Cenntro Electric Group Limited recently acquired a new manufacturing facility in Changxing, Huzhou City, China. The purchase is valued at approximately $19.5 million, according to a press release.
“This is a critical acquisition for Cenntro. The facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets,” chairman and CEO, Peter Wang, said in the release.
According to the press release, the facility spanning 474,000 square feet will help Cenntro Electric Group expand its vehicle capacity to 50,000 once fully operational.
Intended to support the New Jersey-based EV technology company, specializing in advanced, market-validated electric commercial vehicles, new Metro series production, the new establishment is projected to begin operating its trial production during the third quarter of this year.
Initially established in 2018, the site is also expected to provide Cenntro with “advanced manufacturing capabilities,” such as the ISO 9000 certification.