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) announced that CEO Raymond Wang will present at the Aegis Virtual Conference on May 2, 2023, at 10:00 am ET. The presentation will cover the Company's recent financial results, operational developments, and growth strategy. Investors can access the virtual conference using this link. Greenland focuses on developing and manufacturing electric industrial vehicles and drivetrain systems for material handling. For more information, visit the Company's website and check out their clean industrial heavy equipment division at HEVI Corp.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced that Raymond Wang, President and CEO, will participate in the Water Tower Research Fireside Chat Series on April 20, 2023, at 1:00 pm ET. This event is open to the public, and interested parties can view the webcast live on the Water Tower Research website or through a provided Zoom link. Greenland specializes in developing and manufacturing electric industrial vehicles and drivetrain systems for material handling. For more details on their clean industrial heavy equipment division, visit HEVI Corp.
Greenland Technologies Holding Corporation (NASDAQ: GTEC), a developer of electric industrial vehicles and drivetrain systems, announced on April 12, 2023, that Water Tower Research LLC has initiated coverage on the company. The report highlights Greenland as a Tier 1 supplier of transmissions and all-electric construction equipment. Water Tower anticipates a rebound in revenue and profitability for Greenland in 2023, driven by significant opportunities in the electric vehicle (EV) market and the company's expanding operations. CEO Raymond Wang expressed enthusiasm for the coverage, stating it would enhance investor understanding of Greenland's business model and strategic vision.
Greenland Technologies Holding Corporation (GTEC) reported its unaudited financial results for Q4 and FY 2022, revealing a revenue of $90.8 million, an 8% decrease from $98.8 million in 2021, largely due to pandemic impacts in China. Gross margins improved, reaching 21.8% for the year, up 200 basis points year-over-year. The cash balance rose 47% to $16.3 million as of December 31, 2022. Despite challenges, CEO Raymond Wang anticipates revenue growth in 2023, driven by demand recovery and advancements in their HEVI division for electric vehicles. The company plans to ramp up production at its new assembly site in Baltimore by Q2 2023.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced a conference call scheduled for March 30, 2023, at 8:00 a.m. ET to discuss the fourth quarter and full year 2022 results. Investors and analysts must register in advance to participate. A live and archived webcast will be available on the company's investor relations website. Greenland focuses on developing and manufacturing drivetrain systems for various machinery, including electric vehicles. The press release includes a safe harbor statement emphasizing the potential risks and uncertainties surrounding future performance.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced that it has regained compliance with Nasdaq Listing Rule 5620(a) following its Annual General Meeting held on January 31, 2023. The company received a letter on January 4, 2023, from Nasdaq indicating non-compliance regarding the annual meeting requirement. As of February 1, 2023, this matter is now resolved. Greenland is known for developing drivetrain systems for material handling and electric vehicles, with additional information available through its clean industrial heavy equipment division, HEVI Corp.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has announced its 2022 Annual General Meeting scheduled for January 31, 2023, following a notification from Nasdaq regarding non-compliance with listing rules due to a missed shareholders meeting within the required timeframe. The virtual meeting will allow shareholders to vote electronically before the deadline of January 29, 2023. The company has until June 29, 2023 to submit a compliance plan to Nasdaq.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present at the Sequire Technology Investor Conference on November 30, 2022, at 6:30 p.m. Eastern. CEO Raymond Wang will discuss the company's advancements in electric industrial vehicles and drivetrain systems. Greenland emphasizes growth through customer engagement and government incentives, aiming for capacity expansion in the U.S. Investors can register for the event at Sequire Technologies. The company continues to focus on innovation and shareholder value.
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