RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 22 - 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.
Zhejiang Zhongchai Machinery Co., Ltd (“Zhejiang Zhongchai”)	Ultimately controlled by Mr. Peter Wang
Zhejiang RAP	An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Jiangsu Rongyuan	An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)	An entity significantly influenced by Hangzhou Ronda, CEGL’s subsidiary
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, then it became the CEGL’s wholly-owned subsidiaries on August 31, 2023
Billy Rafael Romero Del Rosario	A shareholder who owns 1% equity interest of Cenntro Electric CICS, SRL and was the CEO of Cenntro Electric CICS, SRL

Related party transactions

During the years ended December 31, 2023 and 2022, the Company had the following material related party transactions.

	For the Years Ended December 31,
	2023		2022
Interest income from a related party
Zhejiang RAP	$	12,767	$	13,434
Bendon Limited		-		113,021
Purchase of raw materials from related parties
Hangzhou Hezhe		233,536		1,413,262
Service provided by a related party
Shanghai Hengyu		-		5,053
Zhejiang Zhongchai		-		119,963
Payment on the purchase of the raw materials
Hangzhou Hezhe		54,617		1,015,036
Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		113,560		-
Repayment of the advance operating fund from a related party
Zhejiang Zhongchai		-		276,266
Repayment of 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
Others		-		1,075

Amounts due from Related Parties

The following table presents amounts due from related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Hangzhou Hezhe (1)	$	178,019	$	366,936
Billy Rafael Romero Del Rosario (2)		109,420		-
Total	$	287,439	$	366,936

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

(2) The balance mainly represents the prepayment of operating fund to the related party.

Amounts due to Related Parties - current

The following table presents amounts due to related parties as of December 31, 2023 and 2022.

	As of December 31,
	2023		2022
Antric GmbH (1)	$	-	$	666,396
Zhejiang RAP		10,468		23,882
Jiangsu Rongyuan (2)		-		23,194
Shanghai Hengyu (2)		-		2,900
Total	$	10,468	$	716,372

(1) 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.

(2) The balance represented the payable of purchase of raw material to Jiangsu Rongyuan and service fee payable to Shanghai Hengyu . In July 2023 and December 2023, Shanghai Hengyu and Jiangsu Rongyuan were deregistered, respectively. Thus the balance of these related parties was written off and other income of $26,746 was recognized for the year ended December 31, 2023.