0001140361-23-033413 | 10-K/A | XBRL Viewer | Cenntro Electric Group LTD

Nov. 30, 2022

Santo Domingo, Dominican Republic

Cennatic Power, Inc. (Cennatic Power) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 08, 2022

Delaware, U.S.

Cenntro Automotive Europe GmbH (CAE) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 21, 2019

Herne, Germany

Cenntro Electric Group (Europe) GmbH (Cenntro Electric) [Member]

65.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 13, 2022

Düsseldorf, Germany

Cennatic Energy S. de R.L. de C.V. [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Aug. 24, 2022

Cennatic Energy S. de R.L. de C.V. and Cennatic Power, Inc. [Member]

Monterrey, Mexico

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Cennatic Energy S. de R.L. de C.V. and Cenntro Automotive Corporation [Member]

99.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Cenntro Electric B.V. [Member]

1.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 12, 2022

Amsterdam, Netherlands

Cenntro Automotive Corporation (CAC) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 22, 2013

Delaware, U.S.

Cenntro Electric Group, Inc. (CEG) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Mar. 09, 2020

Delaware, U.S.

Cenntro Automotive Group Limited (CAG HK) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Feb. 15, 2016

Hong Kong

Simachinery Equipment Limited (Simachinery HK) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 02, 2011

Hong Kong

Zhejiang Cenntro Machinery Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jan. 20, 2021

PRC

Jiangsu Tooniu Tech Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 19, 2018

PRC

Hangzhou Ronda Tech Co., Limited (Hangzhou Ronda) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 05, 2017

PRC

Hangzhou Cenntro Autotech Co., Limited (Cenntro Hangzhou) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

May 06, 2016

PRC

Zhejiang Sinomachinery Co., Limited (Sinomachinery Zhejiang) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jun. 16, 2011

PRC

Shengzhou Cenntro Machinery Co., Limited (Cenntro Machinery) [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Jul. 12, 2012

PRC

Hangzhou Hengzhong Tech Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 16, 2014

PRC

Zhejiang Xbean Tech Co., Limited [Member]

100.00%

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Dec. 28, 2016

^[1]

PRC

^[1]

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

100.00%

^[1]

[1]	Zhejiang Xbean Tech Co., Limited was in the liquidation process as of December 31, 2022.

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES

Historical and principal activities

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 ACN 619 054 938, 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.

CAC, CEG and CAG HK and its consolidated subsidiaries are collectively known as “Cenntro”; CEGL and Cenntro are collectively known as the “Company”. The Company designs and manufactures purpose–built, electric commercial vehicles (“ECVs”) used primarily in last mile delivery and industrial applications.

On March 25, 2022 and January 31, 2023,the Company 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 this Annual Report, “Business Combination”.

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, whereby CEGL purchased from CAG Cayman (i) all of the issued and outstanding ordinary shares of CAG HK, (ii) all of the issued and outstanding shares of common stock, par value $0.001 per share, of CAC, and (iii) all of the issued and outstanding shares of common stock, par value $0.01 per share, of CEG, in exchange for an aggregate purchase price of (i) 174,853,546 newly issuing ordinary shares of CEGL and (ii) the assumption of options to purchase an aggregate of 9,225,271 ordinary shares under the Cenntro Electric Group Limited Amended & Restated 2016 Incentive Stock Option Plan (the “Amended 2016 Plan”). The Combination closed on December 30, 2021. Immediately prior to the consummation of the Combination, there were 86,402,708 ordinary shares of NBG issued and outstanding. In connection with the closing of the Combination, CEGL changed its name from “Naked Brand Group Limited” to “Cenntro Electric Group Limited”.

Promptly following the closing of the Combination, CAG Cayman distributed the Acquisition Shares to the holders of its capital stock in accordance with (i) the distribution described in the Acquisition Agreement and (ii) CAG Cayman’s Third Amended and Restated Memorandum and Articles of Association. Pursuant to the Acquisition Agreement, at the closing of the Combination, NBG assumed the Amended 2016 Plan and each CAG Cayman employee stock option outstanding immediately prior to the closing of the Combination under the Amended 2016 Plan was converted into an option to purchase a number of ordinary shares equal to the aggregate number of CAG Cayman shares for which such stock option was exercisable immediately prior to the closing of the Combination multiplied by the exchange ratio of 0.71536 (the “Exchange Ratio”), as determined in accordance with the Acquisition Agreement, at an option exercise price equal to the exercise price per share of such stock option immediately prior to the closing of the Combination divided by the Exchange Ratio.

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. Cenntro is deemed to be the predecessor for accounting purposes and the historical financial statements of Cenntro became CEGL’s historical financial statements, with retrospective adjustments to give effect to the reverse recapitalization. The financial statements for periods prior to the consummation of the reverse recapitalization are the combined financial statements of CAC, CEG and CAG HK and its consolidated subsidiaries.

The following table shows the net cash proceeds from the reverse recapitalization:

	Reverse recapitalization
Cash – NBG	$	247,382,859
Less: transaction costs - paid in FY2021		(883,300	)
transaction costs - paid in FY2022		(904,843	)
Net cash contributions from reverse recapitalization	$	245,594,716

As of December 31, 2022, CEGL’s subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Electric CICS, SRL	November 30, 2022	Santo Domingo, Dominican Republic	100% owned by CEGL
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by CEGL
Cenntro Automotive Europe GmbH (“CAE”)	May 21, 2019	Herne, Germany	65% owned by CEGL
Cenntro Electric Group (Europe) GmbH (“Cenntro Electric”)	January 13, 2022	Düsseldorf, Germany	100% owned by CEGL
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	99% and 1% owned by Cennatic Power and CAC, respectively
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by CEGL
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by CEGL
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100% owned by CEGL
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by CEGL
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CAG HK
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CAG HK
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CAG HK
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CAG HK
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CAG HK
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by Simachinery HK
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by Cenntro Hangzhou
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Hangzhou
Zhejiang Xbean Tech Co., Limited*	December 28, 2016	PRC	100% owned by Sinomachinery Zhejiang

*	Zhejiang Xbean Tech Co., Limited was in the liquidation process as of December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investment in Equity Investees (Details) - Investee Companies [Member]	Dec. 31, 2022
Minimum [Member]
Equity Method Investment [Abstract]
Ownership interest	20.00%
Maximum [Member]
Equity Method Investment [Abstract]
Ownership interest	50.00%

PREPAYMENT AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2022

PREPAYMENT AND OTHER CURRENT ASSETS

NOTE 6 - PREPAYMENT AND OTHER CURRENT ASSETS

Prepayment and other current assets consisted of the following:

	December 31, 2022		December 31, 2021
Advance to suppliers	$	9,877,337	$	3,686,708
Deductible input value added tax		4,097,162		1,196,186
Loans to a third party⁽¹⁾		1,044,181		-
Receivable from third parties		678,887		348,773
Refund for goods and services tax (“GST”) ⁽²⁾		-		2,488,528
Others		440,763		269,412
Prepayment and other current assets	$	16,138,330	$	7,989,607

(1)

Loans to a third party represented an interest-bearing loan to HW Electro Co., Ltd. with principal amount of $1,000,000 as of December 31, 2022, with the annual interest rate of 5.00%, which will be due on February 7, 2023. On January 31, 2023, the Company entered into a debt conversion agreement with HW Electro Co., Ltd., to convert the loan principal of $1,000,000 for 571,930 shares of HW Electro Co., Ltd.’s common stock totaling 3.59% of its equity interest. The interest of the loan was repaid in February 2023.

(2)	GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 was excess GST, which has been refunded in 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Abstract]
Impairment loss for goodwill	$ 11,111,886	$ 0

INVENTORIES (Details) - USD ($)	12 Months Ended
INVENTORIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
INVENTORIES [Abstract]
Raw material	$ 9,311,419	$ 2,055,844
Work-in-progress	290,220	1,110,469
Goods in transit	2,364,136	50,795
Finished goods	19,877,596	4,922,708
Inventories	31,843,371	8,139,816
Impairment loss	$ 2,155,400	$ 1,265,890

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	12 Months Ended
ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable [Abstract]
Accounts receivable	$ 2,526,432	$ 3,523,543
Less: provision for doubtful accounts	(1,961,034)	(1,475,983)
Accounts receivable, net	565,398	2,047,560
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	1,475,983	1,121,115
Additions	1,394,591	391,189
Write-off	(922,632)	(86,170)
Foreign exchange	13,092	49,849
Balance at the end of the year	$ 1,961,034	$ 1,475,983

SUBSEQUENT EVENT (Details)					3 Months Ended		12 Months Ended
SUBSEQUENT EVENT (Details)	Apr. 26, 2023 USD ($)	Apr. 01, 2023 USD ($) ft²	Jan. 31, 2023 USD ($) shares	Jan. 03, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Abstract]
Payment for purchase of electric commercial vehicle components							$ 3,285,072	$ 756,269
Subsequent Event [Member]
Subsequent Event [Abstract]
Percentage of Equity Interests Sold			35.00%
Loan principal converted			$ 1,000,000
Shares in debt conversion (in shares) \| shares			571,930
Percentage of equity interest			3.59%
Contract amount					$ 17,592,052	¥ 121,335,900
Payment for purchase of electric commercial vehicle components					$ 3,883,598	¥ 26,785,950
Area of leased-out portion of industrial building \| ft²		64,000
Lease term		5 years
Monthly rent		$ 115,200
Subsequent Event [Member] \| Industrial Building Facility [Member]
Subsequent Event [Abstract]
Area of leased-out portion of industrial building \| ft²		124,850
Subsequent Event [Member] \| Investor [Member]
Subsequent Event [Abstract]
Redemption of convertible promissory notes	$ 6,000,000			$ 39,583,321

COMMITMENTS AND CONTINGENCIES (Details)				1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jul. 22, 2022 USD ($) Complaint Contract Claim	Mar. 25, 2022 USD ($)	Jul. 12, 2020 USD ($)	Oct. 31, 2021 USD ($) PurchaseOrder	Dec. 31, 2022	Feb. 02, 2023 EUR (€)	Jun. 30, 2022 DistributionPartners
Litigation [Abstract]
Total damages	$ 19,000,000
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
BELGIUM \| Subsequent Event [Member]
Litigation [Abstract]
Penalty amount \| €						€ 20,000
Other infringement fine \| €						5,000
Shengzhou [Member]
Litigation [Abstract]
Payment for outstanding invoices		$ 1,126,640
LEIE [Member] \| BELGIUM \| Subsequent Event [Member] \| Maximum [Member]
Litigation [Abstract]
Penalty amount \| €						500,000
CAE [Member]
Litigation [Abstract]
Number of distribution partners \| DistributionPartners							2
CAE [Member] \| BELGIUM \| Subsequent Event [Member] \| Maximum [Member]
Litigation [Abstract]
Penalty amount \| €						€ 1,000,000
Magnum Agreement [Member]
Litigation [Abstract]
Alleged unpaid compensation expenses related to a breach of contract			$ 500,000
Sevic Lawsuit [Member] \| Damages from Product Defects [Member]
Litigation [Abstract]
Number of signed purchase orders terminated \| PurchaseOrder				2
Money awarded for cost of goods awarded				$ 465,400
Total damages				$ 628,109

INCOME TAXES, Statutory Income Tax Rate to Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (112,145,263)	$ (16,421,807)
PRC statutory income tax rate	25.00%	25.00%
Income tax expense at the PRC statutory rate	$ (28,036,316)	$ (4,105,452)
Effect of preferential tax rate	161,592	279,886
Effect of international tax rates	(2,255,963)	420,450
Effect of non-deductible expenses	1,069,009	396,826
Effect of research and development deduction	(568,446)	(204,807)
Fair value change of warrant liability	3,912,074	0
Impairment loss of goodwill	2,777,972	0
Effect of valuation allowance	22,940,078	3,213,097
Total income tax expense	$ 0	$ 0
Effective income tax rate	0.00%	0.00%
PRC [Member]
Statutory Income Tax Rate to Income Before Income Taxes [Abstract]
Loss before provision for income tax	$ (7,386,251)	$ (5,477,857)
PRC statutory income tax rate	25.00%

PREPAYMENT AND OTHER CURRENT ASSETS (Details) - USD ($)

12 Months Ended

Jan. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Deductible input value added tax

Advance to suppliers

$ 9,877,337

$ 3,686,708

4,097,162

1,196,186

Loans to a third party

^[1]

1,044,181

Receivable from third parties

678,887

348,773

Refund for goods and services tax ("GST")

^[2]

2,488,528

Others

440,763

269,412

Prepayment and other current assets

16,138,330

$ 7,989,607

HW Electro Co., Ltd. [Member]

HW Electro Co., Ltd. [Member] | Subsequent Event [Member]

$ 1,000,000

Annual interest rate

5.00%

Maturity period

Feb. 07, 2023

Conversion shares (in shares)

$ 1,000,000

Annual interest rate

3.59%

571,930

[1]

[2]

GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 was excess GST, which has been refunded in 2022.

