olivLaw · US equity research
Cenntro Inc. CENN
Motor Vehicles & Passenger Car Bodies · SIC 3711 · Vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)
Cenntro Inc. designs, manufactures and distributes electric and hydrogen-powered commercial vehicles for municipal fleets and last-mile delivery. The company remains at an early stage, with revenues of just 18.1 million USD in 2025 and an operating loss of 59.0 million USD, so its relevance depends on whether it can scale distribution and production.
At the close of 04 Nov 2026, Cenntro Inc. (CENN) stock was 0.18 USD (−40.54% on the day), with market capitalisation 434.8 k USD, beta 1.10, 52-week range 0.18–11.38 USD. Latest reported quarter (Q2 2026): revenue of 6.2 m USD (−2.9% YoY), net income of -10.6 m USD, diluted EPS -5.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 16.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.54 – 4.41
- below the lower band · %B -0.09 · band width 156.5%
- SMA 50 / 200
- 3.52 / 4.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.75 / -0.54
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −95.3% | −1.1% | −94.2 pp | — |
| 3 months | −94.9% | −0.5% | −94.4 pp | — |
| 6 months | −95.7% | +4.4% | −100.1 pp | — |
| Year to date | −97.8% | +12.3% | −110.1 pp | — |
| 1 year | −98.4% | +13.5% | −111.9 pp | −37.0% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −47.7% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.2 m | 5.4 m | 2.1 m | 6.4 m | 4.6 m | 5.0 m | 1.2 m | 6.2 m |
| Cost of revenue | 9.9 m | 5.8 m | 1.8 m | 6.4 m | 4.5 m | 7.7 m | 975.0 k | 5.8 m |
| Gross profit | 6.3 m | -435.7 k | 321.5 k | -18.9 k | 103.3 k | -2.7 m | 237.1 k | 412.8 k |
| Research & development | 1.4 m | 1.2 m | 784.2 k | 648.9 k | 518.9 k | 862.3 k | 478.1 k | 465.3 k |
| Operating income | -6.6 m | -10.3 m | -6.2 m | -8.1 m | -6.9 m | -11.4 m | -4.0 m | -7.5 m |
| Interest expense | 34.2 k | — | 156.4 k | 118.7 k ≈ | 112.7 k | — | — | — |
| Pre-tax income | -5.3 m | -13.4 m | -5.4 m | -8.2 m | -6.4 m | -49.0 m | -4.1 m | -7.8 m |
| Income tax | -12.3 k | -6.4 k | -11.6 k | -15.4 k | -13.0 k | -12.9 k | -12.9 k | -122.1 k |
| Net income | -9.0 m | -17.5 m | -5.7 m | -9.9 m | -6.7 m | -50.7 m | -3.9 m | -10.6 m |
| Diluted EPS | -0.29 | — | -10.99 | -16.30 | -0.14 | — | -2.66 | -5.97 |
| Operating cash flow | -201.6 k ≈ | -8.5 m | -5.0 m | -4.4 m ≈ | -1.4 m ≈ | -1.8 m | -2.8 m | -2.7 m ≈ |
| Capex | 57.3 k ≈ | 125.7 k | 519.9 k | 120.3 k ≈ | 97.3 k ≈ | — | 3.5 k | 87.2 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 3.6 m | 5.5 m | 8.6 m | 8.9 m | 10.4 m | 31.3 m | 18.1 m |
| Revenue YoY | unavailable | unavailable | +52.7% | +57.1% | +4.3% | +16.6% | +200.2% | −42.2% |
| Net income | unavailable | -19.5 m | -5.2 m | -16.4 m | -110.1 m | -54.2 m | -44.9 m | -73.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -179.03 | -0.11 | -0.03 | -0.09 | -4.18 | -1.78 | -87.28 | -87.21 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -544.4% | -94.6% | -191.5% | -1,231.2% | -519.9% | -143.4% | -403.7% |
| Free cash flow | unavailable | -4.7 m | -8.0 m | -22.2 m | -72.7 m | -66.1 m | -22.2 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.5 m USD
- Financial debt
- 2.5 m USD
- Net debt
- -2.0 m USD
- Equity
- 40.4 m USD
- Total assets
- 74.4 m USD
- Debt / equity
- 0.06x
- Current ratio
- 1.71x
- ROE
- -123.3%
- ROA
- -70.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.5 m | 8.6 m | 8.9 m | 10.4 m | 31.3 m | 18.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 4.9 m | 7.1 m | 9.5 m | 8.8 m | 23.7 m | 20.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 570.2 k | 1.5 m | -514.0 k | 1.6 m | 7.6 m | -2.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 1.4 m | 1.5 m | 6.4 m | 7.7 m | 5.2 m | 2.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -10.6 m | -16.5 m | -55.2 m | -43.2 m | -31.8 m | -32.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 1.8 m | 632.3 k | 953.9 k | 1.7 m | 2.0 m | 2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | -8.8 m ≈ | -15.8 m ≈ | -54.3 m ≈ | -41.6 m ≈ | -29.8 m ≈ | -30.4 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | 1.4 m | 1.1 m | 844.2 k | -402.4 k | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Pre-tax income | -5.2 m | -16.4 m | -112.1 m | -46.1 m | -34.1 m | -68.