Cennatic will manufacture advanced lithium-ion batteries that will be installed in Cenntro’s electric commercial vehicles.
Installation of the production line equipment will begin immediately at the purpose-built manufacturing facility located in Mexico.
Lithium-ion batteries produced here will have advanced features, including greater temperature tolerance, faster charging time, safer operating parameters, longer life cycles, and cost efficiencies.
“This is an important milestone and moves us closer to in-house production of these essential batteries that will ultimately reduce our supply chain dependency on China,” said Chairman and CEO Peter Wang.
Also, manufacturing batteries, battery packs, and electric vehicles in North America could make Cenntro’s Commercial EVs eligible for tax credits under the new Inflation Reduction Act.
The facility is on track to be fully completed by the end of 2022, and trial production is scheduled to begin in the first half of 2023.
Price Action: CENN shares are trading higher by 2.48% at $0.86 on the last check Friday November 19th