,441 and nil For the six months ended June 30, 2024 and 2023, the Company received interest of $500,000 and nil For the six months ended June 30, 2024 and 2023, the Company recorded upward adjustments for changes in fair value of both equity investments of $494,451 and $713,468, respectively.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 At cost: Plant and building $ 11,301,714 $ 11,549,755 Land 1,063,270 1,063,270 Machinery and equipment 3,657,365 3,437,783 Leasehold improvement 6,381,854 6,221,899 Office equipment 2,005,109 2,179,269 Motor vehicles 1,280,026 1,106,055 Construction in progress 610,430 531,248 Total 26,299,768 26,089,279 Less: accumulated depreciation (5,241,404 ) (4,677,524 ) Impairment (982,504 ) (1,010,234 ) Property, plant and equipment, net $ 20,075,860 $ 20,401,521 Depreciation expenses for the six months ended June 30, 2024 and 2023 were $765,295 and $732,510, respectively. Impairment loss for the six months ended June 30, 2024 and 2023 were $4,368 and $160,626, respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2024
INTANGIBLE ASSETS, NET [Abstract]
INTANGIBLE ASSETS, NET	NOTE 10 - INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 At cost: Land use right $ 5,455,498 $ 5,584,050 Trademark 784,045 809,738 Technology 711,210 734,517 Software 115,606 118,350 Total 7,066,359 7,246,655 Less: accumulated amortization (571,530 ) (372,874 ) Intangible assets, net $ 6,494,829 $ 6,873,781 Amortization expenses for the six months ended June 30, 2024 and 2023 were $209,949 and $53,901, respectively.

LONG-TERM BANK LOANS

LONG-TERM BANK LOANS	6 Months Ended
	Jun. 30, 2024
LONG-TERM BANK LOANS [Abstract]
LONG-TERM BANK LOANS	NOTE 11 –LONG-TERM BANK LOANS As of June 30, 2024 As of December 31, 2023 (Unaudited) Bank and other financial institution Annual Interest Rate Start Maturity Principal Current Portion Non-current Current Portion Non-current Bank of Multiple Promerica Republic Dominicana (1) 10.00 % April June 2024 April June 2029 461,636 95,047 366,589 - - Total 461,636 95,047 366,589 - - (1) On April 30, 2024 and June 21, 2024, the Company borrowed $408,000 and $67,236 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10% and the due date of April 29, 2029 and June 20, 2029, respectively. The Company should repay the loan monthly in five years after the month the loans were borrowed, with monthly principal repayment of $6,800 and $1,121, respectively. As of June 30, 2024, principal amount of $13,600 was repaid.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 12 - INCOME TAXES Australia CEGL is subject to a tax rate of 25%. United States U.S. subsidiaries are subject to a federal tax rate of 21% and respective state tax rate. Europe Subsidiaries in Germany, Spain, Italy, Netherlands and Turkey are subject to a tax rate of Hong Kong In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Effective from April 1, 2018, a two-tier corporate income tax system was officially implemented in Hong Kong, which is 8.25% for the first HK$2.0 million profits, and 16.5% for the subsequent profits, it is exempted from the Hong Kong income tax on its foreign-derived income. CEG’s subsidiaries, CAG HK and Sinomachinery HK, are registered in Hong Kong as intermediate holding companies, subject to an income tax rate of 16.5% for taxable income earned in Hong Kong. Payments of dividends from Hong Kong subsidiaries to CEG are not subject to any Hong Kong withholding tax. PRC The Company’s PRC subsidiaries are subject to the PRC Enterprise Income Tax Law (“EIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. Income tax benefit for the six months ended June 30, 2024 was $34,715 and income tax expenses for the six months ended June 30, 2023 was $25,468. The components of losses before income taxes are summarized as follows: For the Six Months Ended June 30, 2024 2023 Europe $ 6,359,899 $ 5,833,519 US 4,834,603 7,935,561 PRC 4,842,423 5,349,328 Australia 1,703,066 5,534,092 Others 718,742 513,175 Total $ 18,458,733 $ 25,165,675

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
LEASES [Abstract]
LEASES	NOTE 13 - LEASES The Company leases offices space under non-cancellable operating leases. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheets. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. A summary of lease cost recognized in the Company’s consolidated statements of operations and comprehensive loss is as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Operating leases cost excluding short-term rental expense $ 2,552,612 $ 1,830,796 Short-term lease cost 252,627 487,482 Total $ 2,805,239 $ 2,318,278 A summary of supplemental information related to operating leases is as follows: June 30, 2024 June 30, 2023 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities $ 1,881,823 $ 1,817,787 Weighted average remaining lease term 5.93 years 6.42 years Weighted average discount rate 6.33 % 6.09 % The Company’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment. The following table summarizes the maturity of lease liabilities under operating leases as of June 30, 2024: Operating Leases For the remaining of 2024 $ 2,762,702 Years ended December 31, 2025 3,948,945 2026 4,026,959 2027 4,076,331 2028 2,169,808 2029 5,780,266 Total lease payments 22,765,011 Less: imputed interest 3,615,058 Total 19,149,953 Less: current portion 4,607,925 Non-current portion $ 14,542,028

CONVERTIBLE PROMISSORY NOTE AND

CONVERTIBLE PROMISSORY NOTE AND WARRANT	6 Months Ended
	Jun. 30, 2024
CONVERTIBLE PROMISSORY NOTE AND WARRANT [Abstract]
CONVERTIBLE PROMISSORY NOTE AND WARRANT	NOTE 14 - CONVERTIBLE PROMISSORY NOTE AND WARRANT Convertible Promissory Note On July 20, 2022, the Company issued to investors convertible promissory note (“Note”) in the aggregate principal amount of $61,215,000 due on July 19, 2023, unless earlier repurchased, converted or redeemed. The Note bears interest at a rate of 8% per annum, and the net proceed after deducting issuance expenses was $54,069,000. The main terms of the Note are summarized as follows: Conversion feature At any time after the issue date until the Note is no longer outstanding, this Note shall be convertible, in whole or in part, into ordinary shares at the option of the holder, at any time and from time to time. Redemption feature If the Company shall carry out one or more subsequent financings in excess of US$25,000,000 in gross proceeds, the holder shall have the right to (i) require the Company to first use up to 10% of the gross proceeds of such subsequent financing if the aggregate outstanding principal amount of the Note is in excess of US$30,000,000 and (ii) require the Company to first use up to 20% of the gross proceeds of such subsequent financing if the outstanding principal amount of the Note is US$30,000,000 or less to redeem all or a portion of this Note for an amount in cash equal to the Mandatory Redemption Amount equal to 1.08 multiplied by the sum of principal amount subject to the mandatory redemption, plus accrued but unpaid interest, plus liquidated damages, if any, and any other amounts. In addition, if the closing price of the ordinary shares on the principal trading market is below the floor price of $1.00 per share for a period of ten consecutive trading days, the holder shall have the right to require the Company to redeem the sum of principal amount plus accrued but unpaid interest under the Note. Contingent interest feature The Note is subject to certain customary events of default. If any event of default occurs, the outstanding principal amount, plus accrued but unpaid interest, liquidated damages and other amounts owing, shall become immediately due and payable, and at the holder’s election, in cash at the mandatory default amount or in ordinary shares at the mandatory default amount at a conversion price equal to 85% of the 10-day volume weighted average price. Commencing 5 days after the occurrence of any event of default, the interest shall accrue at an interest rate equal to the lesser of 10% per annum or the maximum rate permitted under applicable law. The financial liability was initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date. The remaining estimated fair value adjustment is presented as other expense in the consolidated statement of operations, change in fair value of convertible notes. The movement of Note during the six months ended June 30, 2024 are as follows: Liability component As of December 31, 2023 $ 9,956,000 Convertible promissory notes issued during the period - Redemption of convertible promissory notes - Fair value change recognized (5,000 ) As of June 30 2024 9,951,000 The estimated fair value of the Note upon issuance date December 31, 2023 and as of June 30, 2024 was computed using a Monte Carlo Simulation Model, which incorporates significant inputs that are not observable in the market, and thus represents a Level 3 measurement. The unobservable inputs utilized for measuring the fair value of the Note reflects our assumptions about the assumptions that market participants would use in valuing the Note as of the issuance date and subsequent reporting period. We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model: Fair Value Assumptions Convertible Promissory Note June 30, 2024 (Unaudited) December 31, 2023 Face value principal payable 9,953,381 9,953,381 Original conversion price 12.375 12.375 Interest Rate 8.00 % 8.00 % Expected term (years) 0.56 1.05 Volatility 54.77 % 53.46 % Market yield (range) 20.45 % 13.93 % Risk free rate 5.25 % 4.69 % Issue date July 20, 2022 July 20, 2022 Maturity date January 19, 2025 January 19, 2025 Warrant Accompany with the Note, the Company issued to the same investor warrants to purchase up to 24,733,336 ordinary shares of the Company, with an exercise price of $1.61 per share, which may be exercised by the holders on a cashless basis by using Black-Scholes model to determine the net settlement shares. Additionally, after the Company completed the above Note financing, the Company issued to the placement agent warrants to purchase 2,473,334 ordinary shares of the Company at a same day, as part of the underwriter’s commission . Both warrants are exercisable from the date of issuance and have a term of five years from the date of issuance. They were presented as liabilities on the consolidated balance sheet at fair value in accordance with ASC 480 “Distinguishing Liabilities from Equity”. The liabilities then, will be remeasured every reporting period with any change to fair value recorded as other income (expense) in the unaudited condensed consolidated statement of operations and comprehensive loss. The movement of warrants during the six months ended June 30, 2024 are as follows: Investor warrants component Placement agent warrants component As of December 31, 2023 $ 12,189,508 $ 3,456,578 Warrants issued during the period - - Exercise of warrants - - Fair value change recognized (2,713 ) (819 ) As of June 30 2024 12,186,795 3,455,759 The fair value for these two warrants were computed using the Binomial model with the following assumptions: June 30, 2024 (Unaudited) December 31, 2023 Fair Value Assumptions Warrants Expected term (years) 3.05 3.55 Volatility 65.20 % 72.11 % Risk free rate 4.38 % 3.91 %

