Business
Cenntro Announces Second Quarter 2024 Financial Results
FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Inc. (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading electric commercial vehicle company with advanced,
About this update from Cenntro Inc.
[{"type":"text","content":" FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro Inc. (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading electric commercial vehicle company with advanced, market-validated, and purpose-built vehicles, has reported its financial and operational results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Financial and Operational Highlights:\n\n\n\nSecond quarter 2024 net revenue of $8.32 million increased 96.4% compared to $4.24 million for the second quarter of 2023.\n\n\n\nU.S. sales volume increased to $4.9 million in the second quarter of 2024 from $33,000 for the second quarter of 2023.\n\n\n\nAdjusted EBITDA loss for the second quarter of 2024 of $7.27 million compared to a loss of $12.5 million for the second quarter of 2023.\n\n\n\nSold 255 Electric Commercial Vehicles in the second quarter of 2024.\n\n\n\nSold 33 Logistar™ 400 Class 4 vehicles in the U.S. market compared to zero in the second quarter of 2023.\n\n\n\nSold 53 Avantier™ vehicles in Europe and South American markets in the second quarter of 2024 compared to zero in the second quarter of 2023.\n\n\n\nSold 429 iChassis kits in the second quarter of 2024 compared to zero in the second quarter of 2023.\n\n\n\nOntario assembly facility in California began full assembly operations in the second quarter of 2024.\n\n\n\nPeter Wang, chief executive officer, explained: “The second quarter of 2024 demonstrated a strong cadence of Cenntro products being sold and delivered in the U.S. market. In the second quarter we sold 255 vehicles compared to 235 vehicles in the prior year period. We sold 429 units of our iChassis in the second quarter, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. We anticipate sales momentum will continue to build in the quarters ahead due to our sales process and growth strategy.\n\n\n“During the second quarter of 2024 we continued our introduction of next-generation vehicles with the newest Logistar® series model, the Logistar® 210 ('LS210') being sold in the European and other global markets. The LS210 is a light duty electric commercial vehicle customized for transporting light goods in urban areas, replacing the LS200 because it meets new European regulations. We also recently received a California Air Resources Board ('CARB') 'Executive Order' and ...