Cenntro Electric, a leading EV technology company with advanced, market-validated electric commercial vehicles, today announced that it completed the previously-announced acquisition of a 65% equity interest in Tropos Motors Europe (TME), a wholly owned subsidiary of Mosolf, for €3.25 million and the assumption of 100% of a shareholder loan from Mosolf to TME in the amount of €11.9 million.
TME has been a strategic, private label channel partner and one of the largest customers of Cenntro since 2019. As of March 2022, TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries, including France, Spain, Portugal, the Netherlands, Belgium, Austria, Italy, Denmark, and the Czech Republic, and also sells directly to major fleet providers.
The acquisition expands Cenntro’s assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe. The TME assembly facility in Herne, Germany will be used for the assembly of the full line of Cenntro’s vehicles for the European market, including the Metro®, the Logistar™ series, and the Neibor® series for last mile on-delivery and related services. TME will change its name to Cenntro Automotive Europe GmbH and all the products distributed will be under the Cenntro brand. Additionally, all former TME dealers will have the ability to distribute Cenntro’s product line.
“This acquisition adds significant capacity to our production and will fast-track our market expansion and brand recognition within EMEA (Europe, Middle East and Africa),” said Peter Wang, Chairman and CEO of Cenntro.