Cenntro Motors to buy French electric vehicle co., set up European office

Sparks, Nevada – With the approval of a French court, Cenntro Motor Corp., a Nevada-based manufacturer of all-electric vehicles, will acquire 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," says 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.”

Cenntro Motors France will become the European headquarters for Cenntro Motor Group, complementing the company's global headquarters in Nevada and operations in China.

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 $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.

Source: Cenntro Motor Corp.