RELATED PARTY TRANSACTIONS, Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Zhejiang RAP [Member]
Material Related Party Transactions [Abstract]
Interest income from a related party	$ 13,434	$ 23,114
Bendon Limited [Member]
Material Related Party Transactions [Abstract]
Interest income from a related party	113,021	39,296
Jiangsu Rongyuan [Member]
Material Related Party Transactions [Abstract]
Purchase of raw materials from related parties	0	24,799
Hangzhou Hezhe Energy Technology Co., Ltd [Member]
Material Related Party Transactions [Abstract]
Purchase of raw materials from related parties	1,413,262	1,219,621
Payment on the purchase of the raw materials	1,015,036	2,027,483
Zhejiang Zhongchai [Member]
Material Related Party Transactions [Abstract]
Revenue from sales of equipment to a related party	119,963	0
Repayment of the advance operating fund from a related party	276,266	0
Shanghai Hengyu [Member]
Material Related Party Transactions [Abstract]
Consulting service provided by a related party	5,053	29,919
Shenzhen Yuanzheng [Member]
Material Related Party Transactions [Abstract]
Repayment interest-bearing Loan from a related party	395,523	0
Mr. Yeung Heung Yeung [Member]
Material Related Party Transactions [Abstract]
Repayment interest-bearing Loan from a related party	1,331,091	0
Interest expense on loans provided by related parties	2,532	132,000
Mr. Zhong Wei [Member]
Material Related Party Transactions [Abstract]
Interest expense on loans provided by related parties	0	6,039
Others [Member]
Material Related Party Transactions [Abstract]
Interest expense on loans provided by related parties	$ 1,075	$ 40,005

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2022

BUSINESS COMBINATION [Abstract]

Assets Acquired and Liabilities Assumed

On the acquisition date March 25, 2022, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:

	Amount

Cash and cash equivalents	$	1,118,700
Inventories⁽¹⁾		6,144,219
Other current assets		3,209,947
Intangible assets		3,075,800
Goodwill⁽²⁾		11,409,990
Other non-current assets		580,748
Total assets		25,539,404
Loan from CAE		(13,072,150	)
Deferred tax liabilities⁽³⁾		(922,740	)
Other liabilities		(6,419,070	)
Total liabilities		(20,413,960	)
Total net assets		5,125,444
Less: Non-controlling interest		1,555,320
Net assets acquired by the Company		3,570,124

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOW - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (112,145,263)	$ (16,421,807)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	953,872	632,256
Amortization of operating lease right-of-use asset	1,616,853	636,921
Impairment of property, plant and equipment	550,402	6,215
Impairment of intangible assets	2,995,440	0
Reversal of deferred tax liabilities	(898,632)	0
Impairment of right-of-use assets	371,695	0
Impairment of goodwill	11,111,886	0
Written-down of inventories	2,155,400	1,265,890
Provision for doubtful accounts	5,986,308	469,702
Convertible promissory notes issuance costs	5,589,336	0
Loss on redemption of convertible promissory notes	7,435	0
Changes in fair value of convertible promissory notes and derivative liabilities	37,774,928	0
Changes in fair value of equity securities	240,805	0
Foreign currency exchange loss, net	409,207	14,212
Share-based compensation expense	4,031,629	1,128,325
Government grants of federal loan forgiven	0	(53,619)
Gain from disposal of plant and equipment	(10,334)	(55,087)
Gain from disposal of long-term investment	0	(508,156)
Equity pickup of the equity investment	12,651	(15,167)
Changes in operating assets and liabilities:
Accounts receivable	233,570	(2,002,919)
Inventories	(20,483,127)	(5,087,563)
Prepayment and other assets	(6,753,851)	(2,687,994)
Amounts due from/to related parties	(1,190,573)	(128,640)
Accounts payable	(2,144,725)	(128,508)
Accrued expense and other current liabilities	1,358,858	1,376,950
Contractual liabilities	633,825	286,499
Long-term payable	(700,000)	700,000
Operating lease liabilities	(1,108,721)	(903,096)
Net cash used in operating activities	(69,401,126)	(21,475,586)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equity investment	(4,256,276)	(310,038)
Proceeds from disposal of long-term investment	0	465,941
Cash payment for long-term investment payable	0	(909,808)
Purchase of plant and equipment	(3,285,072)	(756,269)
Purchase of land use rights and property	(16,456,355)	0
Acquisition of 65% of CAE's equity interests	(3,612,717)	0
Payment of expense for acquisition of CAE's equity interests	(348,987)	0
Cash acquired from acquisition of CAE	1,118,700	0
Purchase of equity securities	(30,000,000)	0
Proceeds from disposal of land use rights and property	0	7,812,967
Proceeds from disposal of property, plant and equipment	309	75,934
Loans provided to third parties	(1,323,671)	0
Loans provided to related parties	0	(232,529)
Repayment of loans from related parties	1,280,672	1,088,441
Net cash (used in) provided by investing activities	(56,883,397)	7,234,639
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans proceeds from related parties	0	5,020,218
Repayment of loans to related parties	(1,726,614)	(6,493,707)
Repayment of loans to third parties	(1,113,692)	(3,928,380)
Proceeds from bank loans	0	53,619
Purchase of CAE's loan	(13,228,101)	0
Reduction of capital	(13,930,000)	0
Cash proceed from reversed recapitalization	0	247,382,859
Loan proceeds from Naked Brand Group Limited	0	30,000,000
Proceed from issuance of convertible promissory notes	54,069,000	0
Redemption of convertible promissory notes	(3,727,500)	0
Proceed from exercise of share-based awards	14,386	0
Payment of expense for the reverse recapitalization	(904,843)	(883,300)
Net cash provided by financing activities	19,452,636	271,151,309
Effect of exchange rate changes on cash	(736,274)	205,566
Net (decrease) increase in cash, cash equivalents and restricted cash	(107,568,161)	257,115,928
Cash, cash equivalents and restricted cash at beginning of year	261,664,962	4,549,034
Cash, cash equivalents and restricted cash at end of year	154,096,801	261,664,962
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	(369,410)	(830,837)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cashless exercise of warrants	18,549,864	0
Right of use asset financed by lease liabilities	0	1,206,244
Exemption of debt due from shareholders	0	426,781
Direct cost related to reverse recapitalization payable	0	904,843
Reduction of capital investment recorded as due to related parties	$ 0	$ 13,930,000

RELATED PARTY TRANSACTIONS, Related Parties (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS, Related Parties (Details)	Dec. 31, 2022
Mr. Peter Wang [Member]
Related Parties [Abstract]
Relationship with the Company	Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung [Member]
Related Parties [Abstract]
Relationship with the Company	A principal shareholder of the Company
Bendon Limited [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
Mr. Zhong Wei [Member]
Related Parties [Abstract]
Relationship with the Company	Chief Technology Officer of the Company
Ms. Xu Cheng [Member]
Related Parties [Abstract]
Relationship with the Company	Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman [Member]
Related Parties [Abstract]
Relationship with the Company	Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its Subsidiaries (Collectively referred to the "Devirra Group") [Member]
Related Parties [Abstract]
Relationship with the Company	Entities controlled by CAG Cayman
Cenntro Holding Limited [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd ("Zhejiang Zhongchai") [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Zhejiang RAP [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd [Member]
Related Parties [Abstract]
Relationship with the Company	An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) ("Zhuhai Hengzhong") [Member]
Related Parties [Abstract]
Relationship with the Company	Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd ("Shenzhen Yuanzheng") [Member]
Related Parties [Abstract]
Relationship with the Company	Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd ("Shanghai Hengyu") [Member]
Related Parties [Abstract]
Relationship with the Company	Ultimately controlled by Mr. Peter Wang
Antric GmbH [Member]
Related Parties [Abstract]
Relationship with the Company	Invested by the Company

CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2022

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 years ended December 31, 2022 and 2021.

	Year ended						Year ended
	December 31, 2022,						December 31, 2021,
Customer	Amount			% of Total			Amount			% of Total
A			1,304,969		15	%			-		-
B			-		-				3,543,423		41	%
C			419,928		*				2,556,537		30	%
D			265,972		*				848,399		10	%
Total		$	1,990,869		15	%		$	6,948,359		81	%

*	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 December 31, 2022 and 2021.

	As of December 31, 2022,						As of December 31, 2021,
Customer	Amount			% of Total			Amount			% of Total
B		$	410,321		16	%		$	2,084,879		59	%
E			1,197,023		47	%			-		-
F			395,360		16	%			-		-
G			-		-				864,106		25	%
Total		$	2,002,704		79	%		$	2,948,985		84	%

(b)

Suppliers

For the years ended December 31, 2022 and 2021, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows:

	Year ended December 31, 2022,					Year ended December 31, 2021,
Supplier	Amount		% of Total			Amount		% of Total
A	$	6,078,079		26	%	$	2,219,792		21	%
B		2,885,202		12	%		-		-
Total	$	8,963,281		38	%	$	2,219,792		21	%

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of December 31, 2022 and 2021.

	As of December 31, 2022,					As of December 31, 2021,
Supplier	Amount		% of Total			Amount		% of Total
A	$	420,100		12	%	$	-		-
C		577,621		17	%		-		-
Total	$	997,721		29	%	$	-		-

OTHER NON-CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

OTHER NON-CURRENT ASSETS, NET [Abstract]

Other Non-Current Assets, Net

	December 31, 2022			December 31, 2021
Loan to the third party (1)	$	4,591,717		$	-
Receivable from a third party (2)		-			2,353,827
Long-term prepayment (3)		1,280,974			1,587,693
Deposit		758,038			564,007
Total		6,630,729			4,505,527
Less: provision for loan to the third party and receivable from a third party (1) & (2)		(4,591,717	)		(2,353,827	)
Other non-current assets, net	$	2,039,012		$	2,151,700

(1)

The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026. As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022. The company believes that the possibility of the collection is remote and recorded full provision for the loan.

(2)

In 2018, the Company signed an agreement with Anhua Automotive Co. Ltd., (“Anhua”) and paid an initial non-refundable deposit to participate in Anhua’s bankruptcy recombination process to develop further production capacity in China. However, due to the irrecoverable deterioration of Anhua’s business and Cenntro’s focus on Europe and America markets, Cenntro declined to further participate in the recombination process. Therefore, Cenntro recorded full provision for the deposit. The balance was written off for the year ended December 31, 2022.

(3)	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Foreign Currency Translation and Transaction (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RMB [Member]
Foreign Currency Translation [Abstract]
Average USD: exchange rate	6.729	6.4508
Period end USD: exchange rate	6.8972	6.3726
EUR [Member]
Foreign Currency Translation [Abstract]
Average USD: exchange rate	0.9493	0.8453
Period end USD: exchange rate	0.9348	0.8835

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

NOTE 21 - 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
Mr. Peter Wang		Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung		A principal shareholder of the Company
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
Mr. Zhong Wei		Chief Technology Officer of the Company
Ms. Xu Cheng		Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman		Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its subsidiaries (Collectively referred to the “Devirra Group”)		Entities controlled by CAG Cayman
Cenntro Holding Limited		Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) (“Zhuhai Hengzhong”)		Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang
Antric GmbH		Invested by the Company

Related party transactions

During the years ended December 31, 2022 and 2021, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2022		2021
Interest income from a related party
Zhejiang RAP	$	13,434	$	23,114
Bendon Limited		113,021		39,296

Purchase of raw materials from related parties
Jiangsu Rongyuan		-		24,799
Hangzhou Hezhe Energy Technology Co., Ltd		1,413,262		1,219,621

Revenue from sales of equipment to a related party
Zhejiang Zhongchai		119,963		-

Payment on the purchase of the raw materials
Hangzhou Hezhe		1,015,036		2,027,483

Repayment of the advance operating fund from a related party
Zhejiang Zhongchai		276,266		-

Consulting service provided by a related party
Shanghai Hengyu		5,053		29,919

Repayment interest-bearing Loan from a related party
Shenzhen Yuanzheng		395,523		-
Mr. Yeung Heung Yeung		1,331,091		-

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		2,532		132,000
Mr. Zhong Wei		-		6,039
Others		1,075		40,005

Amounts due from Related Parties – current

The following table presents amounts due from related parties as of December 31, 2022 and 2021.

	As of December 31,
	2022		2021
Hangzhou Hezhe⁽¹⁾		366,936		817,640
Zhejiang Zhongchai ⁽²⁾		-		412,797
Shanghai Hengyu		-		2,197
Jiangsu Rongyuan⁽³⁾		-		166,911
Total		366,936		1,399,545
Less: provision for receivable from a related party ⁽³⁾		-		(166,911	)
Amounts due from related parties, net	$	366,936	$	1,232,634

(1)

The balance mainly represents the prepayment for raw material to the related party.

(2)

The balances mainly represent accounts receivable relating to the sale of industrial equipment of $340,770 and advances to Zhejiang Zhongchai for daily operational purposes of $72,027 as of December 31, 2021.

(3)

The balances mainly represent advances to related parties for daily operational purposes. The business conditions of Jiangsu Rongyuan deteriorated and, as a result, the Company recognized provision for receivables of nil, $227,807 and $206,187 for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2020, the Company wrote off the balance of provision that it recognized in 2019. The Company reversed the provision of $78,931 for the year ended December 31, 2021 due to the repayment from the related party. The balance was written off during the year ended December 31, 2022.

Amounts due from Related Parties – non-current

	As of December 31,
	2022		2021
Bendon Limited ⁽¹⁾	$	-	$	4,834,973
Total		-		4,834,973
Less: provision for receivable from a related party		-		-
Amounts due from related parties -non-current	$	-	$	4,834,973

(1)

Amounts due to Related Parties

The following table presents amounts due to related parties as of December 31, 2022 and 2021.

	As of December 31,
	2022		2021
CAG Cayman ⁽¹⁾	$	-	$	13,945,823
Mr. Yeung Heung Yeung ⁽²⁾		-		1,328,559
Shenzhen Yuanzheng ⁽²⁾		-		416,509
Antric GmbH ⁽³⁾		666,396		-
Zhejiang RAP		23,882		40,034
Jiangsu Rongyuan		23,194		25,103
Shanghai Hengyu		2,900		-
Total	$	716,372	$	15,756,028

(1)

CAG Cayman was the parent company of Cenntro before the closing of the Combination. The balance as of December 31, 2021 represented (i) the interest-free operating funds from CAG Cayman of $15,823; and (ii) a reduction of capital from Cenntro by CAG Cayman of $13,930,000 prior to the closing of the Combination. It was fully repaid to CAG Cayman in 2022.

(2)	The balance represented the interest-bearing loan provided by related parties to the Company. The weighted average annual interest rates for the loans was 17.31% as of December 31, 2021. It was fully repaid in 2022.

(3)

The balance represented the capital injection payable to this related party. On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. For the year ended December 31, 2022, capital investment of EUR1,868,750 (approximately $1,977,380) was paid to Antric GmbH.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of presentation

(a)	Basis of presentation

The consolidated and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As an Australian public limited company, the Company is subject to the Corporations Act 2001 (the “Corporations Act”), which requires financial statements be prepared and audited in accordance with Australian Auditing Standards (“AAS”) and International Financial Reporting Standards (“IFRS”). The consolidated and combined financial statements are not financial statements for the purposes of the Corporations Act and are considered “non-IFRS financial information” under the Australian Securities and Investment Commission’s Regulatory guide 230: ‘Disclosing non-IFRS financial information.’ Such non-IFRS financial information may not be comparable to similarly titled information presented by other entities and should not be construed as an alternative to other financial information prepared in accordance with AAS or IFRS.

The combined financial statements include the combined financial statements of Cenntro from the dates they were acquired or incorporated, which includes (a) the combined statements of operations and comprehensive loss, changes in equity and cash flows for the periods from January 1, 2021 to December 30, 2021. The consolidated financial statements include (a) the consolidated balance sheet as of December 31, 2022 and 2021; and (b) consolidated statements of operations and comprehensive loss, changes in equity and cash flows for the period from December 31, 2021 to December 31, 2022. All intercompany balances and transactions have been eliminated in consolidation and combination.

