Cenntro Electric Group Ltd. acquired a new manufacturing facility in Changxing, Huzhou City, China, for a purchase price of approximately $19.5 million, according to a Friday announcement.
The new 474,000-square-foot facility will allow the Freehold-based electric vehicle technology company to expand its production capacity.
The facility, built in 2018, is expected to provide Cenntro with advanced manufacturing capabilities. In addition to expanding capacity, the new site is expected to enable Cenntro to obtain ISO 9000 certification.
The new facility will support the production of a new Metro series and have an expected capacity of 50,000 vehicles annually once fully operational. The facility is expected to begin trial production in the third quarter of 2022.
“This is a critical acquisition for Cenntro. The new facility will allow us to expand and respond to the growing demand for our products, especially as we begin distributing into new markets,” Peter Wang, chairman and CEO, Cenntro Electric Group, said.