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Cenntro Inc. (symbol: CENN) is a pioneering company in the realm of 100% electric vehicles, dedicated to designing, manufacturing, and distributing emission-free commercial vehicles. The company's operations span across the United States, Europe, and China, making it a global contender in the electric vehicle industry. Cenntro's flagship products include the Metro™, a lightweight and versatile all-electric commercial utility vehicle, as well as the Logistar 400, Logistar 200, Neibor 200, and ORV.
With an impressive fuel efficiency of over 200+ MPGe, Cenntro's vehicles are designed to meet the growing demand for eco-friendly transportation solutions. The company's commitment to sustainability and innovation has positioned it as a leader in the production of emission-free vehicles, catering to a variety of commercial needs.
Recent achievements include expanding its geographical reach and enhancing its technological capabilities to maintain a competitive edge. Cenntro Inc. continuously invests in research and development to improve the performance and efficiency of its vehicles, ensuring they meet the highest standards of quality and reliability. The company also engages in strategic partnerships to broaden its market presence and improve its service offerings.
Financially, Cenntro Inc. remains robust with steady growth in sales and an increasing market share in the electric vehicle sector. The company's focus on sustainable growth and operational excellence ensures a promising future for investors and stakeholders alike.
Cenntro Inc. (NASDAQ: CENN) reported its Q2 2024 financial results, showing significant growth. Net revenue increased 96.4% to $8.32 million compared to Q2 2023. U.S. sales volume surged to $4.9 million from $33,000 in the same period last year. The company sold 255 Electric Commercial Vehicles, including 33 Logistar™ 400 Class 4 vehicles in the U.S. and 53 Avantier™ vehicles in Europe and South America. Additionally, Cenntro sold 429 iChassis kits.
Despite the revenue growth, Cenntro reported an Adjusted EBITDA loss of $7.27 million, an improvement from the $12.5 million loss in Q2 2023. The company's gross profit increased slightly to $1.2 million, with a gross margin of 14.7%. Cenntro's Ontario, California assembly facility began full operations, enhancing its U.S. production capabilities.
Cenntro Inc. (NASDAQ: CENN) has received a California Air Resources Board (CARB) Executive Order and a Certificate of Conformity from the U.S. Environmental Protection Agency (EPA) for its Logistar® 300 (LS300) model. These certifications confirm that the all-electric, light-duty, class 3 LS300 meets zero-emissions standards in California and EPA emissions requirements under the Clean Air Act.
The LS300, which debuted at CES 2023, offers versatility as a cab and chassis or optional delivery van body, with a mileage range of 194-217 miles. Production will take place at Cenntro's facility in Ontario, CA. These certifications position Cenntro's California customers to apply for end purchaser incentives, such as the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Cenntro, a leader in electric commercial vehicles, has announced the opening of a new assembly and distribution facility in Ontario, California. This facility will support the company's expanding sales on the U.S. west coast. The California facility has full-scale production capabilities for the LS400 and Metro vehicle models and has already delivered over three dozen LS400 units. This strategic move aims to enhance production efficiency, reduce delivery times, and help customers electrify their fleets more effectively. Cenntro will continue to produce these models at its New Jersey facility to serve the east coast while winding down operations at its Florida site.
Cenntro, a prominent electric commercial vehicle manufacturer, has been added to the Russell Microcap Index effective June 28, 2024, following FTSE Russell's annual reconstitution.
This inclusion is part of the wider Russell US Indexes reconstitution that captures the 4,000 largest US stocks based on market capitalization as of April 30, 2024. Cenntro's membership in the Russell Microcap Index, which includes the smallest 1,000 securities in the Russell 2000 plus the next 1,000 smallest eligible securities by market cap, reflects its market position and growth potential.
FTSE Russell's indexes are important benchmarks for investment managers and institutional investors, representing approximately $10.5 trillion in assets as of December 2023.
Cenntro has announced the launch of its new Logistar® 210 (LS210) model, a next-generation light-duty electric commercial van, set to enter European and global markets.
The LS210, with European N1 type approval, replaces the LS200 and complies with the latest EU regulations for cybersecurity and software update management. The vehicle features advanced driver-assistance systems, crash avoidance, lane assist, and offers both left-hand and right-hand drive.
CEO Peter Wang emphasized the company's commitment to developing vehicles that meet market demands and incorporate new technologies.
Cenntro has delivered over 20 US-assembled Class 4 Logistar 400 (LS400) electric vehicles to customers and dealers in May 2024.
CEO Peter Wang expressed strong interest in the LS400 and future models, which are currently in testing and certification stages.
The company has obtained California Air Resources Board (CARB) and Zero-Emission Powertrain (ZEP) certifications, enhancing their ability to drive sales in California and support fleet electrification across the US.
Cenntro aims to reduce carbon footprints and operational costs for their fleet customers while developing new electric commercial vehicles for the US market.
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