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 15- SHARE-BASED COMPENSATION Share based compensation expenses for periods prior to the consummation of the Combination relate to the share options granted by CAG Cayman to the employees and directors of Cenntro. Share options granted by CAG Cayman to employees of the Company On February 10, 2016, CAG Cayman adopted the 2016 Share Incentive Option Plan (the “2016 Plan”), which allowed CAG Cayman to grant options to the employees and directors of Cenntro to purchase up to 14,139,360 ordinary shares of CAG Cayman subject to vesting requirements. On April 17, 2018, CAG Cayman expanded the share reserve under the 2016 Plan, increasing the number of ordinary shares available for issuance under the 2016 Plan by an additional 10,484,797 ordinary shares for a total 24,624,157 ordinary shares. Generally, the options granted under the 2016 Plan became exercisable during the term of the optionee’s service with CAG Cayman in five equal annual instalments of 20% each. The expiration dates of the options are between six In connection with the Combination, CAG Cayman amended and restated the 2016 Plan, adopting the Amended 2016 Plan. In connection with the closing of the Combination, each employee stock option outstanding under the Amended 2016 Plan immediately prior to the closing of the Combination was converted into an option to purchase a number of ordinary shares equal to the aggregate number of shares for which such stock option was exercisable immediately prior to the closing of the Combination multiplied by the Exchange Ratio of 0.71563. As a result, the 12,891,130 options granted by CAG Cayman prior to the closing of the Combination under the 2016 Plan were converted into 9,225,271 options of CEGL. The exercise price of such options modified to equal the exercise price per share of such stock option immediately prior to the closing of the Combination divided by the Exchange Ratio. The conversion of the incentive stock options of CAG Cayman under the Amended 2016 Plan into incentive stock options of CEGL was deemed a modification at closing of the Combination, which is the modification date. There were, no incremental fair value recorded immediately before and after the modification date. On August 21, 2023, the Company extended the term and expiration date of each 2016 Option Agreement from eight (8) years to ten (10) years from the date of grant pursuant to the terms of the 2016 Plan. Share options granted by CEGL to employees of the Company On May 3, 2022, CEGL adopted the 2022 Share Incentive Plan (the “2022 Plan”), which allowed CEGL to grant options to the employees and directors of the Company to purchase up to 25,965,234 ordinary shares of CEGL subject to vesting requirement. On May 3, 2022, CEGL granted 12,797,063 options to the directors of the Company to purchase CEGL’s ordinary shares at exercise prices ranging from $1.680 to $1.848 per share. Among them, 297,615 options have a contractual term of five years, 12,499,448 options have a contractual term of ten years. The fair value of option per share grant on May 3, 2022 varied from $11.064 to $14.332. The aggregate grant date fair value of the options grant was $18,243,489. For the six months ended June 30, 2024 and 2023, the total share-based compensation expenses were comprised of the following: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) General and administrative expenses 　 $ 1,500,783 　 　 $ 1,858,258 　 Selling and marketing expenses 96,970 378,678 Research and development expenses 　 175,367 　 173,356 Total 　 $ 1,773,120 　 　 $ 2,410,292 　 A summary of share options activity for the six months ended June 30, 2024 and 2023 is as follows: Number of Share Options Weighted Average Exercise Price US$ Weighted Average Remaining Contractual Years Aggregate Intrinsic Value US$ Outstanding at December 31, 2022 21,603,366 1.44 5.99 721,210 Granted - - Exercised - - Forfeited (152,500 ) 1.68 Expired (40,000 ) 1.68 Outstanding at June 30, 2023 (unaudited) 21,410,866 1.44 5.46 43,698 Outstanding at December 31, 2023(After the “Share Consolidation”)* 2,025,115 14.26 4.81 - Granted - - Exercised - - Forfeited (82,710 ) 17.00 Expired (146,783 ) 16.81 Outstanding at June30, 2024 (unaudited) 1,795,622 13.92 4.06 - Expected to vest at June30, 2024 (unaudited) 452,763 17.07 7.65 - Exercisable as of June30, 2024 (unaudited) 1,342,859 12.86 2.85 - *On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten one-for-ten The Company calculated the fair value of the share options on the grant date and modification date using the Black-Scholes option-pricing valuation model. The assumptions used in the valuation model are summarized in the following table. For the Six Months Ended June 30, 2024 2023 Expected volatility 　 83.41%-86.57% 　　83.41% -86.57% Expected dividends yield 0% 0% Risk-free interest rate per annum 2.97%~3.01% 2.97%~3.01% The fair value of underlying ordinary shares (per share) 　 $16.80 　　 $1.68 The expected volatility is calculated based on the annualized standard deviation of the daily return embedded in historical share prices of the Company. The risk-free interest rate is estimated based on the yield to maturity of US treasury bonds based on the expected term of the incentive shares. As of June 30, 2024, there was approximately $5,758,085 of total unrecognized compensation cost related to unvested share options. The unrecognized compensation costs are expected to be recognized over a weighted average period of approximately 1.71 years.

