Cenntro Completes Delivery of Over 1,000 Autonomous Driving Delivery Vehicles with iChassis Platforms in 2024

Rhea-AI Summary

Cenntro (NASDAQ: CENN) announced the delivery of over 1,000 autonomous driving delivery vehicles with iChassis 100 platforms to third-party contractors in China during 2024. The iChassis 100, designed and manufactured by Cenntro, serves as a foundational component for autonomous commercial vehicles.

The company has developed dedicated autonomous vehicle production lines and testing facilities to support large-scale manufacturing. Following its initial production phase in 2023, Cenntro experienced strong demand for its iChassis platform and autonomous vehicle manufacturing capabilities both domestically and internationally. The company currently manufactures autonomous commercial vehicles exclusively for third-party contractors in China, where it plans to expand its footprint by integrating proprietary autonomous driving software and hardware.

Positive

• Delivered over 1,000 autonomous vehicles in 2024
• Strong demand following 2023 pilot production
• Established dedicated production lines and testing facilities
• Expanding market presence in China

Negative

• to Chinese market operations currently
• Dependent on third-party contractors for sales

Insights

Automotive Industry Analyst

The delivery of over 1,000 autonomous vehicles in 2024 represents a important validation of Cenntro's pivot toward smart chassis platforms and autonomous technology. This achievement carries several important implications for investors:

The iChassis platform strategy is particularly noteworthy as it positions Cenntro as both a hardware provider and enabler of autonomous solutions - a model similar to successful tech suppliers in the traditional automotive sector. The dedicated production lines and testing facilities suggest significant capital investment, though the return on this investment will depend on sustained demand and pricing power.

Key considerations for investors:

• The focus on third-party contractors in China provides a clear go-to-market strategy while limiting direct competition with major autonomous vehicle players
• The successful delivery volume indicates strong production capabilities and supply chain management, critical factors for scaling in the EV space
• Exclusive manufacturing for Chinese market currently limits growth potential but reduces regulatory complexity
• The proprietary integration of autonomous driving software and hardware could create valuable intellectual property, though competitive advantages remain to be proven

While the milestone is positive, investors should note that the autonomous commercial vehicle market in China is increasingly competitive, with multiple players vying for market share. The company's ability to maintain technological differentiation and cost advantages will be important for long-term success.

Smart Chassis Platform Demand Continues to Drive Expansion in China

FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) (“Cenntro” or “the Company”), a pioneering innovator in electric commercial vehicles, with advanced, market-validated, and purpose-built vehicle and smart technology products, today announced that it delivered more than 1,000 autonomous driving delivery vehicles incorporating the iChassis 100 in the 2024 calendar year to third-party contractors in China.

Cenntro iChassis 100 (Photo: Business Wire)

The iChassis 100 is a smart chassis platform designed and manufactured by Cenntro, serving as a foundational component for autonomous commercial vehicles. To support large-scale production, Cenntro developed dedicated autonomous vehicle production lines and testing facilities, enabling the manufacture of various autonomous commercial vehicles.

In 2024, Cenntro produced and delivered over 1,000 autonomous delivery trucks utilizing its smart chassis platform for third-party contractors. Following its initial production phase in 2023, the Company experienced strong demand for its iChassis platform and autonomous vehicle manufacturing capabilities, both in China and abroad. The company believes this achievement underscores the growing demand for Cenntro’s advanced, market-validated, and purpose-built autonomous vehicle platforms.

Reflecting on this achievement, Peter Wang, CEO of Cenntro Inc., stated:
"Following the pilot production of our iChassis products, we witnessed significant demand from third-party contractors in China. Our autonomous vehicle production capabilities and iChassis platforms are being embraced by this growing industry, and we are pleased with the strong reception."

At present, Cenntro exclusively manufactures autonomous commercial vehicles for third-party contractors in China where the Company intends to expand its footprint, integrating their proprietary autonomous driving software and hardware.

About Cenntro

Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles (“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/20250207625093/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

How many autonomous vehicles did Cenntro (CENN) deliver in 2024?

Cenntro delivered more than 1,000 autonomous driving delivery vehicles incorporating the iChassis 100 platform to third-party contractors in China during 2024.

What is the iChassis 100 platform by Cenntro (CENN)?

The iChassis 100 is a smart chassis platform designed and manufactured by Cenntro that serves as a foundational component for autonomous commercial vehicles.

Where does Cenntro (CENN) currently sell its autonomous vehicles?

Cenntro currently manufactures autonomous commercial vehicles exclusively for third-party contractors in China.

What manufacturing capabilities has Cenntro (CENN) developed for autonomous vehicles?

Cenntro has developed dedicated autonomous vehicle production lines and testing facilities to enable the manufacture of various autonomous commercial vehicles at scale.

What are Cenntro's (CENN) expansion plans for its autonomous vehicle business?

Cenntro plans to expand its footprint in China by integrating their proprietary autonomous driving software and hardware.