On Thursday, Greenland Technologies Holding Corp (GTEC) stock got a rise of about 150% due to a cooperation agreement with SOCMA (also known as Fujian South China Machinery Manufacture Co. Ltd. Investors abruptly responded positively due to the sudden change in the market.
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GTEC’s announcement increased the investments. The cooperation agreement included coordinated efforts to manufacture, design, and distribute heavy industrial machinery and vehicles. It’ll be a strategic and technical partnership, including supply chain management. They will produce industrial electric cars in the United States of America. SOCMA would provide the materials, components, and parts involved in developing and manufacturing industrial electric vehicles in America.
Furthermore, SOCMA will not charge GTEC for using its patents and technologies for engineering vehicle materials and parts. As a result, GTEC will be able to capitalize on its global business development strategy further. It will have strong backing from SOCMA in globalizing its industrial electric vehicles. In return, GTEC would invest in the United States market as an innovative global heavy machinery and vehicle manufacturer. These elements benefited the GTEC stocks trade, and the stock exchange saw a massive rise in the GTEC stocks at 150% pre-market.
When you invest in a company for buying shares, you always look for the risks involved. Greenland Technologies Holding Corporation shares traded134% return in the previous year, and it’s a flourishing company. Over the last three months, the GTEC stocks gained 52%, developing an optimistic status in the market.
GTEC is winning new customers for its shares day-by-day with continuous gains in its stocks. Further, It’s an emerging competitor in the technology and electric vehicle market. The risks must be there as it is a new emerging corporation, but the place it gained in the stock market cannot go neglected for sure.