CONCENTRATIONS

CONCENTRATIONS	6 Months Ended
	Jun. 30, 2024
CONCENTRATIONS [Abstract]
CONCENTRATIONS	NOTE 16 - CONCENTRATIONS (a) Customers The following table sets forth information as to each customer that accounted for 10% or more of net revenue for the six months ended June 30, 2024 and 2023. Six months ended Six months ended June 30, 2024, (Unaudited) June 30, 2023, (Unaudited) Customer Amount % of Total Amount % of Total A $ 2,451,000 21 % $ - - B 1,756,994 15 % 726 * C 1,290,000 11 % - - D 119,885 * 1,414,701 18 % Total $ 5,617,879 47 % $ 1,415,427 18 % * Indicates below 10%. The following table sets forth information as to each customer that accounted for 10% or more of total gross accounts receivable as of June 30, 2023 and December 31, 2023. As of June 30, 2024 (Unaudited) As of December 31, 2023 Customer Amount % of Total Amount % of Total A $ 2,205,900 23 % $ - - C 1,161,000 12 % - - E 1,198,477 13 % 1,237,751 15 % F 51,045 * 2,724,397 32 % Total $ 4,616,422 48 % $ 3,962,148 47 % * Indicates below 10%. (b) Suppliers For the six months ended June 30, 2024 and 2023, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows: Six months ended June 30, 2024, (Unaudited) Six months ended June 30, 2023, (Unaudited) Supplier Amount % of Total Amount % of Total A 2,376,022 39 % 4,645,216 33 % B 47,660 * 2,644,958 19 % C 172,444 * 1,734,260 12 % Total $ 2,596,126 39 % $ 9,024,434 64 % * Indicates below 10%. There is no single supplier that accounted 10% or more of the Company’s accounts payable as of June 30, 2024 and December 31, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17 - COMMITMENTS AND CONTINGENCIES Litigation The Company may be involved in various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. Subject to retention of title and an instalment payment agreement, CAE sold 90 vehicles for a total price of EUR 2,185,721.32 (approximately $2,358,611.88) to the French company B-Moville under a contract dated August 23，2021. B-MOVILLE had already settled an amount of EUR 58,787.33 by the end of 2022 and, therefore, still owed CAE an amount of EUR 2,126,933.99, of which EUR 548,244.11 was owed by the end of 2022 under the instalment agreement. B-Moville had withheld instalment payments due to alleged defects of the vehicles, without specifying the amount of the claims for reduction of the purchase price. B-Moville had handed over the cars to its parent company SWOOPIN. SWOOPIN is insolvent and has been in judicial liquidation since November 2, 2022. The vehicles held by SWOOPIN were prevented from becoming part of the insolvency estate and being realized by the insolvency administrator. Due to the retention of title clause, the 90 vehicles remain the property of CAE. SWOOPIN returned the vehicles to B-Moville. B-Moville has, in the meantime, also filed for insolvency. Currently, CAE endeavors to recover the vehicles from B-Moville. CAE must send a statement of claims against B-Moville by September 24, 2024. CAE must also claim ownership of the movable property sold with a retention of title clause by August 31, 2024. CAE has engaged attorney to assess any claims for damages against B-Moville and, if necessary, to assert them in court. CAE is still in the process of determining the exact damage. CAE has also filed an action with the court against Delivrium s.r.o. for a claim arising from a purchase contract with total value in dispute of €956,760 requesting payment and acceptance of ordered vehicles. Currently CAE is waiting for a statement or notification as to whether service is possible. On March 25, 2022, Shengzhou Hengzhong Machinery Co., Ltd. (“Shengzhou”), an affiliate of Cenntro Automotive Corporation, filed a demand for arbitration against Tropos Technologies, Inc. with the American Arbitration Association (“AAA”), asserting claims for breach of contract and unjust enrichment. Shengzhou is seeking payment of $1,126,640 (exclusive of interest, costs, and attorneys’ fees) for outstanding invoices owed by Tropos Technologies, Inc. to Shengzhou. As of the date of, Tropos Technologies, Inc. has not yet formally responded to the demand. On February 16, 2023, AAA appointed an arbitrator and both parties are waiting for further proceedings under the arbitration process. On April 25, 2023, Tropos Technologies, Inc. filed a motion to dismiss the arbitration demand. On May 23, 2023, Shengzhou Machinery filed a response in opposition to the motion to dismiss the arbitration demand. On January 29, 2024, the arbitrator issued his opinion and order denying Tropos’ Motion to dismiss. In June 2022, Sevic Systems SE (“Sevic”) filed for injunctive relief in a corporate court in Brussels, Belgium, alleging CAE infringement of Sevic’s intellectual property (“IP”) rights. The injunctive action was also directed against LEIE Center SRL (“LEIE”) and Cedar Europe GmbH (“Cedar”), two distribution partners of CAE. There, Sevic claims it acquired all IP rights to an electric vehicle, the so-called CITELEC model (“CITELEC”), fully and exclusively from the French company SH2M Sarl (“SH2M”) under Mr. Pierre Millet. Sevic claims these rights were acquired under a 2019 IP transfer agreement. According to Sevic, the METRO model (“METRO”) produced by Cenntro Electro Group Ltd. (“Cenntro”) and distributed by CAE derives directly from the CITELEC. The distribution of the METRO, therefore, allegedly infringes on Sevic’s IP rights. In its action, Sevic relies on (Belgian) copyright law and unfair business practices. On February 2, 2023, the president of the commercial court of Brussels rendered a judgment, declaring i) the claim against Cedar was inadmissible and ii) The main claim against CAE and LEIE was founded. According to the president’s opinion the CITELEC-model can enjoy copyright protection and determined it was sufficiently proven that Sevic acquired the copyrights of the CITELEC-model. The president then concluded that the distribution of the METRO-model in Belgium constituted a violation of article XI. 165 §1 of the Belgian Code of Economic Law and thereby ordered the cessation of the distribution of the METRO-model, a penalty in the form of a fine of EUR20,000.00 per sold vehicle in Belgium and EUR5,000.00 for each other infringement in Belgium after the judgement was served with a maximum fine of EUR500,000.00 for LEIE and EUR1,000,000.00 fine for CAE. Because CAE has not sold any METRO-models in Belgium, the Company believes the judgement is incorrect but has accrued the related liability according to the judgement made. On April 17, 2023 CAE filed a writ of appeal. The introductory hearing was scheduled for May 22, 2023. The judge did not give any legal assessment at the hearing. All parties have been granted deadlines for written pleadings. The receipt of the final writ has been planned for September 2, 2024. As of now, it is not possible to determine what the outcome of these proceedings will be. On July 22, 2022, Xiongjian Chen filed a complaint against Cenntro Electric Group Limited (“CENN”), Cenntro Automotive Group Limited (“CAG”), Cenntro Enterprise Limited (“CEL”) and Peter Z. Wang (“Wang,” together with CENN, CAG and CEL, the “Defendants”) in the United States District Court for the District of New Jersey. The complaint alleges eleven causes of action sounding in contract and tort against the Defendants, all pertaining to stock options issued to Mr. Chen pursuant to his employment as Chief Operating Officer of CAG. With respect to the four contract claims, Plaintiff alleges breach of contract claims pertaining to an employment agreement between Plaintiff and CAG and a purported letter agreement between Plaintiff and CEL. With respect to the seven tort claims, Plaintiff alleges claims regarding purported misrepresentations and promises made concerning the treatment of Plaintiff’s stock options upon a corporate transaction, including claims for tortious interference, fraud, promissory estoppel, negligent misrepresentation, unjust enrichment and conversion. The complaint seeks, among other things, money damages (including compensatory and consequential damages) in the amount of $19 million, plus interest, attorneys’ fees and expenses. Defendants moved to dismiss the complaint against all Defendants for failure to state a claim and for lack of personal jurisdiction over defendants CAG and CEL. On April 30, 2023, the District Court dismissed the claims against CAG and CEL for lack of personal jurisdiction. In addition, the District Court dismissed all the claims against Wang and CENN without prejudice and permitted the Plaintiff to amend his complaint within 30 days to address the deficiencies in his claims against Wang and CENN. On May 28, 2023, Plaintiff filed an amended complaint. On July 20, 2023 the Defendants filed a motion seeking the dismissal of that amended complaint. On September 22, 2023, the Plaintiff filed to oppose our Motion to Dismiss and Motion to Strike. The Defendants filed our reply briefs by the deadline on November 9, 2023. On January 25, 2024, the Magistrate Judge entered an Order granting Plaintiff’s Motion to Amend and denying our Motion to Strike as moot. As of the issuance date of this report on Form 10-Q, there remains one ongoing civil litigation case between Hangzhou Ronda Tech Co., Limited (“Ronda”), one of Cenntro’s wholly owned subsidiaries, and Fujian Newlongma Automotive Co., Ltd. (“Newlongma”), one of Ronda’s suppliers; and the other two cases have been withdrawn: On February 6, 2023, Hangzhou Ronda Tech Co., Limited (“Ronda”), one of Cenntro’s wholly owned subsidiaries, commenced a lawsuit against Fujian Newlongma Automotive Co., Ltd. (“Newlongma”), one of Ronda’s suppliers, in the Hangzhou Yuhang District People’s Court, under which Ronda plead for Subsequently Newlongma filed a counterclaim and the Court hosted an exchange of evidence between the parties on 17 October 2023, and discovery was also organized on November 14, 2023 and January 16, 2024. On March 5, 2024, the first instance judgment was made, ruling: 1) Newlongma to fully return advance payments plus 100% damage totaling $869,702; 2) Ronda to pay for outstanding invoices totaling $583,813; and 3) to terminate all agreements between the parties, including the vehicle purchase orders which have not been fulfilled. Newlongma was dissatisfied with this third judgment and filed an appeal on March 21, 2024. The appeal was dismissed and the original judgment was upheld by the Court on July 2, 2024. On December 18, 2023, Zhejiang Sinomachinery Co., Ltd. filed a lawsuit against Tonghe County Tianxin Agricultural Machinery Co., Ltd. (“Tianxin”), requesting payment for total contract price of CNY461,800 (approximately US$ 65,104) and interest under a disputed contract of sale. On April 17, 2024, the court made the judgement supporting plaintiff’s primary claims, ruling Tianxin to pay Zhejiang Sinomachinery CNY461,800 (approximately US$ 65,104) plus interest and relevant legal expenses within 10 days. On July 3, 2024, the Court accepted Zhejiang Sinomachinery’s application for compulsory execution. On January 2, 2024, MHP Americas, Inc. (“MHP”), through counsel, sent a letter to Cenntro Electric Group Limited (“Cenntro”) demanding payment allegedly owed by Cenntro to MHP in the amount of $1,767,516.91 for unpaid invoices and $3,289,500 for total contract invoices and milestone payments for alleged breaches in connection with the parties’ August 8, 2022, Master Consulting Services Agreement and/or March 9, 2023, Statement of Work. On January 12, 2024, Cenntro, through counsel, responded to the letter denying any breach and disputing the amounts claimed. On April 10, 2024, CEGL filed a lawsuit against MHP Americas, Inc. (“MHP”) for breach under the Master Consulting Services Agreement and SAP S/4HANA SOW by failure to properly implement the SAP S/4HANA globally as set forth in those contracts, and for breach of implied covenants of good faith and fair dealing, causing Cenntro to suffer significant damages; and demanded a jury trial on all issues which are triable. Under this claim, CEGL is seeking for a remittance of $512,226 paid to date and a recission of the remaining contract with MHP. On April 30, 2024, MHP filed a Notice of Removal of this action from the Superior Court of New Jersey to the U.S. District Court for the District of New Jersey. On March 18, 2024, EastGroup Properties, LP filed a summons for eviction against Cenntro Automotive Group for default of rents on commercial leased property located in Duval County, Jacksonville, Florida. It is alleged that Cenntro was behind in rental payments to the landlord. As of the date of this report, the case remains open and both parties are negotiating settlement. On March 20, 2024 BAL Freeway Associates, LLC filed an Unlawful Detainer against Cenntro Automotive Corporation alleging non-payment of rents for commercial leased property in San Bernadino County, Ontario, CA. Parties were able to come to terms through counsel via Stipulated Judgement for prescribed settlement of due rents. Said Stipulated Judgement was filed with the court in San Bernadino County on May 6, 2024. To date, all parties have honored stipulations and Cenntro continues to occupy premises. On April 22, 2024, BRI 2240 North Lane Avenue, LLC filed a summons for eviction against Cenntro Automotive Group for default of rents on commercial leased property located in Duval County, Jacksonville, Florida. It is alleged that Cenntro was behind in rental payments to the landlord. As of the date of this report, Cenntro has vacated the premises, the case remains open and is in the early stages of negotiating settlement between the parties. On May 6, 2024, 225 Willow Brook Rd, LLC filed a summons notice against Cenntro Automotive Corporation noting default of rents on commercial leased property located in Monmouth County, Freehold, New Jersey. It is alleged that Cenntro was behind in rent payments to the landlord. Cenntro has vacated the premises, turned in all keys and all other material items belonging to the landlord and in Cenntro’s possession at the time and notified the Landlord of the same. As of the date of this report, the case remains open. On June 24, 2024, EWI Worldwide, Inc through representation sent a Demand for Arbitration regarding contract dispute with Cenntro Automotive Corporation. It is alleged that an outstanding balance is owed in the amount of $271,255.79, excluding legal and filing fees associated therewith. Said breach of contract involves the lease and set-up of tradeshow display equipment. As of the date of this report, the case remains open and is in the early stages of negotiating settlement between the parties.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 18 - RELATED PARTY TRANSACTIONS The table below sets forth the major related parties and their relationships with the Company: Name of related parties: Relationship with the Company Zhejiang RAP An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary Hangzhou Hezhe An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company. Billy Rafael Romero Del Rosario A shareholder who owns Related party transactions During the six months ended June 30, 2024 and 2023, the Company had the following material related party transactions. . For the Six Months Ended June 30, 2024 2023 Interest income from a related party Zhejiang RAP $ 22,167 $ 6,524 Purchase of raw materials from related parties Hangzhou Hezhe (1) 3,750 196,908 Payment on the purchase of the raw materials Hangzhou Hezhe (1) - 53,839 Refund on the purchase of the raw materials Hangzhou Hezhe 69,232 - Prepayment of operating fund to a related party Billy Rafael Romero Del Rosario 52,058 - (1) The transaction for the six months ended June 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024. Amounts due from a related party The following table presents amounts due from related parties as of June 30, 2024 and December 31, 2023. June 30, 2024 (Unaudited) December 31, 2023 Hangzhou Hezhe (1) $ - $ 178,019 Billy Rafael Romero Del Rosario 161,786 109,420 Zhejiang RAP 11,781 - Total $ 173,567 $ 287,439 (1) The balance mainly represents the prepayment for raw material to the related party. Amounts due to related parties The following table presents amounts due to related parties as of June 30, 2024 and December 31, 2023. June 30, 2024 (Unaudited) December 31, 2023 Zhejiang RAP $ - $ 10,468 Total $ - $ 10,468

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2024
SUBSEQUENT EVENT [Abstract]
SUBSEQUENT EVENT	NOTE 19 - SUBSEQUENT EVENT The Company has evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements, there were no subsequent events with material financial impact on the unaudited condensed consolidated financial statements.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of presentation	(a) Basis of presentation The accompanying consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and the unaudited condensed consolidated financial statements as of June 30, 2024 and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures, which are normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. Management believes that the disclosures made are adequate to provide a fair presentation. The interim financial information should be read in conjunction with the financial statements and the notes for the fiscal year ended December 31, 2023. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results for the full year or any future periods.
Use of estimates	(b) Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s unaudited condensed consolidated financial statements include provision for doubtful accounts, lower of cost and net realizable value of inventories, impairment losses for long-lived assets and investments, valuation allowance for deferred tax assets and fair value of convertible promissory notes and warrants. Changes in facts and circumstances may result in revised estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.
Fair value measurement	(c) F air value measurement ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: In connection with the issuances of convertible promissory notes, the Company issued investor warrants and placement agent warrants to purchase ordinary shares of the Company. The Company utilizes a Binomial model to estimate the fair value of the warrants and are considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in the statement of operations. As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of its certain fund investment. The Company’s investments valued at NAV as a practical expedient are: i) private equity funds, which represent the investment in equity securities on the condensed consolidated balance sheet; ii) wealth management products purchased from banks, which represents the available-for-sale investments in short-term investments on the condensed consolidated balance sheet.
Revenue recognition	(d) Revenue recognition The Company recognizes revenue when goods or services are transferred to customers in an amount that reflects the consideration which it expects to receive in exchange for those goods or services. In determining when and how revenue is recognized from contracts with customers, the Company performs the following five-step analysis: (i) identification of a contract with the customer; (ii) determination of performance obligations; (iii) measurement of the transaction price; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue primarily through sales of light-duty ECVs, sales of ECV parts, and sales of off-road electric vehicles. Revenue is recognized at a point in time once the Company has determined that the customer has obtained control over the product. Revenue is recognized net of return allowance and any taxes collected from customers, which are subsequently remitted to governmental authorities. Significant judgement is required to estimate return allowances. The Company reasonably estimate the possibility of return based on the historical experience, changes in judgments on these assumptions and estimates could materially impact the amount of net revenues recognized. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods are accounted for as fulfilment costs rather than separate performance obligations and recorded as sales and marketing expenses. The following table disaggregates the Company’s revenues by product line for the six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Vehicles sales $ 9,610,536 $ 7,226,049 Spare-parts sales 1,978,161 344,702 Other service income 123,794 137,313 Net revenues $ 11,712,491 $ 7,708,064 The Company’s revenues are derived from Europe, Asia and America. The following table sets forth disaggregation of revenue by customer location. For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Primary geographical markets 　 America $ 5,763,387 $ 96,702 Europe 3,654,430 5,531,486 Asia 2,294,674 2,079,876 Total $ 11,712,491 $ 7,708,064 Contract Balances Timing of revenue recognition was once the Company has determined that the customer has obtained control over the product. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has an unconditional right to the payment. Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received 有 The following table provides information about receivables and contractual liabilities from contracts with customers: June 30, 2024 December 31, 2023 Accounts receivable, net $ 7,871,086 $ 6,530,801 Contract liabilities $ 5,476,006 $ 3,394,044
Recently issued accounting standards pronouncements	(e) Recently issued accounting standards pronouncement Except for the ASUs (“Accounting Standards Updates”) issued but not yet adopted disclosed in “Note 2 (ab) Recently issued accounting standards pronouncements” of the Company 2023 Form 10-K, there is no ASU issued by the FASB that is expected to have a material impact on the Company’s unaudited condensed consolidated results of operations or financial position.