Use of estimates

(b)	Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated and combined financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Significant accounting estimates reflected in the Company’s consolidated and combined financial statements include, but are not limited to, estimates and judgments applied in determination of 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 measurement for share-based compensation expense, convertible promissory notes and warrants. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.

Fair value measurement

(c)	Fair 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:

Level 1—defined as observable inputs such as quoted prices in active markets;

Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3—defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s financial instruments not reported at fair value primarily consist of cash and cash equivalents, restricted cash, accounts receivable, prepayments and other current assets, amount due from and due to related parties, accounts payable and accrued expenses and other current liabilities.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, prepayment and other current assets, accounts payable, accrued expenses and other current liabilities and amount due from and due to related party, current approximate fair value because of the short-term nature of these items. The estimated fair values of loan from third party, and amount due from related party, non-current were not materially different from their carrying value as presented due to the brief maturities and because the interest rates on these borrowings approximate those that would have been available for loans of similar remaining maturities and risk profiles.

The fair value option provides an election that allows a company to irrevocably elect to record certain financial assets and liabilities at fair value on an instrument-by-instrument basis at initial recognition. The Company has elected to apply the fair value option to convertible promissory notes due to the complexity of the various conversion and settlement options available to notes holders.

The convertible promissory notes accounted for under the fair value option election are each a debt host financial instrument containing embedded features that would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements in accordance with GAAP. Notwithstanding, when the fair value option election is applied to financial liabilities, bifurcation of an embedded derivative is not required, and the financial liability is initially measured at its issue-date estimated fair value and then subsequently remeasured at estimated fair value on a recurring basis as of each reporting period date.

The portion of the change in fair value attributed to a change in the instrument-specific credit risk is recognized as a component of other comprehensive income and the remaining amount of the fair value adjustment is recognized as changes in fair value of convertible promissory notes and derivative liabilities in the Company’s consolidated statement of operations. The estimated fair value adjustment is presented in a respective single line item within other income (expense) in the consolidated statement of operations because the change in fair value of the convertible notes was not attributable to instrument-specific credit risk.

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 private equity funds, which represent the investment in equity securities on the consolidated balance sheet.

Business combination

(d)	Business combination

The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill.

Cash and cash equivalents and restricted cash

(e)	Cash and cash equivalents and restricted cash

The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Restricted cash consists of cash restricted as to withdrawal or use. Such restricted cash relates to certain credit card and lease guarantees.

Accounts receivable and provision for doubtful accounts

(f)	Accounts receivable and provision for doubtful accounts

Accounts receivable are recognized and carried at net realizable value. Provision for doubtful accounts is recorded for periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Account balances are charged off against the provision after all means of collection have been exhausted and the potential for recovery is considered remote.

Inventories

(g)	Inventories

Inventories are stated at the lower of cost or net realizable value. The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the basis of weighted average and comprises direct materials, direct labor cost and an appropriate proportion of overhead.

Net realizable value is based on estimated selling prices less selling expenses and any further costs of completion. Adjustments to reduce the cost of inventory to net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. Write-downs are recorded in the consolidated and combined statements of operations and comprehensive loss.

Investment in equity securities

(h)	Investment in equity securities

For investments in equity securities with a variable interest rate indexed to the performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in fair values are reflected in the consolidated statements of operations and comprehensive loss.

The Company determines the appropriate classification of its investments in equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The private equity funds are measured at fair value with gains and losses recognized in earnings. As a practical expedient, the Company uses Net Asset Value (“NAV”) or its equivalent to measure the fair value of the Fund.

The Company evaluates whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include the market value of the security in relation to its cost basis, the financial condition of the investee, and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment.

Property, plant and equipment, net

(i)	Property, plant and equipment, net

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment. Depreciation is calculated over the asset’s estimated useful life, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows:

Buildings	20 years
Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	3-10 years
Others	3 years

The Company reassesses the reasonableness of the estimates of useful lives and residual values of long-lived assets when events or changes in circumstances indicate that the useful lives and residual values of a major asset or a major category of assets may not be reasonable. Factors that the Company considers in deciding when to perform an analysis of useful lives and residual values of long-lived assets include, but are not limited to, significant variance of a business or product line in relation to expectations, significant deviation from industry or economic trends, and significant changes or planned changes in the use of the assets. The analysis will be performed at the asset or asset category with the reference to the assets’ conditions, current technologies, market, and future plan of usage and the useful lives of major competitors.

The costs and related accumulated depreciation of assets sold or otherwise retired are eliminated from the Company’s accounts and any gain or loss is included in the consolidated and combined statements of operations and comprehensive loss. The cost of maintenance and repair is charged to expenses as incurred, whereas significant renewals and betterments are capitalized.

The Company constructs certain of its property including recodifications and improvement of its office buildings and plant. Depreciation is recorded at the time assets are ready for the intended use.

Intangible assets, net

(j)	Intangible assets, net

Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:

Category	Estimated useful life
Land use rights	45.75 years
Software	3 years

Impairment of long-lived assets

(k)	Impairment of long-lived assets

The Company evaluates the recoverability of long-lived assets or asset group with determinable useful lives whenever events or changes in circumstances indicate that an asset or a group of assets’ carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows expected to result from the use of the assets or asset group and their eventual disposition. The carrying amount of the long-lived asset or asset group is not recoverable when the sum of the undiscounted expected future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets or asset group, when the market prices are not readily available. The adjusted carrying amount of the assets become new cost basis and are depreciated over the assets’ remaining useful lives. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The impairment test is performed at the asset group level. Impairment loss for long-lived assets of $3,917,537 and $6,215 were recorded in the Company’s consolidated and combined statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021, respectively.

Goodwill

(l)

Goodwill

Goodwill represents the future economic benefits arising from other assets acquired in a business combination. Goodwill acquired in a business combination is tested for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company performs impairment analysis on goodwill as of December 31 every year either beginning with a qualitative assessment, or starting with the quantitative assessment instead. The quantitative goodwill impairment test compares the fair values of each reporting unit to its carrying amount, including goodwill. A reporting unit constitutes a business for which discrete profit and loss financial information is available. The fair value of each reporting unit is established using a combination of expected present value of future cash flows. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

The Company adopted ASU No. 2017-14, simplifying the Test for Goodwill Impairment on January 1, 2022. The Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Company chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of comparison of the fair value of a reporting unit to its carrying amount.

Application of a goodwill impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

Impairment loss for goodwill of $11,111,886 and nil were recorded for the years ended December 31, 2022 and 2021, respectively.

Investment in equity investees

(m)	Investment in equity investees

Investee companies over which the Company has the ability to exercise significant influence but does not have a controlling interest through investment in common shares or in substance common shares are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate.

Under the equity method, the Company initially records its investment at cost and subsequently recognizes the Company’s proportionate share of each equity investee’s net income or loss after the date of investment into the consolidated and combined statements of operations and comprehensive loss and accordingly adjusts the carrying amount of the investment. When the Company’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee.

The Company reviews its equity method investments for impairment whenever an event or circumstance indicates that other-than-temporary impairment has occurred. The Company considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The adjusted carrying amount of the assets become new cost basis.

Revenue recognition

(n)	Revenue recognition

The Company adopted ASC Topic 606 Revenue from Contracts with Customers with a date of the initial application of January 1, 2018 using the modified retrospective method.

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 years ended December 31, 2022 and 2021:

	For the Years Ended December 31,
	2022		2021
Vehicles sales	$	8,235,053	$	7,287,478
Spare-parts sales		304,506		195,350
Other service income		402,276		1,094,004
Net revenues	$	8,941,835	$	8,576,832

The Company’s revenues are primarily derived from Europe, America and Asia. The following table sets forth disaggregation of revenue by customer location.

	For the Years Ended December 31,
	2022		2021
Primary geographical markets
Europe	$	7,052,452	$	4,380,752
America		697,452		3,420,636
Asia		1,191,931		729,868
Oceania		-		45,576
Total	$	8,941,835	$	8,576,832

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.

Contractual liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration. The consideration received remains a contractual liability until goods or services have been provided to the customer. For the years ended December 31, 2022 and 2021, the Company recognized $1,105,076 and $1,051,832 revenue that was included in contractual liabilities as of January 1, 2022 and 2021, respectively.

The following table provides information about receivables and contractual liabilities from contracts with customers:

	December 31, 2022		December 31, 2021
Accounts receivable, net	$	565,398	$	2,047,560
Contractual liabilities	$	2,388,480	$	1,943,623

Cost of goods sold

(o)	Cost of goods sold

Cost of goods sold mainly consists of production related costs including costs of raw materials, consumables, direct labor, overhead costs, depreciation of property, plant and equipment, manufacturing waste treatment processing fees and inventory write-downs.

Government grants

(p)	Government grants

The Company’s PRC based subsidiaries received government subsidies from certain local governments. The Company’s government subsidies consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as land fulfillment costs. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Company, receipt of such subsidy income is not contingent upon any further actions or performance of the Company and the amounts do not have to be refunded under any circumstances.

Specific subsidies relating to land use rights are accounted for as an income with the subsidy benefit reflected over the related asset useful life. Other subsidies are recognized as other income upon receipt as further performance by the Company is not required.

Income taxes

(q)	Income taxes

The Company accounts for income tax using an asset and liability approach, which allows for the recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted tax rates in effect for the years in which the differences are expected to reverse. The accounting for deferred tax calculation represents management’s best estimate of the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is recorded to reduce the deferred tax assets to an amount that is more likely than not to be realized after considering all available evidence, both positive and negative.

Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Net operating losses are carried forward and credited by applying enacted statutory tax rates applicable to future years when the reported amounts of the asset or liability are expected to be recovered or settled, respectively. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as non-current. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

As required by applicable tax law, interest on non-payment of income taxes and penalties associated with tax positions when a tax position does not meet the minimum statutory threshold to avoid payment of penalties recognized, if any, will be classified as a component of the provisions for income taxes. The tax returns of the Company and its Germany, Hong Kong and PRC subsidiaries are subject to examination by the relevant local tax authorities. The standard period in which Australian Taxation Office can amend an assessment is four years and there is no statute of limitation in the case of fraud or evasion. The statutory limitation period in Germany for the issue or correction of assessments is four years from the end of the year in which the return was filed. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the Departmental Interpretation and Practice Notes No.11 (Revised) of the Hong Kong Inland Revenue Ordinance (the “HK tax laws”), an investigation normally covers the six years of the assessment prior to the year of the assessment in which the investigation commences. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. U.S. federal tax matters are open to examination for years 2014 through 2022. For the years ended December 31, 2022 and 2021, the Company did not have any material interest or penalties associated with tax positions. The Company did not have any significant unrecognized uncertain tax positions as of December 31, 2022 or 2021. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

Foreign currency translation and transaction

(r)	Foreign currency translation and transaction

The consolidated and combined financial statements are presented in United States dollars (“USD” or “$”). The functional currency of certain of CEGL’s PRC subsidiaries is the Renminbi (“RMB”). The functional currency of CEA is the EUR, and CEGL and its other subsidiaries outside of PRC is the USD.

Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period. Capital accounts of the consolidated and combined financial statements are translated into USD from RMB at their historical exchange rates when the capital transactions occurred. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of accumulated other comprehensive loss in the balance sheets. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.

	For the Years Ended December 31,
	2022		2021
Period end USD: RMB exchange rate		6.8972		6.3726
Average USD: RMB exchange rate		6.7290		6.4508
Period end USD: EUR exchange rate		0.9348		0.8835
Average USD: EUR exchange rate		0.9493		0.8453

Comprehensive loss

(s)	Comprehensive loss

Comprehensive loss includes all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive loss are required to be reported in a financial statement that is presented with the same prominence as other financial statements. For the years presented, comprehensive loss includes net loss and the foreign currency translation changes.

Segments

(t)

Segments

In accordance with ASC 280-10, Segment Reporting, the Company’s chief operating decision maker (“CODM”), identified as the Company’s Chief Executive Officer, relies upon the consolidated and combined results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

The Company’s long-lived assets are substantially located in the PRC and United States. The following table presents long-lived assets by geographic segment as of December 31, 2022 and 2021.

Long-lived assets

	December 31,
	2022		2021
PRC	$	18,018,954	$	2,177,091
US		9,125,535		527,469
Dominican		469,740		-
Others		99,303		269,360
Total	$	27,713,532	$	2,973,920

Share-based compensation expenses

(u)	Share-based compensation expenses

The Company’s share-based compensation expenses are recorded in accordance with ASC 718 and ASC 710.

Share-based awards to employees are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in capital.

The estimate of forfeiture rate will be adjusted over the requisite service period to the extent that the actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate will be recognized through a cumulative catch-up adjustment in the period of change.

Convertible promissory notes

(v)	Convertible promissory notes

The Company has elected the fair value option to account for its convertible promissory notes issued during 2022. In accordance with ASC 825, the convertible promissory notes are marked-to-market at each reporting date with changes in fair value recorded as a component of other income (expense), in the consolidated statements of operations and comprehensive loss. We disclose the nature and terms, the income statement effects, the valuation methods and assumptions of the convertible promissory notes in Note 15 to our consolidated financial statements.

Derivative liability

(w)	Derivative liability

Warrants recorded as liabilities at fair value in accordance with ASC 480 “Distinguishing Liabilities from Equity”. The liability remeasured every reporting period with any change to fair value recorded in the consolidated and combined statements of operations.

Operating lease

(x)	Operating lease

The Company adopted the new lease accounting standard, ASC Topic 842, Leases (“ASC 842”) as of January 1, 2019, using the non-comparative transition option pursuant to ASU 2018-11. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things (i) allowed the Company to carry forward the historical lease classification; (ii) did not require the Company to reassess whether any expired or existing contracts are or contain leases and (iii) did not require the Company to reassess initial direct costs for any existing leases. Therefore, the Company did not consider its existing land use right that was not previously accounted for as leases under Topic 840. For all operating leases except for short-term leases, the Company recognized operating right-of-use assets and operating lease liabilities. Leases with an initial term of 12 months or less were short-term leases and not recognized as right-of-use assets and lease liabilities on the consolidated and combined balance sheets.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. Some of the Company’s lease agreements contained renewal options; however, the Company did not recognize right-of-use assets or lease liabilities for renewal periods unless it was determined that the Company was reasonably certain of renewing the lease at inception or when a triggering event occurred. The Company’s lease agreements did not contain any material residual value guarantees or material restrictive covenants.

