What's Going On With Cenntro Electric Group Limited Shares Diving Today?

Cenntro Electric Group Ltd CENN shares are trading lower by 5.32% to $1.34 Tuesday afternoon amid overall market weakness.

The company last week announced their new Logistar 100s, a light electric commercial van, rolled off the production line and are scheduled for delivery beginning September to Europe followed by launches in Asia, the Caribbean, and South America markets.

What Else?

Cenntro Electric Group said the Logistar 100, or LS 100, is a versatile, compact light cargo van purpose-built to serve diverse commercial applications, especially in population-dense urban areas.

Cenntro Electric Group also said the vehicle has a range of 74 miles (118 kilometers) (WLTP), 1151 lbs. (525 kg) of payload, and a cargo capacity of 73.3 cubic feet (2 cubic meters). The combination of its cargo space and multiple entry points at the side and rear of the vehicle makes the LS100 ideal for multiple applications, including package delivery, trade and maintenance services, hospitality and catering.

"The Logistar 100 reflects our desire to serve the needs of an increasingly diverse market," said Peter Wang, Cenntro's Chairman, and Chief Executive Officer.

"The LS100 expands our product line and responds to customer needs for an adaptable electric vehicle, particularly for Europe, one of our key markets. The LS100's size and capacity offer fleets and business owners a true electric vehicle choice to meet their needs without sacrificing function or performance."

See Also: If You Invested $100 In Tesla, AMD, Nvidia, Apple, Microsoft, Amazon And Plug Power Stock 5 Years Ago, Here's How Much You'd Have Now

According to data from Benzinga Pro, Cenntro Electric Group Limited has a 52-week high of $14.17 and a 52-week low of $1.05.