NAKD Cenntro Electric Group Ltd

Cenntro Automotive, a leading EV technology company with advanced, market-validated commercial vehicles, has selected Jacksonville, Florida for its first U.S. based manufacturing facility.

The Jacksonville City Council unanimously approved the economic development deal on December 14th for the proposed 100,000-square-foot facility to support the Company’s production of its vehicle lines, with a possible expansion to support additional vehicles and a battery packing operation. When fully operational, the facility is expected to create up to 34 new jobs including research and development specialists, highly skilled technician positions and administrative support. The new facility will support annual production levels of over 50,000 vehicles within four years as well as assembly, quality and testing processes, parts warehouse, distribution and administrative functions. Cenntro Automotive expects to invest $25 million in the facility and to begin assembling vehicles in the first quarter of 2022.

Cenntro will use the Jacksonville Port Authority or “JAXPORT” to import materials for the production of vehicles, and use the port to export some of the finished vehicles to partners and clients across the globe.

“Jacksonville is the ideal spot for our first U.S. manufacturing facility with JAXPORT providing a strong foundation in advanced manufacturing and a growing innovation ecosystem,” said Peter Wang, Cenntro Chairman and CEO of Cenntro Automotive. “We believe Jacksonville provides a great talent pool as we look forward to contributing to the growing advanced manufacturing environment. Our new Jacksonville hub will serve as a cornerstone for our U.S. commercial electric vehicle sales and manufacturing efforts as our seventh assembly plant worldwide.”

Jacksonville Mayor Lenny Curry stated, “Jacksonville continues to be a leader in the logistics sector, and Cenntro Automotive will serve as a great addition to our economy, bringing jobs, investment, and growth throughout the First Coast. I want to thank the City Council and JAX Chamber for continuing to create a business-friendly climate here in Jacksonville.”

JAXPORT CEO Eric Green added, “Cenntro is a global leader in eco-friendly electric vehicles, and we are thrilled to welcome them to Northeast Florida. Many of the region's efficiencies that have made JAXPORT one of the nation's top vehicle-handling ports also make Jacksonville an ideal location for commercial and passenger vehicle manufacturing. We look forward to putting these advantages to work for Cenntro and thank them for bringing new jobs and business to our community."

Aundra Wallace, President of JAXUSA Partnership, the seven-county regional economic development arm of JAX Chamber, concluded, “We are uniquely positioned to grow advanced manufacturing in the Jacksonville region, given our investments in JAXPORT to accommodate larger ships and expand transportation options in and around the port. We are working to create an environment where innovative, leading-edge companies like Cenntro can thrive and grow here. We thank Cenntro for their investment in Jacksonville and look forward to their continued success.”

Cenntro Automotive’s product portfolio includes Class 1 – Class 4 vehicles in addition to off-road offerings. Cenntro currently distributes vehicles in over 30 countries to target customers, which include corporate fleets (i.e., utilities companies), medium and small companies (i.e., small processing facilities, farms, solar farms, resorts, planned communities, etc.), as well as both state and federal government fleets.   

About Cenntro Automotive

A leading 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 the transformation in the automotive industry through scalable, decentralized production and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. Cenntro has sold and delivered 3300 commercial EVs in more than 26 countries as of December 2020. For more information about the company, please visit www.cenntroauto.com.

About the City of Jacksonville

The City of Jacksonville is the largest city by land mass in the continental United States, serving approximately 850,000 residents. Located in Duval County, City of Jacksonville leadership includes the mayor and a 19-member City Council. To learn more about the City of Jacksonville, visit COJ.net.

About JAXUSA Partnership

JAXUSA Partnership, a division of JAX Chamber, is Jacksonville’s seven-county regional economic development organization. JAXUSA Partnership recruits new companies and expands existing business to increase high-wage job growth, private capital investment and a highly skilled talent presence in Northeast Florida. The organization works with economic development partners in Baker, Clay, Duval, Flagler, Nassau, Putnam and St. Johns Counties; the independent authorities of JAXPORT, JAA, JEA and JTA; CareerSource Northeast Florida; and private sector investors in its mission to be a catalyst for regional economic growth.

For further information:

Investor Contact

IR@cenntroauto.com

Media Contact

PR@cenntroauto.com

CONTACT: Matt Galnor: (904) 366-6614, matt.galnor@myjaxchamber.com