FREEHOLD, N.J. - Cenntro Inc. (NASDAQ: CENN), a prominent electric commercial vehicle manufacturer, has announced that its Logistar 300 (LS300) model has received certification from both the California Air Resources Board (CARB) and the United States Environmental Protection Agency (EPA).
The CARB Executive Order, received on June 21, 2024, designates the LS300 as a zero-emissions vehicle in California, while the EPA's Certificate of Conformity verifies compliance with federal emissions standards under the Clean Air Act.
The LS300, a versatile all-electric, light-duty, class 3 vehicle, is designed to cater to a range of commercial needs. It is available as a cab and chassis or with an optional delivery van body and can be upfitted for various applications. Boasting a mileage range of 194-217 miles, the LS300 is positioned to enhance the efficiency of last-mile delivery operations.
Peter Wang, Chairman and CEO of Cenntro, highlighted the LS300's multi-functional capabilities and its alignment with the electrification trend in fleet management. Production of the LS300, including both cab-chassis and delivery van models, is set to occur at Cenntro's recently established facility in Ontario, California.
The certifications from CARB and EPA enable Cenntro's California-based customers to qualify for end purchaser incentives, including participation in the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Cenntro's product lineup ranges from class 1 to class 4 trucks, reflecting the company's commitment to offering purpose-built electric commercial vehicles (ECVs) for various commercial applications. The company is also focused on expanding its global supply chain, manufacturing, distribution, and service capabilities for its innovative and reliable products.
This news is based on a press release statement and includes forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Interested parties can view the relevant disclosures and risk factors in Cenntro's public filings with the SEC.
In other recent news, Cenntro Inc., a leading electric commercial vehicle manufacturer, has unveiled its new Logistar 210 (LS210), a light-duty electric commercial van set to hit European and global markets.
The LS210 has received European N1 type approval, a crucial certification for commercial vehicles in the European Union. This approval follows Cenntro's attainment of the EU's required Certificates of Compliance for Cybersecurity Management System and Software Update Management System in December 2023.
Moreover, Cenntro recently announced the successful delivery of over twenty Class 4 Logistar® 400 (LS400) electric commercial vehicles across the United States. The company's CEO, Peter Wang, confirmed that production and delivery of the LS400 are escalating, following extensive testing and certification.
Cenntro aims to leverage its California Air Resources Board (CARB) certification and Zero-Emission Powertrain Certification (ZEP) to boost sales in California and support the electrification of commercial fleets nationwide.
These recent developments showcase Cenntro's commitment to evolving its product line in response to the growing demand for environmentally friendly and technologically advanced commercial vehicles. The company continues to enhance its product capabilities through advancements in battery technology, powertrain, and smart driving technologies.
As part of its expansion strategy, Cenntro is also strengthening its global supply chain, manufacturing, distribution, and service capabilities to support its innovative and reliable products.
InvestingPro Insights
In the wake of Cenntro Inc.'s (NASDAQ: CENN) recent certifications for its Logistar 300 model, the company's financial health and stock performance are of particular interest to investors. Cenntro's market capitalization stands at a modest $55.41 million, reflecting the size and scale of the company within the electric vehicle sector.
A notable "InvestingPro Tip" for Cenntro is its significant return over the last week, with a 7.69% price total return, which could be indicative of positive market reception to the recent certifications. Moreover, over the last three months, the company has seen a strong return of 23.81%, suggesting a growing confidence among investors in the short term.
Despite these positive short-term movements, Cenntro has not been profitable over the last twelve months, and the stock price has experienced considerable volatility. The company's price has fallen by 57.67% over the last year, which may raise concerns about its long-term performance.
From a financial standpoint, Cenntro's gross profit margin stands at 9.44% for the last twelve months as of Q1 2024, which indicates some challenges in achieving high profitability. Additionally, the company's operating income margin is at -221.07%, highlighting the difficulties in managing operational costs relative to its revenue.
For investors interested in a deeper analysis of Cenntro's performance and potential, InvestingPro provides additional "InvestingPro Tips." There are currently 14 more tips available on InvestingPro's platform, which can be accessed at https://www.investing.com/pro/CENN. These tips offer valuable insights into aspects such as cash burn rate, debt levels, and valuation metrics.
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