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Cenntro Inc (CENN) news hub provides investors and industry professionals with centralized access to official announcements and strategic developments from this innovative electric commercial vehicle manufacturer. Track all corporate updates through verified press releases and market-moving news related to Cenntro's emission-free transportation solutions.
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Cenntro (NASDAQ: CENN) reported its full-year 2024 financial results, showing significant growth with net revenue reaching $31.3 million, a 200.2% increase from 2023's $10.4 million. US sales notably jumped to $19.3 million from $0.4 million in 2023.
The company sold 1,122 Electric Commercial Vehicles in 2024, including 145 Logistar 400 Class 4 vehicles in the US, 492 Avantier vehicles in Europe and South America, and 911 iChassis units. Gross profit increased to $7.6 million with a 24.3% margin.
Despite improved sales, Cenntro reported an Adjusted EBITDA loss of $28.2 million, though better than 2023's loss of $39.3 million. The company's cash position stood at $12.5 million as of December 31, 2024, down from $28.8 million in 2023.
Cenntro (NASDAQ: CENN) announced the delivery of over 1,000 autonomous driving delivery vehicles with iChassis 100 platforms to third-party contractors in China during 2024. The iChassis 100, designed and manufactured by Cenntro, serves as a foundational component for autonomous commercial vehicles.
The company has developed dedicated autonomous vehicle production lines and testing facilities to support large-scale manufacturing. Following its initial production phase in 2023, Cenntro experienced strong demand for its iChassis platform and autonomous vehicle manufacturing capabilities both domestically and internationally. The company currently manufactures autonomous commercial vehicles exclusively for third-party contractors in China, where it plans to expand its footprint by integrating proprietary autonomous driving software and hardware.
Cenntro (NASDAQ: CENN) has secured an order for 200 special edition Logistar® 450P electric passenger vans from Spanish vehicle provider QEV Technologies. The company has received a 30% deposit for the first 47 units, scheduled for delivery in Q1 2025.
The LS450P model, jointly developed by QEV and Cenntro, has obtained European Union M2 Type Approval, enabling its use for short-distance shuttle services and public transportation. This positions the vehicle as a potential breakthrough offering in the European market.
The LS450P is the latest addition to Cenntro's Logistar LS450 model variations, designed to provide versatile, eco-friendly transportation solutions. The company anticipates growing demand for purpose-built electric vehicles as governments and businesses pursue sustainable transportation options.
Cenntro (NASDAQ: CENN) has secured an order for 500 customized Metro MR electric vehicles specifically designed for the Japanese market. The order, backed by a bank letter of credit, will be delivered in the first quarter of 2025 through the company's manufacturing facility, Zhejiang Cenntro Machinery Co.,
The Metro MR vehicles are specially tailored to meet Japan's market requirements, particularly suited for densely populated cities like Tokyo and Osaka. CEO Peter Wang views this as a strategic milestone that could lead to expanded market share in Japan, a region known for its demanding quality and performance standards.
Cenntro (NASDAQ: CENN) reported Q3 2024 financial results with net revenue of $16.7 million, up 190% from $5.8 million in Q3 2023. US sales volume increased to $10.3 million from $0.2 million year-over-year. The company sold 662 Electric Commercial Vehicles, including 78 Logistar 400 vehicles in the US and 334 Avantier vehicles in Europe and South America. Gross profit reached $4.0 million with a 24.2% margin. Despite improved sales, the company recorded a net loss of $9.0 million, reduced from $16.1 million in Q3 2023. Cash position stood at $21.8 million as of September 30, 2024.
Cenntro's subsidiary, Avantier Motors , has launched two new electric vehicles for the European market: the Avantier Ex, a mini electric commercial vehicle, and the Avantier Commuter, an entry-level electric passenger car. The expansion follows the successful introduction of the Avantier C in late 2022, which sold over 500 units across Europe. The Avantier Ex is an EU Type L7e vehicle designed for last-mile delivery, while the Avantier Commuter is an EU Type M1 four-seat passenger car targeting urban commuters seeking affordable electric transportation.
Cenntro Inc. (NASDAQ: CENN) is set to host 'Cenntro Day 2024' on October 22, 2024, from 10:00 a.m. to 1:30 p.m. PT at the Ontario Convention Center in California. The event will showcase the company's new commercial electric vehicles for the U.S. market, including:
- Logistar® 300 (LS300): Class 3 delivery truck
- Logistar® 450 (LS450): Class 4 delivery truck
- Deepstar® 864 (DS864): Class 8 drayage truck
The LS300 and LS450 have received EPA and CARB certificates, while the DS864 is in the process of certification. Cenntro is ready to take orders for the L300 and DS864 models, with deliveries expected to begin next month. The event will be held near Cenntro's recently established assembly and distribution facility in Ontario, California, which supports production operations with a focus on the U.S. west coast market.
Cenntro Inc. (NASDAQ: CENN) has introduced its new Logistar® 450 (LS450) model for US and global markets. The LS450, a Class 4 electric commercial vehicle, has received CARB certification and EPA Certificate of Conformity. It features a 128Kwh battery capacity, offering improved range compared to its predecessor. The LS450 will be available in four configurations: delivery van, cargo truck, shuttle bus, and refrigerated truck.
Production is set to begin in October 2024 at Cenntro's facilities in Ontario, California for US markets and in China for global markets. The company has already received pre-production orders from customers in the US, Spain, and Japan. Cenntro plans to debut the LS450 at the California Trucking Show on October 5-6, 2024.
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).
