Trade Cenntro Inc - CENN CFD

Cenntro Electric Group Limited Company profile

About Cenntro Electric Group Ltd

Cenntro Electric Group Limited, formerly Naked Brand Group Limited, is a commercial electric vehicle (EV) technology company. The Company is a designer and manufacturer of electric light- and medium-duty commercial vehicles (ECVs). Its ECVs are designed to serve a variety of corporate and governmental organizations in support of city services, last-mile delivery and other commercial applications. Its ECV models include Metro, Logistar 400, Logistar 200, Neibor 200 and ORV. Its business model allows it to both design, manufacture, assemble, homologate and sell ECVs to third parties for distribution and service to end-users and distribute manufactured vehicle kits, which are then assembled, homologated, sold and serviced by third parties in their respective markets. It has also designed and developed in-house a telematics box, which allows its ECVs to send and receive data relating to location, speed, acceleration, braking and battery consumption, among others, to end-users.

Financial summary

BRIEF: For the six months ended 31 July 2021, Cenntro Electric Group Ltd revenues decreased 20% to $6.6M. Net loss before extraordinary items increased from $4.9M to $33.2M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Higher net loss reflects Fair value gain/(loss) on convertible no increase from $0K to $10.8M (expense).