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FREEHOLD, N.J. - Cenntro Inc. (NASDAQ:CENN), a small-cap electric vehicle manufacturer with a market capitalization of $26.48 million, has delivered 71 special edition Logistar 450P electric buses to QEV Technologies, a Spanish electric mobility solutions provider, according to a company press release issued Wednesday. The company has shown impressive revenue growth of 234% in the last twelve months.
The delivered vehicles are part of a larger order placed earlier in 2025 and represent a joint development between the two companies. The Logistar 450P model has received European Union M2 Type Approval, which permits its use for short-distance shuttle and public transportation services throughout Europe.
This certification confirms the vehicle’s compliance with European safety and performance standards, potentially strengthening Cenntro’s position in the European market.
Cenntro plans to continue production to fulfill the remainder of QEV’s order and respond to potential market demand from distributors across Europe and other global markets.
"The LS450P is a unique all-electric bus purpose-built for shuttle and public transport applications," said Peter Wang, Chairman and CEO of Cenntro.
Cenntro Inc., listed on NASDAQ, manufactures electric commercial vehicles designed for various commercial applications including class 1 to class 4 trucks. The company is developing a global supply chain and expanding its manufacturing, distribution, and service capabilities.
The financial terms of the order were not disclosed in the press release. The company maintains a gross profit margin of 24.96%, though it faces profitability challenges in the current market environment.
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