EAST WINDSOR, N.J.,
April 12, 2021 /PRNewswire/ --
Greenland Technologies Holding Corporation (NASDAQ: GTEC)
("Greenland" or the "Company"), a
technology developer and manufacturer of electric industrial
vehicles and drivetrain systems for material handling machineries
and vehicles, today announced that based on select preliminary
results, which are subject to finalization, revenue for the first
quarter of 2021 ended March 31, 2021
doubled compared to the same period a year ago, with low double
digit growth expected compared to the fourth quarter of 2020 ended
December 31, 2020. Preliminary
results also indicate unit sales of the Company's transmission
boxes doubled in the first quarter of 2021, as compared to the
first quarter of 2020. The Company plans to release financial
results for the first quarter of 2021 in mid-May.
The Company noted that based on preliminary results, the growth
trends it benefitted from in 2020 are accelerating in 2021.
Greenland's continued growth is
being led by the reopening and rebound of the broader economy,
along with the Company's successful introduction of new
products.
Raymond Wang, CEO of Greenland, commented, "Doubling of our revenue
on a year over year basis is impressive but we are even more
excited about the expected sequential growth in the first quarter
of 2021 compared to the fourth quarter of 2020. This would make the
first quarter of 2021 the highest revenue quarter in the
Greenland's history. We remain
focused on executing our business strategy, meeting all product
roadmap milestones and exceeding commitments to our customers."
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