Welcome to our dedicated page for Greenland Technologies Holding Corporation Ordinary Shares news (Ticker: GTEC), a resource for investors and traders seeking the latest updates and insights on Greenland Technologies Holding Corporation Ordinary Shares stock.
Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a leading developer and manufacturer of electric industrial vehicles and drivetrain systems, primarily focused on material handling vehicles such as forklift trucks. The company's core business involves creating innovative and high-quality solutions for the material handling industry, catering to both domestic and international markets. Greenland Technologies earns the majority of its revenue from its domestic sales.
Greenland Technologies has recently made significant strides in the industry with various achievements and ongoing projects. The company announced that East Energy, through its subsidiaries Carolina Poultry Power RG2, LLC, and Carolina Poultry Power RG3, LLC, has agreed to purchase multiple zero-emission electric industrial machines from Greenland's HEVI. The sale includes two GEL-5000s and one GEL-1800, showcasing strong power, significant payload options, and approximately 40,000 pounds of operating weight, with each loader capable of running for nine hours per charge. These loaders are ideal for various applications, including agriculture, urban construction, and waste management.
Another notable development is the planned spin-off of Greenland's drivetrain systems business. The spin-off will result in two independent, publicly traded companies, allowing each to focus on their respective core operations – electric industrial vehicles under the HEVI brand and drivetrain systems as a standalone entity. This separation aims to enhance shareholder value and provide dedicated growth strategies for each segment.
Greenland Technologies has also expanded its HEVI Authorized Service Provider (ASP) national network program, with Truck and Auto Repair in North Carolina joining the network to support increased demand for the HEVI electric industrial vehicle product line. The company is committed to providing robust and reliable service and support infrastructure to HEVI owners.
The company's HEVI GEL-5000 all-electric front loader has garnered significant interest and success, with sales deliveries made to the Port of Baltimore as part of their electrification plan. The Port Authority of New York and New Jersey has also agreed to purchase the HEVI GEL-5000, further demonstrating the growing traction of Greenland's electric industrial vehicles in key industrial and commerce centers.
Financially, Greenland Technologies reported a 64% year-over-year increase in net income per share for the first quarter of 2024, driven by strong execution of its business strategies and growing EV sales. The company's revenue for the quarter was $22.72 million, a 2.6% increase compared to the same period in 2023.
Overall, Greenland Technologies Holding Corporation is positioned as a critical player in the industrial electric vehicle market, continually advancing its product offerings and expanding its market presence. For more information, visit www.gethevi.com.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has successfully closed an underwritten public offering, generating gross proceeds of approximately $7.0 million from the sale of 857,844 ordinary shares at $8.16 per share. The company plans to allocate the net proceeds for working capital and general corporate purposes. An additional 15% over-allotment option may raise total gross proceeds to around $8.0 million if exercised. This offering was conducted under an effective shelf registration statement filed with the SEC.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced an underwritten public offering priced at $8.16 per share, aiming to raise approximately $7.0 million, before expenses. The offering includes 857,844 ordinary shares and is expected to close on June 30, 2021. Aegis Capital Corp. serves as the sole book-running manager. A 45-day over-allotment option could boost total proceeds to about $8.0 million. Proceeds will fund working capital and general corporate purposes. The offering is made under an effective shelf registration statement filed with the SEC.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced plans for an underwritten public offering of ordinary shares. The net proceeds will be utilized for general corporate and working capital needs. The offering is subject to market conditions, and no assurances are provided regarding the timing, terms, or final size of the offering. Aegis Capital Corp. is the book-running manager for this initiative, which is being made under an effective shelf registration statement filed with the SEC.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present at Nomura's Industrials & New Energy Day conference on June 29-30, 2021. CEO Raymond Wang will discuss the company's record 1Q 2021 financial results, its innovative electric vehicle (EV) product roadmap, and expansion plans. Key highlights include a strategic partnership with Shandong Zhongcha Heavy Industry to launch a lithium battery forklift in the U.S. in July 2021 and positive customer feedback on the new EV pre-booking service for the GEL-1800 Electric Loader and GEX-8000 Electric Excavator.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced a strategic partnership with Shandong Zhongcha Heavy Industry Machinery to launch a lithium battery forklift in the U.S. by July 2021. This partnership aims to enhance revenue generation and establish market leadership. The collaboration will combine R&D resources for further development of lithium-powered forklifts, ensuring competitive pricing and customer return on investment. CEO Raymond Wang emphasized the strategic advantage of working with a well-funded partner.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has launched an online pre-booking service for its new electric vehicles, the GEL-1800 Electric Loader and the GEX-8000 Electric Excavator, with deliveries anticipated to begin in August 2021. Customers can reserve these vehicles with a $250 refundable deposit. The GEL-1800 offers a loading capacity of approximately 1,800 kg, while the GEX-8000 is designed to operate without carbon emissions, enhancing workplace safety.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present at the LD Micro Invitational XI Conference virtually from June 8 to 10, 2021. CEO Raymond Wang is set to discuss the Company’s strong Q1 2021 financial results, along with insights into their differentiated electric vehicle (EV) product roadmap, sales and manufacturing expansion, and growth opportunities. The presentation is scheduled for June 9, 2021, at 2:00 p.m. ET. Investors can register for the event here.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported first-quarter 2021 results with revenues of $24.6 million, a 149.3% increase year-over-year. Net income surged 644.7% to $2.4 million. The company sold 36,986 transmission units, up 129.7%. Gross profit reached $5.1 million with a gross margin of 20.7%. Operating expenses were $2.2 million, up 21.3%, but as a percentage of revenue decreased significantly. For 2021, Greenland forecasts revenues between $80 million and $90 million, expecting growth of 20% to 35%.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced it will release its first quarter 2021 unaudited financial results on Wednesday, May 12, 2021, prior to the U.S. market opening. An earnings conference call will be held at 8:30 AM ET on the same day, with registration required for participation. A replay of the call will be available until May 20, 2021. Greenland focuses on developing electric industrial vehicles and drivetrain systems for material handling.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present its new GEL-1800 electric loader at the Hannover Messe 2021 Digital Expo from April 12-16, 2021. This loader boasts a 1.8-ton capacity and is powered by a 144 kWh lithium battery, suitable for various industries including construction and farming. CEO Raymond Wang noted the positive response to the GEL-1800 beta announcement, emphasizing the expo's role in raising awareness and facilitating discussions with potential buyers. Hannover Messe is a leading trade show for industrial technology.
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