Cenntro Begins Shipments of LS260 and LS100 Vans to European Markets

Rhea-AI Summary

Cenntro Electric Group Limited (NASDAQ: CENN) has commenced early shipments of its all-electric commercial vehicles, the Logistar 260 (LS260) and Logistar 100 (LS100), to European markets. The deliveries, ahead of the planned Q1 2023 target, showcase the company’s growing response from European customers. The LS260 features a range of up to 167 miles and a payload of 2,821 lbs, while the LS100 has a 100-mile range and 157 lbs of payload. Both vehicles have received EU type approvals, allowing sales across member states.

Positive

• Early shipment of LS260 and LS100 vehicles ahead of Q1 2023 target.
• Positive response from European customers indicating demand for electric commercial vehicles.
• Successful completion of EU type approvals for both vehicle models.

Negative

• None.

Deliveries of All-Electric Commercial Vehicles Ahead of First Quarter 2023 Target

FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced it has begun shipments of the Logistar 260 (“LS260”) multi-purpose, all-electric commercial vehicle and the Logistar 100 (“LS100”) to European markets. The first deliveries are ahead of schedule of the previously announced target date of Q1 2023.

LS100 (Photo: Business Wire)

The LS260 defines a new size in the van segment (Vehicle Class N1). With a length of 17.1 ft. (5.5 m), a width of 6.1 ft. (1.85 m) and a height of 6.7 ft. (2.04 m), the LS260 offers a load capacity of 264 cu ft (7.5 m³), two side loading doors and convenient rear doors with a cargo opening of up to 270°. Together with a payload of around 2821 lbs. (1,280 kg) and a range of up to 167 miles (270 km), the LS260 meets a wide range of applications for skilled trades, courier, express and parcel services, logistics solutions and facility management.

The LS100 is a versatile, compact, light cargo van purpose-built to serve diverse commercial applications, especially in population-dense urban areas. The LS100 has a range of 100 miles (119 km) (WLTP), 157 lbs. (522 kg) of payload, and a cargo capacity of 70.6 cu ft (2.08 m³).

The combination of its cargo space and multiple entry points at the side and rear of the vehicle make the city runabout ideal for a wide range of applications such as fast delivery and tradesmen’s emergency services, hospitality, and facility management.

The LS100 completed all homologation tests in compliance with the standards and requirements of the European Union (EU) in July and received type approval from the EU in August. The LS260 completed all tests in August and received type approval from the EU in October. As a result, both vehicles are eligible for sale in all 27 EU member states and other countries that adopt EU vehicle homologation standards.

“Both the LS260 and LS100 have received a strong response from our European customers and despite supply chain challenges we were able to move deliveries ahead of our original timeline of Q1 2023,” said Peter Wang, Chairman and Chief Executive Officer of Cenntro. “We remain confident that Cenntro is well positioned to meet the growing demands for commercial EVs with vehicles that combine innovation and function without sacrificing performance, creating sustainable value for our customers and shareholders alike.”

About Cenntro Electric Group

Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro's purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro has committed to lead the transformation in the commercial fleets industry to zero-emissions vehicles and develop a full line of zero-emission commercial vehicles through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. 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 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221221005119/en/

Investor Relations Contact:

ir@cenntroauto.com

Source: Cenntro Electric Group Limited

FAQ

What are the key features of Cenntro's Logistar 260 model?

The Logistar 260 offers a payload of around 2,821 lbs and a range of up to 167 miles.

What is the range of the Logistar 100 vehicle from Cenntro?

The Logistar 100 has a range of 100 miles (119 km) according to WLTP standards.

When did Cenntro Electric Group start shipments of their electric vehicles?

Cenntro Electric Group began shipments ahead of the Q1 2023 target.

What type approvals have been received for Cenntro's electric vehicles?

Both the LS260 and LS100 have received type approval from the EU.

How does Cenntro Electric Group address supply chain challenges?

Cenntro reported the ability to move deliveries ahead of schedule despite supply chain challenges.