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Cenntro Electric Group Announces First Quarter 2023 Unaudited Financial Results
Q1 2023 Net Revenue Increased 90% to $3.5 million FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the
About this update from Cenntro Inc.
[{"type":"text","content":"\nQ1 2023 Net Revenue Increased 90% to $3.5 million\n\n\n FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles (“ECVs”), today announced its financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Financial and Operating Highlights\n\n\n\nNet revenue of $3.5 million increased 90% year over year attributable to higher average selling prices and expanded go-to-market strategy that includes a direct in-country sales model.\n\n\n\nCommenced production of the LS400, Teemak and Metro electric commercial trucks at the Company’s new 100,000 sq. ft. assembly facility in Jacksonville, FL.\n\n\n\nCommenced production of the LS400 and Metro electric commercial trucks at the company’s 40,000 sq. ft. assembly facility in Howell, NJ., in which 25,000 sq. ft. is dedicated to the LS 400 and the remaining 15,000 sq. ft. is dedicated for other models.\n\n\n\nCommenced assembly and production of battery packs using lithium iron phosphate (“LFP”) battery cells and proprietary battery management technologies in our U.S. and German facilities for the Metro vehicle line.\n\n\n\nPremiered five new vehicles at the 2023 Consumer Electronics Show (CES®), one of the world’s largest technology trade shows.\n\n\n\nAchieved certification by the California Air Resources Board for the LS400, allowing the vehicle to be considered for monetary incentives including the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”).\n\n\n\nEntered Central and Latin American markets by adding dealerships and making initial deliveries in Mexico, the Dominican Republic, Honduras, and Jamaica.\n\n\n\n“The first quarter of 2023 was highlighted by the expansion of the Howell, New Jersey facility and the opening of the Jacksonville facility in the U.S. to support demand, large-scale deployment and sales expansion in U.S. regional markets,” said Peter Wang, Chairman and Chief Executive Officer. “We continue to make solid progress towards our goal of becoming a leading designer and manufacturer of ECVs as supply chain logistics improve, including the commencement of production and assembly at five facilities globally. To align with our go-to-market strategy for ...