Company: CENN
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001140361-25-011607
Chunk: 10

Company: Cenntro Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 10
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                China: Plans for battery-electric, hybrid, and fuel cell vehicles to constitute 20% of new car sales by 2025 and a majority by 2035;

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                France: Aims to phase out ICE vehicle sales by 2040;

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                Germany: No registration of ICE vehicles by 2035 (aligns with the EU’s regulations); cities can ban diesel cars;

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                India: 30% of vehicle sales to be electric by 2030, with incentive programs in place;

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                Japan: Incentive program in place for EV and hybrids sales; and

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                United Kingdom: Ban the sale of new ICE cars starting in 2035.

          9

In the United States, the former Biden administration announced plans to achieve net-zero emissions economy-wide by 2050. In 2021, President Biden signed an executive order to
          replace over 600,000 civilian federal vehicles with U.S.-made zero-emission models and set a target to make half of all new vehicles electric by 2030. The administration also aimed to install over 500,000 EV chargers nationwide and expand tax
          credits and incentives for EVs and related manufacturing. In November 2021, President Biden signed a $1.2 trillion infrastructure bill, which included $7.5 billion for EV charging infrastructure and $6 billion for domestic battery production and
          recycling. In August 2022, the Inflation Reduction Act was enacted, offering a 30% tax credit for commercial ECVs and allocating additional funds under the Diesel Emission Reduction Act to support the commercial EV market. While federal policy
          support varies, many states are independently driving EV adoption through financial incentives, emissions regulations, and infrastructure investments. Several states in the United States have also announced the ban of new ICE vehicles including California and New York by 2035.  The state of California is leading the nation with stringent emission standards and a target to phase out the sale of new gas-powered cars by 2035. The California
          Clean Vehicle Rebate Project (CVRP) offers rebates of up to $7,500 for EV purchases.

Incentive programs and new regulations affecting passenger and commercial vehicles vary by country. However, there is strong sentiment to reduce global greenhouse gas emissions
          from leading governments. For heavy-duty vehicles, the European Union mandated a 15% reduction in CO2 emissions (from 2019 levels)