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CASABLANCA - Electric commercial vehicle maker Cenntro Inc. (NASDAQ:CENN), a small-cap company with a market value of approximately $20 million, has entered into a strategic partnership with Moroccan firm Electricove Maroc to assemble electric vehicles in Morocco for distribution in local and Northern African markets, according to a company press release. The company has shown impressive revenue growth of 234% in the last twelve months, according to InvestingPro data.
Under the agreement, Cenntro will supply vehicle assembly kits to Electricove, which will establish a local assembly plant for Cenntro EV models, including the Teemak and LS450. The U.S.-based manufacturer will also provide technical documentation, assembly training, and engineering support to help Electricove develop local assembly capabilities.
Electricove has been a distribution partner for Cenntro for several years before this expanded arrangement. The company has indicated that the initiative has received endorsement from government authorities and business organizations within Morocco.
"Cenntro’s collaboration with Electricove Maroc builds on a longstanding relationship with Electricove and represents a significant step in supporting EV deployment in the region," said Peter Wang, Chairman and CEO of Cenntro.
Cenntro, headquartered in Freehold, New Jersey, designs and manufactures electric commercial vehicles for various applications, including class 1 to class 4 trucks. The company is listed on the Nasdaq stock exchange.
The partnership aims to strengthen Cenntro’s presence in the North African market while allowing for localized production of its electric commercial vehicles.
In other recent news, Cenntro Inc. has secured 260 orders for its new Logistar 210 electric commercial vehicle, with deliveries primarily targeting European and Southeast Asian markets. Additionally, the company announced the receipt of U.S. Environmental Protection Agency certification for its second-generation hydrogen fuel cell Class 8 semi-tractor, the BM860H, developed by Bison Motors Inc., a wholly owned subsidiary. This semi-tractor boasts a 210kW hydrogen fuel cell system with an estimated range of up to 528 miles. Furthermore, Cenntro has launched the Avantier Commuter, an all-electric four-seat passenger vehicle, which has received European Union M1 type approval, enabling its sale across all EU countries. The Avantier Commuter is part of the 2025 Avantier Model Series and offers a 50kw power system with a range of up to 320 kilometers on a single charge. In another development, Cenntro delivered 71 special edition Logistar 450P electric buses to QEV Technologies, a Spanish electric mobility provider. This delivery is part of a larger order and highlights a joint development effort between the two companies. The Logistar 450P model has received European Union M2 Type Approval, supporting its use in short-distance shuttle and public transportation services in Europe.
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