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SOURCE Cenntro Motor Corporation
SITL-Brandt products will join Cenntro's global distribution network; new Cenntro Motors France will produce all-electric light commercial utility vehicles for European market
SPARKS, Nev., June 18, 2014 /PRNewswire/ -- Cenntro Motor Corporation, a Nevada-based manufacturer of all-electric vehicles, today announced that a French court has approved its acquisition of SITL-Brandt Motors. The acquisition, valued at $50 million, will result in the creation of a new company, Cenntro Motors France, which will serve as the European headquarters and operations of Cenntro Motor Group.
"We are honored today by the decision of the French Tribunal to award SITL-Brandt Motors to Cenntro," said Marianne McInernery, executive vice president of Cenntro. "This decision indicates an exciting and historic day for Cenntro, as the acquisition of SITL-Brandt positions Cenntro to become the global leader in electric light commercial utility vehicles.
"SITL-Brandt has long been recognized for quality and innovation. The all-electric CITELEC commercial truck is an illustration of the innovative spirit that defines SITL-Brandt and the entire Grand Lyon region. It is a good complement to our KOMBI all-electric utility vehicle. SITL-Brandt's employees are instilled with passion and commitment; it is an honor to bring them into the Cenntro Motor family."
Cenntro Motors France will become the European headquarters for Cenntro Motor Group, complementing the company's global headquarters in Nevada, U.S., and operations in China. Lyon is ideally located to serve as a strategic location from which to distribute Cenntro products and bring commercial customers across Europe a range of electric utility vehicles that offer performance, value and quality to meet diverse needs.
Cenntro plans to grow the SITL-Brandt product line for individual E-mobility and to partner its product lines with those of Cenntro's Sentera Motors, including the Sentera E4 product line, a two-passenger quadracycle (L7e) in 2015. Cenntro also envisions the addition of a 125cc e-Scooter to complement the current 50cc product (2014).
Cenntro will inject €15 million ($20 million) into the current operation and envisions the establishment of a new battery packaging company to produce advanced battery packs for the electric vehicle market in Europe. Cenntro will also establish a research and design center in Lyon to support all of the Cenntro's automotive divisions.
"The Cenntro Motor Group is the best candidate we could have hoped for for this particular investment project in Lyon," said Jacques de Chilly, executive director of Invest in Lyon Agency. "It makes sense for them and for the Greater Lyon area, because they both meet the same ambition in the fields of smart energy, industrial devices and international openness. We are more than happy to welcome their team and support their project as they have already proved to be committed to making a win-win collaboration. They have operation funding and have prepared a business plan in order to make Lyon profitable thanks to their global international market reach and their knowledge in design, manufacturing, marketing and service of EV products."
About Cenntro Motor Corporation:
Cenntro Motor Corporation designs and builds electric commercial and passenger vehicles. Based in the United States with operations in France and China, Cenntro Motor aims to become a global industry leader in production of highly efficient electric vehicles that reach 200+ MPGe. Cenntro Motor's launch vehicle is the zero-emission lightweight electric commercial vehicle, the KOMBI EV. The versatile KOMBI EV is a smart choice for maintenance, delivery and light cargo transport, and can be used in a variety of environments including parks, farms, resorts, campuses, industrial facilities, airports and more. Distinctive retro styling, roomy interior, spacious cargo area and class-leading performance and energy efficiency set the KOMBI EV apart. www.cenntromotor.com
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