Greenland is set to launch a new EV division that will focus on the electric industrial vehicle market.
Greenland Technologies Holding Corp. (GTEC) shares had a good time trading on Monday as the company announced a new Electric Vehicle division to explore the EV industry and diversify its product offerings.
Shares of the forklift transmission manufacturer rallied above 100% from the prior close of $5.55 to $11.40. This massive push was supported by a heavy trading volume of over 66 million in comparison with the average volume of 4.5 million. GTEC closed the day at $8.29 up by 49.37%.
The evolving electric vehicle industry has open new opportunities and streams for EV-based companies. Greenland which is a Chinese-based technology developer and forklift transmission and drivetrain manufacturer has just entered a new space in the EV industry.
The launch of a new EV division will lead the company into a new market that will help GTEC to enhance and expand its product offerings. That includes its global customer relations, intellectual property, and state-of-the-art manufacturing facilities.
Greenland is providing itself a platform that will leverage its R&D track record and develop the next generation of electric vehicles. The company intends to commercialize its applications through this new platform. That too, using its new lithium-based integrated drive train system.
The Chinese EV-integrated enterprise is less than a quarter short to touch the $1 billion market cap. The increasing demand and emergence of new technologies in the EV market mark a thrilling future for the entire industry. Greenland is looking to capitalize on this opportunity and variegate its portfolio.
The company looks forward to formally launch its new division. The CEO of Greenland, Raymond Wang stated that this is a direct adjacency that will speed up the firm’s organic growth across its core business operations.
Greenland has made a major investment in the EV market concerning the future of the industry. The company has established a leadership position moving along with its strategic product roadmap and securing a remarkable global supply chain. Moreover, the company is working ‘hand in hand’ with its customers to meet their demands and enhance their market competitiveness.
According to EV industry analysts, the global market for material handling equipment is anticipated to reach $171.1 billion by 2027. Among the global markets, China, the US, and Europe will have a combined market share of 66.7%.
China is ranked as the fastest-growing market in the world and the Chinese enterprise, Greenland Technologies Holding Corp. (GTEC)is now vigorously moving into the next phase of growth, looking to unlock its true value.