Business
Cenntro Electric Group Announces Second Quarter 2023 Unaudited Financial Results
Q2 2023 Net Revenue Increased 32% to $4.2 million Number of Vehicles Sold Increased Sequentially by 82% to 235 Vehicles Gross Profit Margin Increased 2,180
About this update from Cenntro Inc.
[{"type":"text","content":"\nQ2 2023 Net Revenue Increased 32% to $4.2 million\n\n\nNumber of Vehicles Sold Increased Sequentially by 82% to 235 Vehicles\n\n\nGross Profit Margin Increased 2,180 bps to 27.1%\n\n\nAverage Selling Price Increased 11% to Approximately $18.6 Thousand\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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Financial and Operating Highlights\n\n\n\nNet revenue of $4.2 million increased 32% year over year.\n\n\n\nSales volume increased by 26% year over year and 82% sequentially quarter over quarter to 235 vehicles.\n\n\n\nAverage selling price (“ASP”) increased 11% year over year to approximately $18,600.\n\n\n\nAdjusted EBITDA for the quarter is a loss of $12.5 million compared to a loss of $12.2 million for Q2 2022.\n\n\n\nEntered collaboration agreement with EAVX, a JB Poindexter & Co Inc. Business Unit, to develop innovative and industry-leading All-Electric last mile and vocational work truck solutions.\n\n\n\nAchieved certification by the California Air Resources Board for the LS400 and the Metro®, 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\nCenntro was recognized as a Clean Vehicle Manufacturer by the U.S. Internal Revenue Service which will allow Cenntro vehicles to be eligible for vehicle tax credits of up to $40,000 under Internal Revenue Code (IRC) 45W.\n\n\n\nAnnounced a new assembly plant in Ontario, California, scheduled to be operational in the third quarter of 2023, to position the company for future sales on West Coast, the leading market for EV adoption.\n\n\n\nOpened sales in the Central American and Caribbean markets with the Logistar® 100 and Logistar® 260.\n\n\n\n“Our sales momentum in the second quarter continued to ramp up as distribution expanded from the first quarter of 2023. We also qualified as a Commercial Clean Vehicle Manufacturer with the U.S. Internal Revenue Service and the LS400 and Metro received certification from the California Air Resources Board. Both actions open our vehicles to signif...