New 2024 Cybersecurity and Software Regulations Required for Vehicle Sales in the European Union
Cenntro Electric Group Limited (NASDAQ: CENN) ("Cenntro" or "the Company"), a leading electric vehicle technology company with advanced, market-validated electric commercial vehicles, today announced Cenntro has received a Certificate of Compliance for Cybersecurity Management System (UN Regulation number: R155) and a Certificate of Compliance for Software Update Management System (UN Regulation number: R156). Both certifications are required for vehicle sales in the European Union beginning in the second quarter of 2024.
Both certifications provide frameworks and standards for vehicle original equipment manufacturers ("OEMs") requiring their vehicles to be designed with cybersecurity that maintains the safety and security of the vehicle and its passenger(s). Starting in the second half of 2024, OEM's must be certified as a prerequisite for approval to sell vehicles in the European Union ("EU") consisting of more than 60 participating nations. As vehicles become increasingly complex and digitally integrated, OEMs will need to consider highly intricate safety, security, and quality concerns in the EU and beyond. UN R155 addresses vehicles' ability to withstand cyberattacks, and UN R156 provides a framework for dealing with this challenge. By implementing EU standards, Cenntro has satisfied vehicle cybersecurity requirements and can continue to sell its product portfolio throughout the European Union.
"These new certifications were obtained in response to the growing technological complexity and interconnectedness of today's vehicles," said Peter Wang, Chairman and CEO of Cenntro. "As mobility becomes more advanced with numerous external devices, networks and systems, OEMs face the challenge of addressing highly interrelated safety, security, and quality concerns. These certificates will be required by OEMs, which must be compliant with new EU regulations to sell road vehicles in the EU.
"Currently our LS100, LS200 and LS260 models are designated as vehicle Type N1, which are eligible to sell in all EU countries. Achieving certifications for these models as a qualified OEM is critical as our footprint in the European market continues to build in scale. Our customer base is seeking competitive products to meet their local commerce needs while allowing those customers to participate in zero emission initiatives. We will continue to seek to meet stringent requirements for sales of our vehicles and take advantage of incentives to lower the cost of ownership in the EU and around the world," concluded Wang.
About Cenntro Electric Group Ltd.
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a leading designer and manufacturer of electric commercial vehicles. Cenntro's purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro's website at: www.cenntroauto.com.
Forward-Looking Statements
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