Non-controlling Interest

(y)	Non-controlling Interest

A non-controlling interest in subsidiaries represents the portion of the equity (net assets) in the subsidiaries not directly or indirectly attributable to the Company’s shareholders. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and consolidated and combined statements of operations and other comprehensive loss are attributed to controlling and non-controlling interests.

Recently issued accounting standards pronouncements

(z)	Recently issued accounting standards pronouncements

The Group is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses”, which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard. For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Group will adopt ASU 2016-13 from January 1, 2023. The Group expects the adoption of this guidance does not have a material impact on the consolidated financial statements.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

NET LOSS PER SHARE (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Numerator [Abstract]

Net loss attributable to the Company's shareholders

$ (110,088,241)

$ (16,421,807)

Denominator [Abstract]

Weighted average ordinary shares used in computing basic loss per share (in shares)

^[1]

263,323,238

175,090,266

Weighted average ordinary shares used in computing diluted loss per share (in shares)

^[1]

263,323,238

175,090,266

Basic net loss per share (in dollars per share)

^[1]

$ (0.42)

$ (0.09)

Diluted net loss per share (in dollars per share)

^[1]

$ (0.42)

$ (0.09)

Ordinary shares of anti-dilutive and excluded from diluted net loss per share (in shares)

[1]

The share numbers are retroactively stated for purposes of calculating weighted average number of shares outstanding for loss per share to reflect the outstanding shares of CEGL as if the equity structure of Cenntro (the accounting acquirer) was stated to reflect the number of shares of CEGL (the accounting acquiree) issued in the Combination.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Convertible Promissory Note [Member]

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	Dec. 31, 2022
Cenntro Automotive Europe GmbH [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition CAE's equity interests	65.00%

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE, NET [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 - ACCOUNTS RECEIVABLE, NET

Accounts receivable, net is summarized as follows:

	December 31, 2022			December 31, 2021
Accounts receivable	$	2,526,432		$	3,523,543
Less: provision for doubtful accounts		(1,961,034	)		(1,475,983	)
Accounts receivable, net	$	565,398		$	2,047,560

The changes in the provision for doubtful accounts are as follows:

	For the Years Ended December 31,
	2022			2021
Balance at the beginning of the year	$	1,475,983		$	1,121,115
Additions		1,394,591			391,189
Write-off		(922,632	)		(86,170	)
Foreign exchange		13,092			49,849
Balance at the end of the year	$	1,961,034		$	1,475,983

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 20 - 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. On July 12, 2020, Didier Verriest (“Didier”) filed a four-count complaint with the Superior Court of New Jersey seeking over $500,000 for alleged unpaid compensation expenses related to a breach of contract under the Magnum Agreement (the “Magnum Agreement”) Didier entered with Cenntro, and Magnum Korea Ltd. (“Magnum”). On March 5, 2021, Cenntro filed a motion to dismiss as to Didier’s breach of contract claim. Within its motion, Cenntro put before the Court a true and accurate copy of the Magnum Agreement, which revealed the payment obligation underlying Didier’s breach of contract claim against Cenntro, did not exist. Instead, the express terms of the Magnum Agreement confirmed that the payment obligation rested solely on Magnum. After briefing and oral argument, by court order dated April 30, 2021, the Court dismissed Plaintiff’s breach of contract claim against Cenntro, without prejudice. However, The Court is allowing a separate quantum meruit claim to proceed. Cenntro filed an answer to Didier’s amended complaint on August 11, 2021. After filing an answer, the parties conducted discovery, which included interrogatories, requests for production of documents, and depositions. On March 17, 2023, Cenntro filed a motion for summary judgment seeking dismissal of Plaintiff’s remaining quantum meruit claim. On May 12, 2023, the Judge granted Cenntro’s motion in its entirety, dismissing Plaintiff’s case with prejudice. Mr. Verriest will have until June 26, 2023 to file a Notice of Appeal, failing which the case will be over. In October 2021, Sevic Systems SE (“Sevic”), a former channel partner, commenced a lawsuit against Shengzhou Machinery, one of Cenntro’s wholly owned subsidiaries, relating to a breach of contract for the sale of goods (the “Sevic Lawsuit”). Sevic filed its complaint with the People’s Court of Keqiao District, Shaoxing City, Light Textile City (the “People’s Court”). In the Sevic Lawsuit, Sevic alleges that the Shengzhou Machinery provided it with certain unmarketable goods and requests that the People’s Court (i) terminate two signed purchase orders under its contract with Shengzhou Machinery and (ii) award Sevic money damages for the cost of goods of $465,400, as well as interest and incidental losses, including freight and storage costs, for total damages of approximately $628,109. The Company does not believe that Sevic’s claims have any merit and intends to vigorously defend against such claims. 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 and claimant intends to file a response in opposition to it by the current deadline of May 23, 2023. 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 and intends to appeal it, however, the Company has accrued the related liability according to the judgement made. 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. The Defendants intend to file a motion directed to the dismissal of that amended complaint.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities [Abstract]
Accrued litigation compensation	$ 1,590,484	$ 0
Accrued professional fees	919,525	2,429,843
Accrued expenses	797,969	0
Payable for purchasing the factory	588,645	0
Employee payroll and welfare payables	452,904	561,469
Interest expense of convertible loans	383,250	0
Other taxes payable	118,469	48,672
Credit card payable	22,908	510,151
Loans from third parties	0	419,642
Others	174,487	213,486
Total	$ 5,048,641	$ 4,183,263

CONVERTIBLE PROMISSORY NOTE AND WARRANT (Tables)

12 Months Ended

Dec. 31, 2022

Short-Term Debt [Line Items]

Movement of Note

The movement of Note during the year ended December 31, 2022 are as follows:

	Liability component
As of December 31, 2021	$	-
Convertible promissory notes issued during the year		38,966,261
Redemption of convertible promissory notes		(3,720,064	)
Fair value change recognized		22,126,630
As of December 31, 2022	$	57,372,827

Movement of Warrants

The movement of warrants during the year ended December 31, 2022 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2021	$	-		$	-
Warrants issued during the year		19,333,739			1,358,336
Exercise of warrants		(18,549,865	)		-
Fair value change recognized		13,550,230			2,098,068
As of December 31, 2022		14,334,104			3,456,404

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:

Fair Value Assumptions – Warrants	December 31, 2022			July 20, 2022
Expected term (years)		4.55			5.00
Volatility		77.72	%		75.85	%
Risk free rate		4.13	%		3.24	%

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	December 31, 2022			July 20, 2022
Face value principal payable		57,488,000			61,215,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.55			1.00
Volatility		75.13	%		71.29	%
Market yield (range)		18.02	%		18.02	%
Risk free rate		4.69	%		2.96	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	July 19, 2023			July 19, 2023

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Warrant (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Warrant $ / shares shares	Jul. 20, 2022
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	$ 0
Warrants issued during the year	19,333,739
Exercise of warrants	(18,549,865)
Fair value change recognized	13,550,230
Ending balance	$ 14,334,104
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	$ 0
Warrants issued during the year	1,358,336
Exercise of warrants	0
Fair value change recognized	2,098,068
Ending balance	$ 3,456,404
Expected Term [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	4.55	5
Volatility [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.7772	0.7585
Risk Free Rate [Member] \| Warrant [Member]
Fair Value Assumptions - Warrants [Abstract]
Measurement input	0.0413	0.0324

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Impairment of long lived assets [Abstract]
Impairment loss for long-lived assets	$ 3,917,537	$ 6,215

EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2022

EQUITY METHOD INVESTMENTS [Abstract]

EQUITY METHOD INVESTMENTS

NOTE 7 – EQUITY METHOD INVESTMENTS

	December 31, 2022		December 31, 2021
Antric GmbH ⁽¹⁾	$	2,674,500	$	-
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ⁽²⁾		2,189,570		-
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ⁽³⁾		367,272		329,197
Able 2rent GmbH (DEU) ⁽⁴⁾		94,399		-
Total	$	5,325,741	$	329,197

(1)

On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. As of December 31, 2022, capital investment of EUR1,877,083 (approximately $2,008,103) had been paid to Antric GmbH. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH.

(2)

On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,232,790) 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. For the year ended December 31, 2022, the Company recognized investment loss of $44,301, based on its proportionate share of equity interest.

(3)

On June 23, 2021, the Company invested RMB2,000,000 (approximately $308,990) in Hangzhou Hezhe to acquire 20% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 33% of voting interests in board of directors, and has the ability to exercise significant influence over Hangzhou Hezhe. For the years ended December 31, 2022 and 2021, the Company recognized investment gain of $44,039 and $15,167, respectively, based on its proportionate share of equity interest.

(4)

On March 22, 2022, CAE invested EUR100,000 (approximately $106,980) 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. For the year ended December 31, 2022, the Company recognized investment loss of $12,389, based on its proportionate share of equity interest.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member]
Property and Equipment [Abstract]
Useful lives	20 years
Machinery and Equipment [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	10 years
Office Equipment [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Motor Vehicles [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	3 years
Motor Vehicles [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	5 years
Leasehold Improvements [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful lives	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful lives	10 years
Others [Member]
Property and Equipment [Abstract]
Useful lives	3 years

LEASES

12 Months Ended

Dec. 31, 2022

LEASES [Abstract]

LEASES

NOTE 14 - 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 and combined statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2022		2021
Operating leases cost excluding short-term rental expense	$	1,616,853	$	682,616
Short-term lease cost		238,386		4,974
Total	$	1,855,239	$	687,590

A summary of supplemental information related to operating leases is as follows:

	December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	1,108,721		$	879,788
Weighted average remaining lease term	8.36 years			2.00 years
Weighted average discount rate		4.27	%		3.80	%

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 December 31, 2022:

For the year ending December 31,	Operating Leases
2023	$	1,341,954
2024		1,296,713
2025		1,043,197
2026		1,086,121
2027		1,119,334
2028 and thereafter		4,679,951
Total lease payments		10,567,270
Less: imputed interest		1,832,354
Total		8,734,916
Less: current portion		1,313,334
Non-current portion	$	7,421,582

BUSINESS COMBINATION (Details)

Dec. 13, 2022

USD ($)

Dec. 13, 2022

EUR (€)

Mar. 25, 2022

USD ($)

Mar. 25, 2022

EUR (€)

Mar. 05, 2022

Assets Acquired and Liabilities Assumed [Abstract]

Inventory purchased form parent

$ 4,484,007

Mosolf SE & Co [Member]

Acquisition [Abstract]

Purchase consideration of stock acquired

$ 1,860,000

€ 1,750,000

Assets Acquired and Liabilities Assumed [Abstract]

Cash and cash equivalents

1,118,700

Inventories (1)

^[1]

6,144,219

Other current assets

3,209,947

Intangible assets

3,075,800

Goodwill (2)

^[2]

11,409,990

Other non-current assets

580,748

Total assets

25,539,404

Loan from CAE

(13,072,150)

Deferred tax liabilities (3)

^[3]

(922,740)

Other liabilities

(6,419,070)

Total liabilities

(20,413,960)

Total net assets

5,125,444

Less: Non-controlling interest

1,555,320

Net assets acquired by the Company

3,570,124

Tropos Motors Europe GmbH [Member] | Mosolf SE & Co [Member]

Acquisition [Abstract]

Percentage of issued and outstanding shares acquired

35.00%

65.00%

Purchase consideration of stock acquired

3,600,000

€ 3,250,000

Consideration of acquisition

16,600,000

15,150,000

Shareholder Loan [Member] | Mosolf SE & Co [Member]

Acquisition [Abstract]

Percentage of shareholder loan acquired

100.00%

Purchase consideration of stock acquired

13,000,000

11,900,000

Purchase price is held in escrow account

$ 3,300,000

€ 3,000,000

[1]	The inventories of $4,484,007 on the acquisition date was purchased from Cenntro.
[2]	Full impairment of goodwill has been provided as of December 31, 2022.
[3]	Deferred tax liabilities were calculated based on appreciation fair value of all intangible assets multiplied by income tax rate.

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

NET LOSS PER SHARE [Abstract]

Calculation of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share for each of the year presented were calculated as follows:

	For the Years Ended December 31,
	2022			2021
Numerator:
Net loss attributable to the Company’s shareholders		(110,088,241	)		(16,421,807	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share		263,323,238			175,090,266
Basic and diluted net loss per share		(0.42	)		(0.09	)

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Net revenues

$ 8,941,835

$ 8,576,832

Cost of goods sold

(9,455,805)

(7,073,391)

Gross (loss) profit

(513,970)

1,503,441

OPERATING EXPENSES:

Selling and marketing expenses

(6,525,255)

(1,034,242)

General and administrative expenses

(32,822,709)

(14,972,682)

Research and development expenses

(6,362,770)

(1,478,256)

Provision for doubtful accounts

(5,986,308)

(469,702)

Impairment loss of right-of-use assets

(371,695)

Impairment loss of intangible assets

(2,995,440)

Reverse of deferred tax liabilities

898,632

Impairment loss of property, plant and equipment

(550,402)

(6,215)

Total operating expenses

(54,715,947)

(17,961,097)

Loss from operations

(55,229,917)

(16,457,656)

OTHER EXPENSE:

Interest expense, net

(844,231)

(1,069,581)

Loss on redemption of convertible promissory notes

(7,435)

(Loss) income from equity method investments

(12,651)

15,167

Change in fair value of convertible promissory notes and derivative liability

(37,774,928)

Change in fair value of equity securities

(240,805)

Convertible bond issuance cost

(5,589,336)

Foreign currency exchange loss, net

(409,207)

Impairment loss of goodwill

(11,111,886)

Other (expense) income, net

(924,867)

1,090,263

Loss before income taxes

(112,145,263)

(16,421,807)

Income tax expenses

Net loss

(112,145,263)

(16,421,807)

Less: net loss attributable to non-controlling interests

(2,057,022)

Net loss attributable to the Company's shareholders

(110,088,241)

(16,421,807)

OTHER COMPREHENSIVE LOSS

Foreign currency translation adjustment

(3,889,706)

512,140

Total comprehensive loss

(116,034,969)

(15,909,667)

Less: total comprehensive loss attributable to non-controlling interests

(2,032,455)

Total comprehensive loss to the Company's shareholders

$ (114,002,514)

$ (15,909,667)

Weighted average number of shares outstanding, basic (in shares)

^[1]

263,323,238

175,090,266

Weighted average number of shares outstanding, diluted (in shares)

^[1]

263,323,238

175,090,266

Loss per share, basic (in dollars per share)

^[1]

$ (0.42)

$ (0.09)

Loss per share, diluted (in dollars per share)

^[1]

$ (0.42)

$ (0.09)

[1]

ORDINARY SHARES AND RESTRICTED NET ASSETS (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Vote

Dec. 31, 2021

Dec. 29, 2021

Dec. 31, 2020

Ordinary shares issued (in shares)

300,841,995

261,256,254

Ordinary shares outstanding (in shares)

300,841,995

261,256,254

Number of votes entitled for each share of ordinary share | Vote

Restricted Net Assets [Abstract]

Restricted net assets of PRC subsidiaries | $

$ 581,314

Ordinary Shares [Member]

Ordinary shares outstanding (in shares)

^[1]

300,841,995

261,256,254

174,853,546

Exercised (in shares)

^[1]

(51,468)

Exercise of warrants (in shares)

^[1]

39,534,273

2016 Plan [Member] | Ordinary Shares [Member]

Exercised (in shares)

(51,468)

NBG [Member]

Ordinary shares issued (in shares)

86,402,708

Ordinary shares outstanding (in shares)

86,402,708

CAG Cayman [Member] | CEGL [Member]

Number of common stock shares issued in business consideration (in shares)

174,853,546

[1]	The share numbers are retroactively stated to reflect the outstanding shares of CEGL issued in the Combination.

