RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

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

Name of related parties:		Relationship with the Company
Zhejiang RAP		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, CEGL’s subsidiary
Hangzhou Hezhe Energy Technology Co., Ltd (“Hangzhou Hezhe”)		An entity significantly influenced by Hangzhou Ronda Tech Co., Limited, CEGL’s subsidiary
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 three months ended March 31, 2024 and 2023, the Company had the following material related party transactions.

	For the three months ended March 31,
	2024		2023
	(Unaudited)		(Unaudited)
Purchase of raw materials from related parties
Hangzhou Hezhe	$	3,764	$	79,773

Payment on the purchase of the raw materials
Hangzhou Hezhe		-		54,516

Refund on the purchase of the raw materials
Hangzhou Hezhe		69,486		-

Prepayment of operating fund to a related party
Billy Rafael Romero Del Rosario		47,660		-

Interest income
Zhejiang RAP		22,249		3,303

Amounts due from Related Parties

The following table presents amounts due from related parties as of March 31, 2024 and December 31, 2023.

	March 31, 2024 (Unaudited)		December 31, 2023
Hangzhou Hezhe ⁽¹⁾	$	102,123	$	178,019
Billy Rafael Romero Del Rosario		156,282		109,420
Zhejiang RAP		11,858		-
Total	$	270,262	$	287,439

(1)

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

Amounts due to Related Parties

The following table presents amounts due to related parties as of March 31, 2024 and December 31, 2023.