Here are 1-3 brief analogies for Cenntro (CENN):

• Tesla for commercial delivery vehicles: Cenntro designs and manufactures electric vans and light-duty trucks primarily for last-mile delivery and commercial logistics, similar to how Tesla leads in consumer EVs but with a focus on the commercial segment.
• Rivian, but focused exclusively on electric vans and light-duty trucks for businesses: While Rivian has consumer trucks/SUVs and commercial vans, Cenntro's entire business is dedicated to electric commercial vehicles for fleet operators and businesses.
• An electric vehicle startup aspiring to be like Ford's commercial vehicle division (Ford Pro): Cenntro aims to be a leading provider of commercial electric vehicles, similar to how Ford's well-established Ford Pro division serves businesses with vans and trucks, but Cenntro is solely focused on electric propulsion and operates as an emerging EV company.

• Logistar™ Series Electric Commercial Vehicles: These are a range of light and medium-duty battery-electric vans and trucks primarily designed for urban logistics, last-mile delivery, and general commercial transportation.
• Metro™ Electric Utility Vehicle: A compact, all-electric utility vehicle built for versatile applications such as campus maintenance, municipal services, and light commercial use.
• Avant™ Electric Medium-Duty Trucks: These electric trucks are engineered to meet various medium-duty commercial transport requirements with zero emissions.

Cenntro Electric Group (CENN)

Cenntro Electric Group primarily sells its electric commercial vehicles to other businesses (B2B) rather than directly to individual consumers. While Cenntro has an expanding network of partnerships and customers, specific major publicly traded customer companies that represent a material portion of its revenue are not typically disclosed in its public filings or press releases. Based on their business model and product offerings, Cenntro's major customer categories include:

• Commercial Vehicle Dealerships and Distribution Partners: These are companies that purchase Cenntro's electric vehicles in bulk to distribute and sell to their own end-user commercial customers within specific geographic regions. These partnerships are a key part of Cenntro's market penetration strategy globally.
• Fleet Operators: Businesses across various sectors that operate vehicle fleets for commercial purposes, such as last-mile delivery services, logistics companies, service and utility providers, and businesses requiring internal campus transportation or specialized urban delivery solutions. These operators integrate Cenntro's electric vehicles into their existing or new fleets.
• Government and Public Sector Entities: Municipalities, local governments, and public service organizations that acquire electric vehicles for their operational needs, including public works, park maintenance, waste management, and other civic services.

As of current public information, Cenntro has not disclosed specific names of publicly traded companies as major customers whose purchases represent a significant and material portion of its revenue.

Peter Z. Wang, Chief Executive Officer

Peter Z. Wang founded CAG, the parent company of Cenntro, and has served as its Chief Executive Officer since 2013. He became Managing Director, Chairman of the Board, and CEO of Cenntro when it listed on Nasdaq in December 2021. An entrepreneur and investor in electric vehicle and technology industries, Mr. Wang has founded or co-founded several companies, including UTStarcom, a global telecom infrastructure provider that went public in 2000, World Communication Group, and Sinomachinery Group. He also serves as the chairman of the board of directors for Cenntro Enterprise Limited and Greenland Technologies Holding Corp. (NASDAQ: GTEC).

Edward Ye, Acting Chief Financial Officer

Edward Ye joined Cenntro in 2019 as Financial Director before becoming Acting Chief Financial Officer. Prior to Cenntro, he was a Senior Associate at Deloitte Touche Tohmatsu Limited from September 2012 to August 2017, where he assisted in initial public offerings in the U.S. and Hong Kong for clients across various industries including education, manufacturing, energy, retail, and telecommunications.

Wei Zhong, Chief Technology Officer

Wei Zhong has been Cenntro's Chief Technology Officer since 2013 and continued in this role after Cenntro's Nasdaq listing in December 2021. He has been instrumental in the development of Cenntro's electric vehicle technologies, models, and supply chain. Before 2013, Mr. Zhong developed software for Hangzhou Jiuru Economic Information Consulting Co., Ltd. and served as a communication technology developer for Zhejiang Guangtong Network Technology Co., Ltd.

Ming He, Treasurer

Ming He was appointed Cenntro's Treasurer in May 2022. He previously served as Chief Financial Officer of Cenntro Automotive Group, the predecessor to Cenntro Electric Group Limited, starting in February 2014. His prior experience includes serving as Chief Financial Officer for Shengkai Innovations, Inc., which completed its Nasdaq listing, and Zhongchai Machinery, Inc., as well as Senior Director at SORL Auto Parts, Inc.

Tony Tsai, VP of Corporate Affairs & Company Secretary

Tony Tsai holds the position of Vice President of Corporate Affairs and Company Secretary at Cenntro.

The key risks to Cenntro's business (CENN) are primarily financial distress, intense competition, and supply chain disruptions.

1. Financial Distress and Going Concern Issues: Cenntro faces significant financial challenges, with a high probability of experiencing financial distress in the coming years. The company has consistently incurred substantial losses from its operations and has reported declining revenues. For instance, it recorded a net loss of $(27.41) million for the nine months ended September 30, 2024, and its earnings have declined by 14.1% per year over the past five years. Furthermore, Cenntro has a limited cash runway, indicating potential liquidity issues. The company also underwent a 1-for-10 reverse stock split in December 2023 to maintain compliance with Nasdaq's minimum price requirement, reflecting ongoing struggles with its share price.
2. Intense Competition: Cenntro operates in a highly competitive electric commercial vehicle (ECV) market. It faces significant competition from both established automotive manufacturers and numerous emerging EV startups. Key competitors include companies like Rivian Automotive, Workhorse Group, BYD, Tesla, Arrival, Gogoro, Wallbox, XOS, and Lightning eMotors, among others. This intense competitive landscape poses a substantial risk to Cenntro's market share and overall profitability.
3. Supply Chain Disruptions: The company is vulnerable to potential delays in sourcing raw materials and critical components, particularly batteries. Geopolitical tensions and global trade restrictions have led to significant supply chain disruptions, resulting in increased costs and production delays, which can hinder Cenntro's ability to meet customer demand.