OTHER NON-CURRENT ASSETS, NET (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

NZD ($)

Dec. 31, 2021

USD ($)

Other Non-current Assets, Net [Abstract]

Loan to the third party

^[1]

$ 4,591,717

$ 0

Receivable from a third party

^[2]

2,353,827

Long-term prepayment

^[3]

1,280,974

1,587,693

Deposit

758,038

564,007

Less: provision for loan to the third party and receivable from a third party

6,630,729

4,505,527

^[1],[2]

(4,591,717)

(2,353,827)

Other non-current assets, net

$ 2,039,012

$ 2,151,700

Period of liability insurance policy for existing officers and directors

6 years

Loan to Third Party [Member]

Debt Instrument [Line Items]

Debt instrument term

5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

$ 4,439,400

$ 7,000,000

Interest rate

2.50%

[1]	The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026. As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022. The company believes that the possibility of the collection is remote and recorded full provision for the loan.
[2]	In 2018, the Company signed an agreement with Anhua Automotive Co. Ltd., (“Anhua”) and paid an initial non-refundable deposit to participate in Anhua’s bankruptcy recombination process to develop further production capacity in China. However, due to the irrecoverable deterioration of Anhua’s business and Cenntro’s focus on Europe and America markets, Cenntro declined to further participate in the recombination process. Therefore, Cenntro recorded full provision for the deposit. The balance was written off for the year ended December 31, 2022.
[3]	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOW (Parenthetical)	Dec. 31, 2022
Cenntro Automotive Europe GmbH [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Percentage of CAE's equity interests	65.00%

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2022

INVENTORIES [Abstract]

Inventories

Inventories are summarized as follows:

	December 31, 2022		December 31, 2021
Raw material	$	9,311,419	$	2,055,844
Work-in-progress		290,220		1,110,469
Goods in transit		2,364,136		50,795
Finished goods		19,877,596		4,922,708
Inventories	$	31,843,371	$	8,139,816

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)	Basis of presentation

(b)	Use of estimates

(c)	Fair value measurement

Level 1—defined as observable inputs such as quoted prices in active markets;

Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3—defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

(d)	Business combination

(e)	Cash and cash equivalents and restricted cash

The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents.

Restricted cash consists of cash restricted as to withdrawal or use. Such restricted cash relates to certain credit card and lease guarantees.

(f)	Accounts receivable and provision for doubtful accounts

(g)	Inventories

(h)	Investment in equity securities

(i)	Property, plant and equipment, net

Buildings	20 years
Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	3-10 years
Others	3 years

The Company constructs certain of its property including recodifications and improvement of its office buildings and plant. Depreciation is recorded at the time assets are ready for the intended use.

(j)	Intangible assets, net

Category	Estimated useful life
Land use rights	45.75 years
Software	3 years

(k)	Impairment of long-lived assets

(l)

Goodwill

Impairment loss for goodwill of $11,111,886 and nil were recorded for the years ended December 31, 2022 and 2021, respectively.

(m)	Investment in equity investees

(n)	Revenue recognition

The Company adopted ASC Topic 606 Revenue from Contracts with Customers with a date of the initial application of January 1, 2018 using the modified retrospective method.

The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2022 and 2021:

	For the Years Ended December 31,
	2022		2021
Vehicles sales	$	8,235,053	$	7,287,478
Spare-parts sales		304,506		195,350
Other service income		402,276		1,094,004
Net revenues	$	8,941,835	$	8,576,832

The Company’s revenues are primarily derived from Europe, America and Asia. The following table sets forth disaggregation of revenue by customer location.

	For the Years Ended December 31,
	2022		2021
Primary geographical markets
Europe	$	7,052,452	$	4,380,752
America		697,452		3,420,636
Asia		1,191,931		729,868
Oceania		-		45,576
Total	$	8,941,835	$	8,576,832

Contract Balances

The following table provides information about receivables and contractual liabilities from contracts with customers:

	December 31, 2022		December 31, 2021
Accounts receivable, net	$	565,398	$	2,047,560
Contractual liabilities	$	2,388,480	$	1,943,623

(o)	Cost of goods sold

(p)	Government grants

(q)	Income taxes

(r)	Foreign currency translation and transaction

	For the Years Ended December 31,
	2022		2021
Period end USD: RMB exchange rate		6.8972		6.3726
Average USD: RMB exchange rate		6.7290		6.4508
Period end USD: EUR exchange rate		0.9348		0.8835
Average USD: EUR exchange rate		0.9493		0.8453

(s)	Comprehensive loss

(t)

Segments

The Company’s long-lived assets are substantially located in the PRC and United States. The following table presents long-lived assets by geographic segment as of December 31, 2022 and 2021.

Long-lived assets

	December 31,
	2022		2021
PRC	$	18,018,954	$	2,177,091
US		9,125,535		527,469
Dominican		469,740		-
Others		99,303		269,360
Total	$	27,713,532	$	2,973,920

(u)	Share-based compensation expenses

The Company’s share-based compensation expenses are recorded in accordance with ASC 718 and ASC 710.

(v)	Convertible promissory notes

(w)	Derivative liability

(x)	Operating lease

(y)	Non-controlling Interest

(z)	Recently issued accounting standards pronouncements

RELATED PARTY TRANSACTIONS, Due from Related Parties (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

NZD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

$ 366,936

$ 1,399,545

Less: provision for receivable from a related party

^[1]

(166,911)

Amounts due from related parties, net

366,936

1,232,634

Accounts receivable relating to the sale of industrial equipment

678,887

348,773

Amount due from Related Parties, Noncurrent [Abstract]

Amounts due from related parties before provision for receivable

4,834,973

Less: provision for receivable from a related party

Amounts due from related parties -non-current

$ 0

4,834,973

5 - Year Loan [Member]

Amount due from Related Parties, Noncurrent [Abstract]

Loan term

5 years

Amount due from Related Parties - Current [Abstract]

$ 4,439,400

$ 7,000,000

Bearing interest rate

2.50%

Maturity period

Aug. 31, 2026

Hangzhou Hezhe [Member]

Amounts due from related parties before provision for receivable

^[2]

$ 366,936

817,640

Zhejiang Zhongchai [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[3]

412,797

Accounts receivable relating to the sale of industrial equipment

340,770

Advances to related party

72,027

Shanghai Hengyu [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

2,197

Jiangsu Rongyuan [Member]

Amount due from Related Parties - Current [Abstract]

Amounts due from related parties before provision for receivable

^[1]

166,911

Provision for receivable from advances to related party

$ 227,807

$ 206,187

Reversal of provision for receivable from related party

78,931

Bendon Limited [Member]

Amount due from Related Parties, Noncurrent [Abstract]

Amounts due from related parties before provision for receivable

^[4]

$ 0

$ 4,834,973

[1]	The balances mainly represent advances to related parties for daily operational purposes. The business conditions of Jiangsu Rongyuan deteriorated and, as a result, the Company recognized provision for receivables of nil, $227,807 and $206,187 for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2020, the Company wrote off the balance of provision that it recognized in 2019. The Company reversed the provision of $78,931 for the year ended December 31, 2021 due to the repayment from the related party. The balance was written off during the year ended December 31, 2022.
[2]	The balance mainly represents the prepayment for raw material to the related party.
[3]	The balances mainly represent accounts receivable relating to the sale of industrial equipment of $340,770 and advances to Zhejiang Zhongchai for daily operational purposes of $72,027 as of December 31, 2021.
[4]	The balance represents a 5-year loan in the aggregate principal amount of $4,439,400 (New Zealand Dollar 7,000,000) to the related party, bearing interest of 2.5% annually and maturing in August 2026.As for the resignation of Mr. Justin Davis-Rice in 2022, the controller of Bendon Limited and the former director of CEGL, Bendon Limited was not a related party as of December 31, 2022.

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2022

NET LOSS PER SHARE [Abstract]

NET LOSS PER SHARE

NOTE 18 - NET LOSS PER SHARE

For the year ended December 31, 2021, for the purpose of calculating net loss per share as a result of the reverse recapitalization as described in Note 1, the weighted-average number of shares used in the calculation reflects the outstanding shares of CEGL as if the equity structure of Cenntro (the accounting acquirer) was retroactively stated to reflect the number of shares of CEGL (the accounting acquiree) issued in the Combination.

Basic and diluted net loss per share for each of the year presented were calculated as follows:

	For the Years Ended December 31,
	2022			2021
Numerator:
Net loss attributable to the Company’s shareholders		(110,088,241	)		(16,421,807	)
Denominator:
Weighted average ordinary shares used in computing basic and diluted loss per share		263,323,238			175,090,266
Basic and diluted net loss per share		(0.42	)		(0.09	)

The Company incurred losses for the years ended December 31, 2022 and 2021, no potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Intangible Assets, Net (Details)	12 Months Ended
	Dec. 31, 2022
Land Use Rights [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	45 years 9 months
Software [Member]
Intangible Assets, Net, Useful Lives [Abstract]
Intangible asset, estimated useful life	3 years

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

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:

	December 31, 2022			December 31, 2021
At cost:
Plant and building ⁽¹⁾	$	11,453,436		$	-
Machinery and equipment		2,413,087			2,068,056
Leasehold improvement		2,956,515			899,538
Office equipment		1,192,443			818,703
Motor vehicles		352,972			301,079
Total		18,368,453			4,087,376
Less: accumulated depreciation		(3,405,862	)		(2,786,150	)
Property, plant and equipment, net	$	14,962,591		$	1,301,226

(1)	On April 4, 2022, the Company entered an agreement with Zhejiang HPWINNER Scientific Company Limited to acquire its factory, with an area of 44,451.54 square meters and the total consideration of RMB78,968,319 (approximately $11,453,436).

Depreciation expenses for the years ended December 31, 2022 and 2021 were $907,739 and $589,576, respectively.

Impairment loss for the years ended December 31, 2022 and 2021 were $550,402 and $6,215, respectively.

INVENTORIES

12 Months Ended

Dec. 31, 2022

INVENTORIES [Abstract]

INVENTORIES

NOTE 5 - INVENTORIES

Inventories are summarized as follows:

	December 31, 2022		December 31, 2021
Raw material	$	9,311,419	$	2,055,844
Work-in-progress		290,220		1,110,469
Goods in transit		2,364,136		50,795
Finished goods		19,877,596		4,922,708
Inventories	$	31,843,371	$	8,139,816

For the years ended December 31, 2022 and 2021, the impairment loss recognized by the Company for slow-moving inventory with cost lower than net realizable value was $2,155,400 and $1,265,890, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
EQUITY
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, shares issued (in shares)	300,841,995	261,256,254
Ordinary shares, shares outstanding (in shares)	300,841,995	261,256,254

CONVERTIBLE PROMISSORY NOTE AND WARRANT

12 Months Ended

Dec. 31, 2022

CONVERTIBLE PROMISSORY NOTE AND WARRANT [Abstract]

CONVERTIBLE PROMISSORY NOTE AND WARRANT

NOTE 15 - 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 income (expense) in the consolidated and combined statement of operations, change in fair value of convertible notes.

The movement of Note during the year ended December 31, 2022 are as follows:

	Liability component
As of December 31, 2021	$	-
Convertible promissory notes issued during the year		38,966,261
Redemption of convertible promissory notes		(3,720,064	)
Fair value change recognized		22,126,630
As of December 31, 2022	$	57,372,827

The estimated fair value of the Note upon issuance date July 20, 2022 and as of December 31, 2022 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	December 31, 2022			July 20, 2022
Face value principal payable		57,488,000			61,215,000
Original conversion price		1.2375			1.2375
Interest Rate		8.00	%		8.00	%
Expected term (years)		0.55			1.00
Volatility		75.13	%		71.29	%
Market yield (range)		18.02	%		18.02	%
Risk free rate		4.69	%		2.96	%
Issue date	July 20, 2022			July 20, 2022
Maturity date	July 19, 2023			July 19, 2023

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. The warrants were issued with an exercise price of $1.77 per share.

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 consolidated and combined statement of operations.

The movement of warrants during the year ended December 31, 2022 are as follows:

	Investor warrants component			Placement agent warrants component
As of December 31, 2021	$	-		$	-
Warrants issued during the year		19,333,739			1,358,336
Exercise of warrants		(18,549,865	)		-
Fair value change recognized		13,550,230			2,098,068
As of December 31, 2022		14,334,104			3,456,404

The fair value for these two warrants were computed using the Binomial model with the following assumptions:

Fair Value Assumptions – Warrants	December 31, 2022			July 20, 2022
Expected term (years)		4.55			5.00
Volatility		77.72	%		75.85	%
Risk free rate		4.13	%		3.24	%

INCOME TAXES, Federal Tax Rate (Details)	12 Months Ended
INCOME TAXES, Federal Tax Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	25.00%	25.00%
Zhejiang Tooniu Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	2.50%
Hangzhou Hengzhong Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	2.50%
Zhejiang Xbean Tech Co., Limited [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	5.00%
Australia [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	30.00%
United States [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	21.00%
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	25.00%
Germany [Member]
Federal Statutory Income Tax Rate [Abstract]
Federal tax rate	30.00%

INTANGIBLE ASSETS, NET (Details)

12 Months Ended

Apr. 04, 2022

USD ($)

m²

Apr. 04, 2022

CNY (¥)

m²

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Intangible Assets [Abstract]

Less: accumulated amortization

$ 4,725,288

$ 129,392

(161,496)

(126,079)

Intangible assets, net

4,563,792

3,313

Amortization expenses

46,133

42,679

Impairment loss

(2,995,440)

Land Use Right [Member]

Intangible Assets [Abstract]

^[1]

$ 4,605,738

Area of land | m²

56,302

Useful life

45 years 9 months

Assets acquired

$ 4,605,738

¥ 31,766,697

Software [Member]

Intangible Assets [Abstract]

OTHER NON-CURRENT ASSETS, NET [Abstract]

$ 119,550

$ 129,392

Useful life

3 years

[1]	On April 4, 2022, the Company entered an agreement with Zhejiang HPWINNER Scientific Company Limited to acquire its land use right, with an area of 56,302 square meters with a useful life of 45.75 years and the total consideration of RMB31,766,697 (approximately $4,605,738).