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]
Significant Subsidiaries of Company	As of June 30, 2024, Cenntro Inc’s subsidiaries are as follows: Name Date of Incorporation Place of Incorporation Percentage of direct or indirect economic interest Cenntro Electric Group Pty Limited (“CEGL”) May 11, 2017 Australia 100 Cenntro Automotive Corporation (“CAC”) March 22, 2013 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric Group, Inc. (“CEG”) March 9, 2020 Delaware, U.S. 100% owned by Cenntro Inc. Cennatic Power, Inc. (“Cennatic Power”) June 8, 2022 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric Group (Europe) GmbH January 13, 2022 Frankfurt, Germany 100% owned by Cenntro Inc. Teemak Power Corporation January 31, 2023 Delaware, U.S. 100% owned by Cenntro Inc. Avantier Motors Corporation November 17, 2017 Delaware, U.S. 100% owned by Cenntro Inc. Cenntro Electric CICS, SRL November 30, 2022 Santo Domingo, Dominican Republic 99% owned by Cenntro Inc. Cennatic Energy S. de R.L. de C.V. August 24, 2022 Monterrey, Mexico 100% owned by Cenntro Inc Cenntro Automotive S.A.S. January 16, 2023 Galapa, Colombia 100% owned by Cenntro Inc Cenntro Electric Colombia S.A.S. March 29, 2023 Atlántico, Colombia 100% owned by Cenntro Inc Cenntro Automotive Group Limited (“CAG HK”) February 15, 2016 Hong Kong 100% owned by Cenntro Inc Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”) June 5, 2017 PRC 100% owned by Cenntro Inc Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”) May 6, 2016 PRC 100% owned by Cenntro Inc Zhejiang Cenntro Machinery Co., Limited January 20, 2021 PRC 100% owned by Cenntro Inc Jiangsu Tooniu Tech Co., Limited December 19, 2018 PRC 100% owned by Cenntro Inc Hangzhou Hengzhong Tech Co., Limited December 16, 2014 PRC 100% owned by Cenntro Inc Teemak Power (Hong Kong) Limited (HK) May 17, 2023 Hong Kong 100% owned by Cenntro Inc Avantier Motors (Hong Kong) Limited March 13, 2023 Hong Kong 100% owned by Cenntro Inc Cenntro Automotive Europe GmbH (“CAE”) May 21, 2019 Herne, Germany 100% owned by Cenntro Inc Cenntro Electric B.V. December 12, 2022 Amsterdam, Netherlands 100% owned by Cenntro Inc Cenntro Elektromobilite Araçlar A.Ş February 21, 2023 Turkey 100% owned by Cenntro Inc Cenntro Elecautomotiv, S.L. July 5, 2022 Barcelona, Spain 100% owned by Cenntro Inc Cenntro Electric Group (Europe) GmbH (“CEGE”) January 13, 2022 Düsseldorf, Germany 100% owned by Cenntro Inc Simachinery Equipment Limited (“Simachinery HK”) June 2, 2011 Hong Kong 100% owned by Cenntro Inc Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”) * June 16, 2011 PRC 100% owned by Cenntro Inc Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”) * July 12, 2012 PRC 100% owned by Cenntro Inc Cenntro EV Center Italy S.R.L. May 8, 2023 Italy 100% owned by Cenntro Inc Antric Gmbh August 21, 2020 Herne, Germany 100% owned by Cenntro Inc Pikka Electric Corporation August 3, 2023 Delaware, U.S. 100% owned by Cenntro Inc Centro Technology Corporation August 24, 2023 California, U.S. 100% owned by Cenntro Inc Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) July 1, 2021 PRC 80% owned by Cenntro Inc * As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenues by product line for the six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Vehicles sales $ 9,610,536 $ 7,226,049 Spare-parts sales 1,978,161 344,702 Other service income 123,794 137,313 Net revenues $ 11,712,491 $ 7,708,064 The Company’s revenues are derived from Europe, Asia and America. The following table sets forth disaggregation of revenue by customer location. For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Primary geographical markets 　 America $ 5,763,387 $ 96,702 Europe 3,654,430 5,531,486 Asia 2,294,674 2,079,876 Total $ 11,712,491 $ 7,708,064
Receivables and Contractual Liabilities from Contracts with Customers	The following table provides information about receivables and contractual liabilities from contracts with customers: June 30, 2024 December 31, 2023 Accounts receivable, net $ 7,871,086 $ 6,530,801 Contract liabilities $ 5,476,006 $ 3,394,044

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
SHORT-TERM INVESTMENTS [Abstract]
Short-term Investments	June 30, 2024 (Unaudited) December 31, 2023 Available-for-sale investment (1) $ 4,144,237 $ 4,227,947 Cross-currency swap (2) 10,018 8,641 Total $ 4,154,255 $ 4,236,588 (1) Available-for-sale investment represented wealth management products purchased from banks, for which the contractual maturity dates are more than three months and less than one year. (2) Cross-currency swap was bought by the Company to manage its exposures to movements in foreign exchange rates primarily related to the RMB.

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2024
ACCOUNTS RECEIVABLE, NET [Abstract]
Accounts Receivable	Accounts receivable, net is summarized as follows: June 30, 2024 (Unaudited) December 31, 2023 Accounts receivable $ 9,554,579 $ 8,443,069 Less: allowance for credit losses (1,683,493 ) (1,912,268 ) Accounts receivable, net $ 7,871,086 $ 6,530,801 The changes in the allowance for credit losses are as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Balance at the beginning of the period $ 1,912,268 $ 1,961,034 Write-off (172,443 ) (47,980 ) Foreign exchange (56,332 ) 60,572 Balance at the end of the period $ 1,683,493 $ 1,973,626

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
	Jun. 30, 2024
INVENTORIES, NET [Abstract]
Inventories, net	Inventories, net are summarized as follows: June 30, 2024 (Unaudited) December 31, 2023 Raw material $ 11,381,841 $ 11,568,791 Work-in-progress 1,711,685 1,494,441 Goods in transit 3,862,972 3,774,310 Finished goods 28,782,669 30,576,355 Inventories, gross 45,739,167 47,413,897 Less: Inventory valuation allowance (4,467,239 ) (3,504,333 ) Inventories, net $ 41,271,928 $ 43,909,564
Inventory Valuation Allowance	The changes in inventory valuation allowance are as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Balance at the beginning of the period $ 3,504,333 $ 3,218,765 Addition during the period 1,725,891 - Write-off (727,927 ) (6,021 ) Foreign exchange (35,058 ) (97,942 ) Balance at the end of the period $ 4,467,239 $ 3,114,802

PREPAYMENT AND OTHER CURRENT _2

PREPAYMENT AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]
Prepayment and Other Current Assets	Prepayment and other current assets consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 Advance to suppliers $ 14,570,540 $ 12,579,554 Deductible input value added tax 6,286,175 6,238,040 Receivable from third parties - 1,000,000 Others 831,051 573,556 Prepayment and other current assets $ 21,687,766 $ 20,391,150

LONG-TERM INVESTMENT, NET (Tabl

LONG-TERM INVESTMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
LONG-TERM INVESTMENT, NET [Abstract]
Equity Method Investment	The Company had the following equity method investments: June 30, 2024 (Unaudited) December 31, 2023 Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) (1) $ 2,078,108 $ 2,127,062 Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) (2) - 407,778 Able 2rent GmbH (DEU) (3) 99,553 89,432 Total $ 2,177,661 $ 2,624,272 (1) On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,119,111) in Entropy Yu to acquire 99.355% of the partnership entity’s equity interest. The Company accounts for the investment under the equity method because the Company controls 50% of voting interests in partnership matters and material matters must be agreed upon by all partners. The Company has the ability to exercise significant influence over Entropy Yu. (2) On June 23, 2021, the Company invested RMB2,000,000 (approximately $275,209) in Hangzhou Hezhe to acquire 20% of its equity interest. On May 8, 2024, the Company entered an agreement to acquire 60 3,704,307 509,730 (3) On March 22, 2022, CAE invested EUR100,000 (approximately $107,110) in Able 2rent GmbH (DEU) to acquire 50% of its equity interest. The Company accounts for the investment under the equity method because it does not have control over Able 2rent GmbH (DEU) as the Company does not participate in its operation and does not serve as member of board of director.
Equity Investment without Readily Determinable Fair Value	Equity investment without readily determinable fair value The Company had the following equity investment without readily determinable fair value: June 30, 2024 (Unaudited) December 31, 2023 HW Electro Co., Ltd. (1) $ 1,000,000 $ 1,000,000 Robostreet Inc. (2) 450,000 450,000 Total $ 1,450,000 $ 1,450,000 (1) On January 31, 2023, the Company entered into a debt convention agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 into HW Electro Co., Ltd.’s shares. The Company held 1,143,860 shares of HW Electro Co., Ltd.’s for a total of 3.00% of its equity interest. (2) On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97% of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000.

INVESTMENT IN EQUITY SECURITI_2

INVESTMENT IN EQUITY SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2024
INVESTMENT IN EQUITY SECURITIES [Abstract]
Investments in Equity Securities	As of June 30, 2024, the balance consisted of the following two equity investments: June 30, 2024 (Unaudited) December 31, 2023 MineOne Fix Income Investment I L.P $ 26,079,485 $ 26,060,355 Micro Money Fund SPC - 98,119 Total $ 26,079,485 $ 26,158,474

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, Plant and Equipment, Net	Property, plant and equipment, net consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 At cost: Plant and building $ 11,301,714 $ 11,549,755 Land 1,063,270 1,063,270 Machinery and equipment 3,657,365 3,437,783 Leasehold improvement 6,381,854 6,221,899 Office equipment 2,005,109 2,179,269 Motor vehicles 1,280,026 1,106,055 Construction in progress 610,430 531,248 Total 26,299,768 26,089,279 Less: accumulated depreciation (5,241,404 ) (4,677,524 ) Impairment (982,504 ) (1,010,234 ) Property, plant and equipment, net $ 20,075,860 $ 20,401,521

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2024
INTANGIBLE ASSETS, NET [Abstract]
Intangible Assets, Net	Intangible assets, net consisted of the following: June 30, 2024 (Unaudited) December 31, 2023 At cost: Land use right $ 5,455,498 $ 5,584,050 Trademark 784,045 809,738 Technology 711,210 734,517 Software 115,606 118,350 Total 7,066,359 7,246,655 Less: accumulated amortization (571,530 ) (372,874 ) Intangible assets, net $ 6,494,829 $ 6,873,781

LONG-TERM BANK LOANS (Tables)

