Greenland Technologies Holding Corp. (GTEC) stock fell during after-hours. Here’s what you should know.

Greenland Technologies Holding Corp.(NASDAQ: GTEC) stock gained by 89.46% at last close whereas the GTEC stock price plunged by 9.91% in the after-hours trading session. Greenland Technologies develops and manufactures drivetrain systems for material handling equipment, electric automobiles, and electric industrial vehicles.

GTEC stock’ Update

Greenland Technologies has announced that they have introduced the GEL-1800 Electric Loader, which is their second zero-emission electric industrial vehicle range. This comes on the heels of the GEF-series electric lithium forklift line’s successful introduction.

Greenland’s innovative GEL-1800 Electric Loader is driven by a 141 KWh lithium battery that is environmentally friendly. The GEL-1800 has a two-hour charging time and a nine-hour operational time on a single charge. With clean and sustainable electricity, zero operational emissions, 60 percent less operating noise, and minimal maintenance costs than diesel internal combustion vehicles, the GEL-1800 addresses some of the most pressing concerns facing modern facility managers.

Raymond Wang, CEO of Greenland, stated that,

Their latest GEL-1800 came in the first week of November, representing yet another key milestone in their efforts to introduce their second electric industrial vehicle line and increase sales. The GEL 1800 Electric Loader was developed to work in a variety of environments, including construction, mining, agriculture, industrial, and more. To fulfill client demand in a fast-increasing market, they seek to grow their product portfolio of electric industrial vehicles. They’re showing customers how electrification in a warehouse or material handling fleet can save them money and time.

Q3’ Financial Highlights

On Nov 11, 2021, GTEC released its financial and operational results for the third quarter of 2021. Given below are the highlights.

  • Total sales for the third quarter of 2021 was $23.1 million, up 39.7% from $16.5 million in the previous year’s same quarter.
  • The gross margin was 22.1 percent, up 150 basis points from the previous year.
  • Net income generated for the third quarter of 2021 was $1.3 million, up from $0.5 million in the third quarter of 2020 by 172.5 percent.
  • The number of transmission goods sold increased by 11.6 percent to 33,478 units in the third quarter of 2020, compared to 29,985 units in the previous quarter.