Greenland Technologies (GTEC) stock jumps 75% - guess why?

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.

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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.

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Bottomline

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.