HOWELL, N.J., March 1, 2021 /PRNewswire/ -- Greenland
Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and
manufacturer of electric industrial vehicles and drivetrain systems
for material handling machineries and vehicles, today announced a
planned major U.S. manufacturing expansion that will establish
Greenland's U.S. market
manufacturing footprint and increase its total worldwide
capacity.
Raymond Wang, CEO of Greenland, commented, "Our plan to expand in
the U.S. builds on our recent strategic developments and will serve
as a powerful growth platform, while creating jobs and investing in
the local economy. In addition to assembly of our upcoming
electric industrial vehicles, we will use the new facility as a
product showcase, which will further empower our sales team.
Overall, we expect this major expansion will further improve
Greenland's competitive position
and accelerate adoption of our electric industrial vehicles."
Under the planned expansion, Greenland is in discussions to establish a new
up to 50,000 square foot facility on the East Coast of the
U.S. Depending on the favorable outcome of discussions
regarding potential incentive programs with state and local
officials, Greenland plans to
finalize the site selection process and formally announce the state
the new facility will be located in during 2Q 2021. The
Company is targeting 3Q 2021 to take possession of the additional
manufacturing space, with assembly lines brought fully online for
its upcoming electric industrial vehicles targeted between 3Q 2021
and 4Q 2021.
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a
developer and a manufacturer of drivetrain systems for material
handling machineries and electric vehicles, as well as electric
industrial vehicles. 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