HOWELL, N.J., Dec. 7, 2020 /PRNewswire/ -- Greenland
Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and
manufacturer of forklift transmission and drivetrain systems,
announced today the launch of a new division focused on the
electric industrial vehicle market, a new market that the Company
intends to develop to diversify its product offerings. The new
division will leverage the Company's R&D track record,
extensive intellectual property, state-of-the-art manufacturing
facilities and global customer relationships to develop and deploy
the next generation of electrical industrial vehicles. The new
division also plans to commercialize applications utilizing the
Company's new lithium-based integrated drivetrain system.
Industry analysts expect the global market for material handling
equipment to reach $171.1 billion by
2027, with the United States,
China and Europe having a combined 66.7% share of the
market, and China ranking as the
fastest growing market.
Raymond Wang, CEO of Greenland
Technologies Holding Corporation, commented, "We are very excited
to be formally launching our new division. This is a direct
adjacency that will allow us to accelerate organic growth of our
core business by leveraging our existing expertise, intellectual
property and invaluable customer relationships."
Mr. Wang continued, "The inherently shorter distance usage and
reduced required features make the electric industrial vehicle
market far more attractive, with potentially much higher near-term
growth, than the consumer vehicle market. Greenland has built a leadership position by
prudently investing in our strategic product roadmap, securing an
exceptional global supply chain and working closely with our
customers to meet their needs and improve their competitiveness. We
are now aggressively moving into the next phase of our growth as we
seek to unlock the Company's true value."
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a
developer and a manufacturer of transmission and drivetrain systems
for material handling machineries and electric vehicles, as well as
electric forklift trucks. The Company's clean energy lithium
battery systems require less maintenance, charge faster, operate
more efficiently and last significantly longer than lead acid
power. For more information visit www.gtec-tech.com.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Such statements reflect Greenland's current views with respect to
future events and are subject to such risks and uncertainties, many
of which are beyond the control of Greenland, including those set forth in the
Risk Factors section of Greenland's Annual Report on Form 10-K and
Definitive Proxy Statement on Schedule 14A filed with the
Securities and Exchange Commission ("SEC"). Copies are available on
the SEC's website, www.sec.gov. Words such as "expect," "estimate,"
"project," "budget," "forecast," "anticipate," "intend," "plan,"
"may," "will," "could," "should," "believes," "predicts,"
"potential," "continue," and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, Greenland's expectations with respect to
future performance. In addition, there is uncertainty about the
further spread of the COVID-19 virus or the occurrence of another
wave of cases and the impact it may have on the Company's
operations, the demand for the Company's products, global supply
chains and economic activity in general. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated or expected. Statements contained in
this news release regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue in the future. Greenland
does not intend and does not assume any obligation to update these
forward-looking statements, other than as required by law.
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SOURCE Greenland Technologies Holding Corporation