Cenntro Announces Introduction of New Logistar® 450 Model for the US and Global Markets

Rhea-AI Summary

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.

Positive

• Received CARB certification and EPA Certificate of Conformity for LS450 model
• Improved battery capacity (128Kwh) offering greater range compared to predecessor
• Four versatile configuration options for various applications
• Pre-production orders received from customers in US, Spain, and Japan
• Production set to begin in October 2024 for both US and global markets

Negative

• None.

Insights

Financial Analyst

The introduction of Cenntro's new Logistar® 450 (LS450) model is a positive development for the company's product portfolio. The CARB and EPA certifications are important for market entry, potentially expanding Cenntro's addressable market in the US, particularly in California. The 128Kwh battery capacity and improved range over the LS400 model could enhance the vehicle's competitiveness. However, investors should note that production is slated to begin in October 2024, indicating a significant lag before potential revenue impact. The pre-production orders from US, Spain and Japan suggest initial market interest, but the scale and financial terms of these orders are not disclosed, limiting our ability to assess their impact on future revenues.

Market Research Analyst

Cenntro's LS450 launch aligns with the growing demand for electric commercial vehicles. The four configuration options (delivery van, cargo truck, shuttle bus and refrigerated truck) demonstrate a strategic approach to diverse market needs. This versatility could be a key differentiator in the competitive ECV space. The dual production strategy (US for domestic market, China for global markets) may optimize supply chain efficiency and reduce costs. However, the ECV market is rapidly evolving with increasing competition from both startups and established automakers. Cenntro's success will depend on its ability to scale production, maintain cost competitiveness and establish a strong distribution network. The long lead time to production (October 2024) poses a risk as competitors may gain market share in the interim.

Tech Expert

The LS450's 128Kwh battery capacity is a notable technical improvement over its predecessor. This enhancement addresses a critical factor in ECV adoption - range anxiety. However, the press release lacks specific range figures, making it difficult to compare with competitors. The multi-configuration platform demonstrates engineering flexibility, potentially reducing manufacturing costs and speeding up customization for different use cases. The CARB and EPA certifications indicate compliance with stringent emissions standards, which is crucial for market acceptance. Yet, the absence of details on charging infrastructure compatibility, advanced driver-assistance systems (ADAS), or connectivity features leaves questions about the LS450's overall technological competitiveness in a rapidly advancing ECV market.

New LS450 Receives California Air Resources Board Executive Order Certifying (”CARB”) Certification in the State of California and Certificate of Conformity from the United States Environmental Protection Agency

FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading electric commercial vehicle company with advanced, market-validated, and purpose-built vehicles, today announced its newest Class 4 addition to the Logistar series, the Logistar® 450 (“LS450”) model for sale and distribution in the United States (“US”) and global markets.

Cenntro Logistar® 450 Configurations (Photo: Business Wire)

Cenntro received a California Air Resources Board (“CARB”) “Executive Order” and a “Certificate of Conformity” from the United States Environmental Protection Agency (“EPA”) for the LS450 model. The Certificate of Conformity confirms that the LS450 meets the EPA's emissions requirements under the Clean Air Act.

Receiving the CARB Executive Order certifies the all-electric LS450 model meets the standard to be classified as a zero-emissions vehicle in California. Cenntro plans to begin production of the LS450 at its Ontario, California, assembly facility for US markets and its assembly facility in China for global markets.

The LS450 model is the latest addition to Cenntro’s product portfolio. The LS450 is equipped with a 128Kwh battery capacity. The improved battery capacity provides a greater range compared to its predecessor model, the “LS400”.

Cenntro plans to debut the LS450 at the California Trucking Show in Ontario, California, on October 5 and 6, 2024. The versatile all-electric, class 4 vehicle has four different configuration options for a variety of applications, a delivery van (“LS450DV”), cargo truck (“LS450CT”), shuttle bus (“LS450BUS”), and refrigerated truck (“LS450RT”).

“Deploying the LS450 in the US and abroad allows Cenntro customers to experience the benefits of electrification of their fleet—both large and small, with a versatile, multi-functional electric commercial vehicle (“ECV”),” said Peter Wang, Chairman and CEO of Cenntro. “Cenntro has received pre-production orders for the LS450 from customers in the US, Spain and Japan. We plan to begin US production of the LS450 models at our facility in Ontario in October 2024.”

About The California Trucking Show

The California Trucking Show is an annual event organized by Cal Fleet Advisor, which serves the trucking community by helping connect vendors directly with trucking companies and drivers. Cal Fleet Advisor provides guidance to California fleets, independent owner-operators and electric school buses at no cost as they transition to zero-emission vehicles, and helps navigate the growing demand towards zero-emissions commercial operations, new technology and regulations.

About Cenntro

Cenntro (NASDAQ: CENN) is a leading maker and provider of 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, 2024 and which may be viewed at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240917510123/en/

Investor Relations Contact:

Chris Tyson

MZ North America

CENN@mzgroup.us

949-491-8235

Company Contact:

PR@cenntroauto.com

IR@cenntroauto.com

Source: Cenntro Inc.

FAQ

What is the battery capacity of Cenntro's new Logistar 450 (LS450) model?

The Cenntro Logistar 450 (LS450) model is equipped with a 128Kwh battery capacity, providing a greater range compared to its predecessor, the LS400 model.

When will Cenntro (CENN) begin production of the LS450 model?

Cenntro plans to begin production of the LS450 model in October 2024 at its Ontario, California facility for US markets and its assembly facility in China for global markets.

What certifications has the Cenntro LS450 received for the US market?

The Cenntro LS450 has received a California Air Resources Board (CARB) 'Executive Order' and a 'Certificate of Conformity' from the United States Environmental Protection Agency (EPA).

What are the different configurations available for Cenntro's LS450 model?

The Cenntro LS450 is available in four different configurations: delivery van (LS450DV), cargo truck (LS450CT), shuttle bus (LS450BUS), and refrigerated truck (LS450RT).

Where will Cenntro (CENN) debut the new LS450 model?

Cenntro plans to debut the LS450 at the California Trucking Show in Ontario, California, on October 5 and 6, 2024.