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 0 | 0 | 0 | 9.0 k | -35.5 k | -52.9 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -5.2 m | -16.4 m | -110.1 m | -54.2 m | -44.9 m | -73.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | -0.03 | -0.09 | -4.18 | -1.78 | -87.28 | -87.21 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 174.9 m | 175.1 m | 26.3 m | 30.4 m | 514.0 k | 836.8 k | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.5 m | 261.1 m | 154.0 m | 28.8 m | 12.5 m | 4.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 463.3 k | 2.0 m | 565.4 k | 2.5 m | 3.3 m | 1.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 4.2 m | 8.1 m | 31.8 m | 29.2 m | 24.0 m | 21.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 20.1 m | 281.1 m | 203.0 m | 104.9 m | 65.9 m | 45.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.0 m | 1.3 m | 15.0 m | 20.4 m | 17.4 m | 15.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | — | — | 0 | 223.5 k | 26.6 m | 0 | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 45.4 k | 3.3 k | 4.6 m | 6.9 m | 6.2 m | 6.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 22.8 m | 291.4 m | 267.8 m | 185.5 m | 132.6 m | 74.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 3.7 m | 3.7 m | 3.4 m | 4.9 m | 5.1 m | 5.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Short-term debt | — | — | — | 0 | 249.6 k | 1.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Long-term debt | — | — | — | 0 | 362.4 k | 1.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 14.5 m | 26.4 m | 70.2 m | 29.3 m | 29.1 m | 26.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 14.9 m | 27.6 m | 96.0 m | 63.7 m | 54.6 m | 34.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 7.9 m | 263.8 m | 171.9 m | 121.9 m | 78.0 m | 40.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Shares outstanding at year end | — | 261.3 m | — | — | — | — | SEC (XBRL)· 25 Apr 2022verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -7.9 m | -21.5 m | -69.4 m | -58.5 m | -21.4 m | -12.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 77.0 k | 756.3 k | 3.3 m | 7.6 m | 846.1 k | — | SEC (XBRL)· 01 Apr 2025verified |
| Free cash flow | -8.0 m ≈ | -22.2 m ≈ | -72.7 m ≈ | -66.1 m ≈ | -22.2 m ≈ | — | SEC (XBRL)· 01 Apr 2025derived |
| Investing cash flow | 26.5 m | 7.2 m | -56.9 m | -16.4 m | 4.1 m | -866.7 k | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | -15.5 m | 271.2 m | 19.5 m | -48.1 m | 1.2 m | 4.9 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 434.8 k USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -46.2% | 21 (vs peers) | 28% |
| Net margin · Quality | -423.9% | 12 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 26.5% | 100 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 71 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2,217.8% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial71/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality18/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CENNTRO INC. (CENN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 18.1 m USD in 2025; YoY growth -42.2%; net margin -423.9%; ROE -126.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 26.5%
- Current ratio: 1.7x
What contradicts it
- ROIC: -46.2%
- Net margin: -423.9%
- FCF yield: -2,217.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Motor Vehicles & Passenger Car Bodies (SIC 3711) · same industry (4-digit SIC) · compared with 25 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSLATesla, Inc. | 1,522.6 bn | 424.6 | 3.8% | 3.1% | −2.9% | −10% / +60% |
| GMGeneral Motors Company | 78.0 bn | 20.6 | 6.1% | 2.1% | −1.3% | +26% / +192% |
| PCARPACCAR Inc | 55.9 bn | 20.2 | 13.7% | 9.5% | −15.5% | +1% / +16% |
| LILi Auto Inc. | 23.5 bn | 144.8 | 1.6% | 1.0% | −18.8% | −37% / −69% |
| RIVNRivian Automotive, Inc. | 20.5 bn | — | -55.0% | -45.9% | +8.4% | −17% / −16% |
| OSKOshkosh Corporation | 8.7 bn | 17.5 | 11.0% | 4.6% | −2.9% | +12% / +47% |
| NIONIO Inc. | 8.2 bn | — | -302.6% | -17.1% | +38.9% | −40% / −55% |
| VFSVinFast Auto Ltd. | 7.8 bn | — | — | -175.5% | +54.7% | +2% / −61% |
| FSSFederal Signal Corporation | 7.2 bn | 24.5 | 20.5% | 11.7% | +17.1% | +3% / +71% |
| LCIDLucid Group, Inc. | 1.3 bn | — | -571.4% | -249.2% | +67.6% | −75% / −92% |
