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Cenntro Electric Group Completes Acquisition of Majority Interest in Tropos Motors Europe
Acquisition Expands European Assembly Capacity and Distribution Networks in EMEA and Adds a Strategic Customer Network in Europe FREEHOLD, N.J.--(BUSINESS
About this update from Cenntro Inc.
[{"type":"text","content":"\nAcquisition Expands European Assembly Capacity and Distribution Networks in EMEA and Adds a Strategic Customer Network in Europe\n\n FREEHOLD, N.J.--(BUSINESS WIRE)--\nCenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it completed the previously-announced acquisition of a 65% equity interest in Tropos Motors Europe GmbH (“TME”), a wholly owned subsidiary of Mosolf SE & Co. KG (“Mosolf”), for €3.25 million and the assumption of 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million.\n\nTME has been a strategic, private label channel partner and one of the largest customers of Cenntro since 2019. As of March 2022, TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries, including France, Spain, Portugal, the Netherlands, Belgium, Austria, Italy, Denmark, and the Czech Republic, and also sells directly to major fleet providers.\n\nThe acquisition expands Cenntro’s assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe. The TME assembly facility in Herne, Germany will be used for the assembly of the full line of Cenntro’s vehicles for the European market, including the Metro®, the Logistar™ series, and the Neibor® series for last mile on-delivery and related services. TME will change its name to Cenntro Automotive Europe GmbH and all the products distributed will be under the Cenntro brand. Additionally, all former TME dealers will have the ability to distribute Cenntro’s product line.\n\n“This acquisition adds significant capacity to our production and will fast-track our market expansion and brand recognition within EMEA (Europe, Middle East and Africa),” said Peter Wang, Chairman and CEO of Cenntro.\n\nAbout Cenntro Electric Group\n\nCenntro Electric Group (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 ...