Cenntro Inc. designs, develops, manufactures, and services electric and hydrogen-powered commercial vehicles for various sectors worldwide.

# Company Summary: Cenntro Inc.

## Business Overview
- **Industry**: Electric commercial vehicles (ECVs) and hydrogen-powered vehicles
- **Core Activities**: Design, development, manufacturing, distribution, and servicing of electric and hydrogen energy-powered commercial vehicles
- **Target Markets**: City services, last-mile delivery, municipal organizations, logistics, urban utility, and industrial sectors worldwide

## Product Lines and Models
- **Vehicle Series Developed**: 
  - Metro® (light-duty electric city utility and delivery vehicles)
  - Logistar™ series (medium-duty trucks: LS100, LS200, LS210, LS260, LS300, LS400, LS450)
  - Avantier™ series (micro electric vehicles: Avantier, Avantier Ex, Avantier Commuter)
  - Teemak™ off-road utility vehicles (Teemak™, Teemak™ TB)
  - Antric One (cargo bike for last-mile city logistics)
  - LogiMax™ series (heavy-duty electric trucks: LM600, LM860H)
  - Hydrogen semi-tractors (Class 8)
- **Technologies**:
  - iChassis™: Programmable, digital, modular chassis enabling autonomous/driving applications
  - Proprietary lightweight chassis and modular vehicle design for easy regional assembly and customization

## Operations & Manufacturing
- **Facilities**:
  - 4 manufacturing/assembly plants: 
    - 2 in China (Changxing, Yangzhong)
    - 2 in the US (Ontario, California; Freehold, New Jersey)
  - European Operations Center (Dusseldorf, Germany)
  - Local assembly facilities in North America (Ontario, California; New Jersey)
- **Manufacturing Model**:
  - Asset-light, distributed manufacturing using vehicle kits for local assembly
  - Partnering with OEMs (e.g., Seres, Chery, JMC) for component and vehicle production
- **Employees**: 
  - Total full-time: 260
  - Key departments include research & development (64), manufacturing (58), quality (20), supply chain (30), sales & marketing (29), finance (25), corporate affairs (29)

## Financial Data
- **Revenue**:
  - **2024**: Approximately $31.3 million
  - **2023**: [Data not specified in the excerpt]
- **Net Income / Loss**:
  - **2024**: Loss of approximately $55.3 million
  - **2023**: Loss of approximately $47.4 million
- **Outstanding Shares**:
  - As of March 27, 2025: 30,866,614 shares
- **Market Capitalization** (as of June 30, 2024):
  - Approximately $61.05 million (based on share price of $1.49)

## Key Strategic Initiatives
- Transition from reliance on third-party channel partners to own distribution infrastructure via EV Centers and regional dealers
- Regionalization of supply chains and manufacturing to North America and Europe
- Development of hydrogen fuel-cell heavy-duty trucks
- Focus on autonomous driving technology via iChassis™ platform
- Expanding product offerings with new vehicle models and configurations

## Notable Events
- Redomiciliation of the parent company from Australia to Nevada on February 27, 2024
- 1-for-10 reverse stock split on December 8, 2023
- Ongoing global expansion, including establishing assembly facilities in the US and Europe
  
This summarizes the company's business operations, product offerings, facilities, employees, revenue, and strategic focus based on the provided detailed annual report excerpt.

Cenntro Inc. is a designer and manufacturer of electric and hydrogen-powered commercial vehicles, focusing on sustainable transport solutions for fleet and municipal organizations.

# Company Overview

## Business Operations
The company, **Cenntro Inc.**, is an emerging designer, manufacturer, distributor, and service provider of **electric and hydrogen-powered commercial vehicles (ECVs)**. The vehicles cater to fleet and municipal organizations, specifically for city services, last-mile delivery, and other commercial applications. As of December 31, 2023, Cenntro has developed **six series of commercial vehicle models**, which include:

- **Metro®**
- **Logistar™** (LS100, LS200, LS260, LS300, LS400)
- **LogiMax™** (LM800, LM864H)
- **Avantier™**
- **Teemak™**
- **Antric One**

The company has successfully produced and delivered several models into global markets, with ongoing development for additional vehicles. 

## Technology Innovations
Cenntro has also developed **Cenntro iChassis™**, a programmable "smart" chassis for remote-controlled or autonomous driving applications, further solidifying its role as a tech leader in the ECV market.

## Business Model
The business model is **asset-light and distributed**, focusing on producing semi-knockdown vehicle kits for local assembly, along with fully assembled vehicles. The company leverages economies of scale in China for manufacturing while maintaining assembly facilities in the United States and Germany.

## Financial Performance
- **Revenue**: Approximately **$22.1 million** for the fiscal year ended December 31, 2023.
- **Employees**: As of the date of reporting, the company employs **315 full-time employees** across various functional areas, including research and development, manufacturing, finance, and marketing.
- **Net Loss**: The company incurred **$51.9 million** in losses from operations during the same fiscal year.

## Customer Base
Cenntro has demonstrated traction with over **4,090 Metro® units sold** in various markets, including North America, Europe, and Asia. The company aims to increase its market share through the establishment of local Electric Vehicle Centers (EV Centers) and local dealer networks.

## Expansion and Infrastructure
- **Manufacturing and Assembly Facilities**: The company operates multiple facilities, including plants in Jacksonville, Florida; Freehold, New Jersey; and Changxing, China.
- **Demand**: The anticipated demand for Cenntro's ECVs is bolstered by global trends favoring sustainable energy solutions and government incentives for cleaner alternatives to traditional internal combustion vehicles.

Cenntro Inc. remains focused on expanding its product offerings and market presence, while addressing evolving regulatory requirements and competition in the growing electric vehicle sector.

Cenntro Inc.

10-K / April 1, 2025

10-K / April 1, 2024

10-K / April 1, 2025

Company Summary: Cenntro Inc.

Business Overview

Product Lines and Models

Operations & Manufacturing

Financial Data

Key Strategic Initiatives

Notable Events