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 launched the GEL-5000, a 5-ton all-electric lithium wheeled front loader, under its HEVI brand. This innovative vehicle features an operating weight of approximately 40,000 pounds, a rapid 2-hour charging time, and 9 hours of operational time per charge. Designed for diverse industries such as agriculture and waste management, it emphasizes sustainability with zero emissions and enhanced operator comfort. CEO Raymond Wang highlights its cost-effectiveness and innovative design as key attributes.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will engage with institutional investors at Credit Suisse's 2022 Mobility Forum on June 21, 2022. CEO Raymond Wang will lead discussions on the company's financial results, growth strategies, and product developments. Greenland specializes in drivetrain systems for material handling machines and electric vehicles. Interested investors must register through their sales representatives. For more details about their clean industrial equipment, visit HEVI Equipment.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present virtually at the H.C. Wainwright Global Investment Conference from May 23 to May 26, 2022. Institutional investors can register for one-on-one meetings with CEO Raymond Wang, while an on-demand presentation will be available starting at 7:00 a.m. EST on May 24. Greenland specializes in developing and manufacturing electric industrial vehicles and drivetrain systems for material handling equipment. For more details, visit HEVI Equipment.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) expressed support for the Maryland Clean Cars Act of 2022, which initiates a grant program for zero-emission heavy equipment. The program, managed by the Maryland Energy Administration, mandates a budget allocation of at least $750,000 annually from 2024 to 2027 to subsidize equipment purchases starting July 1, 2023. CEO Raymond Wang highlighted this step as pivotal for advancing electric industrial vehicles, affirming their commitment to U.S. manufacturing in Baltimore County, and encouraging other states to adopt similar initiatives for a cleaner economy.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has chosen Baltimore County, Maryland, for its U.S. expansion, selecting a site for a new 54,000 square-foot manufacturing facility in White Marsh. The facility aims to create full-time jobs and support growing demand for its electric industrial vehicles, set to open in July 2022. The company is utilizing the More Jobs for Marylanders program to incentivize job creation. Local officials express enthusiasm for the economic benefits and innovation Greenland brings to the region.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) reported a record 1Q22 revenue of $29.3 million, a 19% increase from $24.6 million in 1Q21. Net income rose 19% to $2.9 million. The gross margin improved to 21.7%, up 100 basis points. The number of transmission products sold reached 41,902 units, up 13%. Greenland secured a lease for a new assembly facility in Maryland, set for a July opening, and launched its HEVI brand for electric heavy industrial equipment. Despite pandemic-related challenges, the company remains optimistic about long-term demand.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has launched its new clean industrial heavy equipment brand, HEVI Equipment, which rebrands the previous Greenland Machinery division. The HEVI brand focuses on all-electric industrial equipment like front loaders and excavators, promoting sustainability and performance. CEO Raymond Wang emphasizes the company's commitment to innovation and increasing market presence in the electric vehicle sector. The launch aims to accelerate growth and enhance shareholder value by meeting the growing demand for clean industrial machinery.
Princeton NuEnergy, Inc. has successfully closed a $7M seed funding round led by Wistron Corporation, with additional investments from Shell Ventures and others. This funding will accelerate the development of PNE’s innovative lithium-ion battery recycling technology, which aims to recover up to 95% of materials, thereby reducing operational costs and environmental impact. Founded in 2019, PNE focuses on direct recycling from electric vehicles and electronics, addressing the growing challenge of spent lithium-ion batteries.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced its plans to report unaudited financial results for Q1 2022 on May 16, 2022, before U.S. market opens. The management will host a conference call at 8:00 AM ET to discuss the results. Participants are encouraged to register in advance for the conference call. A replay will be available until May 24, 2022. Greenland focuses on developing and manufacturing electric industrial vehicles and drivetrain systems, which are critical for material handling.
Greenland Technologies (NASDAQ: GTEC) reported a 48% increase in FY21 revenue, reaching $98.8 million, compared to FY20. Net income rose 14% to $7.3 million. The company's cash balance nearly doubled to $17.8 million. Notably, they sold 141,431 transmission products, marking a 30% increase year-over-year. Despite facing supply chain issues, Greenland is optimistic about continued growth in 2022 with expectations to deliver between 100 to 150 vehicles. Recent partnerships for battery recycling and autonomous vehicles underscore their strategic vision.
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