- Greenland Technologies Holding Corporation (GTEC) announced the launch of the GEL-1800 Electric Loader.
- The GEL-1800 is currently available in the US market.
- GEL-1800 Electric Loader is powered by a climate-friendly 141 kWh lithium battery.
The stocks of Greenland Technologies Holding Corporation (NASDAQ: GTEC) gained traction in the market after it announced the launch of its second, zero operating emissions of industrial electric vehicle line, the GEL-1800 Electric Loader. The stock jumped over 76% on the news.
The GTEC stock traded at US$9.1999, up 76.24% at 10:26 am ET on November 19.
Greenland Technologies is a leading Chinese machinery industrial firm and manufactures transmission and drivetrain solutions for vehicles like forklift trucks used for material handling.
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Friday’s announcement about the launch of its second electric vehicle line come after the successful launch of its GEF-series electric lithium forklift line.
The new GEL-1800 Electric Loader is powered by a climate-friendly 141 kWh lithium battery. The GEL-1800 is facilitated with a rapid 2-hour charge, with an operating time of nine hours on a single charge.
In addition, the firm claims that it offers answers to some major issues the modern facility managers are facing currently. The latest electric vehicle line has 60% less noise pollution, and lower operating costs compared to the diesel-powered vehicles.
The GEL-1800 launch
Notably, the GEL-1800 is currently available in the US market for sales. Greenland CEO Raymond Wang said that GEL-1800 has come into the market in the first week of November. He added that it is a significant step and will accelerate sales.
Greenland Technologies’ stock performance, financials
Greenland has a market cap of US$106.09 million, with a P/E ratio and forward P/E one year of 8.8 and 8.03, respectively. Its EPS is US$1.06. The firm's 52-week highest and lowest stock prices were US$26.42 and US$4.50, respectively. Its share volume on November 18 was 68,753.
Meanwhile, in the third quarter of fiscal 2021, the company's revenue increased by 39.7% YoY to US$23.1 million, while its net income rose 172.5% YoY to US$1.3 million.
Analysts expect the company to register growth in the coming months, with the global push for clean energy to combat global warming. However, the GTEC stock ticked down 26.99% YTD.