LONG-TERM BANK LOANS (Tables)	6 Months Ended
	Jun. 30, 2024
LONG-TERM BANK LOANS [Abstract]
Long-Term Bank Loans	As of June 30, 2024 As of December 31, 2023 (Unaudited) Bank and other financial institution Annual Interest Rate Start Maturity Principal Current Portion Non-current Current Portion Non-current Bank of Multiple Promerica Republic Dominicana (1) 10.00 % April June 2024 April June 2029 461,636 95,047 366,589 - - Total 461,636 95,047 366,589 - - (1) On April 30, 2024 and June 21, 2024, the Company borrowed $408,000 and $67,236 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10% and the due date of April 29, 2029 and June 20, 2029, respectively. The Company should repay the loan monthly in five years after the month the loans were borrowed, with monthly principal repayment of $6,800 and $1,121, respectively. As of June 30, 2024, principal amount of $13,600 was repaid.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2024
INCOME TAXES [Abstract]
Components of Losses Before Income Taxes	The components of losses before income taxes are summarized as follows: For the Six Months Ended June 30, 2024 2023 Europe $ 6,359,899 $ 5,833,519 US 4,834,603 7,935,561 PRC 4,842,423 5,349,328 Australia 1,703,066 5,534,092 Others 718,742 513,175 Total $ 18,458,733 $ 25,165,675

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
LEASES [Abstract]
Summary of Lease Cost	A summary of lease cost recognized in the Company’s consolidated statements of operations and comprehensive loss is as follows: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) Operating leases cost excluding short-term rental expense $ 2,552,612 $ 1,830,796 Short-term lease cost 252,627 487,482 Total $ 2,805,239 $ 2,318,278
Summary of Supplemental Information Related to Operating Leases	A summary of supplemental information related to operating leases is as follows: June 30, 2024 June 30, 2023 (Unaudited) (Unaudited) Cash paid for amounts included in the measurement of lease liabilities $ 1,881,823 $ 1,817,787 Weighted average remaining lease term 5.93 years 6.42 years Weighted average discount rate 6.33 % 6.09 %
Summary of Maturity of Lease Liabilities Under Operating Leases	The following table summarizes the maturity of lease liabilities under operating leases as of June 30, 2024: Operating Leases For the remaining of 2024 $ 2,762,702 Years ended December 31, 2025 3,948,945 2026 4,026,959 2027 4,076,331 2028 2,169,808 2029 5,780,266 Total lease payments 22,765,011 Less: imputed interest 3,615,058 Total 19,149,953 Less: current portion 4,607,925 Non-current portion $ 14,542,028

CONVERTIBLE PROMISSORY NOTE A_2

CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)	6 Months Ended
	Jun. 30, 2024
Short-Term Debt [Line Items]
Movement of Note	The movement of Note during the six months ended June 30, 2024 are as follows: Liability component As of December 31, 2023 $ 9,956,000 Convertible promissory notes issued during the period - Redemption of convertible promissory notes - Fair value change recognized (5,000 ) As of June 30 2024 9,951,000
Movement of Warrants	The movement of warrants during the six months ended June 30, 2024 are as follows: Investor warrants component Placement agent warrants component As of December 31, 2023 $ 12,189,508 $ 3,456,578 Warrants issued during the period - - Exercise of warrants - - Fair value change recognized (2,713 ) (819 ) As of June 30 2024 12,186,795 3,455,759
Warrant [Member]
Short-Term Debt [Line Items]
Fair Value Assumptions	The fair value for these two warrants were computed using the Binomial model with the following assumptions: June 30, 2024 (Unaudited) December 31, 2023 Fair Value Assumptions Warrants Expected term (years) 3.05 3.55 Volatility 65.20 % 72.11 % Risk free rate 4.38 % 3.91 %
Convertible Promissory Note [Member]
Short-Term Debt [Line Items]
Fair Value Assumptions	We determined the fair value by using the following key inputs to the Monte Carlo Simulation Model: Fair Value Assumptions Convertible Promissory Note June 30, 2024 (Unaudited) December 31, 2023 Face value principal payable 9,953,381 9,953,381 Original conversion price 12.375 12.375 Interest Rate 8.00 % 8.00 % Expected term (years) 0.56 1.05 Volatility 54.77 % 53.46 % Market yield (range) 20.45 % 13.93 % Risk free rate 5.25 % 4.69 % Issue date July 20, 2022 July 20, 2022 Maturity date January 19, 2025 January 19, 2025

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
SHARE-BASED COMPENSATION [Abstract]
Share-based Compensation Expenses	For the six months ended June 30, 2024 and 2023, the total share-based compensation expenses were comprised of the following: For the Six Months Ended June 30, 2024 2023 (Unaudited) (Unaudited) General and administrative expenses 　 $ 1,500,783 　 　 $ 1,858,258 　 Selling and marketing expenses 96,970 378,678 Research and development expenses 　 175,367 　 173,356 Total 　 $ 1,773,120 　 　 $ 2,410,292
Share Options Activity	A summary of share options activity for the six months ended June 30, 2024 and 2023 is as follows: Number of Share Options Weighted Average Exercise Price US$ Weighted Average Remaining Contractual Years Aggregate Intrinsic Value US$ Outstanding at December 31, 2022 21,603,366 1.44 5.99 721,210 Granted - - Exercised - - Forfeited (152,500 ) 1.68 Expired (40,000 ) 1.68 Outstanding at June 30, 2023 (unaudited) 21,410,866 1.44 5.46 43,698 Outstanding at December 31, 2023(After the “Share Consolidation”)* 2,025,115 14.26 4.81 - Granted - - Exercised - - Forfeited (82,710 ) 17.00 Expired (146,783 ) 16.81 Outstanding at June30, 2024 (unaudited) 1,795,622 13.92 4.06 - Expected to vest at June30, 2024 (unaudited) 452,763 17.07 7.65 - Exercisable as of June30, 2024 (unaudited) 1,342,859 12.86 2.85 - *On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten one-for-ten
Fair Value Assumptions	The assumptions used in the valuation model are summarized in the following table. For the Six Months Ended June 30, 2024 2023 Expected volatility 　 83.41%-86.57% 　　83.41% -86.57% Expected dividends yield 0% 0% Risk-free interest rate per annum 2.97%~3.01% 2.97%~3.01% The fair value of underlying ordinary shares (per share) 　 $16.80 　　 $1.68

CONCENTRATIONS (Tables)

CONCENTRATIONS (Tables)	6 Months Ended
	Jun. 30, 2024
CONCENTRATIONS [Abstract]
Customer and Purchase Concentration Risks	(a) Customers The following table sets forth information as to each customer that accounted for 10% or more of net revenue for the six months ended June 30, 2024 and 2023. Six months ended Six months ended June 30, 2024, (Unaudited) June 30, 2023, (Unaudited) Customer Amount % of Total Amount % of Total A $ 2,451,000 21 % $ - - B 1,756,994 15 % 726 * C 1,290,000 11 % - - D 119,885 * 1,414,701 18 % Total $ 5,617,879 47 % $ 1,415,427 18 % * Indicates below 10%. The following table sets forth information as to each customer that accounted for 10% or more of total gross accounts receivable as of June 30, 2023 and December 31, 2023. As of June 30, 2024 (Unaudited) As of December 31, 2023 Customer Amount % of Total Amount % of Total A $ 2,205,900 23 % $ - - C 1,161,000 12 % - - E 1,198,477 13 % 1,237,751 15 % F 51,045 * 2,724,397 32 % Total $ 4,616,422 48 % $ 3,962,148 47 % * Indicates below 10%. (b) Suppliers For the six months ended June 30, 2024 and 2023, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows: Six months ended June 30, 2024, (Unaudited) Six months ended June 30, 2023, (Unaudited) Supplier Amount % of Total Amount % of Total A 2,376,022 39 % 4,645,216 33 % B 47,660 * 2,644,958 19 % C 172,444 * 1,734,260 12 % Total $ 2,596,126 39 % $ 9,024,434 64 % * Indicates below 10%.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
RELATED PARTY TRANSACTIONS [Abstract]
Related Party Transactions and Balances	The table below sets forth the major related parties and their relationships with the Company: Name of related parties: Relationship with the Company Zhejiang RAP An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary Hangzhou Hezhe An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company. Billy Rafael Romero Del Rosario A shareholder who owns Related party transactions During the six months ended June 30, 2024 and 2023, the Company had the following material related party transactions. . For the Six Months Ended June 30, 2024 2023 Interest income from a related party Zhejiang RAP $ 22,167 $ 6,524 Purchase of raw materials from related parties Hangzhou Hezhe (1) 3,750 196,908 Payment on the purchase of the raw materials Hangzhou Hezhe (1) - 53,839 Refund on the purchase of the raw materials Hangzhou Hezhe 69,232 - Prepayment of operating fund to a related party Billy Rafael Romero Del Rosario 52,058 - (1) The transaction for the six months ended June 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024. Amounts due from a related party The following table presents amounts due from related parties as of June 30, 2024 and December 31, 2023. June 30, 2024 (Unaudited) December 31, 2023 Hangzhou Hezhe (1) $ - $ 178,019 Billy Rafael Romero Del Rosario 161,786 109,420 Zhejiang RAP 11,781 - Total $ 173,567 $ 287,439 (1) The balance mainly represents the prepayment for raw material to the related party. Amounts due to related parties The following table presents amounts due to related parties as of June 30, 2024 and December 31, 2023. June 30, 2024 (Unaudited) December 31, 2023 Zhejiang RAP $ - $ 10,468 Total $ - $ 10,468

ORGANIZATION AND PRINCIPAL AC_3

ORGANIZATION AND PRINCIPAL ACTIVITIES, Historical and Principal Activities (Details)	Jan. 31, 2023	Mar. 25, 2022
Cenntro Automotive Europe GmbH (CAE) [Member] | Tropos Motors Europe GmbH [Member]
Historical and Principal Activities [Abstract]
Percentage of issued and outstanding shares acquired	35%	65%

