Greenland Technologies Holding Corporation (NASDAQ: GTEC), a technology developer and manufacturer of forklift transmission and drivetrain systems, announced today the launch of a new division focused on the electric industrial vehicle market, a new market that the Company intends to develop to diversify its product offerings. The new division will leverage the Company's R&D track record, extensive intellectual property, state-of-the-art manufacturing facilities and global customer relationships to develop and deploy the next generation of electrical industrial vehicles. The new division also plans to commercialize applications utilizing the Company's new lithium-based integrated drivetrain system.
Industry analysts expect the global market for material handling equipment to reach $171.1 billion by 2027, with the United States, China and Europe having a combined 66.7% share of the market, and China ranking as the fastest growing market.
Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, "We are very excited to be formally launching our new division. This is a direct adjacency that will allow us to accelerate organic growth of our core business by leveraging our existing expertise, intellectual property and invaluable customer relationships."
Mr. Wang continued, "The inherently shorter distance usage and reduced required features make the electric industrial vehicle market far more attractive, with potentially much higher near-term growth, than the consumer vehicle market. Greenland has built a leadership position by prudently investing in our strategic product roadmap, securing an exceptional global supply chain and working closely with our customers to meet their needs and improve their competitiveness. We are now aggressively moving into the next phase of our growth as we seek to unlock the Company's true value."
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. The Company's clean energy lithium battery systems require less maintenance, charge faster, operate more efficiently and last significantly longer than lead acid power. For more information visit www.gtec-tech.com.
