Against the backdrop of a globally growing market for electric commercial vehicles and an increasing demand for different-sized, electrically powered vehicle concepts, the Cenntro Electric Group, based in Freehold, New Jersey, has acquired a stake in Tropos Motors Europe GmbH as part of a long-term partnership.
Last weekend a contract between MOSOLF SE & Co. KG, as 100% shareholder of Tropos Motors Europe GmbH, and the Cenntro Electric Group was signed. The Cenntro Electric Group is taking over 65% of the shares in Tropos Motors Europe GmbH. MOSOLF SE & Co. KG remains a shareholder of Tropos Motors Europe GmbH with 35%.
In this way, both companies ensure that the markets in Europe as well as Africa and the Middle East (EMEA) can be developed together more efficiently and with a broader product portfolio. Cenntro manufactures the SKD sets of the ABLE XT and markets its sister version under the name Metro. In addition, Cenntro has added important models to its range of light and medium-duty electric commercial vehicles.
Tropos Motors Europe has more than 50 dealers in Germany and 13 importers in France, Portugal and Spain, among other countries, connected to its network and will continue to expand it.
"This is a milestone for both companies. With Cenntro we have found the perfect partner to offer more electric vehicles in Europe as well as in Africa and the Middle East and at the same time to serve an even broader range of customer needs," says Dr. Jörg Mosolf, Chairman and CEO of the MOSOLF Group.
"We are excited about what will be created between Tropos Motors Europe and Cenntro. With its motivated employees, market knowledge and existing network structure in Europe, we are getting a strong partner. At the same time, Tropos Motors Europe will benefit from our global network, our expertise as a manufacturer and developer of light and medium-duty electric commercial vehicles, and our broad product portfolio," said Peter Wang, Chairman and CEO of Cenntro Electric, at the signing.
"We are now working to provide our partners, customers and employees with the perfect package for a successful and joint marketing of Cenntro and Tropos Motors Europe," adds Gregory Hancke, Managing Director Tropos Motors Europe and COO of the MOSOLF Group.
Tropos will continue to manufacture the ABLE XT in Herne until an agreement is reached on the further partnership with Tropos Technologies Inc. The Cenntro Metro will then replace the ABLE. It is also being verified whether further products can be produced in Herne.
Thus, thanks to the partnership, it will be possible to serve customer requirements from the CEP, delivery services, grocery shops, cities and municipalities, crafts and facility management, retail and wholesale, hospitality and tourism, amusement parks and zoos even better.
About Cenntro Electric Group
Cenntro Electric Group (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery and other commercial applications, and plans to lead the transformation in the automotive industry through scalable, decentralized production, and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. As of November 30, 2021, Cenntro’s first ECV model Metro® has been sold or put into service more than 3,600 units in over 16 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding decentralized production and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on January 5, 2022 and which may be viewed at www.sec.gov.
Investor Relations Contact Cenntro Electric Group:
Chris Tyson
MZ North America
CENN@mzgroup.us
949-491-8235
About TROPOS MOTORS EUROPE
Tropos Motors Europe, a subsidiary of the MOSOLF Group, is a specialist for compact, electric commercial vehicles for a wide range of target groups and applications. These include, in particular, delivery and parcel services, industry and intralogistics, technical trades and facility management, food retail, hospitality and tourism, zoos, amusement parks and sports facilities as well as cities and municipalities.
The electric transporters are able to carry a large payload, have the largest loading space in their class and can be used in very confined areas, thanks to their short wheelbase and their small turning radius. The electric utility vehicles can be operated inside, outside and on unpaved areas and are available with a wide variety of exchangeable vehicle bodies. www.tropos-motors.de
About MOSOLF Group
The MOSOLF Group is one of the leading system service providers for the automobile industry in Europe. The range of services at the family business, which was founded in 1955 and has its headquarters in Kirchheim unter Teck, Germany, includes tailor-made logistics, technical and service solutions. They are provided through a network of business sites across Europe and a multi-modal fleet that combines different modes of transport. The MOSOLF Group is organized into four central business units: Releasing Solutions, Transport Solutions, Logistics & Services and Retail Solutions. The MOSOLF Group’s services cover the complete value-added chain for automobile logistics: from the end of the conveyor belt to recycling. In addition to transporting vehicles (cars, light commercial vehicles, “high & heavy”), its business operations include workshop services, special vehicle construction, industrial coatings, mobility services, releasing agent services, electromobility and vehicle recycling. MOSOLF provides all-round, customised solutions within this context for the automobile industry, fleet operators and car dealers from one source and also handles the associated data flow by means of modern software solutions. www.mosolf.com
