Welcome to our dedicated page for Cenntro news (Ticker: CENN), a resource for investors and traders seeking the latest updates and insights on Cenntro stock.
Cenntro Inc. develops and supplies electric commercial vehicles for fleet, municipal, last-mile delivery and other commercial applications. The company’s vehicle portfolio includes Logistar, Avantier, Metro, iChassis, Teemak, Bison Motor and Antric One models, with purpose-built offerings that include class 1 to class 4 trucks and electric buses.
Recurring developments for CENN include product launches and deliveries, customer orders, regional assembly and distribution partnerships, vehicle type approvals and EPA certification for hydrogen fuel cell vehicles such as the BM860H. Company updates also address Nasdaq listing compliance, reverse stock-split actions, supply-chain and manufacturing capabilities, and technology work involving batteries, powertrains and smart-driving systems.
Cenntro Electric Group Limited (NASDAQ: CENN) announced participation in two investor conferences in August 2022. CEO Peter Wang and CFO Edmond Cheng will attend the J.P. Morgan Auto Conference on August 9-10 in New York, where they will present at 2:20 p.m. ET. The second event is the D.A. Davidson Big Sky Summit in Big Sky, MT, from August 21-23. The management team will hold one-on-one meetings with institutional investors at both conferences. Cenntro has sold over 3,700 electric vehicles across 25 countries as of December 31, 2021.
Cenntro Electric Group Limited (NASDAQ: CENN) has been added to the Russell 2000®, Russell 3000®, and Russell Microcap® Indexes effective June 24, 2022. This milestone reflects the company's significant growth over the past year. The Russell 3000® Index includes the largest 3,000 U.S. companies, while the Russell 2000® is comprised of 2,000 small-cap companies. Membership in these indexes is crucial for investment managers, as over $12 trillion in assets are benchmarked against them. This change is expected to enhance Cenntro's visibility and attract more institutional investors.
Cenntro Electric Group Limited (NASDAQ: CENN) has announced a partnership with Princeton NuEnergy, Inc. to enhance sustainability in the electric vehicle (EV) sector. The partnership aims to recycle lithium-ion battery materials, thus promoting a closed-loop supply chain and contributing to net-zero emissions. PNE's innovative recycling processes can reduce costs by up to 44% and recover over 95% of critical elements while utilizing less energy and emitting 70% less CO2 than traditional methods. This collaboration highlights the importance of efficient battery recycling in addressing material shortages.
Cenntro Electric Group Limited (NASDAQ: CENN) announced participation in two investor conferences in June 2022. The first event, the Stifel 2022 Cross Sector Insight Conference, includes a panel discussion on June 8, focusing on the Electric Vehicle Supply Chain, followed by a company presentation on June 9. The second conference, the Credit Suisse Mobility Forum, will be virtual on June 21, allowing one-on-one meetings with investors. The management team, including CEO Peter Wang and CFO Edmond Cheng, will represent the company at both events.
Cenntro Electric Group Limited (NASDAQ: CENN) plans to showcase its Logistar™ 400 electric vehicle at key industry events including the NYC Fleet Show on May 26, 2022, the Global Fleet Conference from June 7-9, 2022, and the Fleet Forward Tour in Chicago on June 16, 2022. The LS400, designed for urban delivery and freight, targets courier services and delivery vans. CEO Peter Wang expressed enthusiasm for meeting fleet operators and offering test drives to enhance customer engagement and showcase the vehicle's capabilities.
Cenntro Electric Group Limited (NASDAQ: CENN) has acquired a 474,000 square foot manufacturing facility in Changxing, China, for $19.5 million. This acquisition aims to enhance production capacity, targeting an annual output of 50,000 vehicles once operational. The facility, built in 2018, is expected to bolster Cenntro's manufacturing capabilities and assist in obtaining ISO 9000 certification. The trial production is projected to start in Q3 2022, aligning with the company's expansion into new markets.
Cenntro Electric Group Limited (CENN) has formed an alliance with Nuvve Holding Corp. (NVVE) to provide a comprehensive electrification solution for commercial fleets. This collaboration was announced at the Advanced Clean Transportation Expo and aims to simplify the transition to electric vehicles (EVs) by offering bundled Nuvve charging packages alongside Cenntro's U.S. product lineup. The partnership will integrate Cenntro vehicles into Nuvve's Electric Vehicle Charging Infrastructure Hub, enhancing fleet efficiency and supporting grid stability through vehicle-to-grid (V2G) capabilities.
Cenntro Electric Group Limited (NASDAQ: CENN) will showcase its all-electric Logistar™ 400 (LS400) at the Advanced Clean Transportation Expo from May 9-12, 2022, in Long Beach, California. The LS400 is designed for urban delivery and freight, appealing to courier services and upfitters. The exhibit will provide opportunities for test drives, enhancing engagement with potential customers. Management will also hold one-on-one meetings with analysts and investors during the event to discuss company developments and future strategies.
Cenntro Electric Group Limited (NASDAQ: CENN) will hold its Annual General Meeting on May 31, 2022, at 8:00 a.m. EDT in Jacksonville, Florida. Shareholders can attend in person or via an audio webcast. Mr. Simon Tripp will not seek re-election as a Class III director, while Mr. Benjamin Ge is nominated for election to the Board. The company may implement COVID-19 precautions for the meeting. Cenntro has sold over 3,700 vehicles across 25 countries as of December 31, 2021.
Cenntro Electric Group Limited (NASDAQ: CENN) reported a 57.1% increase in net revenue for 2021, reaching $8.6 million compared to $5.5 million in 2020. The company sold 918 electric vehicles, marking a 30% rise from the previous year. Gross profit soared 164% to $1.5 million with a gross margin of 17.5%. However, the company faced increased operating expenses of $18 million, leading to a net loss of $16.4 million. As of December 31, 2021, cash reserves stood at $261.1 million.