Cenntro Electric Group Limited (NASDAQ: CENN) shares hesitated first thing Wednesday. The company, a leading EV and Alternative Fuel technology company with advanced, market-validated electric commercial vehicles, today announced it will expand its lineup with the addition of a new all electric commercial van, the Logistar 300 (“LS300”), which will make its world premiere at the upcoming 2023 Consumer Electronics Show (CES), taking place in early January in Las Vegas.
The LS 300 is a Class 3 vehicle and will be available in two variations: as a van and a truck. The range and capacity of the LS300 will make it a strong contender in the commercial EV market for last mile delivery and urban services. The LS300 is equipped with a 118kWh lithium iron phosphate (LFP) battery, a max speed of 75 mph and the range of 273 miles (440 km).
The van version features four doors for easy access and the truck variation can be upfitted with different configurations that can meet the needs for multiple applications.
Cenntro will assemble the LS300 at its Jacksonville, FL and Freehold, NJ assembly plants. The market demand for this type of vehicle is robust, particularly for last mile delivery markets. The LS300 will launch in North America with production and distribution expected in Q3 2023.
CENN shares settled 0.0031 cents to 38 cents.
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