Cenntro Inc. - CENN STOCK NEWS

Cenntro Electric Group Limited (NASDAQ: CENN) plans to showcase its Logistar™ 400 electric vehicle at key industry events including the NYC Fleet Show on May 26, 2022, the Global Fleet Conference from June 7-9, 2022, and the Fleet Forward Tour in Chicago on June 16, 2022. The LS400, designed for urban delivery and freight, targets courier services and delivery vans. CEO Peter Wang expressed enthusiasm for meeting fleet operators and offering test drives to enhance customer engagement and showcase the vehicle's capabilities.

Cenntro Electric Group Limited (NASDAQ: CENN) has acquired a 474,000 square foot manufacturing facility in Changxing, China, for $19.5 million. This acquisition aims to enhance production capacity, targeting an annual output of 50,000 vehicles once operational. The facility, built in 2018, is expected to bolster Cenntro's manufacturing capabilities and assist in obtaining ISO 9000 certification. The trial production is projected to start in Q3 2022, aligning with the company's expansion into new markets.

Cenntro Electric Group Limited (CENN) has formed an alliance with Nuvve Holding Corp. (NVVE) to provide a comprehensive electrification solution for commercial fleets. This collaboration was announced at the Advanced Clean Transportation Expo and aims to simplify the transition to electric vehicles (EVs) by offering bundled Nuvve charging packages alongside Cenntro's U.S. product lineup. The partnership will integrate Cenntro vehicles into Nuvve's Electric Vehicle Charging Infrastructure Hub, enhancing fleet efficiency and supporting grid stability through vehicle-to-grid (V2G) capabilities.

Cenntro Electric Group Limited (NASDAQ: CENN) will showcase its all-electric Logistar™ 400 (LS400) at the Advanced Clean Transportation Expo from May 9-12, 2022, in Long Beach, California. The LS400 is designed for urban delivery and freight, appealing to courier services and upfitters. The exhibit will provide opportunities for test drives, enhancing engagement with potential customers. Management will also hold one-on-one meetings with analysts and investors during the event to discuss company developments and future strategies.

Cenntro Electric Group Limited (NASDAQ: CENN) will hold its Annual General Meeting on May 31, 2022, at 8:00 a.m. EDT in Jacksonville, Florida. Shareholders can attend in person or via an audio webcast. Mr. Simon Tripp will not seek re-election as a Class III director, while Mr. Benjamin Ge is nominated for election to the Board. The company may implement COVID-19 precautions for the meeting. Cenntro has sold over 3,700 vehicles across 25 countries as of December 31, 2021.

Cenntro Electric Group Limited (NASDAQ: CENN) reported a 57.1% increase in net revenue for 2021, reaching $8.6 million compared to $5.5 million in 2020. The company sold 918 electric vehicles, marking a 30% rise from the previous year. Gross profit soared 164% to $1.5 million with a gross margin of 17.5%. However, the company faced increased operating expenses of $18 million, leading to a net loss of $16.4 million. As of December 31, 2021, cash reserves stood at $261.1 million.

Cenntro Electric Group Limited (NASDAQ: CENN) will host a conference call on April 25, 2022, at 5:00 p.m. Eastern time to discuss its financial results for the year ended December 31, 2021. The call will be led by CEO Peter Wang and CFO Edmond Cheng.

A press release detailing these financials will be available on the same date. Participants must register in advance to join the call, which will also be available for replay after 8:00 p.m. Eastern time through May 4, 2022.

Cenntro Electric Group (NASDAQ: CENN) has successfully acquired a 65% equity interest in Tropos Motors Europe GmbH (TME) for €3.25 million, along with assuming a €11.9 million shareholder loan. This acquisition enhances Cenntro's assembly and distribution capabilities in Europe, leveraging TME's established network of 50 dealers across 16 countries. The TME facility in Germany will now assemble Cenntro’s full vehicle line. The rebranding to Cenntro Automotive Europe GmbH aims to boost market presence and brand recognition across EMEA.

Cenntro Electric Group Limited (NASDAQ: CENN) has entered an agreement to acquire a 65% stake in Tropos Motors Europe GmbH for €3.25 million, in addition to assuming a €11.9 million shareholder loan from Mosolf SE & Co. KG. This strategic acquisition, expected to close in March 2022, enhances Cenntro's electric vehicle distribution and assembly capabilities across Europe, including a network of 50 dealers in Germany and 13 importers across Europe. This move is anticipated to significantly accelerate Cenntro's growth in the EMEA region, targeting increased market share in electric commercial vehicles.