Summary by Moomoo AI
Cenntro Electric, a leading electric commercial vehicle manufacturer, reported a net revenue of approximately $3.4 million for the first quarter ended March 31, 2024, a slight decrease from the $3.5 million reported in the same period in 2023. The company's net loss for the quarter was $9.2 million, an improvement from the $11.1 million net loss in the previous year. The decrease in net revenue was primarily due to a reduction in vehicle sales, which was partially offset by an increase in spare-part sales. Despite the decrease in net revenue, the company's gross margin on vehicle sales improved from 1.63% in Q1 2023 to 6.34% in Q1 2024. Cenntro Electric's operating expenses saw a reduction, with selling and marketing expenses dropping by approximately 29.6% and general and administrative expenses by...Show More