Summary by Moomoo AI
Cenntro Electric Group Limited (Cenntro Electric) reported its financial performance for the six months ended June 30, 2024, with net revenues of approximately $11.7 million, a 52.0% increase from the same period in 2023. The growth was primarily driven by a $2.4 million rise in vehicle sales and a $1.6 million increase in spare-part sales. The U.S. market contributed significantly with approximately $5.1 million in net revenues, a substantial increase from zero in the previous year. Gross profit for the period was approximately $1.2 million, slightly down from $1.3 million in 2023, with an overall gross margin of 10.6%. Selling and marketing expenses decreased by 43.1% to $2.6 million, while general and administrative expenses saw a 15.8% reduction to $14.0 million. Research and development expenses also dropped by 24.2% to $2.8 million. The company's Adjusted...Show More
