Cenntro Electric Announces Strategic Action to End Channel Partner Distribution in the US
15 August 2022 - 10:31PM
Business Wire
Cenntro to Assemble and Market its Metro
Product Directly in the US
Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV
technology company with advanced, market-validated electric
commercial vehicles, today announced a strategic action to assemble
its Metro product in-house and market Metro directly to its own
distributors in the United States. Cenntro will now have full
control over the production and sale of the Metro EV model and will
end channel partner distribution in the US.
In 2017, Cenntro introduced the Metro, a low-speed EV in the US.
Five years later, the Metro is now distributed in more than 26
countries and has achieved homologation in more than 32 countries.
The Metro is a unique light electric commercial vehicle designed to
meet a multitude of urban delivery needs and services. Cenntro
began trial production of Metro in 2017 and as of December 31,
2021, has produced more than 3,700 vehicles. Currently, Metro is
sold in Europe, Japan, Korea, Singapore and Israel. Since 2018, the
vehicle has been sold through channel partners in the US but will
now be sold directly by Cenntro.
"The Metro was Cenntro's launch vehicle," said Peter Wang,
Cenntro's Chairman and CEO. "We have been very pleased by its
global market acceptance. Now, we will assemble and distribute our
Metro product directly in US to assure the product quality, reduce
the overhead, improve customer satisfaction and enhance our brand
recognition."
The Metro’s sleek dimensions, short turning radius and generous
cargo capacity caters perfectly to the demands of urban logistics.
The Metro’s advanced components and full vehicle design have been
repeatedly tested in computer simulations with real-world crash
tests to ensure the vehicle’s safety. The Metro offers a low
maintenance costs and high energy efficiency.
About Cenntro Electric Group
Cenntro 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:
www.cenntroauto.com.
Forward-Looking Statements
This 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,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),'' "project(s),'' "forecast(s),''
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized autonomous driving solutions. All
such forward-looking statements are based on management's current
beliefs, expectations and assumptions, and are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the results expressed or implied in this
communication. For additional risks and uncertainties that could
impact Cenntro’s forward-looking statements, please see disclosures
contained in Cenntro's public filings with the SEC, including the
"Risk Factors" in Cenntro's Annual Report on Form 20-F filed with
the Securities and Exchange Commission on April 25, 2022 and which
may be viewed at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220815005178/en/
Investor Relations Contact:
Chris Tyson MZ North America CENN@mzgroup.us 949-491-8235
Company Contact:
PR@cenntroauto.com IR@cenntroauto.com
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