Class 3 Truck Added to All Electric Commercial Line, to Launch in North America in Q3 2023

Cenntro Electric Group Limited (NASDAQ: CENN), 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 January 5-8, 2023 in Las Vegas.

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Cenntro Logistar 300 (Photo: Business Wire)

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.

“The LS300 is well-positioned to meet the rapidly growing demand in the United States for commercial EVs,” said Peter Wang, Chairman and CEO of Cenntro. “The Logistar 300 is another strong addition to our commercial vehicle lineup, providing fleets and businesses with best-in-class EV technology that supports the most robust operating cycles. The vehicle joins our Logistar Series following the LS100, LS200, LS260, and LS400. Now, we have a full line of commercial EVs in multiple configurations for last mile delivery. We look forward to showcasing the LS300 along with our complete lineup at CES in January.”

The LS300 is one of five world premieres that Cenntro will unveil at Booth 5840 in the West Hall where Cenntro will display its complete All Electric Commercial product line. The exhibit will include the full Logistar line which features the versatile, compact cargo van, the LS100, the multi-purpose LS200 available in van or box truck configurations, the segment-defining LS260 van, and the Class 4 LS400 purpose-built for last mile delivery and urban services. Cenntro will also showcase its first hydrogen fuel cell vehicle, the Class 8 LMH864, at CES.

For more information or to request a booth meeting, please contact: ir@cenntroauto.com

About Cenntro Electric

Cenntro Electric Group Ltd. (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. Cenntro has committed to lead the transformation of commercial fleets to zero-emissions vehicles and develop a full line of zero-emission commercial vehicles through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. 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 assembly and distribution capabilities, 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 Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2022 and which may be viewed at www.sec.gov.

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