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) reported a 67% increase in net income for Q3 2022, reaching $2.1 million compared to $1.3 million in Q3 2021. Total revenue decreased to $21.8 million from $23.1 million a year earlier, primarily due to unfavorable foreign exchange impacts. Gross margin remained steady at 22.1%. The company opened a new 54,000 sq. ft. assembly facility in Baltimore, enhancing production capabilities. A recent $10 million capital raise strengthens its balance sheet and supports growth initiatives.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced a conference call on November 9, 2022, at 8:00 a.m. ET to discuss its third quarter 2022 results and business outlook. Interested investors and analysts must pre-register to participate. A live and archived webcast will be accessible on the company's investor relations website. Greenland develops and manufactures drivetrain systems for material handling and electric vehicles, indicating its focus on innovative industrial solutions.
Cyngn Inc. (NASDAQ: CYN) has signed an exclusive contract with HEVI, a brand under Greenland Technologies Holding Corporation (NASDAQ: GTEC), to provide vehicle tracking systems for HEVI's electric industrial vehicles. Customers purchasing HEVI's forklifts, excavators, or loaders will receive the Infinitracker device, enabling real-time location and temperature monitoring. Infinitracker’s long battery life and IoT capabilities enhance operational efficiency by collecting data even when vehicles are off. This partnership aligns with Cyngn's strategy to expand its autonomous vehicle technology offerings.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has chosen Cyngn Inc. as the exclusive provider of Infinitracker asset tracking systems for its HEVI electric industrial vehicles. This partnership enhances HEVI products by integrating tracking capabilities that allow customers to monitor vehicle location and performance, adding value to their purchases. Cyngn's Infinitracker, featuring long battery life and IoT capabilities, will be included with every new HEVI vehicle, aligning with customer demands for increased efficiency in industrial equipment management.
Greenland Technologies reported its 2Q22 financial results, with total revenues at $20.6 million, down 27% year-over-year, while gross margin improved to 23.5%, an increase of 330 basis points. The company's net income for the quarter dropped to $2.4 million, a 25% decrease from 2021. For the first half of 2022, revenue was $49.9 million, down 6%, with a net income of $5.3 million. Despite challenges from COVID-19 and supply chain disruptions, Greenland launched the GEL-5000 electric front loader and secured $10 million through recent offerings.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will host a conference call on August 12, 2022, at 8:00 a.m. EDT to discuss its second quarter and first half 2022 results and business outlook. Interested investors and analysts must register in advance through the provided link. A live and archived webcast will also be available on the company's investor relations website. The company specializes in drivetrain systems for material handling machinery and electric vehicles.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will meet institutional investors at the 2022 J.P. Morgan Auto Conference on August 9, 2022, in New York City. CEO Raymond Wang will discuss the Company’s financial results, growth strategies, and product development.
Greenland specializes in drivetrain systems for material handling and electric vehicles. Interested investors should register through their sales representatives for one-on-one discussions.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced its new all-electric front loader, the GEL-5000, designed for various industrial applications. This vehicle has a 5.0-ton load capacity, weighs approximately 40,000 pounds, and offers a rapid two-hour charge with nine hours of operation. The GEL-5000 emphasizes sustainability and operator comfort, reducing ownership costs while providing strong performance. Featured in a broadcast by NetworkNewsAudio, the launch aims to enhance brand visibility in the investment community.
Greenland Technologies Holding Corporation (GTEC) closed a $10 million registered direct offering and private placement, issuing 1,250,000 ordinary shares at $4.17 per share, alongside pre-funded warrants for 398,974 shares. The private placement also included units to purchase 616,026 pre-funded warrants and 4,530,000 common warrants, priced at $5.089 per unit. Aegis Capital Corp. served as the Exclusive Placement Agent. This offering is registered under SEC's Form S-3 and is limited to accredited investors.
Greenland Technologies Holding Corporation (GTEC) has announced a definitive agreement to sell 1,250,000 ordinary shares and pre-funded warrants for 398,974 shares at $4.17 each. In a concurrent private placement, GTEC will issue units allowing purchases of 616,026 shares and common warrants for 4,530,000 shares at an exercise price of $4.49. Total gross proceeds from both transactions are estimated at $10 million, expected to close around July 27, 2022. The offerings will be conducted under an effective SEC registration statement.
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