When Cenntro Inc. (then known as Cenntro Electric Group Ltd.) announced plans to open its first U.S. plant in Jacksonville in late 2021, it had ambitious plans for production of its commercial electronic vehicles.
The New Jersey-based company said it produced 1,623 of its vehicles in 2021, when it reported revenue of $8.6 million.
However, as the company went public at the end of the year by merging with an existing public company, it projected growth to $2.1 billion in revenue from sales of 74,800 vehicles in 2023.