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Cenntro Electric (NASDAQ:CENN) stock closed higher by 52% today after the company announced that it had begun shipments of its Logistar 260 (LS260) and Logistar 100 (LS100) vehicles to European markets. The shipments came ahead of Cenntro’s previously scheduled delivery deadline for the first quarter of next year.
The LS260 has a range of 167 miles and a maximum payload of around 2,821 pounds (lbs) while the LS100 has a range of 100 miles and a maximum payload of 522 kilograms (kgs), or 1,150 lbs. In the press release, Cenntro states that the LS100’s maximum payload is 157 lbs, but that appears to be an error.
Both vehicles have been fully approved for sale for the European Union (EU) and have also received type approval from the EU. This means that the LS100 and LS260 are “eligible for sale in all 27 EU member states and other countries that adopt EU vehicle homologation standards.”
CEO and Chairman Peter Wang added the following about the news:
“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 […] 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.”
With that in…
