CENN - Cenntro Electric shares zapped by supply chain China issues

Cenntro Electric Group (NASDAQ:CENN) shares are short circuiting after CEO Peter Wang advised an abundance of caution on risks facing the company in coming quarters.  The New Jersey-based EV technology company reported solid growth in the headline figures for the full year report. While still notching a net loss on GAAP terms, the company increased units sold by about 30%, increased revenue year over year, and raised gross margin by 17.5% despite adverse conditions. Additionally, the firm raised its cash pile to $261.1 million, up significantly from a paltry figure of only $4.5 million a year prior.  However, shares reversed course shortly after the CEO began speaking and highlighting supply chain risks, issues in the concentration of manufacturing in China, and problems moving increased inventory.   “We, like almost all other EV companies, are concerned with the challenges in the global supply chain and in shipping sectors,” Wang said. “While we

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Cenntro Electric shares zapped by supply chain, China issues