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET [Abstract]

Intangible Assets, Net

Intangible assets, net consisted of the following:

	December 31, 2022			December 31, 2021
At cost:
Land use right ⁽¹⁾	$	4,605,738		$	-
Software		119,550			129,392
Total		4,725,288			129,392
Less: accumulated amortization		(161,496	)		(126,079	)
Intangible assets, net	$	4,563,792		$	3,313

(1)	On April 4, 2022, the Company entered an agreement with Zhejiang HPWINNER Scientific Company Limited to acquire its land use right, with an area of 56,302 square meters with a useful life of 45.75 years and the total consideration of RMB31,766,697 (approximately $4,605,738).

BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2022

BUSINESS COMBINATION [Abstract]

BUSINESS COMBINATION

NOTE 3 – BUSINESS COMBINATION

On March 5, 2022, the Company entered into a Share and Loan Purchase Agreement (the “Purchase Agreement I”) with Mosolf SE & Co. KG, a limited liability partnership incorporated under the laws of Germany (“Seller” or “Mosolf” and, together with CEGL and CEG, the “Parties”), pursuant to which Mosolf agreed to sell to the Company (i) 65% of the issued and outstanding shares (the “TME Shares”) in Cenntro Automotive Europe GmbH, previously known as Tropos Motors Europe GmbH, a German limited liability company (“CAE”), and (ii) 100% of the shareholder loan (the “Shareholder Loan”) which Mosolf previously provided to CAE (the “CAE Transaction”). CAE was one of Cenntro’s private label channel partners and has been one of Cenntro’s largest customers since 2019.

The CAE Transaction closed on March 25, 2022. At closing of the CAE Transaction, the Company paid Mosolf EUR3,250,000 (or approximately USD$3.6 million) for the purchase of the TME Shares and EUR11,900,000 (or approximately USD$13.0 million) for the purchase of the Shareholder Loan, for total aggregate consideration of EUR15,150,000 (or approximately USD$16.6 million). An aggregate of EUR3,000,000 (or approximately USD$3.3 million) of the purchase price is held in escrow to satisfy amounts payable to any of the buyer indemnified parties in accordance with the terms of the Purchase Agreement I.

The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. The Company is deemed to be the accounting acquirer and the assets and liabilities of CAE are recorded at the fair value as of the date of the closing.

On the acquisition date March 25, 2022, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:

	Amount

Cash and cash equivalents	$	1,118,700
Inventories⁽¹⁾		6,144,219
Other current assets		3,209,947
Intangible assets		3,075,800
Goodwill⁽²⁾		11,409,990
Other non-current assets		580,748
Total assets		25,539,404
Loan from CAE		(13,072,150	)
Deferred tax liabilities⁽³⁾		(922,740	)
Other liabilities		(6,419,070	)
Total liabilities		(20,413,960	)
Total net assets		5,125,444
Less: Non-controlling interest		1,555,320
Net assets acquired by the Company		3,570,124

(1)	The inventories of $4,484,007 on the acquisition date was purchased from Cenntro.

(2)	Full impairment of goodwill has been provided as of December 31, 2022.

(3)	Deferred tax liabilities were calculated based on appreciation fair value of all intangible assets multiplied by income tax rate.

On December 13, 2022, the Company entered into another Share Purchase Agreement (the “Purchase Agreement II”) with Mosolf, pursuant to which Mosolf agreed to sell to the Company its remaining 35% of the issued and outstanding shares in CAE in exchange for a purchase price of EUR1,750,000 (or approximately USD$1.86 million) (the “Transaction”). The Transaction was closed on January 31, 2023, as a result, CAE became a wholly-owned subsidiary of the Company. This transaction was accounted for as equity transactions, no gain or loss was recognized in consolidated statement of operations. The difference between the fair value of the consideration paid and the amount by which the noncontrolling interest was adjusted was recognized in equity attributable to the Company.

OTHER NON-CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2022

OTHER NON-CURRENT ASSETS, NET

NOTE 11 – OTHER NON-CURRENT ASSETS, NET

	December 31, 2022			December 31, 2021
Loan to the third party (1)	$	4,591,717		$	-
Receivable from a third party (2)		-			2,353,827
Long-term prepayment (3)		1,280,974			1,587,693
Deposit		758,038			564,007
Total		6,630,729			4,505,527
Less: provision for loan to the third party and receivable from a third party (1) & (2)		(4,591,717	)		(2,353,827	)
Other non-current assets, net	$	2,039,012		$	2,151,700

(1)

(2)

(3)	The balance mainly represented a six-year period liability insurance for the existing officers and directors in connection with the closing of the Combination.

ORDINARY SHARES AND RESTRICTED NET ASSETS	12 Months Ended
ORDINARY SHARES AND RESTRICTED NET ASSETS	Dec. 31, 2022
ORDINARY SHARES AND RESTRICTED NET ASSETS [Abstract]
ORDINARY SHARES AND RESTRICTED NET ASSETS	NOTE 17 - ORDINARY SHARES AND RESTRICTED NET ASSETS Ordinary shares Immediately prior to the consummation of the Combination, there were 86,402,708 ordinary shares of NBG issued and outstanding. In connection with the closing of the Combination, CEGL issued 174,853,546 shares to CAG Cayman as consideration for the Combination. In 2022, 51,468 ordinary shares were exercised under the 2016 Share Incentive Option Plan, and 39,534,273 ordinary shares were issued for exercise of the investor warrants. As of December 31, 2022, the issued and outstanding ordinary shares are 300,841,995. The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of CEGL. Each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote. Restricted net assets A significant portion of the Company’s operations are conducted through its PRC (excluding Hong Kong) subsidiaries. Due to restrictions on the distribution of share capital from the Company’s subsidiaries in PRC, total restrictions placed on the distribution of the Company’s PRC subsidiaries’ net assets were $581,314 as of December 31, 2022.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 13 - INCOME TAXES

Australia

CEGL is subject to a tax rate of 30%.

United States

U.S. subsidiaries CEG, Cennatic Power Inc. and CAC are subject to a federal tax rate of 21%.

Germany

CAE and Cenntro Electric is subject to a tax rate of 30%.

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

Pursuant to the tax laws and regulations of the PRC, the Company’s applicable enterprise income tax (“EIT”) rate is 25%. Zhejiang Tooniu Tech Co., Ltd, Hangzhou Hengzhong Tech Co., Ltd and. Zhejiang Xbean Tech Co., Ltd qualify as Small and micro enterprises in the PRC, and are entitled to pay a reduced income tax rate of 2.5%, 2.5% and 5% in 2022.

(1)	Income taxes

Income tax expenses for the years ended December 31, 2022 and 2021 are nil.

The components of losses before income taxes are summarized as follows:

	For the Years Ended December 31,
	2022			2021
PRC	$	(7,386,251	)	$	(5,477,857	)
US		(17,254,945	)		(9,234,455	)
Europe		(20,130,854	)		-
Australia		(67,392,512	)		(1,128,325	)
Others		19,300			(581,170	)
Total	$	(112,145,263	)	$	(16,421,807	)

As the main business operations were concentrated in China, and other losses except for PRC losses are caused by non-operating activities, PRC statutory income tax rate was applied. The actual income tax expense reported in the consolidated and combined statements of operations and comprehensive loss for years ended December 31, 2022 and 2021 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following:

	For the Years Ended December 31,
	2022			2021
Loss before provision for income tax	$	(112,145,263	)	$	(16,421,807	)
PRC statutory income tax rate		25	%		25	%
Income tax expense at the PRC statutory rate		(28,036,316	)		(4,105,452	)
Effect of preferential tax rate		161,592			279,886
Effect of international tax rates		(2,255,963	)		420,450
Effect of non-deductible expenses		1,069,009			396,826
Effect of research and development deduction		(568,446	)		(204,807	)
Fair value change of warrant liability		3,912,074			-
Impairment loss of goodwill		2,777,972			-
Effect of valuation allowance		22,940,078			3,213,097
Total income tax expense		-			-
Effective income tax rate		0	%		0	%

(2)	Deferred taxes assets, net

The tax effects of temporary differences that give rise to the deferred income tax assets balances as of December 31, 2022 and 2021 are as follows:

	December 31, 2022			December 31, 2021
Deferred income tax assets:
Impairment loss	$	3,532,162		$	2,013,232
Change in fair value of financial instrument		912,340			-
Capitalization of research and experimental costs		369,687			-
Net operating loss carry forwards		28,818,841			12,646,183
Total deferred income tax assets		33,633,030			14,659,415
Valuation allowance		(33,633,030	)		(14,659,415	)
Deferred income tax assets, net	$	-		$	-

The changes related to valuation allowance are as follows:

	For the Years Ended December 31,
	2022			2021

Balance at the beginning of the year	$	14,659,415		$	19,072,736
Additions during the year		22,940,078			3,213,097
Expire of NOL		(1,318,979	)		(1,243,653	)
Write-off of employee stock ownership plans deferred tax asset		-			(4,981,854	)
Change in tax rate		(91,423	)		(959,106	)
Company deregistration		-			(708,266	)
Exchange rate effect		(2,556,061	)		266,461
Balance at the end of the year	$	33,633,030		$	14,659,415

The valuation allowances as of December 31, 2022 and 2021 were provided for the deferred income tax assets of certain subsidiaries, which were at cumulative loss positions. In assessing the realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable.

For entities incorporated in Hong Kong, net losses of $978,187 can be carried forward indefinitely.

For entities incorporated in the U.S., federal net operating losses of $27,588,978 can be carried forward indefinitely subject to a limitation in utilization against 80% of annual taxable income. Federal net operating losses of $3,740,668, $1,430,246 and $744,848 will expire if unused by 2035, 2036 and 2037, respectively.

For entities incorporated in the PRC, net losses can be carried forward for five years. PRC net losses of $39,109,412 were available to offset future taxable income. Net losses of $13,755,682, $5,696,704, $2,326,371, $6,302,877 and $11,027,780 will expire, if unused, by 2023, 2024, 2025, 2026, and 2027, respectively.

For entities incorporated in German, net losses of $14,748,048 can be carried forward indefinitely.

For entities incorporated in Australia, net losses of $28,967,850 can be carried forward indefinitely.

Internal Revenue Code of 1986, as amended (“IRC”), Section 382 provides that, after an ownership change, the amount of a loss corporation’s taxable income for any post-change year that may be offset by pre-change losses shall not exceed the IRC Section 382 limitation for that year. The IRC Section 382 limitation generally equals the fair market value of the old loss corporation multiplied by the long-term tax-exempt rate. A loss corporation is any corporation that has a net operating loss, a net operating loss carryforward, or a net unrealized built-in loss for the taxable year in which the ownership change occurs. An ownership change is a greater than 50-percentage point increase in ownership by five-percent shareholders.

The Company has not yet performed an IRC Section 382 analysis to determine whether an ownership change has occurred and whether any tax attributes are limited. The Company has recorded a full valuation allowance against its deferred tax assets and does not expect to utilize its tax attributes. Once the Company utilizes its tax attributes, a complete IRC Section 382 analysis will be performed.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. CAE GmbH was not yet subject to a tax audit, but a tax audit for 2019 has been recently announced. As of December 31, 2022 and 2021, the Company did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefits. The Company does not believe that its uncertain tax benefits position will materially change over the next twelve months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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EQUITY METHOD INVESTMENTS [Abstract]

EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investment

	December 31, 2022		December 31, 2021
Antric GmbH ⁽¹⁾	$	2,674,500	$	-
Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) (“Entropy Yu”) ⁽²⁾		2,189,570		-
Hangzhou Hezhe Energy Technology Co., Ltd. (“Hangzhou Hezhe”) ⁽³⁾		367,272		329,197
Able 2rent GmbH (DEU) ⁽⁴⁾		94,399		-
Total	$	5,325,741	$	329,197

(1)

(2)

(3)

(4)

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract]

Net Cash Proceeds from Reverse Recapitalization

The following table shows the net cash proceeds from the reverse recapitalization:

	Reverse recapitalization
Cash – NBG	$	247,382,859
Less: transaction costs - paid in FY2021		(883,300	)
transaction costs - paid in FY2022		(904,843	)
Net cash contributions from reverse recapitalization	$	245,594,716

Significant Subsidiaries of Company

As of December 31, 2022, CEGL’s subsidiaries are as follows:

Name	Date of Incorporation	Place of Incorporation	Percentage of direct or indirect economic interest
Cenntro Electric CICS, SRL	November 30, 2022	Santo Domingo, Dominican Republic	100% owned by CEGL
Cennatic Power, Inc. (“Cennatic Power”)	June 8, 2022	Delaware, U.S.	100% owned by CEGL
Cenntro Automotive Europe GmbH (“CAE”)	May 21, 2019	Herne, Germany	65% owned by CEGL
Cenntro Electric Group (Europe) GmbH (“Cenntro Electric”)	January 13, 2022	Düsseldorf, Germany	100% owned by CEGL
Cennatic Energy S. de R.L. de C.V.	August 24, 2022	Monterrey, Mexico	99% and 1% owned by Cennatic Power and CAC, respectively
Cenntro Electric B.V.	December 12, 2022	Amsterdam, Netherlands	100% owned by CEGL
Cenntro Automotive Corporation (“CAC”)	March 22, 2013	Delaware, U.S.	100% owned by CEGL
Cenntro Electric Group, Inc. (“CEG”)	March 9, 2020	Delaware, U.S.	100% owned by CEGL
Cenntro Automotive Group Limited (“CAG HK”)	February 15, 2016	Hong Kong	100% owned by CEGL
Simachinery Equipment Limited (“Simachinery HK”)	June 2, 2011	Hong Kong	100% owned by CAG HK
Zhejiang Cenntro Machinery Co., Limited	January 20, 2021	PRC	100% owned by CAG HK
Jiangsu Tooniu Tech Co., Limited	December 19, 2018	PRC	100% owned by CAG HK
Hangzhou Ronda Tech Co., Limited (“Hangzhou Ronda”)	June 5, 2017	PRC	100% owned by CAG HK
Hangzhou Cenntro Autotech Co., Limited (“Cenntro Hangzhou”)	May 6, 2016	PRC	100% owned by CAG HK
Zhejiang Sinomachinery Co., Limited (“Sinomachinery Zhejiang”)	June 16, 2011	PRC	100% owned by Simachinery HK
Shengzhou Cenntro Machinery Co., Limited (“Cenntro Machinery”)	July 12, 2012	PRC	100% owned by Cenntro Hangzhou
Hangzhou Hengzhong Tech Co., Limited	December 16, 2014	PRC	100% owned by Cenntro Hangzhou
Zhejiang Xbean Tech Co., Limited*	December 28, 2016	PRC	100% owned by Sinomachinery Zhejiang

*	Zhejiang Xbean Tech Co., Limited was in the liquidation process as of December 31, 2022.

