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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) announced that its preliminary revenue for Q1 2021 has doubled compared to Q1 2020, with low double-digit growth expected over Q4 2020. Additionally, unit sales of transmission boxes also doubled year-over-year. CEO Raymond Wang highlighted the expected sequential growth, indicating Q1 2021 may be the highest revenue quarter in the company’s history. The growth is attributed to the economic rebound and successful new product introductions. Full financial results are anticipated in mid-May 2021.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported a 27.6% revenue increase in 2020, totaling $66.9 million. The company's net income per share rose by 19.6% to $0.67, despite a dilution impact from a 2.08 million share increase during the offering process. Gross profit increased by 3.5% to $12.8 million, while gross margin decreased from 23.6% to 19.2%. The company is set to launch its first electric industrial vehicle by July 2021, capitalizing on the growing electrification trend in the construction equipment market.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced the completion of full beta versions of its GEL 1800 Electric Loader, a significant milestone in its development of electric industrial vehicles. The company will begin producing pilot versions in the second half of 2021. With a loading capacity of approximately 1,800 kg and a powerful 144 kWh lithium battery, the GEL 1800 is designed for various applications including construction and mining. CEO Raymond Wang emphasized the company's commitment to establishing a leading EV brand focused on industrial applications.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) plans to release audited financial results for Q4 and the full year 2020 on March 30, 2021. Preliminary figures indicate a revenue increase of approximately 25.5%, reaching around RMB 73.2 million, compared to RMB 58.3 million in Q4 2019. The company expresses optimism about continued growth driven by a diversified product mix and customer base.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has announced a significant expansion of its U.S. manufacturing operations, aiming to boost its global capacity. CEO Raymond Wang highlighted that the new facility will not only assemble electric industrial vehicles but also serve as a product showcase. The company is in discussions for a new facility of up to 50,000 square feet on the East Coast, with plans to finalize site selection by 2Q 2021 and begin operations by 3Q 2021. This expansion is expected to enhance Greenland's competitive edge and stimulate local job creation.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has entered a co-operation agreement with Fujian South China Heavy Machinery Manufacture Co. Ltd. (SOCMA) to enhance the production of electric industrial vehicles in the U.S. This partnership allows GTEC to leverage SOCMA's supply chain and technologies, aiding in the development of electric vehicles. GTEC plans to launch its first electric industrial vehicle by late 2021, focusing on the 1.8-ton load segment, which they believe will bolster long-term growth and shareholder value.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported a 25.5% increase in Q4 2020 revenue to approximately $73.2 million, up from $58.3 million a year prior. Sales of transmission boxes surged by 63%, totaling 35,406 units sold, while bridge box assembly sales more than doubled, growing over 100% to 503 units. CEO Raymond Wang expressed optimism about ongoing business momentum in 2021, supported by a diverse product mix and focus on an electric vehicle market. The company also continues production at its advanced facility in Xinchang, China, capable of producing 200,000 drivetrain sets annually.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has reported a successful launch of its new integrated drivetrain system for electric forklift trucks, achieving over 800 units in monthly sales since its introduction. This system, which incorporates lithium batteries, is designed to meet the demands of OEMs facing stricter environmental regulations. Manufactured in Greenland's advanced facility in China, the company expects strong ongoing customer interest as it continues to innovate in the electric vehicle sector.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has launched a new division focused on the electric industrial vehicle market, aiming to diversify its product offerings. The company will utilize its R&D capabilities and advanced manufacturing resources to develop next-generation electric vehicles. Analysts predict the material handling equipment market will reach $171.1 billion by 2027, with a significant share held by the US, China, and Europe. CEO Raymond Wang highlighted the attractive growth potential in this sector compared to consumer vehicles, aiming to unlock the company's value.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported significant growth for Q3 2020, achieving a 38.2% revenue increase to approximately $16.52 million. The company also saw a 69.8% rise in gross profit, reaching around $3.40 million, which improved gross margin to 20.6%. Income from operations grew by 122% to about $2.24 million. Despite challenges from COVID-19, Greenland remains optimistic about future growth, especially with upcoming launches of robotic cargo carriers and clean energy solutions.
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