| LOTLotus Technology Inc. | 217.2 m | — | — | -89.4% | −43.8% | −75% / −97% |
| NIUNiu Technologies | 115.3 m | — | -4.4% | -0.9% | +36.7% | −49% / −24% |
| GGRGogoro Inc. | 45.7 m | — | -56.2% | -28.4% | −9.4% | −23% / −94% |
| WKHSWorkhorse Group Inc. | 36.2 m | — | — | -301.5% | +201.1% | −69% / −100% |
| DCXDigital Currency X Technology Inc. | 21.5 m | — | — | -434.9% | −27.1% | −100% / −100% |
| FFAIFaraday Future Intelligent Electric Inc. | 12.2 m | — | -2,030.5% | -21,838.0% | −0.6% | −100% / −100% |
| FLYEFly-E Group, Inc. | 2.8 m | — | -82.2% | -67.9% | −25.0% | −62% / unavailable |
| CENNCenntro Inc. | 434.8 k | — | -126.6% | -423.9% | −42.2% | −98% / −100% |
| FFord Motor Co | — | — | -18.4% | -4.2% | +1.2% | −5% / +23% |
| HMCHonda Motor Co., Ltd. | — | — | 6.7% | 3.9% | +6.2% | +16% / +15% |
| TMToyota Motor Corp | — | — | 13.6% | 9.9% | +6.5% | −1% / +5% |
| PSNYPolestar Automotive Holding UK PLC | — | — | — | -100.8% | −14.1% | −72% / −93% |
| XPEVXpeng Inc. | — | — | -7.9% | -46.7% | unavailable | −55% / −41% |
| RACEFerrari N.V. | — | — | 42.9% | 22.3% | +7.0% | +10% / +20% |
| AIIORobo.ai Inc. | — | — | — | -17,614.9% | −92.1% | −96% / −100% |
1- and 3-year price returns: for CENN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cenntro Inc. designs, manufactures and distributes electric and hydrogen-powered commercial vehicles for municipal fleets and last-mile delivery. The company remains at an early stage, with revenues of just 18.1 million USD in 2025 and an operating loss of 59.0 million USD, so its relevance depends on whether it can scale distribution and production.
SWOT
Strengths
- The commercial vehicle range is diversified, with several series already delivered in global markets 1. The low-capital distributed manufacturing model limits investment in own factories 1.
- The iChassis platform is used by third parties, offering a business stream beyond direct vehicle sales 1. The company holds distribution networks and EV Centers in several regions 1.
- The company has invested in battery technology, distribution and after-sales support, positioning it for growth 1.
Weaknesses
- Revenues are very small compared with expenses, and the company has reported repeated operating losses 1. Constrained operations could affect growth plans 1.
- The company has a limited operating history and little experience in high-volume production 1. Reliance on third parties for assembly and distribution can reduce quality control 1.
- Channel partners have no minimum purchase obligations, and orders can be cancelled with little or no notice 1.
Opportunities
- If battery costs keep falling, the economics of electric vehicles could become more attractive for fleets 1. Hydrogen vehicle development could open new segments 1.
- Extending the iChassis platform to more autonomous partners could generate recurring revenue 1. Strengthening the EV Center network could lift North American sales 1.
- Expected falls in production costs could improve long-term margins if production volumes grow 1.
Threats
- Trade tariffs and restrictions on components imported from China could raise costs 1. They could reduce price competitiveness 1.
- The HFCAA framework and the risk of exchange delisting, tied to inspection of auditors in China and Hong Kong, remain an uncertainty 1. Authorities' positions could affect trading 1.
- Competition from established makers and new entrants could limit the company's market share 1.
Risks
- Recurring operating losseshigh
The company has reported operating losses in recent years and keeps investing in research and development, with no assurance of profitability 1. If revenue does not grow, it may have to reduce the scale of operations 1.
- Dependence on new distributionhigh
The shift from channel partners to company-run EV Centers and dealers is recent and uncertain, and losing a centre could affect sales 1.
- Delisting risk from audit accesshigh
The company's auditor is based in China, and a failure of PCAOB inspection could lead to trading being prohibited in the United States 1.
- Share capital adjustmentsmedium
The reverse stock split carried out in 2026 signals pressure on the share price and could affect liquidity 1.
- Tariffs and supply chainsmedium
Tariffs and logistics disruptions could raise costs and delay deliveries, affecting margins 1.
