Cenntro takes majority stake in Tropos

The manufacturer of electric light vehicles from Herne, Tropos Motors Europe, has announced an investment by the US provider of light and medium electric commercial vehicles, Cenntro Electric Group. The Mosolf subsidiary points to the globally growing market for electric commercial vehicles and an increasing demand for variously sized, electrically-powered vehicle concepts. Against this background, the Cenntro Electric Group, based in Freehold, New Jersey, has invested in Tropos GmbH as part of a long-term partnership. The Americans are taking over 65 percent of the shares. Mosolf SE & Co. KG will remain a shareholder with 35 percent. In this way, both companies ensure that the markets in Europe, as well as in the future in Africa and the Middle East (EMEA), can be tapped more efficiently and with a broader product portfolio, believe the providers.

The ABLE will become the Cenntro Metro in the medium term

Cenntro manufactures the pre-assembled SKD sets of the ABLE XT and distributes its sister model under the name Metro. In addition, Cenntro has expanded its range of light and medium electric commercial vehicles with important models. Tropos Motors Europe has connected over 50 dealers and 13 importers, including in France, Portugal, and Spain, to its network in Germany and continues to expand this network.

“This is a milestone for both companies. With Cenntro, we have found the perfect partner to offer additional electric vehicles in Europe as well as in Africa and the Middle East and at the same time meet an even broader spectrum of customer needs,” says Jörg Mosolf, Chairman of the Board and CEO of the Mosolf Group.

Peter Wang, Chairman of the Board and CEO of Cenntro Electric, referred to the team of motivated employees, market knowledge, and existing network structure in Europe during the signing of the contract. At the same time, Tropos benefits from the global network, expertise as a manufacturer and developer of light and medium electric commercial vehicles, as well as the broad product portfolio, Wang argued.

“We are now working on providing our partners, customers, and employees with the perfect package for a successful and joint marketing of Cenntro and Tropos Motors Europe,” adds Gregory Hancke, Managing Director of Tropos Motors Europe and COO of the Mosolf Group.

In Herne, Tropos will continue to manufacture the compact ABLE XT electric transporters until an agreement on further partnership with Tropos Technologies Inc. is reached. The Cenntro Metro will then replace the ABLE, according to the announcement. It will also be examined whether other products can be produced in Herne. This should make it possible to better meet customer requirements from the areas of CEP, delivery services, grocery stores, cities and municipalities, crafts and building management, retail and wholesale, hospitality and tourism, amusement parks, and zoos, hope the partners.