Construction in Progress

12 Months Ended

Dec. 31, 2023

Construction in Progress [Abstract]

Construction in Progress

8. Construction in Progress

Construction in progress as of December 31, 2022 and 2023 consisted of the following:

	December 31,		December 31,
	2022		2023
Construction in progress	$	7,828,975	$	24,876,463
Prepayment for acquisition of property, plant and equipment		2,125,227		12,921,399
Carrying amount	$	9,954,202	$	37,797,862

Construction in progress as of December 31, 2022 and 2023 mainly comprised capital expenditures for the construction of the facilities and production lines of CBAK Power, Nanjing CBAK and Hitrans.

For the years ended December 31, 2022 and 2023, the Company capitalized interest of $162,052 and $870,670, respectively, to the cost of construction in progress.