Greenland Technologies (NASDAQ: GTEC) is engaged within the research, development and manufacture of electric vehicles, electric drivetrain systems, and other related products for industrial application. Shares of the industrial EV company are surging 87% through early trading on Friday, November 19, 2021. Over the past three months, Greenland Technologies has seen average daily volume of 37,320 shares. However, volume of 55.62 million shares or dollar volume of around $502.25 million, has already exchanged hands through early trading Friday.
Shares of Greenland Technologies are surging after the company unveiled its second industrial electric vehicle line. The GEL-1800 is a new electric front loader, which follows the company’s successful launch of the GEF-series electric forklift line. The GEL-1800 has a rapid charging feature that takes two hours and provides nine hours of operation time per charge. The new electric front loader will be equipped with a 141 KWh lithium battery.
Greenland Technologies launches the GEL-1800 as modern industrial clients look to operate sustainable solutions that provide zero emissions and are cheaper to maintain compared to traditional gas-powered equipment. Management notes that due to the electronification of the front loader, operation noise decreases 60% compared to traditional models.
Raymond Wang, CEO of Greenland, commented, “Our new GEL-1800 arrived the first week of November, marking another major step for us as we successfully launch our second electric industrial vehicle line and work to accelerate the Company’s sales. We designed the GEL 1800 Electric Loader to be used in a wide range of applications, including construction, mining, agriculture, industrial and more. We continue to expand our product line of electric industrial vehicles to meet customer demand in a rapidly growing market. We are giving customers the compelling financial and operating advantages of electrification in a warehouse or material handling fleet, and our electric industrial vehicles have all the power to get the job done without the pollution generated by traditional internal combustion engines.”
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