PREPAYMENT AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Prepayment and Other Current Assets

Prepayment and other current assets consisted of the following:

	December 31, 2022		December 31, 2021
Advance to suppliers	$	9,877,337	$	3,686,708
Deductible input value added tax		4,097,162		1,196,186
Loans to a third party⁽¹⁾		1,044,181		-
Receivable from third parties		678,887		348,773
Refund for goods and services tax (“GST”) ⁽²⁾		-		2,488,528
Others		440,763		269,412
Prepayment and other current assets	$	16,138,330	$	7,989,607

(1)

(2)	GST is a value-added tax levied on goods and services sold for consumption in Australia. The balance as of December 31, 2021 was excess GST, which has been refunded in 2022.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are summarized as follow:

	December 31, 2022		December 31, 2021
Accrued litigation compensation	$	1,590,484	$	-
Accrued professional fees		919,525		2,429,843
Accrued expenses		797,969		-
Payable for purchasing the factory		588,645		-
Employee payroll and welfare payables		452,904		561,469
Interest expense of convertible loans		383,250		-
Other taxes payable		118,469		48,672
Credit card payable		22,908		510,151
Loans from third parties		-		419,642
Others		174,487		213,486
Total	$	5,048,641	$	4,183,263

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET [Abstract]

INTANGIBLE ASSETS, NET

NOTE 10 –INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

	December 31, 2022			December 31, 2021
At cost:
Land use right ⁽¹⁾	$	4,605,738		$	-
Software		119,550			129,392
Total		4,725,288			129,392
Less: accumulated amortization		(161,496	)		(126,079	)
Intangible assets, net	$	4,563,792		$	3,313

(1)	On April 4, 2022, the Company entered an agreement with Zhejiang HPWINNER Scientific Company Limited to acquire its land use right, with an area of 56,302 square meters with a useful life of 45.75 years and the total consideration of RMB31,766,697 (approximately $4,605,738).

Amortization expenses for the years ended December 31, 2022 and 2021 were $46,133 and $42,679, respectively.

Impairment loss for the years ended December 31, 2022 and 2021 were $2,995,440 and nil, respectively.

INVESTMENT IN EQUITY SECURITIES (Details)			12 Months Ended
INVESTMENT IN EQUITY SECURITIES (Details)	Oct. 12, 2022 USD ($)	Aug. 11, 2022 USD ($) shares	Dec. 31, 2022 USD ($) Investment shares	Dec. 31, 2021 USD ($)
Investment Income, Net [Abstract]
Number of equity investments \| Investment			2
Purchase of equity investment			$ 4,256,276	$ 310,038
Net asset value of the fund			29,759,195	0
Changes in fair value of equity investment			$ (240,805)	$ 0
Investment on Partnership Shares [Member]
Investment Income, Net [Abstract]
Purchase of equity investment	$ 25,000,000
Percentage of limited partnership equity	100.00%
Percentage of fixed return on investment			5.00%
Notice period for sale of partnership interest			10 days
Net asset value of the fund			$ 25,128,833
Net assets of the Partnership			25,019,244
Changes in fair value of equity investment			$ 19,244
Investment on Participating Shares [Member]
Investment Income, Net [Abstract]
Purchase of equity investment		$ 5,000,000
Percentage of limited partnership equity		59.00%
Number of participating shares purchased (in shares) \| shares		4,454.37	4,454.37
Net asset value of the fund			$ 4,869,908
Net assets of the Partnership			8,033,816
Changes in fair value of equity investment			$ (260,049)

RELATED PARTY TRANSACTIONS, Due to Related Parties (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2021

USD ($)

Dec. 16, 2022

USD ($)

Dec. 16, 2022

EUR (€)

Reduction of capital investment

$ 716,372

$ 15,756,028

13,930,000

Payment for capital investments

232,529

CAG Cayman [Member]

Reduction of capital investment

^[1]

13,945,823

Operating funds

15,823

13,930,000

Mr. Yeung Heung Yeung [Member]

Shenzhen Yuanzheng [Member]

^[2]

1,328,559

Weighted average annual interest rates

^[2]

$ 416,509

17.31%

Antric GmbH [Member]

Equity method investments, related party

^[3]

666,396

$ 0

$ 2,674,500

€ 2,500,000

Percentage of equity interest acquired, related party

25.00%

Payment for capital investments

1,977,380

€ 1,868,750

Zhejiang RAP [Member]

Jiangsu Rongyuan [Member]

23,882

40,034

23,194

25,103

Shanghai Hengyu [Member]

$ 2,900

$ 0

[1]	CAG Cayman was the parent company of Cenntro before the closing of the Combination. The balance as of December 31, 2021represented (i) the interest-freeoperating funds from CAG Cayman of $15,823; and (ii) a reduction of capital from Cenntro by CAG Cayman of $13,930,000 prior to the closing of the Combination. It was fully repaid to CAG Cayman in 2022.
[2]	The balance represented the interest-bearing loan provided by related parties to the Company. The weighted average annual interest rates for the loans was 17.31% as of December 31, 2021.It was fully repaid in 2022.
[3]	The balance represented the capital injection payable to this related party. On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. For the year ended December 31, 2022, capital investment of EUR1,868,750 (approximately $1,977,380) was paid to Antric GmbH.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)
Income Tax Expense [Abstract]
Interest or penalties associated with tax position	$ 0		$ 0
Unrecognized tax positions	$ 0		$ 0
Australian Taxation Office [Member]
Income Tax Expense [Abstract]
Period of tax assessment years from investigation	4 years
Germany [Member]
Income Tax Expense [Abstract]
Period of tax assessment years for issue or correction from investigation	4 years
Hong Kong [Member]
Income Tax Expense [Abstract]
Period of prior tax assessment years from investigation	6 years
Extended period of prior tax assessment years from investigation	10 years
PRC [Member]
Income Tax Expense [Abstract]
Statute of limitations related to income tax examinations	3 years
Statute of limitations related to income tax examinations, under special circumstance	5 years
Statute of limitations related to income tax examinations, underpayment of taxes \| ¥		¥ 100,000
Statute of limitations related to income tax examinations, transfer pricing issues	10 years
U.S. Federal [Member]
Income Tax Expense [Abstract]
Open tax examination years	2014 2015 2016 2017 2018 2019 2020 2021 2022

CONCENTRATIONS (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

$ 8,941,835

$ 8,576,832

2,526,432

3,523,543

Accounts payable

3,383,021

3,678,823

Revenue [Member] | Customer Concentration Risk [Member] | Customer [Member]

9,455,805

7,073,391

$ 1,990,869

$ 6,948,359

Revenue [Member] | Customer Concentration Risk [Member] | Customer A [Member]

15.00%

81.00%

$ 1,304,969

$ 0

Revenue [Member] | Customer Concentration Risk [Member] | Customer B [Member]

15.00%

0.00%

$ 0

$ 3,543,423

Revenue [Member] | Customer Concentration Risk [Member] | Customer C [Member]

0.00%

41.00%

$ 419,928

$ 2,556,537

Revenue [Member] | Customer Concentration Risk [Member] | Customer D [Member]

^[1]

30.00%

$ 265,972

$ 848,399

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]

^[1]

10.00%

79.00%

84.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member]

$ 2,002,704

$ 2,948,985

16.00%

59.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer E [Member]

$ 410,321

$ 2,084,879

47.00%

0.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer F [Member]

$ 1,197,023

$ 0

16.00%

0.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer G [Member]

$ 395,360

$ 0

0.00%

25.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier [Member]

$ 0

$ 864,106

38.00%

21.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

$ 8,963,281

$ 2,219,792

26.00%

21.00%

Purchases [Member] | Supplier Concentration Risk [Member] | Supplier B [Member]

$ 6,078,079

$ 2,219,792

12.00%

0.00%

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier [Member]

$ 2,885,202

$ 0

29.00%

0.00%

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier A [Member]

$ 997,721

$ 0

12.00%

0.00%

Accounts Payable [Member] | Supplier Concentration Risk [Member] | Supplier C [Member]

$ 420,100

$ 0

Related Party Transactions and Balances

17.00%

0.00%

Accounts payable

$ 577,621

$ 0

[1]	Indicates below 10%.

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

The table below sets forth the major related parties and their relationships with the Company:

Name of related parties:		Relationship with the Company
Mr. Peter Wang		Chairman, Chief Executive Officer, and principal shareholder of the Company
Mr. Yeung Heung Yeung		A principal shareholder of the Company
Bendon Limited		Controlled by Mr. Justin Davis-Rice, a director of CEGL. As for the resignation of Mr. Justin Davis-Rice in 2022, it was not a related party as of December 31, 2022.
Mr. Zhong Wei		Chief Technology Officer of the Company
Ms. Xu Cheng		Immediate family of Mr. Chris Xiongjian Chen, former Chief Operating Officer of CAG Cayman
CAG Cayman		Mr. Peter Wang is a principal shareholder
Devirra Corporation Limited and its subsidiaries (Collectively referred to the “Devirra Group”)		Entities controlled by CAG Cayman
Cenntro Holding Limited		Ultimately controlled by Mr. Peter Wang
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)		Ultimately controlled by Mr. Peter Wang
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Jiangsu Rongyuan		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited
Zhuhai Hengzhong Industrial Investment Fund (Limited Partner) (“Zhuhai Hengzhong”)		Mr. Peter Wang served as General Partner
Shenzhen Yuanzheng Investment Development Co. Ltd (“Shenzhen Yuanzheng“)		Controlled by Mr. Yeung Heung Yeung
Shanghai Hengyu Enterprise Management Consulting Co., Ltd (“Shanghai Hengyu”)		Ultimately controlled by Mr. Peter Wang
Antric GmbH		Invested by the Company

Related party transactions

During the years ended December 31, 2022 and 2021, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2022		2021
Interest income from a related party
Zhejiang RAP	$	13,434	$	23,114
Bendon Limited		113,021		39,296

Purchase of raw materials from related parties
Jiangsu Rongyuan		-		24,799
Hangzhou Hezhe Energy Technology Co., Ltd		1,413,262		1,219,621

Revenue from sales of equipment to a related party
Zhejiang Zhongchai		119,963		-

Payment on the purchase of the raw materials
Hangzhou Hezhe		1,015,036		2,027,483

Repayment of the advance operating fund from a related party
Zhejiang Zhongchai		276,266		-

Consulting service provided by a related party
Shanghai Hengyu		5,053		29,919

Repayment interest-bearing Loan from a related party
Shenzhen Yuanzheng		395,523		-
Mr. Yeung Heung Yeung		1,331,091		-

Interest expense on loans provided by related parties
Mr. Yeung Heung Yeung		2,532		132,000
Mr. Zhong Wei		-		6,039
Others		1,075		40,005

Amounts due from Related Parties – current

The following table presents amounts due from related parties as of December 31, 2022 and 2021.

	As of December 31,
	2022		2021
Hangzhou Hezhe⁽¹⁾		366,936		817,640
Zhejiang Zhongchai ⁽²⁾		-		412,797
Shanghai Hengyu		-		2,197
Jiangsu Rongyuan⁽³⁾		-		166,911
Total		366,936		1,399,545
Less: provision for receivable from a related party ⁽³⁾		-		(166,911	)
Amounts due from related parties, net	$	366,936	$	1,232,634

(1)

The balance mainly represents the prepayment for raw material to the related party.

(2)

(3)

Amounts due from Related Parties – non-current

	As of December 31,
	2022		2021
Bendon Limited ⁽¹⁾	$	-	$	4,834,973
Total		-		4,834,973
Less: provision for receivable from a related party		-		-
Amounts due from related parties -non-current	$	-	$	4,834,973

(1)

Amounts due to Related Parties

The following table presents amounts due to related parties as of December 31, 2022 and 2021.

	As of December 31,
	2022		2021
CAG Cayman ⁽¹⁾	$	-	$	13,945,823
Mr. Yeung Heung Yeung ⁽²⁾		-		1,328,559
Shenzhen Yuanzheng ⁽²⁾		-		416,509
Antric GmbH ⁽³⁾		666,396		-
Zhejiang RAP		23,882		40,034
Jiangsu Rongyuan		23,194		25,103
Shanghai Hengyu		2,900		-
Total	$	716,372	$	15,756,028

(1)

(2)	The balance represented the interest-bearing loan provided by related parties to the Company. The weighted average annual interest rates for the loans was 17.31% as of December 31, 2021. It was fully repaid in 2022.

