FREEHOLD, N.J. - Cenntro Inc. (NASDAQ: CENN), a prominent electric commercial vehicle manufacturer, announced the release of its latest Logistar series model, the Logistar 210 (LS210), which is set to be sold in European and other global markets. The LS210 is a light-duty electric commercial van designed for urban goods transportation and is a successor to the LS200 model.
The company highlighted that the LS210 has received European N1 type approval, which is essential for commercial vehicles operating in the European Union. This approval comes after Cenntro obtained the EU's required Certificate of Compliance for Cybersecurity Management System (UN Regulation number: R155) and Certificate of Compliance for Software Update Management System (UN Regulation number: R156) in December 2023. These certifications are crucial for vehicle original equipment manufacturers (OEMs) as they set the standards for vehicle cybersecurity and the safety of both the vehicle and its passengers.
Cenntro's CEO, Peter Wang, stated that the company is diligently developing new vehicle models to meet market demands and align with new technologies. The LS210 is equipped with advanced features such as an advanced driver-assistance system, crash avoidance, and lane assist. Additionally, it offers both left-hand and right-hand drive capabilities, an enhanced range, and more efficient charging options.
Cenntro's portfolio includes a range of electric commercial vehicles (ECVs) from class 1 to class 4 trucks. The company is expanding its global supply chain, manufacturing, distribution, and service capabilities to support its innovative and reliable products. Cenntro continues to enhance its product capabilities through advancements in battery technology, powertrain, and smart driving technologies.
The announcement is based on a press release statement and comes with a caution regarding forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties are detailed in the company's public filings with the SEC, including its Annual Report on Form 10-K filed on April 1, 2024.
The introduction of the LS210 to the global market reflects Cenntro's commitment to evolving its product line in response to the growing demand for environmentally friendly and technologically advanced commercial vehicles.
In other recent news, electric vehicle technology company Cenntro Inc. has reported the delivery of over twenty Class 4 Logistar® 400 (LS400) electric commercial vehicles across the United States in May. The company's CEO, Peter Wang, indicated that production and delivery of the LS400 are ramping up, following extensive testing and certification. The LS400 has garnered substantial interest, and Cenntro is progressing with its series models, which are currently in the testing and certification stages.
The company aims to leverage its California Air Resources Board (CARB) certification and Zero-Emission Powertrain Certification (ZEP) to bolster sales in California and aid the electrification of commercial fleets nationwide. Wang underscored the potential advantages for fleet customers, including diminished carbon footprints and reduced operational costs. Cenntro's assortment of electric commercial vehicles (ECVs) spans from class 1 to class 4 trucks, addressing a variety of commercial requirements.
The company is augmenting its supply chain, manufacturing, distribution, and service capabilities to back its innovative and reliable products. Additionally, Cenntro is improving its product capabilities with advanced battery, powertrain, and smart driving technologies. These are some of the recent developments from Cenntro Inc.
InvestingPro Insights
In light of Cenntro Inc.'s recent announcement of its new electric commercial vehicle, the Logistar 210, investors may be keen to understand the financial health and market performance of the company. According to InvestingPro data, Cenntro's market capitalization stands at $47.8 million, suggesting a relatively small player within the industry. Despite a significant revenue growth of over 107% in the last twelve months as of Q1 2024, the company has been grappling with challenges, as indicated by a negative P/E ratio of -0.92 and a gross profit margin of just 9.44% in the same period.
InvestingPro Tips highlight that Cenntro is quickly burning through cash and has been suffering from weak gross profit margins. Additionally, the stock has taken a significant hit over the last week, with a price total return of -8.14%, reflecting the volatility that the company's shares have generally experienced. This is consistent with the broader trend of the stock's performance, which has fallen considerably over the last five years.
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While the release of the LS210 may signal Cenntro's dedication to innovation and market expansion, investors should weigh these developments against the company's financial metrics and market performance to assess the potential risks and opportunities.
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