Cenntro - CENN STOCK NEWS

Cenntro Electric Group Limited (NASDAQ: CENN) has announced a significant milestone with its All Electric Class 4 Logistar 400 (LS400) model completing EPA tests. This achievement moves the LS400 closer to customer sales in the United States. The LS400 is designed for urban and suburban duty cycles, targeting last-mile delivery and vocational services. Cenntro's Chairman and CEO, Peter Wang, emphasized that this completion is a critical step in the homologation process, paving the way for customer deliveries.

Cenntro Electric Group Limited (NASDAQ: CENN) announced the appointment of Dr. Yi Zeng to its Board of Directors, bringing over 30 years of industry experience. Dr. Zeng has held leadership roles in various global companies and is expected to contribute significantly to the expansion of Cenntro's electric commercial vehicle range in North America, Europe, and Asia. His term lasts until the Company's 2023 Annual Meeting. Additionally, Justin Davis Rice has resigned from the board, where he previously served as Chairman.

Cenntro Electric Group Limited (NASDAQ: CENN) reported a remarkable 105% increase in net revenue for the first half of 2022, totaling $5.0 million compared to $2.5 million in the same period last year. Vehicle sales surged by 23%, reaching 337 units. The company has significantly strengthened its cash position, with $183.0 million in cash and equivalents. However, the net loss widened to $23.1 million from $4.5 million, driven by increased operating expenses.

Cenntro Electric Group Limited (NASDAQ: CENN) will host a conference call on September 13, 2022, at 5:30 p.m. ET, to discuss its financial results for the first half of the fiscal year ending June 30, 2022. A press release with detailed financial results will be released prior to the call. The call will feature Cenntro's Chairman and CEO Peter Wang and CFO Edmond Cheng and will include a Q&A session. The conference will be available for live broadcast and replay afterwards.

Cenntro Electric Group (NASDAQ: CENN) has announced the launch of the new Logistar 260, an all-electric commercial van tailored for trades, logistics solutions, and facility management applications. Initial deliveries to Europe are slated for Q1 2023, with plans for subsequent launches in Asia, the Caribbean, and South America. The LS 260 boasts dimensions of 5.50m in length, 1.85m in width, 2m in height, and a cargo capacity of 7.5 cubic meters. Compliance with EU standards is expected by the end of 2022. The vehicle will debut at the IAA Transportation Exhibition in Hannover, Germany from September 20-25.

Cenntro Electric Group (NASDAQ: CENN) has commenced production of its Logistar 100, a light electric commercial van, with deliveries set to begin in September 2022 to Europe, and plans for further expansions to Asia, the Caribbean, and South America. The LS100 features a range of 74 miles and a payload capacity of 1,151 lbs. It has successfully passed all necessary EU homologation tests, allowing it to be sold across all 27 EU member states. The vehicle will debut at the IAA Transportation Exhibition in Hanover, Germany, from September 20-25.

Cenntro Electric Group Limited (NASDAQ: CENN) announced its participation in various industry trade shows to showcase its all-electric Class 4 Logistar 400 (LS 400). Key events include the American Public Works Association Trade Show from August 28-31, 2022, in Charlotte, NC, and the Annual Sustainable Fleet Show from August 30-September 1, 2022, in Durham, NC. The LS 400 is designed for various applications, offering a payload capacity of 5,600 pounds and a range of up to 124 miles on a single charge.

Cenntro Electric Group Limited (NASDAQ: CENN) has announced a strategic shift to assemble and market its Metro electric vehicle (EV) directly in the United States. This decision allows the company to establish direct control over production and sales, enhancing product quality and customer satisfaction. Initially launched in 2017, the Metro has gained international traction, now sold in over 26 countries. Chairman and CEO Peter Wang highlights this move as a means to improve operational efficiency and strengthen brand recognition.

Cenntro Electric Group Limited (NASDAQ: CENN) announces the establishment of Cennatic Power Inc., a U.S. subsidiary dedicated to manufacturing advanced lithium-ion batteries for electric commercial vehicles. A lease has been signed for a 10,436 square meter facility in Monterrey, Mexico, with trial production expected in the first half of 2023. This strategic move aims to reduce supply chain dependency on China and enhance the company’s battery technology, thereby accelerating development and reducing costs.