Cenntro Facility in Herne, Germany Begins Assembly of Metro and TeeMak Models

Rhea-AI Summary

Cenntro Electric Group Limited (NASDAQ: CENN) has announced the completion of its production transition at its Herne, Germany facility following its acquisition of Cenntro Automotive Europe. The facility has started assembly of the Metro and TeeMak models, expanding its manufacturing capabilities. Cenntro has also launched two new vehicle models, the Logistar 100 and Logistar 260, and begun deliveries of the Logistar 200 across Europe. This strategic move aligns with market demands, aiming to enhance capacity and customer service.

Positive

• Successful transition of production at the Herne facility.
• Assembly of Metro and TeeMak models initiated.
• Launch of Logistar 100 and Logistar 260 models.
• Commenced deliveries of Logistar 200 in Europe.

Negative

• None.

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 that its facility in Herne, Germany, acquired through its acquisition of Cenntro Automotive Europe, has completed its production transition and had begun assembly of two Cenntro models, the Metro and the TeeMak.

This latest expansion is one of several milestones that Cenntro has made in recent months. In addition to expansion of its manufacturing facilities, Cenntro has recently launched two new models, the Logistar 100 and the Logistar 260, and commenced deliveries of the Logistar 200 in Europe.

“We’re very pleased to announce the full transition of the first two lines at the Herne facility,” said Peter Wang, Cenntro Chairman and CEO. “The Herne facility will allow us to meet the growing market demands of our European customers.”

The Herne facility is comprised of an assembly area and engineering center, along with several acres designated for product storage. While the Herne facility is initially set up to assemble the Metro and TeeMak, Cenntro anticipates adding assembly of vehicles from the Logistar line and the Antric One Cargo Bicycle in the near future.

“Assembling the Metro and the TeeMak at the Herne facility enables Cenntro to better align our vehicles with our customers’ demands,” continued Wang. “Through the addition of this strategic assembly location, Cenntro can remain at the forefront of industry by providing increased capacity and outstanding customer service for both current and prospective partners.”

About Cenntro Automotive Europe

Cenntro Automotive Europe, formerly known as Tropos Motors Europe, offers a wide range of electric commercial vehicles for urban and rural areas, internal transport and almost any application. Whether cities and municipalities, delivery services, courier, express and parcel service providers, food trade, facility management, gardening and landscaping, tourism, industry and intralogistics, amusement parks or zoos. Our locally emission-free electric transporters can easily replace combustion engine commercial vehicles on short and medium-haul routes. www.cenntro-motors.eu

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 of commercial fleets 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/20221108005706/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 models is Cenntro assembling at the Herne facility?

Cenntro is currently assembling the Metro and TeeMak models at its Herne facility.

When did Cenntro announce the completion of its production transition?

Cenntro announced the completion of its production transition at the Herne facility in the recent press release.

What new models has Cenntro launched recently?

Cenntro has launched the Logistar 100 and Logistar 260 models.

What is Cenntro's stock symbol?

Cenntro's stock symbol is CENN.