Intense competition from established automotive manufacturers and well-funded electric vehicle startups entering and rapidly expanding in the light- and medium-duty commercial electric vehicle market.

Cenntro Electric Group (CENN) operates in the electric commercial vehicle market, focusing on light and medium-duty vehicles for various applications, including last-mile delivery and city/municipal services.

Addressable Markets for Cenntro's Main Products and Services:

• Electric Last-Mile Delivery Vehicles:
  • The global electric last-mile delivery vehicle market was estimated at USD 21.3 billion in 2024 and is projected to grow to USD 103.5 billion by 2034, with a compound annual growth rate (CAGR) of 18.3%. Another estimate places the global market at USD 29.17 billion in 2024, projected to reach USD 139.41 billion by 2033.
  • In 2024, the U.S. market for electric last-mile delivery vehicles generated USD 6.8 billion in revenue, holding an approximate 86% share of the North American market.
  • Europe is expected to account for around 18% of the global market in 2025 and is projected to grow at a CAGR of over 16.1%.
  • The Asia-Pacific region holds more than 36% of the global market in 2025 and is the fastest-growing region with a CAGR of around 20.2%.
• Electric Light Commercial Vehicles:
  • The global electric light commercial vehicle market was valued at USD 26.37 billion in 2024 and is projected to reach USD 128.05 billion by 2032, with a CAGR of 21.83%.
  • Another report indicates the global electric light commercial vehicles market is expected to reach USD 72.71 billion in 2025 and grow to USD 176.79 billion by 2029, at a CAGR of 24.87%.
• Electric Waste Collection Trucks (Electric Garbage Vans):
  • The global electric waste collection trucks market was valued at USD 0.21 billion in 2024 and is projected to reach USD 0.52 billion by 2029, exhibiting a CAGR of 20.4%.
  • The global electric garbage van market is projected to grow from USD 561.3 million in 2025 to USD 3.4 billion by 2035, at a CAGR of 19.7%.

Cenntro (CENN) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion in the North American Market: Cenntro anticipates a significant increase in revenue from the U.S. market, driven by the ramp-up of its Ontario facility and the introduction of additional new models. The company reported a substantial increase in U.S. sales volume, from $0.4 million in 2023 to $19.3 million in 2024, and aims to continue this strategic focus on North American sales.
2. Launch and Growth of New Electric Vehicle Models: The company is broadening its product portfolio with new vehicle launches. The Avantier Commuter, part of the 2025 Avantier Model Series (which also includes Avantier C and Avantier EX), officially launched in July 2025 and has already received positive market reception. Additionally, Cenntro has announced orders for its newly introduced Logistar 210 model and secured an order for 200 special edition Logistar 450P electric passenger vans for European markets, with deliveries commencing in the first quarter of 2025.
3. Strategic Geographic Expansion and Partnerships: Cenntro is actively expanding its global footprint through strategic alliances. In July 2025, the company signed a partnership with Electricove Maroc for the assembly and distribution of Cenntro EV models, including Teemak and LS450, in Morocco and other Northern African markets. Furthermore, Cenntro secured an order for 500 customized Metro MR vehicles for the Japanese market and continues to sell Avantier™ vehicles in European and South American markets.
4. Diversification into Advanced Propulsion Technologies: Cenntro is investing in the evolution of its product capabilities through advanced battery, powertrain, and smart driving technologies. A notable driver is the development and EPA certification of its second-generation Hydrogen Fuel Cell Class 8 Semi-Tractor in July 2025, indicating a push into alternative advanced propulsion systems.

Share Repurchases

• No significant share repurchase programs or authorizations have been publicly announced or identified in available financial disclosures for Cenntro over the last 3-5 years. The company has not engaged in material stock buybacks.

Share Issuance

• Cenntro's shares outstanding have increased, notably by 5.22% in one recent year, indicating share issuances have occurred to raise capital.
• On December 8, 2023, Cenntro implemented a 1:10 reverse stock split, which reduced the number of outstanding shares but was not a capital-raising event.

Inbound Investments

• As of November 2025, 50 institutional owners and shareholders collectively hold 1,039,841 shares of Cenntro.
• Over the last 24 months, institutional investors have purchased a total of 103,736 shares, representing approximately $113,070 in transactions.

Outbound Investments

• Cenntro's long-term investments amounted to $35.1 million as of December 31, 2022.
• The company signed a strategic partnership agreement with Electricove Maroc in July 2025 for electric vehicle assembly in Morocco, aimed at distribution in local and Northern African markets.
• As of June 30, 2025, Cenntro classified three European entities as discontinued operations and held for sale, resulting in a six-month loss from these discontinued operations of $2.01 million.

Capital Expenditures

• Cenntro's capital expenditures were approximately -$823,196 in the last 12 months (as of a recent date prior to November 2025).
• The company's EBITDA minus capital expenditures (CAPEX) showed a median of -$30.467 million from fiscal years 2020 to 2024. This figure hit a 5-year low of -$70.1 million in December 2022.
• The primary focus of capital expenditures aligns with the company's business as a designer and manufacturer of electric light and medium-duty commercial vehicles, aiming to expand production capacity and distribution networks.