Cenntro Produces and Delivers First Logistar 200 Light Urban Delivery Electric Vehicles to European Markets

Rhea-AI Summary

Cenntro Automotive achieved a record production of 628 electric vehicles in December 2021, marking its highest monthly output. The company continues to see strong demand for its Logistar 200 model in Europe and the U.S. Cenntro reaffirmed its 2022 delivery guidance of at least 20,000 vehicles, supported by a working capital boost from its merger with Naked Brand Group. The company’s leadership expressed confidence in meeting production targets and accelerating growth in the coming years.

Positive

• Produced 628 electric vehicles in December 2021, the highest volume to date.
• Strong demand for the Logistar 200 model in European and American markets.
• Reaffirmed delivery guidance of at least 20,000 vehicles for 2022.
• Working capital injection from the merger with Naked Brand Group to enhance growth prospects.

Negative

• None.

Cenntro produced 628 electric vehicles in December 2021, its highest volume in a single month to date

Company reiterates 2022 delivery guidance for at least 20,000 vehicles as it continues to ramp up production facilities

FREEHOLD, N.J., Dec. 27, 2021 (GLOBE NEWSWIRE) -- Cenntro Automotive (“Cenntro”, the “Company” or “We”), a leading EV technology company with advanced, market-validated commercial vehicles, today announced that it produced and shipped 628 the newly launched model Logistar 200, or LS200, a light urban delivery vehicle purpose-built to navigate European streets. The Company has experienced strong demand from its European and American customers for its new models. The company today also reaffirmed its 2022 guidance to deliver a minimum of 20,000 vehicles.

“We are excited about our achievements in December, the successful launch of new model LS 200 in the European markets, and the ability to ramp up our production for the different models. These are significant milestones for a successful electric vehicle business. We not only demonstrated our abilities to design and produce innovative electric vehicles that address the needs of growing market demand, but we also continue to demonstrate our capabilities to produce and deliver the vehicles to our customers.” said Peter Wang, Cenntro's Chairman and Chief Executive Officer, “With the working capital injection from the merger with Naked Brand Group, and the market demand for our vehicles, we are confident that we will meet our production guidance of 20,000 vehicles next year. We are well positioned for accelerated growth in 2022 and beyond.”

About Cenntro Automotive Group

A leading EV technology company with advanced, market-validated commercial vehicles, which has entered into a definitive merger agreement with Naked Brand Group Limited (NASDAQ:  NAKD) with Cenntro’s shareholders to own approximately 70% of the combined entity on a fully-diluted basis. Cenntro leads the transformation in the automotive industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has sold and delivered 3300 commercial EVs in more than 26 countries as of Dec 2020. For more information about the company, please visit www.cenntroauto.com.

For further information:

Investor Contact

IR@cenntroauto.com

Media Contact

PR@cenntroauto.com

FAQ

What was Cenntro Automotive's production volume in December 2021?

Cenntro Automotive produced 628 electric vehicles in December 2021.

What is the delivery guidance for Cenntro Automotive in 2022?

Cenntro Automotive reiterated its guidance to deliver at least 20,000 vehicles in 2022.

What model did Cenntro Automotive launch successfully in December 2021?

Cenntro Automotive successfully launched the Logistar 200 model, a light urban delivery vehicle.

What merger is Cenntro Automotive involved in?

Cenntro Automotive has entered a definitive merger agreement with Naked Brand Group.

What percentage of the combined entity will Cenntro's shareholders own after the merger?

Cenntro's shareholders are expected to own approximately 70% of the combined entity on a fully-diluted basis.