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.
Cyngn (NASDAQ: CYN) announced its financial results for the fourth quarter and full year ending December 31, 2021, noting a net loss of $2.1 million for Q4 compared to $2.3 million in Q4 2020. Total operating expenses increased to $3.6 million in Q4 from $2.3 million year-over-year. The company secured exclusive partnerships for autonomous vehicle solutions, including engagements with Global Logistics and Fulfillment LLC and Greenland Technologies (NASDAQ: GTEC). Cyngn reported a cash position of $21.9 million as of year-end 2021, up from $6.1 million in 2020.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will release its unaudited financial results for the fourth quarter and full year ended December 31, 2021, on March 28, 2022, before the U.S. market opens. The management team will host an earnings conference call at 8:00 AM ET on the same day. Interested participants are encouraged to register in advance. This report will provide insights into the company's performance and future outlook within the electric vehicle sector.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has formed a strategic partnership with Princeton NuEnergy Inc. to develop sustainable lithium-ion battery recycling solutions for their electric industrial vehicles. The collaboration aims to create a closed-loop recycling process, minimizing the environmental impact of battery disposal. This partnership will enhance brand awareness and potentially reduce battery procurement costs for Greenland while providing a revenue stream for Princeton NuEnergy. Both companies emphasize the importance of a sustainable supply chain amid growing demand for electric vehicles.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present at Aegis Capital Corp.'s Virtual Conference on February 25, 2022. The presentation, hosted by CEO Raymond Wang, is scheduled for 3:00 PM Eastern Time and will be accessible via webcast. Greenland Technologies specializes in electric industrial vehicles and drivetrain systems for material handling. For details on the webcast, visit the Investor Relations section of their website.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has launched the GEX-8000 Industrial Electric Excavator, expanding its product line of sustainable industrial vehicles. This excavator features a 141 kWh lithium battery, offering a rapid 2-hour charge and 9 hours of operating time, making it suitable for various applications including agriculture and urban construction. CEO Raymond Wang highlighted the vehicle’s performance and return on investment compared to traditional equipment, emphasizing the company's growth phase and commitment to innovation in the industrial electric vehicle sector.
Cyngn (NASDAQ: CYN) and Greenland Technologies (NASDAQ: GTEC) have announced a strategic partnership to integrate Cyngn's self-driving technology into Greenland's electric forklifts. This collaboration aims to enhance operational efficiency by enabling versatile modes of operation: fully autonomous, manual, and remote control. With over 850,000 forklifts in the U.S., this partnership positions both companies to address industry challenges related to labor shortages and technological advancements. Future plans include expanding self-driving capabilities to additional vehicles.
Cyngn (CYN) and Greenland Technologies (GTEC) have partnered to integrate Cyngn's autonomous vehicle technology with Greenland's electric forklifts using the Enterprise Autonomy Suite (EAS). This integration allows forklifts to operate in autonomous, manual, and remote-controlled modes, enhancing operational efficiency. With 850,000 forklifts in the U.S., this partnership aims to meet growing market demands while supporting environmental sustainability goals. Future plans include extending autonomous capabilities to additional vehicles within Greenland's fleet.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) has selected Maryland for its major U.S. manufacturing expansion. The new facility, expected to be operational in 4Q 2022, will focus on assembling electric industrial vehicles and serve as a product showcase. Maryland's logistics infrastructure, centralized location, and commitment to sustainability were key factors in this decision. The expansion aims to boost local employment and enhance the Company's market presence in the relatively untapped electric industrial vehicle sector.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced a new distribution agreement with a potential market value between $5 million and $8.4 million. This multi-year agreement allows Elive Maroc S.A.R.L. A.U. to exclusively sell Greenland's electric industrial vehicles in Morocco, which includes forklifts, front loaders, and excavators. Morocco's favorable electricity prices and commitment to renewable energy position it as a promising market. CEO Raymond Wang highlighted the growth potential stemming from this partnership, marking a strategic entry into the African market.
Greenland Technologies Holding Corporation (NASDAQ: GTEC) will present at Baird's 2022 Vehicle Technology & Mobility Conference on January 25, 2022. CEO Raymond Wang will lead a group presentation for institutional investors from 8:30 to 9:00 AM ET, followed by one-on-one meetings. Interested investors can register by contacting Baird. Greenland Technologies specializes in developing electric industrial vehicles and drivetrain systems, aiming to enhance material handling operations. For more information, visit www.gtec-tech.com.
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