Business
Cenntro Electric Group Announces First Half 2022 Unaudited Financial Results
1H22 net revenue increased by 105% year on year 1H22 number of vehicles sold increased 23% year on year Management to Host Conference Call on Tuesday,
About this update from Cenntro Inc.
[{"type":"text","content":"\n1H22 net revenue increased by 105% year on year\n\n1H22 number of vehicles sold increased 23% year on year\n\nManagement to Host Conference Call on Tuesday, September 13 at 5:30 p.m. ET\n\n FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading EV technology company with advanced, market- validated electric commercial vehicles (“ECVs”), today announced its financial results for the first half year ended June 30, 2022.\n\nFirst Half 2022 Operational and Financial Highlights\n\n\nThe number of commercial vehicles sold was 337 units, an increase of 23% from 273 units sold in the same period of 2021.\n\n\nNet revenue was $5.0 million, an increase of 105% from $2.5 million in the same period of 2021.\n\n\nCash and cash equivalents were $183.0 million as of June 30, 2022, compared with $2.0 million as of June 30, 2021.\n\n\n“During the first half of 2022, we continued to execute on our strategic initiatives and grow our topline despite a challenging macroeconomic environment. Sales volume of our electric commercial vehicles reached 337 units, representing an increase of 23% year-over-year. Out of that, we sold 132 units of our newly launched Logistar 200 (the “LS 200”) model, which doubled our average selling price. This demonstrates our capabilities for executing our tiered product strategy while addressing various customer demands amidst global uncertainty,” said Peter Wang, Chief Executive Officer.\n\nMr. Wang continued, “We also made progress across multiple fronts during the first half of 2022. First, we introduced three new EV products, the Logistar 100 (the “LS 100”), Logistar 260 (the “LS 260”) for the European market and Logistar 400 (the “LS 400”) for the North American market. We have already begun receiving pre-orders for these new products. These new vehicles come with higher price points and will continue to improve our product mix. Second, we made the strategic decision to bring advanced battery technology and production in-house, which will strengthen our supply chain. Third, we started new vehicle assembly in the U.S. and Europe as well as began building out our EV distribution and services infrastructure. These initiatives set a strong foundation to accelerate our growth. Going forward, we believe our expanded product lineup and leading technology wi...