Investment thesis
What would need to be true (bull case)
- If vehicle sales grow significantly from the very low 2025 level, operations could become more efficient 1. Falling battery costs could support that growth 1.
- The iChassis platform and hydrogen projects could open new revenue sources if they develop as planned 1.
- The low-capital model could allow growth without large factory investment, which could improve long-term margins 1.
What would break the thesis
What to watch
- Quarterly revenue trend after new models and the new distribution take effectQ3 2026
- Operating losses and financing needsQ3 2026
- Timing of first Bison Motor and hydrogen vehicle sales2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cenntro Inc. is a Nevada holding company headquartered in New Jersey, operating through subsidiaries in the United States, Australia, Europe, Mexico, Hong Kong, the Dominican Republic and China 1. It designs and sells light electric commercial vehicles such as the Metro, Logistar, iChassis, Avantier, Teemak and Bison Motor series, and is developing hydrogen-powered heavy-duty vehicles 1. Its distributed manufacturing model uses semi-knockdown kits made in China, assembled locally in the United States and Europe or by OEM partners 1.
Starting in 2024 Cenntro refined its distribution: in Europe it moved to a distribution-partner-led model, while in North America it sells through local dealer networks supported by Company-operated EV Centers 1. At the annual report date the company operated four EV Centers worldwide 1.
Cenntro was incorporated as a new Nevada entity in March 2023, following a reverse merger in December 2021 and the redomiciliation of the Australian group CEGL in February 2024 1. It ceased to qualify as a foreign private issuer in 2022 and reports as a domestic issuer from 2023 1.
Segments
Electric commercial vehicles
Vehicle sales include Metro, Logistar, Avantier, Teemak, Antric and iChassis models sold for municipal fleets, delivery and commercial applications 1. This is the company's main revenue source 1.
Spare parts and services
The company also sells spare parts for Metro vehicles and charges channel partners for technical development and homologation assistance 1. These are secondary compared with vehicle sales 1.
iChassis platform and hydrogen
iChassis is a programmable smart chassis used by third parties for autonomous driving applications, and Cenntro is also working on hydrogen heavy-duty vehicles 1. The company estimates it will begin generating revenue from Bison Motor and these projects in a later period 2.
Market context
The company operates in the electric commercial vehicle market, which is shaped by falling battery costs; BNEF reported a real decline of about 89% in lithium-ion pack prices between 2010 and 2021 1. Average pack prices are forecast at 105 USD per kWh in 2026 1.
Demand for electric commercial vehicles depends on municipal and logistics fleets shifting away from internal combustion engines, a global trend the company cites as supportive 1. Its expansion is still limited by very low sales volumes 1.
Trends
- Falling battery coststailwind
Lithium-ion pack prices continue to fall over the long term, which could improve the economics of Cenntro's electric vehicles, according to the company 1. The decline could be smaller in 2026 due to raw material costs and tariffs 1.
- Shift from ICE to electric vehiclestailwind
The global reduction in internal combustion vehicles favours electric and fuel-cell technologies 1. Regulatory pressure could create demand from municipal fleets 1.
- Raw material costs and tariffsheadwind
High raw material costs and tariffs could limit battery price declines and raise the cost of components imported from China 1. These pressures could weigh on the company's margins 1.
- Restructuring of distributionmixed
The move from channel partners to company-run EV Centers and dealers is still uncertain and could hurt revenue if it does not work 1. Operating results could become more volatile during the transition 1.
Competitive position
Cenntro competes with electric commercial vehicle makers and with companies developing autonomous chassis and delivery vehicles 1. Competitive pressure is cited as a factor that could limit growth 1. The supplied sources do not detail competitors by market share.
The company's edge lies in its low-capital distributed manufacturing model, which lets it compete without extensive own factories 1. However, this model depends on external OEM partners and local assembly networks 1.
- European electric commercial vehicle makers
Direct competition in electric commercial vehicles in European markets, where Cenntro relies on distribution and local assembly partners 1.
- Asian electric commercial vehicle makers
Competition in Asian markets, where Cenntro sells Logistar and iChassis models through channel partners 1.
- Autonomous chassis developers
Companies integrating autonomous driving software on chassis platforms compete with iChassis, which third parties already use 1.
- Hydrogen vehicle suppliers
Makers of fuel-cell heavy-duty vehicles target the segment Cenntro intends to develop 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Other events · Financial statements and exhibits
- Current report (amendment)21 Oct 2026Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Financial statements and exhibits
- Current report17 Sept 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report31 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report28 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report05 Jun 2026Item 3.02 · Financial statements and exhibits
- Current report20 May 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Quarterly report14 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cenntro Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cenntro Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.