ORGANIZATION AND PRINCIPAL AC_4

ORGANIZATION AND PRINCIPAL ACTIVITIES, Subsidiaries Combination (Details)	6 Months Ended
	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of direct or indirect economic interest	1%
Cenntro Electric Group Pty Limited (CEGL) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 11, 2017
Place of Incorporation	Australia
Percentage of direct or indirect economic interest	100%
Cenntro Automotive Corporation (CAC) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 22, 2013
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Cenntro Electric Group, Inc. (CEG) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 09, 2020
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Cennatic Power, Inc. (Cennatic Power) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 08, 2022
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Cenntro Electric Group (Europe) GmbH
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 13, 2022
Place of Incorporation	Frankfurt, Germany
Percentage of direct or indirect economic interest	100%
Teemak Power Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 31, 2023
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Avantier Motors Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 17, 2017
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Cenntro Electric CICS, SRL [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Nov. 30, 2022
Place of Incorporation	Santo Domingo, Dominican Republic
Percentage of direct or indirect economic interest	99%
Cennatic Energy S. de R.L. de C.V. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 24, 2022
Place of Incorporation	Monterrey, Mexico
Percentage of direct or indirect economic interest	100%
Cenntro Automotive S.A.S. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 16, 2023
Place of Incorporation	Galapa, Colombia
Percentage of direct or indirect economic interest	100%
Cenntro Electric Colombia S.A.S. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 29, 2023
Place of Incorporation	Atlántico, Colombia
Percentage of direct or indirect economic interest	100%
Cenntro Automotive Group Limited (CAG HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Feb. 15, 2016
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100%
Hangzhou Ronda Tech Co., Limited (Hangzhou Ronda) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 05, 2017
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100%
Hangzhou Cenntro Autotech Co., Limited (Cenntro Hangzhou) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 06, 2016
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100%
Zhejiang Cenntro Machinery Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 20, 2021
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100%
Jiangsu Tooniu Tech Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 19, 2018
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100%
Hangzhou Hengzhong Tech Co., Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 16, 2014
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	100%
Teemak Power (Hong Kong) Limited (HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 17, 2023
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100%
Avantier Motors (Hong Kong) Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Mar. 13, 2023
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100%
Cenntro Automotive Europe GmbH (CAE) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 21, 2019
Place of Incorporation	Herne, Germany
Percentage of direct or indirect economic interest	100%
Cenntro Electric B.V. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Dec. 12, 2022
Place of Incorporation	Amsterdam, Netherlands
Percentage of direct or indirect economic interest	100%
Cenntro Elektromobilite Araclar A.S [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Feb. 21, 2023
Place of Incorporation	Turkey
Percentage of direct or indirect economic interest	100%
Cenntro Elecautomotiv, S.L. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 05, 2022
Place of Incorporation	Barcelona, Spain
Percentage of direct or indirect economic interest	100%
Cenntro Electric Group (Europe) GmbH (CEGE) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jan. 13, 2022
Place of Incorporation	Düsseldorf, Germany
Percentage of direct or indirect economic interest	100%
Simachinery Equipment Limited (Simachinery HK) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 02, 2011
Place of Incorporation	Hong Kong
Percentage of direct or indirect economic interest	100%
Zhejiang Sinomachinery Co., Limited (Sinomachinery Zhejiang) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jun. 16, 2011	[1]
Place of Incorporation	PRC	[1]
Percentage of direct or indirect economic interest	100%	[1]
Shengzhou Cenntro Machinery Co., Limited (Cenntro Machinery) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 12, 2012	[1]
Place of Incorporation	PRC	[1]
Percentage of direct or indirect economic interest	100%	[1]
Cenntro EV Center Italy S.R.L. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	May 08, 2023
Place of Incorporation	Italy
Percentage of direct or indirect economic interest	100%
Antric GmbH [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 21, 2020
Place of Incorporation	Herne, Germany
Percentage of direct or indirect economic interest	100%
Pikka Electric Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 03, 2023
Place of Incorporation	Delaware, U.S.
Percentage of direct or indirect economic interest	100%
Centro Technology Corporation [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Aug. 24, 2023
Place of Incorporation	California, U.S.
Percentage of direct or indirect economic interest	100%
Hangzhou Hezhe Energy Technology Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of Incorporation	Jul. 01, 2021
Place of Incorporation	PRC
Percentage of direct or indirect economic interest	80%
[1]As of the issuance date of this report on Form 10-Q, Sinomachinery Zhejiang and Cenntro Machinery were in the process of being deregistered.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregated Revenue Information [Abstract]
Revenue	$ 8,320,492	$ 4,237,520	$ 11,712,491	$ 7,708,064
Contract with customer, liability, revenue recognized			923,815	479,499
Receivables and Contractual Liabilities from Contracts with Customers [Abstract]
Accounts receivable, net	7,871,086		7,871,086		$ 6,530,801
Contract liabilities	$ 5,476,006		5,476,006		$ 3,394,044
America [Member]
Disaggregated Revenue Information [Abstract]
Revenue			5,763,387	96,702
Europe [Member]
Disaggregated Revenue Information [Abstract]
Revenue			3,654,430	5,531,486
Asia [Member]
Disaggregated Revenue Information [Abstract]
Revenue			2,294,674	2,079,876
Vehicles Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue			9,610,536	7,226,049
Spare-Parts Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue			1,978,161	344,702
Other Service Income [Member]
Disaggregated Revenue Information [Abstract]
Revenue			$ 123,794	$ 137,313

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
SHORT-TERM INVESTMENTS [Abstract]
Available-for-sale investment	[1]	$ 4,144,237	$ 4,227,947
Cross-currency swap	[2]	10,018	8,641
Total		$ 4,154,255	$ 4,236,588
[1]Available-for-sale investment represented wealth management products purchased from banks, for which the contractual maturity dates are more than three months and less than one year.[2]Cross-currency swap was bought by the Company to manage its exposures to movements in foreign exchange rates primarily related to the RMB.

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts Receivable [Abstract]
Accounts receivable	$ 9,554,579		$ 8,443,069
Less: allowance for credit losses	(1,683,493)		(1,912,268)
Accounts receivable, net	7,871,086		$ 6,530,801
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the period	1,912,268	$ 1,961,034
Write-off	(172,443)	(47,980)
Foreign exchange	(56,332)	60,572
Balance at the end of the period	$ 1,683,493	$ 1,973,626

INVENTORIES, NET, Summarized (D

INVENTORIES, NET, Summarized (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES, NET [Abstract]
Raw material	$ 11,381,841	$ 11,568,791
Work-in-progress	1,711,685	1,494,441
Goods in transit	3,862,972	3,774,310
Finished goods	28,782,669	30,576,355
Inventories, gross	45,739,167	47,413,897
Less: Inventory valuation allowance	(4,467,239)	(3,504,333)
Inventories, net	$ 41,271,928	$ 43,909,564

INVENTORIES, NET, Inventory Val

INVENTORIES, NET, Inventory Valuation Allowance (Details) - Inventory Valuation Allowance [Member] - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 3,504,333	$ 3,218,765
Addition during the period	1,725,891	0
Write-off	(727,927)	(6,021)
Foreign exchange	(35,058)	(97,942)
Balance at the end of the period	$ 4,467,239	$ 3,114,802

PREPAYMENT AND OTHER CURRENT _3

PREPAYMENT AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
PREPAYMENT AND OTHER CURRENT ASSETS [Abstract]
Advance to suppliers	$ 14,570,540	$ 12,579,554
Deductible input value added tax	6,286,175	6,238,040
Receivable from third parties	0	1,000,000
Others	831,051	573,556
Prepayment and other current assets	$ 21,687,766	$ 20,391,150

LONG-TERM INVESTMENT, NET, Equi

LONG-TERM INVESTMENT, NET, Equity Method Investments, Net (Details)	May 08, 2024 USD ($)	May 08, 2024 CNY (¥)	Jun. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)		Sep. 25, 2022 USD ($)	Sep. 25, 2022 CNY (¥)	Mar. 22, 2022 USD ($)	Mar. 22, 2022 EUR (€)	Jun. 23, 2021 USD ($)	Jun. 23, 2021 CNY (¥)
Equity Method Investment [Abstract]
Equity method investment			$ 2,177,661		$ 2,624,272
Hangzhou Hezhe Energy Technology Co., Ltd. [Member]
Equity Method Investment [Abstract]
Equity method investment			$ 0	[1]	407,778	[1]					$ 275,209	¥ 2,000,000
Percentage of equity interests to be acquired	60%	60%	60%
Equity interest consideration	$ 509,730	¥ 3,704,307
Hangzhou Hezhe Energy Technology Co., Ltd. [Member]
Equity Method Investment [Abstract]
Percentage of ownership interest, equity method investment											20%	20%
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) [Member]
Equity Method Investment [Abstract]
Equity method investment			$ 2,078,108	[2]	2,127,062	[2]	$ 2,119,111	¥ 15,400,000
Percentage of ownership interest, equity method investment							99.355%	99.355%
Percentage of voting interests							50%	50%
Able 2rent GmbH [Member]
Equity Method Investment [Abstract]
Equity method investment			$ 99,553	[3]	$ 89,432	[3]			$ 107,110	€ 100,000
Percentage of ownership interest, equity method investment									50%	50%
[1]On June 23, 2021, the Company invested RMB2,000,000 (approximately $275,209) in Hangzhou Hezhe to acquire 20% of its equity interest. On May 8, 2024, the Company entered an agreement to acquire 60 3,704,307 509,730

LONG-TERM INVESTMENT, NET, Eq_2

LONG-TERM INVESTMENT, NET, Equity Investment Without Readily Determinable Fair Value (Details)		Jul. 12, 2023 USD ($) Model shares	Jan. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Equity Investment without Readily Determinable Fair Value [Abstract]
Equity investment without readily determinable fair value				$ 1,450,000	$ 1,450,000
Robostreet Inc. [Member]
Equity Investment without Readily Determinable Fair Value [Abstract]
Equity investment without readily determinable fair value	[1]			450,000	450,000
Percentage of equity interest		14.97%
Number of shares acquired (in shares) | shares		176
Cash consideration		$ 200,000
Number of programmable smart chassis models | Model		3
Aggregate value programmable smart chassis		$ 250,000
HW Electro Co., Ltd. [Member]
Equity Investment without Readily Determinable Fair Value [Abstract]
Equity investment without readily determinable fair value	[2]			$ 1,000,000	$ 1,000,000
Loan principal converted			$ 1,000,000
Shares in debt conversion (in shares) | shares			1,143,860
Percentage of equity interest			3%
[1] On July 12, 2023, the Company entered into a share sale and purchase agreement with Robostreet Inc., to acquire 176 shares of Robostreet Inc.’s for a total of 14.97% of its equity interest with a consideration of cash of $200,000 and three models of programmable smart chassis for an aggregate value of $250,000.

LONG-TERM INVESTMENTS, NET, Deb

LONG-TERM INVESTMENTS, NET, Debt Security Investments (Details) - Acton [Member] - USD ($)	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2023
Debt Security Investments [Abstract]
Convertible notes debt investment face amount		$ 1,000,000
Purchase of convertible note	$ 600,000
Convertible note debt investments	$ 626,712

INVESTMENT IN EQUITY SECURITI_3

INVESTMENT IN EQUITY SECURITIES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Investment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Investment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
INVESTMENT IN EQUITY SECURITIES [Abstract]
Number of equity investments | Investment	2		2
Investment Income, Net [Abstract]
Investment in equity securities	$ 26,079,485		$ 26,079,485		$ 26,158,474
Equity investment redeemed			73,441	$ 0
Interest on equity investments			500,000	0
Changes in fair value of equity investment	259,564	$ 60,452	494,451	$ 713,468
Investment on Partnership Shares [Member]
Investment Income, Net [Abstract]
Investment in equity securities	26,079,485		26,079,485		26,060,355
Investment on Participating Shares [Member]
Investment Income, Net [Abstract]
Investment in equity securities	$ 0		$ 0		$ 98,119

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
At Cost [Abstract]
Property, plant and equipment, gross	$ 26,299,768		$ 26,089,279
Less: accumulated depreciation	(5,241,404)		(4,677,524)
Impairment	(982,504)		(1,010,234)
Property, plant and equipment, net	20,075,860		20,401,521
Depreciation expenses	765,295	$ 732,510
Impairment loss	4,368	$ 160,626
Plant and Building [Member]
At Cost [Abstract]
Property, plant and equipment, gross	11,301,714		11,549,755
Land [Member]
At Cost [Abstract]
Property, plant and equipment, gross	1,063,270		1,063,270
Machinery and Equipment [Member]
At Cost [Abstract]
Property, plant and equipment, gross	3,657,365		3,437,783
Leasehold Improvement [Member]
At Cost [Abstract]
Property, plant and equipment, gross	6,381,854		6,221,899
Office Equipment [Member]
At Cost [Abstract]
Property, plant and equipment, gross	2,005,109		2,179,269
Motor Vehicles [Member]
At Cost [Abstract]
Property, plant and equipment, gross	1,280,026		1,106,055
Construction in Progress [Member]
At Cost [Abstract]
Property, plant and equipment, gross	$ 610,430		$ 531,248

