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INVENTORY, NET
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
INVENTORY, NET INVENTORY, NET
Inventory, net consisted of the following:

June 30, 2024December 31, 2023
Raw materials$47,908,458 $32,682,324 
Work in process2,871,872 2,892,329 
Finished goods8,189,889 18,309,829 
58,970,219 53,884,482 
Less: inventory reserves(12,466,834)(8,476,290)
Inventory, net$46,503,385 $45,408,192 
We reserve inventory for any excess or obsolete inventories or when we believe the net realizable value of inventories is less than the carrying value.
As of June 30, 2024 and December 31, 2023, we carried inventory reserves of $12.5 million and $8.5 million, respectively. The increase in inventory reserves was primarily attributable to excess inventory due to slower than anticipated vehicle sales.