- Cenntro Electric Group Ltd 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.
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