Cenntro Signs Strategic Partnership Agreement with Electricove Maroc for EV Assembly in Morocco

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Very Positive)

Tags

partnership

07/22/2025 - 09:00 AM

EV Models to be Assembled for Distribution within the Local and Northern African Markets

FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) (“Cenntro” or “the Company”), a pioneering electric commercial vehicle company with advanced, market-validated, and purpose-built vehicles, has signed a strategic partnership agreement with Electricove Maroc, an electric vehicle distribution company organized under the laws of the Kingdom of Morocco and headquartered in Casablanca (“Electricove”). Pursuant to the strategic partnership agreement, Electricove will assemble Cenntro’s electric vehicles (“EVs”) in Morocco for distribution within the local and Northern African markets. Electricove has served as a Cenntro distribution partner for several years.

Under the terms of the strategic partnership agreement, Cenntro agrees to supply vehicle assembly kits to Electricove. In turn, Electricove agrees to establish a local assembly plant to assemble Cenntro EV models, including the Teemak and LS450. Cenntro also agrees to provide technical documentation, assembly training, and engineering support to assist Electricove in developing local assembly capabilities.

Electricove has indicated to us that the initiative has received strong endorsement from both government authorities and business organizations within Morocco.

“Cenntro’s collaboration with Electricove Maroc builds on a longstanding relationship with Electricove and represents a significant step in supporting EV deployment in the region,” said Peter Wang, Chairman and CEO of Cenntro. “We’re pleased to support Electricove with technical resources and expertise as they expand assembly operations.”

About Cenntro

Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles (“ECVs”). Cenntro's purpose-built ECVs are designed to serve a variety of commercial applications inclusive of its line of class 1 to class 4 trucks. Cenntro is building a globalized supply-chain, as well as the manufacturing, distribution, and service capabilities for its innovative and reliable products. Cenntro continues to evolve its products capabilities through advanced battery, powertrain, and smart driving technologies. For more information, please visit Cenntro's website at: www.cenntroauto.com.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)," "positioned," "approximately," "potential," "goal," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2025 and which may be viewed at www.sec.gov.