Cenntro Forms New Subsidiary For Battery Production - Read What's The Benefit - Cenntro (NASDAQ:CENN)

EV company Cenntro Electric Group Ltd CENN has established a separate operating division and wholly-owned U.S. subsidiary, Cennatic Power Inc. (Cennatic).
The new division will manufacture advanced lithium-ion batteries to be used for its electric commercial vehicles.
The company has signed a lease for a manufacturing facility in Monterrey, Mexico, where the new unit will manufacture batteries with advanced features, including greater temperature tolerance, faster charging time, safer operating parameters, longer life cycles, and cost efficiencies.
Cennatic expects to complete the production line installation by the end of 2022 and begin trial production in the first half of 2023.
"We believe bringing the production of essential battery technologies and manufacturing process in-house will accelerate the development of our electric commercial vehicles and reduce our supply chain dependency on China," said Chairman and CEO Peter Wang.
Price Action: CENN shares are trading higher by 3.29% at $1.57 on the last check Monday.