FREEHOLD, NJ–(BUSINESS WIRE)–May 13, 2022–
Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or the “Company”), a leading electric vehicle technology company with advanced, market-proven electric utility vehicles, today announced the acquisition of a new manufacturing facility in Changxing, Huzhou City, China, for a purchase price of approximately $19.5 million. The new 474,000 square foot facility will allow Cenntro to increase its production capacity.
The facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to increasing capacity, the new site is expected to enable Cenntro to achieve ISO 9000 certification. The new facility will support production of a new Metro® series and will have an expected capacity of 50,000 vehicles per year once fully operational. The facility is expected to begin trial production in the third quarter of 2022.
“This is a crucial acquisition for Cenntro. The new facility will allow us to grow and meet growing demand for our products, especially as we begin to distribute to new markets,” said Peter Wang, President and CEO.
About Cenntro Electric Group Ltd.
Centro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of light and medium electric utility vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of municipal services, last mile delivery and other commercial applications. Cenntro plans to lead the transformation of the automotive industry through scalable, decentralized production and intelligent driving solutions enhanced by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in more than 25 countries in North America, Europe and Asia. For more information, please visit the Cenntro website at: http://www.cenntroauto.com.
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may, but need not, be identified by words such as “may”, “believe”, “anticipate”, “could”, “should”, “intend”, “plan”, “will”. , “goal(s),” “can”,” “should”,” “expect(s),” “estimate(s), ” “project(s),” “forecast(s) ”, “positioned”, “potential”, “goal”, “strategy”, “outlook” and similar expressions. Examples of forward-looking statements include, among others, statements regarding assembly and distribution capabilities, production decentralized and fully digitized 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. actual results differ materially from the results expressed or implied in this communication. Among the key factors that could t cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following: our limited operating history and historical operating losses; our ability to develop and manufacture ECVs of sufficient quality, on time and at scale is still evolving; our ability to introduce new models; potential delays in the launch and production ramp-up of our new ECV models; our reliance on our channel partners to market, sell and service (and in some cases, assemble and/or certify) our vehicles; the impacts of the COVID-19 pandemic on our results of operations, including due to increased shipping costs and shortages of shipping containers and raw materials; our reliance on manufacturing partners and third-party suppliers for substantially all of our vehicle kits and components, respectively, for our new vehicles; our material weakness in our internal control over financial reporting; risks associated with our global operations and expansion, including adverse regulatory, political, legal, economic, tax and labor conditions; changes in Chinese economic, political or social conditions or government policies; and changes in US and international trade policies, particularly with respect to China. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see the information contained in Cenntro’s public filings with the Securities and Exchange Commission, including “Risk Factors” in the Annual Report. of Cenntro on Form 20-F for the year ended December 31. , 2021 filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.
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CONTACT: Investor Relations Contact:
MZ North America
KEYWORD: NEW JERSEY CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE OTHER TRANSPORTATION TRUCKING PUBLIC TRANSPORTATION AUTOMOTIVE MANUFACTURING TRANSPORTATION MANUFACTURING
SOURCE: Centro Electric Group Limited
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PUBLISHED: 05/13/2022 18:06 / DISK: 05/13/2022 18:06