Cenntro Electric Acquires Majority Interest Of Tropos Motors Europe To Expand European Assembly Capability And Distribution Networks In Emea And Adds A Strategic Customer Network In Europe
Cenntro Electric Acquires Majority Interest Of Tropos Motors Europe To Expand European Assembly Capability And Distribution Networks In Emea And Adds A Strategic Customer Network In Europe
03/07/22, 1:32 PM
Location
freeholdIndustry
manufacturing
Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it entered into an agreement with Mosolf SE & Co. KG (“Mosolf”), one of Europe’s largest automotive logistics and service providers, to acquire a 65% equity interest in Tropos Motors Europe GmbH (“TME”), a wholly owned subsidiary of Mosolf, for €3.25 million and assume 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million. The transaction is subject to customary closing conditions and is expected to close in March 2022.
Company Info
Location
501 okerson road
Freehold, New Jersey, United States
Company info
Cenntro Electric Group (NASDAQ: CENN) is a leading EV technology company with advanced, market-validated electric commercial vehicles. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has produced and delivered over 3,600 commercial EVs in more than 26 countries. For more information about Cenntro, please visit www.cenntroauto.com.