Cenntro Electric Group Limited announced the establishment of a separate operating division and wholly owned U.S. subsidiary, Cennatic Power Inc. to manufacture advanced lithium-ion batteries to be used for its electric commercial vehicles. The Company has signed a lease for a 10,436 square meter (111,363 square foot) purpose-built manufacturing facility at Aero Industrial Park in Monterrey, Mexico where Cennatic will manufacture advanced lithium-ion batteries. Construction of the building is complete and Cennatic expects to complete the production line installation by the end of 2022 and begin trial production in the first half of 2023.

The facility will produce lithium-ion batteries with advanced features including greater temperature tolerance, faster charging time, safer operating parameters, longer life cycles and cost efficiencies.