HOWELL, N.J., Dec. 21, 2020 /PRNewswire/ -- Greenland
Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and
manufacturer of forklift transmission and drivetrain systems,
announced today strong initial sales of the Company's new
integrated drive train system for electric forklift trucks. The new
EV product, which uses lithium batteries, has already ramped to
over 800 units in monthly sales both manufactured and delivered
since last month's launch.
Raymond Wang, CEO of Greenland, commented, "This is our fastest
product ramp ever. The strong customer response further validates
the significant opportunity we are targeting in the electric
vehicle market. Our new integrated drive train checks all the
boxes. We designed our system with a lithium battery, which is a
big selling point for OEM (Original Equipment Manufacturer)
customers across the material handing industry, as they try to meet
increased environmental regulations. By combining the improved
performance and material cost reduction of lithium batteries, we
expect our newest drive train will continue to gain customer
traction as we move into 2021."
Developed by Greenland's
research and development team, the new system integrates the
transmission, driving axle, electric motor and lithium battery
power source into a single efficient drivetrain for OEM forklift
manufacturers to develop the next generation of electric
forklifts.
The new integrated drive train system for electric forklift
trucks is being manufactured in Greenland's state-of-the-art 485,000 square
foot factory located in the coastal city of Xinchang, China. The facility is equipped with advanced
manufacturing capabilities for precision processes and new product
development. The site has the capacity to produce up to 200,000
sets of drivetrain systems annually.
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. 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