Cenntro Electric Group to open plant in Mexico

  • Cenntro Electric Group Ltd (NASDAQ: CENN) has completed the construction of the 10,436 square meter (111,363 square feet) facility that will house its U.S. subsidiary, Cennatic Power Inc.
  • 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
  • Source: Cenntro
  • Mexico Daily .