Popular on s4story
- Keepy Uppy™ by Ollyball Wins Prestigious 2025 Influencer Award from Clamour & The Toy Association; Announces Fall 2025 Launch at Target Stores
- Jasmine Farrell Releases New LGBTQ+ Poetry Collection - Rising From the Roots
- Venardi Zurada LLP Offers Legal Support to Families After Deadly Lake Tahoe Boat Capsizing
- K2 Integrity's U.S. and EMEA Teams Recognized in Chambers and Partners 2025 Guides
- Elevated Healing Treatment Centers: Redefining Mental Health Care with Compassionate, Evidence-Based, and Accessible Services
- Holiday Inn Express North Hollywood Burbank Area Announces Conversion to Hampton Inn North Hollywood
- Lottery.com Inc. Secures $300 Million in Growth Capital, Confirms Nasdaq Compliance & Acquires UAE Sports Incubator Amid High-Profile Brand Exposure
- ASI Accelerates iMIS® Innovation by Acquiring CSI's Product Suite and Expert Team
- Anna D. Banks' Street Smart, Money Smart Hits #1 on Amazon Teen & Young Adult New Releases Chart
- Nationally Recognized Hispanic Activist and Businessman, Luis Figueroa, to speak at CPAC Latino 2025, Showcasing Hispanic Leadership in Action
Similar on s4story
- Santa Monica Businesses Push Back on Bus Stop Relocation That Threatens Access and Safety
- The Blue Luna Encourages Local Schools to Take Steps to Enhance Safety for Students and Staff
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
Cenntro Electric Group Expands Global Production Capacity with Acquisition of Advanced Manufacturing Facility in China
S For Story/10537428
FREEHOLD, N.J.--(BUSINESS WIRE)--Cenntro Electric Group Limited (NASDAQ: CENN) ("Cenntro" or the "Company"), a leading EV technology company with advanced, market-validated electric commercial 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 expand its production capacity.
The facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to expanding capacity, the new site is expected to enable Cenntro to obtain ISO 9000 certification. The new facility will support the production of a new Metro® series and have an expected capacity of 50,000 vehicles annually once fully operational. The facility is expected to begin trial production in the third quarter of 2022.
"This is a critical acquisition for Cenntro. The new facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets," said Peter Wang, Chairman and CEO.
About Cenntro Electric Group Ltd.
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 plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in over 25 countries across North America, Europe and Asia. For more information, please visit Cenntro's website at: http://www.cenntroauto.com.
More on S For Story
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,'' "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. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our limited operating history and historical losses from operations; our ability to develop and manufacture ECVs of sufficient quality, on schedule and on a large scale is still evolving; our ability to introduce new models; potential delays in launching and ramping up production of our new ECV models; our reliance on our channel partners to market, sell and service (and in certain cases, assemble and/or homologate) our vehicles; the impacts of the COVID-19 pandemic on our operating results, in particular due to the increase in shipping costs and shortages of shipping containers and raw materials; our reliance on third party manufacturing partners and 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 unfavorable regulatory, political, legal, economic, tax and labor conditions; changes in China's economic, political or social conditions or government policies; and changes in U.S. and international trade policies, particularly with regard to China. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see the disclosures contained in Cenntro's public filings with the Securities and Exchange Commission, including "Risk Factors" in Cenntro's Annual Report 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.
More on S For Story
Contacts
Investor Relations Contact:
Chris Tyson
MZ North America
CENN@mzgroup.us
949-491-8235
Company Contact:
PR@cenntroauto.com
IR@cenntroauto.com
The facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to expanding capacity, the new site is expected to enable Cenntro to obtain ISO 9000 certification. The new facility will support the production of a new Metro® series and have an expected capacity of 50,000 vehicles annually once fully operational. The facility is expected to begin trial production in the third quarter of 2022.
"This is a critical acquisition for Cenntro. The new facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets," said Peter Wang, Chairman and CEO.
About Cenntro Electric Group Ltd.
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 plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in over 25 countries across North America, Europe and Asia. For more information, please visit Cenntro's website at: http://www.cenntroauto.com.
More on S For Story
- Psychedelics for Vets? CCHR Cites History of Exploitation and Failed Science
- GreenPal Empowers Lawn Care Pros Leveraging AI, Surpasses 5 Million Transactions
- Bilingual Children's Book Where Nopalitos Grow Added to Los Angeles Public Library Collection
- Children's Book Series Sofia & Cleo Celebrates Autism Acceptance with Kickstarter Launch
- Interview with Dr. Eboni Ivory Green About Her New Book - Journey Beyond the Yellow Brick Road
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,'' "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. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: our limited operating history and historical losses from operations; our ability to develop and manufacture ECVs of sufficient quality, on schedule and on a large scale is still evolving; our ability to introduce new models; potential delays in launching and ramping up production of our new ECV models; our reliance on our channel partners to market, sell and service (and in certain cases, assemble and/or homologate) our vehicles; the impacts of the COVID-19 pandemic on our operating results, in particular due to the increase in shipping costs and shortages of shipping containers and raw materials; our reliance on third party manufacturing partners and 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 unfavorable regulatory, political, legal, economic, tax and labor conditions; changes in China's economic, political or social conditions or government policies; and changes in U.S. and international trade policies, particularly with regard to China. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see the disclosures contained in Cenntro's public filings with the Securities and Exchange Commission, including "Risk Factors" in Cenntro's Annual Report 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.
More on S For Story
- Rhyming Dog Detective Book for Kids Ages 3–7 Wins Praise from Parents and Teachers
- Santa Monica Businesses Push Back on Bus Stop Relocation That Threatens Access and Safety
- Romance Lovers, Join the Becoming at The Starlight Bond Blog!
- Author Corrie Gallien Launches Groundbreaking Book On The Economic Impact of Abusive Relationships
- Eliza Nevius Reimagines a Classic with a Dark, Witty Twist in The Key to Wonderland
Contacts
Investor Relations Contact:
Chris Tyson
MZ North America
CENN@mzgroup.us
949-491-8235
Company Contact:
PR@cenntroauto.com
IR@cenntroauto.com
Filed Under: Business
0 Comments
Latest on S For Story
- "Menace: An Agent Dean Cold Novel" by Ray Keating Lands Soon!
- The World's Largest Green Economic Revolution Emerges as Nature, Tech, and Finance Converge
- Vinnetwork Unveils Decentralized AI Platform with Vinnetwork(VIN) Token to Challenge Tech Giants' Data Monopoly
- The Starlight Bond: A Romantasy Saga - Ignites a New Dawn on Amazon
- Centennial Flyers to Become Colorado's First Launch Customer for All-Electric B23 Energic Aircraft
- Pyro Marketing Opens New Digital Marketing Company to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- Digi 995 Expands Its Universe: All Three Novels Now Available in Paperback Worldwide
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- New Political Thriller X – Revolution by Jason Alexander Challenges Power with Truth
- Former Teacher to Dr. Phil's Critique: "Unschooling Isn't Chaos — It's the Future"
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Curtis Sergeant's Book The Only One Continues to Equip Christians to Live Fully in by and for God
- Emmy-Winning Journalist José Martínez to Debut Powerful New Book at New York Mobile Film Festival
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- Wordeee Publishes Casting Pros to Know: Reality TV Edition by Asjai Lou
- Digi 995 Audiobooks Officially Released: Fans Can Now Listen to the Complete Trilogy