(3)

INCOME TAXES, Valuation Allowance (Details) - USD ($)	12 Months Ended
INCOME TAXES, Valuation Allowance (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Roll Forward]
Balance at the beginning of the year	$ 14,659,415	$ 19,072,736
Additions during the year	22,940,078	3,213,097
Expire of NOL	(1,318,979)	(1,243,653)
Write-off of employee stock ownership plans deferred tax asset	0	(4,981,854)
Change in tax rate	(91,423)	(959,106)
Company deregistration	0	(708,266)
Exchange rate effect	(2,556,061)	266,461
Balance at the end of the year	33,633,030	14,659,415
Unrecognized uncertain tax positions	0	0
Unrecognized liabilities, interest or penalties	0	$ 0
Hong Kong [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	978,187
United States [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 27,588,978
Percentage of annual taxable income	80.00%
United States [Member] \| 2035 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 3,740,668
United States [Member] \| 2036 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	1,430,246
United States [Member] \| 2037 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	744,848
PRC [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	39,109,412
PRC [Member] \| 2023 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	13,755,682
PRC [Member] \| 2024 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	5,696,704
PRC [Member] \| 2025 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	2,326,371
PRC [Member] \| 2026 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	6,302,877
PRC [Member] \| 2027 [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	11,027,780
Germany [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	14,748,048
Australia [Member]
Valuation Allowance [Roll Forward]
Operating loss carryforwards	$ 28,967,850

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES [Abstract]

Summary of Lease Cost

A summary of lease cost recognized in the Company’s consolidated and combined statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2022		2021
Operating leases cost excluding short-term rental expense	$	1,616,853	$	682,616
Short-term lease cost		238,386		4,974
Total	$	1,855,239	$	687,590

Summary of Supplemental Information Related to Operating Leases

A summary of supplemental information related to operating leases is as follows:

	December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	1,108,721		$	879,788
Weighted average remaining lease term	8.36 years			2.00 years
Weighted average discount rate		4.27	%		3.80	%

Summary of Maturity of Lease Liabilities Under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2022:

For the year ending December 31,	Operating Leases
2023	$	1,341,954
2024		1,296,713
2025		1,043,197
2026		1,086,121
2027		1,119,334
2028 and thereafter		4,679,951
Total lease payments		10,567,270
Less: imputed interest		1,832,354
Total		8,734,916
Less: current portion		1,313,334
Non-current portion	$	7,421,582

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segments (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Number of reportable segments \| Segment	1
Long-lived assets	$ 27,713,532	$ 2,973,920
PRC [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	18,018,954	2,177,091
US [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	9,125,535	527,469
Dominican [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	469,740	0
Others [Member]
Segment Reporting, Disclosure of Other Information about Entity's Reportable Segments [Abstract]
Long-lived assets	$ 99,303	$ 269,360

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Estimated Useful Lives

Estimated useful lives are as follows:

Buildings	20 years
Machinery and equipment	5-10 years
Office equipment	5 years
Motor vehicles	3-5 years
Leasehold improvement	3-10 years
Others	3 years

Estimated Useful Lives of Intangible Assets

Intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:

Category	Estimated useful life
Land use rights	45.75 years
Software	3 years

Disaggregation of Revenue

The following table disaggregates the Company’s revenues by product line for the years ended December 31, 2022 and 2021:

	For the Years Ended December 31,
	2022		2021
Vehicles sales	$	8,235,053	$	7,287,478
Spare-parts sales		304,506		195,350
Other service income		402,276		1,094,004
Net revenues	$	8,941,835	$	8,576,832

The Company’s revenues are primarily derived from Europe, America and Asia. The following table sets forth disaggregation of revenue by customer location.

	For the Years Ended December 31,
	2022		2021
Primary geographical markets
Europe	$	7,052,452	$	4,380,752
America		697,452		3,420,636
Asia		1,191,931		729,868
Oceania		-		45,576
Total	$	8,941,835	$	8,576,832

Receivables and Contractual Liabilities from Contracts with Customers

The following table provides information about receivables and contractual liabilities from contracts with customers:

	December 31, 2022		December 31, 2021
Accounts receivable, net	$	565,398	$	2,047,560
Contractual liabilities	$	2,388,480	$	1,943,623

Foreign Currency Translation Rates

	For the Years Ended December 31,
	2022		2021
Period end USD: RMB exchange rate		6.8972		6.3726
Average USD: RMB exchange rate		6.7290		6.4508
Period end USD: EUR exchange rate		0.9348		0.8835
Average USD: EUR exchange rate		0.9493		0.8453

Long-lived Assets by Geographic Segment

The following table presents long-lived assets by geographic segment as of December 31, 2022 and 2021.

Long-lived assets

	December 31,
	2022		2021
PRC	$	18,018,954	$	2,177,091
US		9,125,535		527,469
Dominican		469,740		-
Others		99,303		269,360
Total	$	27,713,532	$	2,973,920

EQUITY METHOD INVESTMENTS (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2021

USD ($)

Dec. 16, 2022

USD ($)

Dec. 16, 2022

EUR (€)

Sep. 25, 2022

USD ($)

Sep. 25, 2022

CNY (¥)

Mar. 22, 2022

USD ($)

Mar. 22, 2022

EUR (€)

Jun. 23, 2021

USD ($)

Jun. 23, 2021

CNY (¥)

Payments for capital investment

$ 5,325,741

$ 329,197

30,000,000

(12,651)

15,167

Antric GmbH [Member]

Percentage of ownership interest, equity method investment

2,674,500

^[1]

$ 2,674,500

€ 2,500,000

25.00%

Payments for capital investment

2,008,103

€ 1,877,083

Percentage of voting interests

25.00%

Hangzhou Entropy Yu Equity Investment Partnership (Limited Partnership) [Member]

Percentage of ownership interest, equity method investment

2,189,570

^[2]

$ 2,232,790

¥ 15,400,000

99.355%

Percentage of voting interests

50.00%

Hangzhou Hezhe Energy Technology Co., Ltd [Member]

(44,301)

Percentage of ownership interest, equity method investment

367,272

^[3]

329,197

^[3]

$ 308,990

¥ 2,000,000

20.00%

Percentage of voting interests

33.00%

44,039

15,167

Able 2rent GmbH [Member]

Percentage of ownership interest, equity method investment

94,399

^[4]

$ 0

^[4]

$ 106,980

€ 100,000

50.00%

$ (12,389)

[1]	On December 16, 2022, the Company invested EUR2,500,000 (approximately $2,674,500) in Antric GmbH to acquire 25% of its equity interest. As of December 31, 2022, capital investment of EUR1,877,083 (approximately $2,008,103) had been paid to Antric GmbH. The Company accounts for the investment under the equity method because the Company controls 25% of voting interests, and has the ability to exercise significant influence over Antric GmbH.
[2]	On September 25, 2022, the Company invested RMB15,400,000 (approximately $2,232,790) 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. For the year ended December 31, 2022, the Company recognized investment loss of $44,301, based on its proportionate share of equity interest.
[3]	On June 23, 2021, the Company invested RMB2,000,000 (approximately $308,990) in Hangzhou Hezhe to acquire 20% of its equity interest. The Company accounts for the investment under the equity method because the Company controls 33% of voting interests in board of directors, and has the ability to exercise significant influence over Hangzhou Hezhe. For the years ended December 31, 2022 and 2021, the Company recognized investment gain of $44,039 and $15,167, respectively, based on its proportionate share of equity interest.
[4]	On March 22, 2022, CAE invested EUR100,000 (approximately $106,980) 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. For the year ended December 31, 2022, the Company recognized investment loss of $12,389, based on its proportionate share of equity interest.

CONVERTIBLE PROMISSORY NOTE AND WARRANT, Convertible Promissory Note (Details)		12 Months Ended
	Jul. 20, 2022 USD ($)	Dec. 31, 2022 USD ($) TradingDays $ / shares	Dec. 31, 2021 USD ($)
Convertible Promissory Note [Abstract]
Net proceeds after deducting issuance expenses		$ 54,069,000	$ 0
Movement of Note [Abstract]
Convertible promissory notes, Beginning Balance		0
Convertible promissory notes, Ending Balance		$ 57,372,827	0
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		85.00%
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		$ 0
Convertible promissory notes issued during the year		38,966,261
Redemption of convertible promissory notes		(3,720,064)
Fair value change recognized		22,126,630
Convertible promissory notes, Ending Balance		57,372,827	$ 0
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Face value principal payable	$ 61,215,000	$ 57,488,000
Interest rate	8.00%	8.00%
Issue date	Jul. 20, 2022	Jul. 20, 2022
Maturity date	Jul. 19, 2023	Jul. 19, 2023
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		10.00%
Convertible Promissory Note [Member] \| Original Conversion Price [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input	1.2375	1.2375
Convertible Promissory Note [Member] \| Expected Term [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input	1	0.55
Convertible Promissory Note [Member] \| Volatility [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input	0.7129	0.7513
Convertible Promissory Note [Member] \| Market yield [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input	0.1802	0.1802
Convertible Promissory Note [Member] \| Risk Free Rate [Member]
Fair Value Assumptions - Convertible Promissory Note [Abstract]
Measurement input	0.0296	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		10.00%
Convertible Promissory Note [Member] \| Period Two [Member] \| Maximum [Member]
Convertible Promissory Note [Abstract]
Percentage of issuance cost on principal amount		20.00%
Aggregate outstanding principal amount		$ 30,000,000

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 16 - 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 and eight years from the respective grant dates as stated in the option grant letters.

On March 7 and May 31, 2016, CAG Cayman granted 12,169,840 options and 650,000 options to the employees and directors of the Company to purchase CAG Cayman’s ordinary shares at exercise prices ranging from $0.2000 to $1.2092 per share. The options have a contractual term ranging from six years to eight years.

On August 1 and December 31, 2017, CAG Cayman granted 6,300,000 options and 2,580,000 to the employees and directors of the Company to purchase CAG Cayman’s ordinary shares at exercise prices ranging from $1.6500 to $1.8792 per share.

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.

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 $1.1130 to $1.4310. The aggregate grant date fair value of the options grant was $18,217,956.

For the year ended December 31, 2022 and 2021, the total share-based compensation expenses were comprised of the following:

	For the Years Ended December 31,
	2022		2021
Selling and marketing expenses	$	504,199	$	-
Research and development expenses		284,805		152,694
General and administrative expenses		3,242,625		975,631
Total	$	4,031,629	$	1,128,325

A summary of share options activity for the years ended December 31, 2022 and 2021 is as follows:

	Number of Share Options			Weighted Average Exercise Price US$		Weighted Average Remaining Contractual Years		Aggregate Intrinsic Value US$
Outstanding at January 1, 2021		18,976,130			0.98		3.56		24,410,306
Granted		-			-
Exercised		-			-
Forfeited		(5,492,000	)		1.42
Expired		(593,000	)		1.19
Modification of option as of 30/12/2021		9,225,271			1.10
Outstanding at December 31, 2021		9,225,271			1.10		2.60		42,799,081
Granted		12,797,063			1.68
Exercised		(51,468	)		0.28
Forfeited		(334,167	)		1.68
Expired		(33,333	)		1.68
Outstanding at December 31, 2022		21,603,366			1.44		5.99		721,210
Expected to vest at December 31, 2022		10,130,075			1.71		9.16		-
Exercisable as of December 31, 2022		11,473,291			1.20		3.19		721,210

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 Years Ended December 31,
	2022	2021
		Modification	Before Modification
Expected volatility	86.28%~83.96%	58.09%-91.85%	82.33%-93.48%
Expected dividends yield	0%	0%	0%
Risk-free interest rate per annum	2.97%~3.01%	0.06%-1.36%	1.84%-2.40%
The fair value of underlying ordinary shares (per share)	$1.68	$5.74	$1.21-$2.92

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 December 31, 2022, there was approximately $15,043,377 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 3.15 years.

ORGANIZATION AND PRINCIPAL ACTIVITIES, Reverse, Recapitalization (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 29, 2021 shares
Reverse Recapitalization [Abstract]
Shares issued (in shares)	174,853,546
Ordinary shares issued (in shares)	300,841,995	261,256,254
Ordinary shares outstanding (in shares)	300,841,995	261,256,254
Cash - NBG \| $	$ 0	$ 247,382,859
Less: transaction costs - paid in FY2021 \| $	(883,300)
transaction costs - paid in FY2022 \| $	(904,843)
Net cash contributions from reverse recapitalization \| $	$ 245,594,716
Amended 2016 Plan [Member]
Reverse Recapitalization [Abstract]
Ordinary shares, option to purchase (in shares)	9,225,271
Exchange ratio	0.71536
CAC [Member]
Reverse Recapitalization [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
CEG [Member]
Reverse Recapitalization [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
NBG [Member]
Reverse Recapitalization [Abstract]
Ordinary shares issued (in shares)	86,402,708		86,402,708
Ordinary shares outstanding (in shares)	86,402,708		86,402,708

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregated Revenue Information [Abstract]
Revenue	$ 8,941,835	$ 8,576,832
Contract with Customer, Liability, Revenue Recognized	1,105,076	1,051,832
Receivables and Contractual Liabilities from Contracts with Customers [Abstract]
Accounts receivable, net	565,398	2,047,560
Contractual liabilities	2,388,480	1,943,623
Europe [Member]
Disaggregated Revenue Information [Abstract]
Revenue	7,052,452	4,380,752
America [Member]
Disaggregated Revenue Information [Abstract]
Revenue	697,452	3,420,636
Asia [Member]
Disaggregated Revenue Information [Abstract]
Revenue	1,191,931	729,868
Oceania [Member]
Disaggregated Revenue Information [Abstract]
Revenue	0	45,576
Vehicles Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	8,235,053	7,287,478
Spare-Parts Sales [Member]
Disaggregated Revenue Information [Abstract]
Revenue	304,506	195,350
Other Service Income [Member]
Disaggregated Revenue Information [Abstract]
Revenue	$ 402,276	$ 1,094,004

INCOME TAXES, Components of Losses Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES [Abstract]
Income tax expenses	$ 0	$ 0
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(112,145,263)	(16,421,807)
PRC [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(7,386,251)	(5,477,857)
US [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(17,254,945)	(9,234,455)
Europe [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(20,130,854)	0
Australia [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	(67,392,512)	(1,128,325)
Others [Member]
Components of Losses Before Income Taxes [Abstract]
Losses before income taxes	$ 19,300	$ (581,170)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT, NET (Details)

12 Months Ended

Apr. 04, 2022

USD ($)

ft²

Apr. 04, 2022

CNY (¥)

ft²

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Less: accumulated depreciation

$ 18,368,453

$ 4,087,376

(3,405,862)

(2,786,150)

Property, plant and equipment, net

14,962,591

1,301,226

Depreciation expenses

907,739

589,576

Impairment loss

(550,402)

(6,215)

Plant and Building [Member]

Machinery and Equipment [Member]

^[1]

11,453,436

Area of Land | ft²

44,451.54

Assets acquired

$ 11,453,436

¥ 78,968,319

Leasehold Improvement [Member]

2,413,087

2,068,056

Office Equipment [Member]

2,956,515

899,538

1,192,443

818,703

Motor Vehicles [Member]