Cenntro Electric (NASDAQ:CENN) stock is on the move Thursday as investors react to the Environmental Protection Agency (EPA) granting a Certificate of Conformity to one of the company’s vehicles.
Specifically, that Certificate of Conformity is for the company’s all-electric Class 4 Logistar 400 model. The certificate means the LS400 officially meets all regulations and emission standards of the agency. This follows the electric vehicle (EV) completing an EPA range test in October.
The LS400 is a purpose-built EV from Cenntro Electric with a focus on several applications, “including last mile delivery as well as municipal and numerous vocational services.” The EV offers a 7456-pound max payload, a top speed of 62 miles per hour and a range of 84 miles.
Peter Wang, Chairman and CEO of Cenntro, said the following about the EPA news:
“Receiving the EPA Certificate of Conformity is a critical milestone in U.S. Certification process and validates that the LS400 can meet the range needs of our target customers providing last mile delivery and vocational services in urban and suburban areas.”
CENN Stock Is Falling Despite the News
Today’s news comes with heavy trading of the EV company’s shares on Thursday. As of this writing, more than 7 million shares have changed hands. That’s a major jump over the daily average trading volume of 3.7 million shares.
CENN stock is down 16% as of Thursday morning and down 93.4% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock news traders need to know about on Thursday. That includes what’s happening with shares of IsoPlexis (NASDAQ:ISO), SWVL Holdings (NASDAQ:SWVL) and ORIC Pharmaceuticals (NASDAQ:ORIC) stock. You can learn more at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.