Cenntro Commences Shipments of LS200 Van and Cargo Truck to European Markets

Rhea-AI Summary

Cenntro Electric Group Limited (NASDAQ: CENN) has begun shipping its Logistar 200 (LS200), a multi-purpose light electric commercial vehicle, to European markets. Over 170 vehicles have already been sold and delivered. The LS200, designed for urban delivery, has a one-ton payload and 247 cubic feet of cargo space. CEO Peter Wang expressed satisfaction with the positive market reception and aims to enhance sales and service infrastructure amidst supply chain challenges. This launch supports Cenntro's commitment to zero-emission vehicles and expanding its electric commercial vehicle portfolio.

Positive

• Commencement of LS200 shipments to European markets.
• Over 170 vehicles sold and delivered.
• Strong positive reception of the LS200 in Europe.
• Commitment to meet the growing demand for commercial EVs.

Negative

• Supply chain and logistics challenges reported.

FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, has commenced shipments of the Logistar 200 (“LS200”) multi-purpose, light electric commercial vehicle to European markets, with over 170 vehicles sold and delivered to the local customers.

Cenntro Electric Group's Logistar 200 (“LS200”) multi-purpose, light electric commercial vehicle (Photo: Business Wire)

The LS200 is a multi-purpose, light electric commercial vehicle customized for transporting light goods in urban areas, and N-1 Class urban delivery vehicle specially designed for the EU market. The LS200 has a one-ton payload and a cargo space of 247 cubic feet, when using a cargo box. The LS200 has numerous applications including delivering goods, hospitality and catering, transportation and storage, rental and lease, and other uses by small businesses.

“We are very pleased with the strong reception of our LS200 product line in Europe,” said Peter Wang, Chairman and Chief Executive Officer of Cenntro. “Despite supply chain and logistics challenges we have started shipping the LS200 to European markets, and are receiving positive feedback on the vehicle’s performance and abilities. Looking ahead, we will continue to ramp up sales, production, vehicle distribution and service infrastructure for the LS200 and our full EV portfolio. We are confident we can meet the ever-growing demands for commercial EVs with leading innovations and functionalities, and help create 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/20221028005092/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 Electric Group Limited

FAQ

What is the significance of Cenntro's LS200 launch in Europe?

Cenntro has commenced shipments of the LS200 to European markets, marking an important entry into a growing market for electric commercial vehicles.

How many LS200 vehicles has Cenntro sold in Europe so far?

Cenntro has sold and delivered over 170 LS200 vehicles to local customers in Europe.

What are the specifications of the LS200 electric vehicle?

The LS200 has a one-ton payload capacity and a cargo space of 247 cubic feet, making it suitable for urban deliveries.

What challenges is Cenntro facing with the LS200 launch?

Cenntro noted that supply chain and logistics challenges have affected the launch of the LS200 in European markets.

How does the LS200 fit into Cenntro's overall business strategy?

The LS200 supports Cenntro's strategy of leading the transition to zero-emission vehicles while expanding their electric commercial vehicle offerings.