Cenntro Inc. - CENN STOCK NEWS

Cenntro Electric Group Limited (NASDAQ: CENN) will unveil its Logimax H864, a hydrogen-powered Class 8 Semi Tractor, at the 2023 CES in Las Vegas from January 5-8. This marks Cenntro's first hydrogen fuel cell vehicle and heavy-duty truck. Weighing 25 tons, the LMH864 is suitable for short- and long-haul applications, utilizing sustainable hydrogen fuel cells to produce only water as a byproduct. Expected availability is in Q3 2023 in North America and Europe, catering to the demand for zero-emission logistics.

Cenntro Electric Group Limited (NASDAQ: CENN) has launched six new EV Centers in Spain, Italy, Poland, Turkey, Morocco, and the Dominican Republic, expanding its global distribution system. These centers support sales, deliveries, and after-market services and integrate a cloud-based parts distribution system for efficient operation. The CEO, Peter Wang, emphasized that these centers are critical for scaling operations, reducing logistics costs, and minimizing downtime for customers. This move signals Cenntro's commitment to growing its electric vehicle market share and enhancing customer service.

Cenntro Electric Group Limited (NASDAQ: CENN) will debut its production iChassis at CES 2023 on January 4. This event, held in Las Vegas from January 5-8, showcases innovative electric commercial vehicles designed for urban logistics and zero-emission applications. The iChassis allows for automated driving and is expected to drive new applications in commercial sectors. Investor meetings will be conducted at Booth 5840, featuring a complete range of Cenntro's electric vehicle line.

Cenntro Electric Group Limited (NASDAQ: CENN) has completed the construction of a 10,436 square meter facility for its U.S. subsidiary, Cennatic Power Inc., which will produce advanced lithium-ion batteries for electric commercial vehicles. The facility in Monterrey, Mexico, is set to begin trial production in the first half of 2023, aiming to reduce dependency on foreign supply chains. This initiative aligns with the new Inflation Reduction Act, potentially qualifying Cenntro's EVs for tax credits. The technology promises enhanced battery performance and cost efficiencies.

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.

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.

Cenntro Electric Group Limited (NASDAQ: CENN) has announced a significant milestone with its All Electric Class 4 Logistar 400 (LS400) model completing EPA tests. This achievement moves the LS400 closer to customer sales in the United States. The LS400 is designed for urban and suburban duty cycles, targeting last-mile delivery and vocational services. Cenntro's Chairman and CEO, Peter Wang, emphasized that this completion is a critical step in the homologation process, paving the way for customer deliveries.

Cenntro Electric Group Limited (NASDAQ: CENN) announced the appointment of Dr. Yi Zeng to its Board of Directors, bringing over 30 years of industry experience. Dr. Zeng has held leadership roles in various global companies and is expected to contribute significantly to the expansion of Cenntro's electric commercial vehicle range in North America, Europe, and Asia. His term lasts until the Company's 2023 Annual Meeting. Additionally, Justin Davis Rice has resigned from the board, where he previously served as Chairman.

Cenntro Electric Group Limited (NASDAQ: CENN) reported a remarkable 105% increase in net revenue for the first half of 2022, totaling $5.0 million compared to $2.5 million in the same period last year. Vehicle sales surged by 23%, reaching 337 units. The company has significantly strengthened its cash position, with $183.0 million in cash and equivalents. However, the net loss widened to $23.1 million from $4.5 million, driven by increased operating expenses.