Cenntro Electric climbs on plans for in-house battery production unit
08/08/2022 17:37
** Shares of electric-vehicle company Cenntro Electric Group
Ltd CENN.O up 4% at $1.58
** Company says will establish manufacturing unit for
lithium-ion batteries in Mexico urn:newsml:reuters.com:*:nBw62Cl9ma
** Expects to begin trial production in first half of 2023
** Batteries manufactured at the new facility will have
greater temperature tolerance, faster charging time and longer
life and will be used in company's EVs - CENN
** "Bringing the production of essential battery
technologies and manufacturing process in-house will accelerate
the development of our electric commercial vehicles and reduce
our supply chain dependency from China," - CEO Peter Wang
** As of last close, company's shares down 72% this year
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))