Cenntro Electric reports Q3 EPS (29c) vs. (53c) last year

Reports Q 3 revenue $16.7M vs. $5.8M last year. Peter Wang, Chief Executive Officer illustrated: “In the third quarter of 2024, we continued our steady growth in the US market, selling and delivering Cenntro products as we positioned the Company for a longer-term profitable future. During the third quarter, we sold a total of 662 vehicles across our portfolio, compared to 298 vehicles in the prior year period. Additionally, we sold 230 units of our iChassis in the third quarter, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. We expect a significant revenue increase in the US market as we continue to shift our strategy to focus towards North American sales, and introduction of additional new models in the US market. “For new models during the quarter, we announced our newest Class 4 addition to our Logistar series, the Logistar model for sale and distribution in the US and global markets. The new LS450 has received California Air Resources Board Executive Order Certification and a Certificate of Conformity from the US Environmental Protection Agency . The LS450 is equipped with a 128Kwh battery capacity, offering an improved range compared to its predecessor model, the LS400. We also obtained a CARB Executive Order and a Certificate of Conformity from the EPA for the Logistar 300 model, a Class 3 delivery truck. We introduced the Deepstar(R) 864 (“DS864”), a Class 8 drayage truck in October 2024, at our ‘Cenntro Day 2024’ at the Ontario Convention Center in Ontario, California. Lastly, we recently announced that Avantier Motors Corporation, our wholly owned subsidiary, launched two new electric vehicle models tailored for the European market following the strong reception of the Avantier C; the Avantier Ex, a mini electric commercial vehicle, and the Avantier Commuter, an entry-level electric passenger car. Both models join Avantier’s existing product line as the company continues its mission to revolutionize urban mobility through innovative, sustainable electric vehicles.