CENN - Cenntro Electric shares charge 30% higher as European shipments start

Cenntro Electric Group Limited ( NASDAQ: CENN ) shares surged on Wednesday as the company announced the start of shipments of its vehicles to European markets.

The New Jersey-based EV startup said that its Logistar 260 multi-purpose, all-electric commercial vehicle and Logistar 100 light commercial van began shipping to Europe on Wednesday. The start of deliveries is ahead of schedule, as previous forecasts had anticipated the autos to reach customers in Q1 2023.

“Both the LS260 and LS100 have received a strong response from our European customers and despite supply chain challenges we were able to move deliveries ahead of our original timeline of Q1 2023,” CEO Peter Wang said. “We remain confident that Cenntro is well positioned to meet the growing demands for commercial EVs with vehicles that combine innovation and function without sacrificing performance, creating sustainable value for our customers and shareholders alike.”

Shares of the Freehold, New Jersey-based auto manufacturer rose 31.68% on Wednesday.

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