Cenntro Electric Group Limited (Cenntro Electric) reported its financial performance for the six months ended June 30, 2024, with net revenues of approximately $11.7 million, a 52.0% increase from the same period in 2023. The growth was primarily driven by a $2.4 million rise in vehicle sales and a $1.6 million increase in spare-part sales. The U.S. market contributed significantly with approximately $5.1 million in net revenues, a substantial increase from zero in the previous year. Gross profit for the period was approximately $1.2 million, slightly down from $1.3 million in 2023, with an overall gross margin of 10.6%. Selling and marketing expenses decreased by 43.1% to $2.6 million, while general and administrative expenses saw a 15.8% reduction to $14.0 million. Research and development expenses also dropped by 24.2% to $2.8 million. The company's Adjusted...Show More

Cenntro Electric Group Limited (Cenntro Electric) reported its financial performance for the six months ended June 30, 2024, with net revenues of approximately $11.7 million, a 52.0% increase from the same period in 2023. The growth was primarily driven by a $2.4 million rise in vehicle sales and a $1.6 million increase in spare-part sales. The U.S. market contributed significantly with approximately $5.1 million in net revenues, a substantial increase from zero in the previous year. Gross profit for the period was approximately $1.2 million, slightly down from $1.3 million in 2023, with an overall gross margin of 10.6%. Selling and marketing expenses decreased by 43.1% to $2.6 million, while general and administrative expenses saw a 15.8% reduction to $14.0 million. Research and development expenses also dropped by 24.2% to $2.8 million. The company's Adjusted EBITDA was a loss of $15.7 million, an improvement from a loss of $21.8 million in 2023. Cenntro Electric's liquidity position included $16.2 million in cash and cash equivalents, with a net cash used in operating activities of $12.7 million for the first half of 2024. The company's strategy for the next twelve months focuses on rolling out new ECV models in North America and Europe, establishing local assembly facilities, and expanding its Changxing factory.