Cenntro Electric Group Ltd
NASDAQ:CENN
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Cenntro Electric Group Ltd
Cenntro Electric Group Ltd. is an EV technology company that designs and manufactures electric light and medium duty commercial vehicles. The company is headquartered in Freehold, New Jersey. The company went IPO on 2018-06-20. The firm is a designer and manufacturer of electric light- and medium-duty commercial vehicles (ECVs). Its ECVs are designed to serve a variety of corporate and governmental organizations in support of city services, last-mile delivery and other commercial applications. Its ECV models include Metro, Logistar 400, Logistar 200, Neibor 200 and ORV. Its business model allows it to both design, manufacture, assemble, homologate and sell ECVs to third parties for distribution and service to end-users and distribute manufactured vehicle kits, which are then assembled, homologated, sold and serviced by third parties in their respective markets. The company has also designed and developed in-house a telematics box, which allows its ECVs to send and receive data relating to location, speed, acceleration, braking and battery consumption, among others, to end-users.
Cenntro Electric Group Ltd. is an EV technology company that designs and manufactures electric light and medium duty commercial vehicles. The company is headquartered in Freehold, New Jersey. The company went IPO on 2018-06-20. The firm is a designer and manufacturer of electric light- and medium-duty commercial vehicles (ECVs). Its ECVs are designed to serve a variety of corporate and governmental organizations in support of city services, last-mile delivery and other commercial applications. Its ECV models include Metro, Logistar 400, Logistar 200, Neibor 200 and ORV. Its business model allows it to both design, manufacture, assemble, homologate and sell ECVs to third parties for distribution and service to end-users and distribute manufactured vehicle kits, which are then assembled, homologated, sold and serviced by third parties in their respective markets. The company has also designed and developed in-house a telematics box, which allows its ECVs to send and receive data relating to location, speed, acceleration, braking and battery consumption, among others, to end-users.
Revenue Growth: Cenntro reported net revenue of $5 million for the first half of 2022, up 105% year-on-year, driven by higher sales volumes and improved product mix.
Unit Sales: The company sold 337 electric commercial vehicles in the first half, a 23% increase compared to last year.
Product Expansion: Three new electric commercial vehicle models were launched, with approvals for sale across the EU and initial deliveries scheduled for September 2022.
Gross Margin Pressure: Gross margin fell to 10.6% from 18.3% due to higher input and shipping costs.
Strategic Battery Move: Cenntro established a subsidiary to produce advanced lithium battery cells to secure supply and reduce costs.
Cost Increases: Operating expenses rose sharply to $24.7 million, partly due to one-time compensation and legal costs, leading to a net loss of $23.1 million.
Strong Cash Position: Cash and cash equivalents stood at $183 million as of June 30, 2022.
Distribution Strategy Shift: The company moved from channel partnerships to direct B2B sales, with new assembly and service facilities opening in the US and Europe.
