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CENNTRO INC (NASDAQ: CENN), founded in 2013 and known in Korea as 센트로, designs, manufactures, and distributes all-electric commercial vehicles. Headquartered in Freehold, New Jersey, the company offers a lineup spanning Class 1 through Class 8 models for last-mile delivery, urban utility, and heavy-duty applications.
Corporate Structure
As of 2025, CENNTRO employs between 51 and 200 staff across engineering, manufacturing, sales, and service functions. Its global footprint includes:
- A headquarters and assembly facility in Freehold, New Jersey
- An assembly plant in Ontario, California (operational since July 9, 2024)
- Manufacturing sites in Changxing and Yangzhong (China), Herne (Germany), Monterrey (Mexico), and an EV assembly partnership in Morocco
- Previously operated a facility in Jacksonville, Florida, and a showroom on Beach Boulevard that have since been closed
Electric vehicles by CHUTTERSNAP
Recent Developments and News
- December 2023: Board approved a reverse 1-for-10 stock split to regain NASDAQ compliance, reducing shares outstanding from approximately 304 million to approximately 30.4 million.
- January–December 2023: Produced 1,135 vehicles (compared to a target of 74,800), generating $22.1 million in revenue and reporting a net loss of $54.2 million.
- March 2023: Commenced limited production at Jacksonville, Florida facility; July 9, 2024: Announced closure of operations at that site.
- July 9, 2024: Opened Ontario, California assembly plant, intended to serve West Coast customers, alongside continued operations in New Jersey for the East Coast.
- June 27, 2025: Filed Form DEF 14A proxy statement ahead of the annual shareholders meeting, covering governance and executive compensation matters.
- August 12, 2025: Submitted Form 10-Q for Q2 2025; key balance-sheet and cash-flow details remain undisclosed in public summaries.
- August 15, 2025: Filed Form 8-K reporting material events under Items 5.07 and 9.01, though specific disclosures were not included in summary notices.
- October 8, 2025: Closed trading at $0.2550 per share on NASDAQ, a 58.71% decrease from the prior session, with a volume of 16,601,863 shares.
Financial and Strategic Analysis
CENNTRO’s production and revenue in 2023 fell below projections made at the time of its SPAC merger, reflecting challenges in scaling U.S. operations. The net loss of $54.2 million and revenue of $22.1 million indicate ongoing concerns regarding operational sustainability. The December 2023 reverse split allowed the company to meet NASDAQ’s $1.00 minimum bid requirement but did not impact its underlying financial conditions.
Strategically, management has emphasized geographic expansion, including the California and Moroccan assembly initiatives, aiming to position the company for gradual scale-up. Product development continues with models such as the LS210 urban utility vehicle and the LS450Passenger people-mover.
Market Position and Industry Context
According to Cox Automotive, U.S. electric vehicle sales in Q1 2025 reached approximately 300,000 units—an 11.4% year-over-year increase, accounting for 7.5% of all new vehicles. Tariffs on imported vehicles and components, implemented in March 2024, and ongoing uncertainty over future relief plans continue to affect supply chains and production costs. CENNTRO’s focus on commercial electric vehicles positions it in a distinct niche from passenger EV manufacturers, but the company currently faces competition from established original equipment manufacturers (OEMs) expanding into last-mile and light-commercial vehicle segments.
tl;dr
On October 8, 2025, CENNTRO’s shares fell to $0.2550 (−58.71%) amid production shortfalls and net losses—$54.2 million on $22.1 million revenue in 2023. Following a December 2023 reverse split and closure of its Jacksonville site, the company is transitioning to California and Moroccan assembly. Future developments include Q3 2025 financial results, production ramp-up of LS210 and LS450Passenger models, and ongoing product development in hydrogen fuel-cell technology. Supply chain pressures and tariffs will remain significant industry challenges.
