NAKD Cenntro Electric Group Ltd

Cenntro Automotive (“Cenntro”, the “Company” or “We”), a commercial EV technology company with advanced, market-validated commercial vehicles, is pleased to announce that its Logistar 200 (“LS 200”) vehicle has completed all homologation tests in compliance with EU standards and requirements to obtain the N1 vehicle type approval. LS 200 now can be sold and registered in all 27 countries in the EU as well as any other countries that adopt EU vehicle homologation standards. LS 200 is a multi-purpose, light electric commercial vehicle customized for urban delivery and urban services, legitimate on highway drive.

Under the European Commission regulation, there are four general vehicle categories in the European Union and every category includes more than one type. In general, category N refers to power-driven vehicles having at least four wheels and for the carriage of goods1. Vehicles for the carriage of goods with a maximum mass not exceeding 3.5 tonnes are categorized into N1 type, which can distinguish light goods vehicles from the heavy or industrial types. Only vehicles that match all specific metric requirements for certain type of vehicle can be approved. Obtaining N1 type approval means the vehicle can access all concessions and incentives depending on countries that N1 type approval allows.

“We are thrilled that our LS 200 completed all tests for N1 type approval in the European Union and Cenntro is now ready to launch into another exciting stage of growth in the EU market,” said Peter Wang, Cenntro's Chairman and Chief Executive Officer. “I am proud of our team’s efforts in achieving this major milestone earlier than our expected timeline. Having obtained the N1 type approval for our LS 200 is evidence that the advanced safety, advanced technology, and premium customer experience we provide is recognized and is now also certified, thus leveraging Cenntro into a leadership position in commercializing a multi-billion dollar market in intra-city, urban transportation across the European Union. Our LS 200 vehicles now are now available for sale in 27 EU countries and any other countries compliant with EU vehicle standards. We are confident we will see rapid sales and distribution in the European market and look forward to further grow our global presence while bringing value to all shareholders.”

About Cenntro Automotive Group

A commercial EV technology company with advanced, market-validated commercial vehicles, which has entered into a definitive merger agreement with Naked Brand Group Limited (NASDAQ:  NAKD) with Cenntro’s shareholders to own approximately 70% of the combined entity on a fully-diluted basis. Cenntro leads transformation in the auto industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has sold and delivered 3300 commercial EV in more than 26 countries as of Dec 2020. For more information about the company, please visit www.cenntroauto.com.

For further information:

Investor ContactIR@cenntroauto.com

Media ContactPR@cenntroauto.com

1 Source: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R0858

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/32884475-0c00-4e27-aa07-6339e0b424b7

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e64dbc1-ef67-4f82-b28b-74cd570686bf