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets [Abstract]
Intangible assets, gross	$ 7,066,359		$ 7,246,655
Less: accumulated amortization	(571,530)		(372,874)
Intangible assets, net	6,494,829		6,873,781
Amortization expenses	209,949	$ 53,901
Land Use Right [Member]
Intangible Assets [Abstract]
Intangible assets, gross	5,455,498		5,584,050
Trademark [Member]
Intangible Assets [Abstract]
Intangible assets, gross	784,045		809,738
Technology [Member]
Intangible Assets [Abstract]
Intangible assets, gross	711,210		734,517
Software [Member]
Intangible Assets [Abstract]
Intangible assets, gross	$ 115,606		$ 118,350

LONG-TERM BANK LOANS (Details)

LONG-TERM BANK LOANS (Details) - USD ($)				6 Months Ended
		Jun. 21, 2024	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Long-Term Bank Loans [Abstract]
Principal				$ 461,636
Current portion				95,047		$ 0
Non-current portion				366,589		0
Proceeds from bank loans				475,236	$ 0
Repayment of bank loans				$ 13,600	$ 0
Bank of Multiple Promerica Republic Dominicana [Member]
Long-Term Bank Loans [Abstract]
Annual interest rate	[1]			10%
Principal	[1]			$ 461,636
Current portion	[1]			95,047		0
Non-current portion	[1]			$ 366,589		$ 0
Term of debt				5 years
Frequency of periodic payment				monthly
Repayment of bank loans				$ 13,600
Bank of Multiple Promerica Republic Dominicana Due on April 29, 2029 [Member]
Long-Term Bank Loans [Abstract]
Start date	[1]			Apr. 30, 2024
Maturity date	[1]			Apr. 29, 2029
Proceeds from bank loans			$ 408,000
Periodic payment, principal				$ 6,800
Bank of Multiple Promerica Republic Dominicana Due on June 20, 2029 [Member]
Long-Term Bank Loans [Abstract]
Start date	[1]			Jun. 21, 2024
Maturity date	[1]			Jun. 20, 2029
Proceeds from bank loans		$ 67,236
Periodic payment, principal				$ 1,121
[1]On April 30, 2024 and June 21, 2024, the Company borrowed $408,000 and $67,236 from Bank of Multiple Promerica Republic Dominicana, with the interest of 10% and the due date of April 29, 2029 and June 20, 2029, respectively. The Company should repay the loan monthly in five years after the month the loans were borrowed, with monthly principal repayment of $6,800 and $1,121, respectively. As of June 30, 2024, principal amount of $13,600 was repaid.

INCOME TAXES, Federal Tax Rate

INCOME TAXES, Federal Tax Rate (Details)	6 Months Ended
	Jun. 30, 2024
Australia [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25%
United States [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	21%
Hong Kong [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate for below HK$2.0 million	8.25%
Federal tax rate for above HK$2.0 million	16.50%
PRC [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25%
Germany [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	15.80%
Spain [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25%
Italy [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	24%
Netherlands [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	19%
Turkey [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25%

INCOME TAXES, Components of Los

INCOME TAXES, Components of Losses Before Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES [Abstract]
Income tax benefit (expense)	$ 4,683	$ (25,468)	$ 34,715	$ (25,468)
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	$ 9,198,478	$ 14,051,698	18,458,733	25,165,675
Europe [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			6,359,899	5,833,519
US [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			4,834,603	7,935,561
PRC [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			4,842,423	5,349,328
Australia [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			1,703,066	5,534,092
Others [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes			$ 718,742	$ 513,175

LEASES (Details)

LEASES (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lease Cost [Abstract]
Operating leases cost excluding short-term rental expense	$ 2,552,612	$ 1,830,796
Short-term lease cost	252,627	487,482
Total	2,805,239	2,318,278
Supplemental Information Related to Operating Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 1,881,823	$ 1,817,787
Weighted average remaining lease term	5 years 11 months 4 days	6 years 5 months 1 day
Weighted average discount rate	6.33%	6.09%
Maturity of Lease Liabilities [Abstract]
For the remaining of 2024	$ 2,762,702
2025	3,948,945
2026	4,026,959
2027	4,076,331
2028	2,169,808
2029 and thereafter	5,780,266
Total lease payments	22,765,011
Less: imputed interest	3,615,058
Total	19,149,953
Less: current portion	$ 4,607,925		$ 4,741,599
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Less: current portion
Non-current portion	$ 14,542,028		$ 16,339,619
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Non-current portion

CONVERTIBLE PROMISSORY NOTE A_3

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Convertible Promissory Note (Details)		6 Months Ended	12 Months Ended
	Jul. 20, 2022 USD ($)	Jun. 30, 2024 USD ($) TradingDays $ / shares	Dec. 31, 2023 USD ($)
Convertible Promissory Note [Abstract]
Aggregate outstanding principal amount		$ 461,636
Movement of Note [Abstract]
Convertible promissory notes, Beginning Balance		9,956,000
Convertible promissory notes, Ending Balance		$ 9,951,000	$ 9,956,000
Convertible Promissory Note [Member]
Convertible Promissory Note [Abstract]
Net proceeds after deducting issuance expenses	$ 54,069,000
Mandatory redemption amount multiplier		1.08
Number of consecutive trading days | TradingDays		10
Conversion price percentage		85%
Period for volume weighted average price		10 days
Period considered after occurrence of any event of default		5 days
Movement of Note [Abstract]
Convertible promissory notes, Beginning Balance		$ 9,956,000
Convertible promissory notes issued during the period		0
Redemption of convertible promissory notes		0
Fair value change recognized		(5,000)
Convertible promissory notes, Ending Balance		9,951,000	9,956,000
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Face value principal payable	$ 61,215,000	$ 9,953,381	$ 9,953,381
Interest rate	8%	8%	8%
Issue date		Jul. 20, 2022	Jul. 20, 2022
Maturity date		Jan. 19, 2025	Jan. 19, 2025
Convertible Promissory Note [Member] | Minimum [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Face value principal payable		$ 25,000,000
Convertible Promissory Note [Member] | Maximum [Member]
Convertible Promissory Note [Abstract]
Floor price (in dollars per share) | $ / shares		$ 1
Accrue interest rate		10%
Convertible Promissory Note [Member] | Original Conversion Price [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input		12.375	12.375
Convertible Promissory Note [Member] | Expected Term [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input		0.56	1.05
Convertible Promissory Note [Member] | Volatility [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input		0.5477	0.5346
Convertible Promissory Note [Member] | Market yield [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input		0.2045	0.1393
Convertible Promissory Note [Member] | Risk Free Rate [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input		0.0525	0.0469
Convertible Promissory Note [Member] | Period One [Member] | Minimum [Member]
Convertible Promissory Note [Abstract]
Aggregate outstanding principal amount		$ 30,000,000
Convertible Promissory Note [Member] | Period One [Member] | Maximum [Member]
Convertible Promissory Note [Abstract]
Percentage of issuance cost on principal amount		10%
Convertible Promissory Note [Member] | Period Two [Member] | Maximum [Member]
Convertible Promissory Note [Abstract]
Percentage of issuance cost on principal amount		20%
Aggregate outstanding principal amount		$ 30,000,000

CONVERTIBLE PROMISSORY NOTE A_4

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Warrant (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) Warrant $ / shares shares	Dec. 31, 2023
Warrant [Abstract]
Issued warrants (in shares) | shares	24,733,336
Exercise price (in dollars per share) | $ / shares	$ 1.61
Warrants exercisable issuance term	5 years
Number of warrants | Warrant	2
Investor Warrants [Member]
Movement of Warrants [Roll Forward]
Beginning balance	$ 12,189,508
Warrants issued during the period	0
Exercise of warrants	0
Fair value change recognized	(2,713)
Ending balance	$ 12,186,795
Placement Agent Warrants [Member]
Warrant [Abstract]
Issued warrants (in shares) | shares	2,473,334
Exercise price (in dollars per share) | $ / shares	$ 1.77
Movement of Warrants [Roll Forward]
Beginning balance	$ 3,456,578
Warrants issued during the period	0
Exercise of warrants	0
Fair value change recognized	(819)
Ending balance	$ 3,455,759
Expected Term [Member] | Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	3.05	3.55
Volatility [Member] | Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.652	0.7211
Risk Free Rate [Member] | Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.0438	0.0391

SHARE-BASED COMPENSATION, Share

SHARE-BASED COMPENSATION, Share Options (Details)				4 Months Ended	6 Months Ended		8 Months Ended
	May 03, 2022 USD ($) $ / shares shares	Dec. 30, 2021 shares	Apr. 17, 2018 Installment shares	Dec. 31, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Aug. 20, 2023	Feb. 10, 2016 shares
Share-Based Compensation [Abstract]
Share-based compensation expenses | $					$ 1,773,120	$ 2,410,292
General and Administrative Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses | $					1,500,783	1,858,258
Selling and Marketing Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses | $					96,970	378,678
Research and Development Expenses [Member]
Share-Based Compensation [Abstract]
Share-based compensation expenses | $					$ 175,367	$ 173,356
Amended 2016 Plan [Member]
Share-Based Compensation [Abstract]
Option granted (in shares)		12,891,130
Exchange ratio		0.71563
Options converted (in shares)		9,225,271
Employees and Directors [Member] | 2016 Plan [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)			24,624,157
Number of additional shares available for issuance (in shares)			10,484,797
Number of equal annual instalments | Installment			5
Percentage of each equal annual instalments			20%
Options expiration period				10 years			8 years
Employees and Directors [Member] | 2016 Plan [Member] | Minimum [Member]
Share-Based Compensation [Abstract]
Options expiration period					6 years
Employees and Directors [Member] | 2016 Plan [Member] | Maximum [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)								14,139,360
Options expiration period					8 years
Employees and Directors [Member] | 2022 Plan [Member]
Share-Based Compensation [Abstract]
Option granted (in shares)	12,797,063
Exercise price range, lower range limit (in dollars per share) | $ / shares	$ 1.68
Exercise price range, upper range limit (in dollars per share) | $ / shares	$ 1.848
Fair value of options granted | $	$ 18,243,489
Employees and Directors [Member] | 2022 Plan [Member] | Contractual Term of Option One [Member]
Share-Based Compensation [Abstract]
Option granted (in shares)	297,615
Options contractual term	5 years
Employees and Directors [Member] | 2022 Plan [Member] | Contractual Term of Option Two [Member]
Share-Based Compensation [Abstract]
Option granted (in shares)	12,499,448
Options contractual term	10 years
Employees and Directors [Member] | 2022 Plan [Member] | Minimum [Member]
Share-Based Compensation [Abstract]
Fair value of option grant (in dollars per share) | $ / shares	$ 11.064
Employees and Directors [Member] | 2022 Plan [Member] | Maximum [Member]
Share-Based Compensation [Abstract]
Shares authorized (in shares)	25,965,234
Fair value of option grant (in dollars per share) | $ / shares	$ 14.332

