Company: CENN
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001140361-25-011607
Chunk: 11

Company: Cenntro Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 1
Chunk 11
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 by 2025 and a 30% reduction target (from 2019 levels) by 2030. Also, by 2025, manufacturers will be required to
          ensure that at least a 2% market share of the sales of new vehicles is made up of zero-and-low-emission vehicles to counteract steadily increasing road traffic emissions. For light-duty vehicles, the European Union has mandated a 15% reduction in
          CO2 emissions by 2025 and a 31% reduction target by 2030. The European Union may impose financial penalties on vehicle manufacturers for failure to achieve certain CO2 emission targets imposed on such manufacturers, with such penalties scaling
          upward based on the level of CO2 emission exceedance for their vehicles. We believe that increasing government regulations and incentives, together with shifting consumer preferences, will encourage significant growth in the market for ECVs.

The Hydrogen Vehicle Market

The global hydrogen vehicle market is projected to experience significant growth over the next few decades, driven by government incentives, advancements in fuel cell technology, and increasing
          environmental regulations. As of 2024, the global hydrogen vehicle market is projected to experience substantial growth, driven by advancements in fuel cell technology and government incentives. According to Markets and Data, the market is
          forecasted to grow at a CAGR of 31.94% from 2025 to 2032, reaching approximately $19.92 billion by 2032. According to Fortune Business Insights, the market is segmented by range, with long-range hydrogen vehicles (above 500 miles) expected to see
          the highest growth due to demand for commercial fleets, trucks, and intercity buses. The North American market, led by California, is also seeing growth due to strong policy support and investments in refueling infrastructure. ​

United States: The Bipartisan Infrastructure Law has allocated $9.5 billion for clean hydrogen development, with additional state-level incentives such as California’s Clean Vehicle Rebate Project and
          the Low Carbon Fuel Standard.

European Union: The EU Hydrogen Strategy aims to install at least 40 GW of electrolyzer capacity by 2030. Countries like Germany, France, and the UK have introduced grants and tax incentives to
          promote hydrogen mobility.

China: The government offers subsidies of up to $19,000 per hydrogen vehicle and aims to deploy 1 million fuel cell vehicles by 2035.

Japan & South Korea: These nations provide heavy incentives for hydrogen infrastructure and have ambitious targets for fuel cell vehicle