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Cenntro Electric Group Expands Global Production Capacity with Acquisition of Advanced Manufacturing Facility in China
Production Capacity of 50,000 Vehicles Annually Once 474,000 Square Foot Facility Becomes Fully Operational FREEHOLD, N.J.--(BUSINESS WIRE)-- Cenntro
About this update from Cenntro Inc.
[{"type":"text","content":"\nProduction Capacity of 50,000 Vehicles Annually Once 474,000 Square Foot Facility Becomes Fully Operational\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, today announced the acquisition of a new manufacturing facility in Changxing, Huzhou City, China, for a purchase price of approximately $19.5 million. The new 474,000 square foot facility will allow Cenntro to expand its production capacity.\n\nThe facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to expanding capacity, the new site is expected to enable Cenntro to obtain ISO 9000 certification. The new facility will support the production of a new Metro® series and have an expected capacity of 50,000 vehicles annually once fully operational. The facility is expected to begin trial production in the third quarter of 2022.\n\n“This is a critical acquisition for Cenntro. The new facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets,” said Peter Wang, Chairman and CEO.\n\nAbout Cenntro Electric Group Ltd.\n\nCenntro Electric Group Ltd. (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 iChassis. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in over 25 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at: http://www.cenntroauto.com.\n\nForward-Looking Statements\n\nThis communication contains \"forward-looking statements\" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as \"may,'' \"believ...