SHARE-BASED COMPENSATION, Sha_2

SHARE-BASED COMPENSATION, Share Options Activity (Details)			6 Months Ended		12 Months Ended
		Dec. 08, 2023	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares		Dec. 31, 2022 USD ($) $ / shares shares
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]
Share consolidation		0.1
Stock Options [Member]
Number of Share Options [Roll Forward]
Outstanding, beginning balance (in shares) | shares				21,603,366	21,603,366
Option granted (in shares) | shares			0	0
Exercised (in shares) | shares			0	0
Forfeited (in shares) | shares			(82,710)	(152,500)
Expired (in shares) | shares			(146,783)	(40,000)
Outstanding, ending balance (in shares) | shares			1,795,622	21,410,866			21,603,366
Outstanding, beginning balance after share consolidation (in shares) | shares	[1]		2,025,115
Expected to vest, period end (in shares) | shares			452,763
Exercisable, period end (in shares) | shares			1,342,859
Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share) | $ / shares				$ 1.44	$ 1.44
Granted (in dollars per share) | $ / shares			$ 0	0
Exercised (in dollars per share) | $ / shares			0	0
Forfeited (in dollars per share) | $ / shares			17	1.68
Expired (in dollars per share) | $ / shares			16.81	1.68
Outstanding, ending balance (in dollars per share) | $ / shares			13.92	$ 1.44			$ 1.44
Outstanding, beginning balance after share consolidation (in dollars per share) | $ / shares	[1]		14.26
Expected to vest, period end (in dollars per share) | $ / shares			17.07
Exercisable, period end (in dollars per share) | $ / shares			$ 12.86
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]
Outstanding, weighted average remaining contractual term			4 years 21 days	5 years 5 months 15 days	4 years 9 months 21 days	[1]	5 years 11 months 26 days
Expected to vest, weighted average remaining contractual term			7 years 7 months 24 days
Exercisable, weighted average remaining contractual term			2 years 10 months 6 days
Outstanding, aggregate intrinsic value | $			$ 0	$ 43,698	$ 0	[1]	$ 721,210
Expected to vest, aggregate intrinsic value | $			0
Exercisable, aggregate intrinsic value | $			$ 0
Share consolidation		0.1
[1]On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the ordinary shares of the Company on a one-for-ten one-for-ten

SHARE-BASED COMPENSATION, Assum

SHARE-BASED COMPENSATION, Assumptions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unrecognized Compensation Cost [Abstract]
Total unrecognized compensation cost	$ 5,758,085
Unrecognized compensation cost, recognition period	1 year 8 months 15 days
Stock Options [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected dividends yield	0%	0%
The fair value of underlying ordinary shares (in dollars per share)	$ 16.8	$ 1.68
Stock Options [Member] | Minimum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	83.41%	83.41%
Risk-free interest rate per annum	2.97%	2.97%
Stock Options [Member] | Maximum [Member]
Assumptions Used in Valuing Stock Options [Abstract]
Expected volatility	86.57%	86.57%
Risk-free interest rate per annum	3.01%	3.01%

CONCENTRATIONS (Details)

CONCENTRATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended				12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
Concentration of Credit Risk [Abstract]
Revenue	$ 8,320,492	$ 4,237,520	$ 11,712,491		$ 7,708,064
Accounts receivable	9,554,579		9,554,579				$ 8,443,069
Purchases	7,095,622	$ 3,090,275	10,473,350		6,366,075
Accounts payable	6,630,085		6,630,085				$ 6,797,852
Revenue [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration of Credit Risk [Abstract]
Revenue			$ 5,617,879		$ 1,415,427
Concentration risk, percentage			47%		18%
Revenue [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration of Credit Risk [Abstract]
Revenue			$ 2,451,000		$ 0
Concentration risk, percentage			21%		0%
Revenue [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Concentration of Credit Risk [Abstract]
Revenue			$ 1,756,994		$ 726
Concentration risk, percentage			15%			[1]
Revenue [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration of Credit Risk [Abstract]
Revenue			$ 1,290,000		$ 0
Concentration risk, percentage			11%		0%
Revenue [Member] | Customer Concentration Risk [Member] | Customer D [Member]
Concentration of Credit Risk [Abstract]
Revenue			$ 119,885		$ 1,414,701
Concentration risk, percentage				[1]	18%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			48%				47%
Accounts receivable	4,616,422		$ 4,616,422				$ 3,962,148
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			23%				0%
Accounts receivable	2,205,900		$ 2,205,900				$ 0
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			12%				0%
Accounts receivable	1,161,000		$ 1,161,000				$ 0
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			13%				15%
Accounts receivable	1,198,477		$ 1,198,477				$ 1,237,751
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer F [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage				[1]			32%
Accounts receivable	51,045		$ 51,045				$ 2,724,397
Purchases [Member] | Supplier Concentration Risk [Member] | Supplier [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			39%		64%
Purchases			$ 2,596,126		$ 9,024,434
Purchases [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage			39%		33%
Purchases			$ 2,376,022		$ 4,645,216
Purchases [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage				[1]	19%
Purchases			$ 47,660		$ 2,644,958
Purchases [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]
Concentration of Credit Risk [Abstract]
Concentration risk, percentage				[1]	12%
Purchases			$ 172,444		$ 1,734,260
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier [Member]
Concentration of Credit Risk [Abstract]
Accounts payable	$ 0		$ 0				$ 0
[1]Indicates below 10%.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 17, 2024 USD ($)

Apr. 17, 2024 CNY (¥)

Mar. 05, 2024 USD ($)

Jan. 02, 2024 USD ($)

Feb. 06, 2023 USD ($)

Jul. 22, 2022 USD ($) Contract Claim Complaint

Mar. 25, 2022 USD ($)

Aug. 23, 2021 EUR (€)

Aug. 23, 2021 USD ($)

Jun. 30, 2024 EUR (€) Case Vehicle

Jun. 30, 2024 Case Vehicle

Dec. 31, 2022 EUR (€)

Jun. 24, 2024 USD ($)

Apr. 10, 2024 USD ($)

Dec. 18, 2023 USD ($)

Dec. 18, 2023 CNY (¥)

Feb. 02, 2023 EUR (€)

Jun. 30, 2022 DistributionPartner

Litigation [Abstract]

Contingency settlement of amount

$ 512,226

Total damages

$ 19,000,000

Payment for outstanding invoices

$ 3,289,500

Number of complaint causes in contract and tort against defendants | Complaint

11

Number of contract claims | Contract

4

Number of tort claims | Claim

7

Period to amend complaint by plaintiff

30 days

Number of civil litigation cases withdrawn | Case

2

2

Payment for outstanding amount

$ 1,767,516.91

BELGIUM [Member]

Litigation [Abstract]

Penalty amount | €

€ 20,000

Other infringement fine | €

5,000

Shengzhou Machinery [Member]

Litigation [Abstract]

Payment for outstanding invoices

$ 1,126,640

LEIE [Member] | BELGIUM [Member] | Maximum [Member]

Litigation [Abstract]

Penalty amount | €

500,000

CAE [Member]

Litigation [Abstract]

Number of vehicles | Vehicle

90

90

Retention of title and instalment payment agreement price

€ 2,185,721.32

$ 2,358,611.88

Contingency settlement of amount | €

€ 58,787.33

Settlement owed amount | €

2,126,933.99

Instalment agreement amount | €

€ 548,244.11

Number of distribution partners | DistributionPartner

2

Compensation for damages sought | €

€ 956,760

CAE [Member] | BELGIUM [Member] | Maximum [Member]

Litigation [Abstract]

Penalty amount | €

€ 1,000,000

Ronda [Member]

Litigation [Abstract]

Number of ongoing civil litigation cases | Case

1

1

Ronda [Member] | Damages from Product Defects [Member]

Litigation [Abstract]

Total damages

$ 869,702

Payment for outstanding invoices

$ 583,813

Recovery of advance payments

$ 438,702

Compensation for damages sought

$ 453,290

Percentage of advance payments for damage

100%

Zhejiang Sinomachinery Co., Limited [Member]

Litigation [Abstract]

Compensation for damages sought

$ 65,104

¥ 461,800

Claim filed for payment of contract price

$ 65,104

¥ 461,800

Maximum period for payment of litigation settlement

10 days

10 days

EWI Worldwide, Inc [Member]

Litigation [Abstract]

Outstanding balance owed

$ 271,255.79

RELATED PARTY TRANSACTIONS, Rel

RELATED PARTY TRANSACTIONS, Related Parties (Details)	6 Months Ended
	Jun. 30, 2024
Related Parties [Abstract]
Percentage of equity interests	1%
Zhejiang RAP [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd. [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, the Company’s subsidiary as of December 31, 2023. On May 8, 2024, Hangzhou Hezhe become a subsidiary of the Company.
Billy Rafael Romero Del Rosario [Member]
Related Parties [Abstract]
Relationship with the Company	A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL

RELATED PARTY TRANSACTIONS, Tra

RELATED PARTY TRANSACTIONS, Transactions (Details) - USD ($)		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Material Related Party Transactions [Abstract]
Interest Income, Operating, Related Party, Type [Extensible Enumeration]		Interest income from a related party	Interest income from a related party
Zhejiang RAP [Member]
Material Related Party Transactions [Abstract]
Interest income from a related party		$ 22,167	$ 6,524
Hangzhou Hezhe [Member]
Material Related Party Transactions [Abstract]
Purchase of raw materials from related parties	[1]	3,750	196,908
Payment on the purchase of the raw materials	[1]	0	53,839
Refund on the purchase of the raw materials		69,232	0
Billy Rafael Romero Del Rosario [Member]
Material Related Party Transactions [Abstract]
Prepayment of operating fund to a related party		$ 52,058	$ 0
[1]The transaction for the six months ended June 30, 2024 of this related party consisted of transaction only before it become a subsidiary of the Company, which was from January to April, 2024.

RELATED PARTY TRANSACTIONS, Due

RELATED PARTY TRANSACTIONS, Due from Related Parties (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Due from Related Parties [Abstract]
Amounts due from related parties		$ 173,567	$ 287,439
Hangzhou Hezhe [Member]
Due from Related Parties [Abstract]
Amounts due from related parties	[1]	0	178,019
Billy Rafael Romero Del Rosario [Member]
Due from Related Parties [Abstract]
Amounts due from related parties		161,786	109,420
Zhejiang RAP [Member]
Due from Related Parties [Abstract]
Amounts due from related parties		$ 11,781	$ 0
[1]The balance mainly represents the prepayment for raw material to the related party.

RELATED PARTY TRANSACTIONS, D_2

RELATED PARTY TRANSACTIONS, Due to Related Parties (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Due to Related Parties [Abstract]
Amounts due to related parties	$ 0	$ 10,468
Zhejiang RAP [Member]
Due to Related Parties [Abstract]
Amounts due to related parties	$ 0	$ 10,468