HOWELL, N.J., Feb. 18, 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, and Fujian South
China Heavy Machinery Manufacture Co. Ltd. ("SOCMA",
www.socmachinery.com), a leading company specialized in designing,
manufacturing and distributing heavy industrial machinery and
vehicles, today announced a co-operation agreement to utilize
SOCMA's existing supply-chain and certain technologies to support
Greenland's production of electric
industrial vehicles in the United
States. The agreement also represents a commitment by
Greenland to invest in the U.S. as
a key center of innovation in the global electric vehicle
market.
Under the agreement, both parties intend to establish a
strategic partnership to fully cooperate on technology sharing and
supply chain management for the production of electric industrial
vehicles in the U.S. SOCMA has agreed to provide and supply to GTEC
the materials, parts and components, and related supply chain
required for the development and manufacture of electric industrial
vehicles in the U.S. SOCMA agrees that GTEC shall use the relevant
SOCMA technologies and patents involved in GTEC's procurement of
engineering vehicle parts and materials from SOCMA free of charge
GTEC will capitalize on its global business development and
technology development capabilities to accelerate the launch of its
electric industrial vehicles globally with support from SOCMA.
Raymond Wang, CEO of Greenland, commented, "We are excited to
partner with SOCMA, a proven leader in the manufacture of heavy
machinery, and see this as a positive development, which will
ensure the utilization of SOCMA's existing supply-chain for GTEC's
U.S. production of its electric industrial vehicles. This
cooperation agreement was designed to leverage both companies'
expertise, best practices and vast proprietary knowledge for our
mutual benefit, and enhancement of our respective competitive
positions."
"For GTEC, this cooperation will accelerate our electric
industrial vehicle production in the United States. We
believe the competitive advantage we will gain by now having access
to SOCMA's supply chain, technologies and patents is
invaluable. Today's announcement is a first but very
important step. We look forward to sharing additional details
as we progress, with initial production of our own electric, GTEC's
first industrial vehicle, integrating our own components, targeted
between 3Q 2021 and 4Q 2021. We plan to focus on the 1.8 ton
electric load vehicle segment, given the addressable market size
and favorable competitive environment. We believe this will
significantly expand GTEC's long-term growth prospects and ability
to build shareholder value."
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