Cenntro Inc. - CENN STOCK NEWS

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).

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.