Greenland Technologies (NASDAQ:GTEC) news for Monday concerning a new electric vehicle (EV) division of the company has GTEC stock on the rise.
A news release from Greenland Technologies reveals that the company’s newest division will focus on the electric industrial vehicle market. The company says that it sees this as a better opportunity for near-term investments over the commercial EV market.
Greenland Technologies notes that this effort will allow it to diversify its offerings while leaning on its current experience. That includes its intellectual property, state-of-the-art manufacturing facilities, and global customer relationships.
The Greenland Technologies news release also points out that industry analysts are expecting significant growth in the electric industrial vehicle market in the coming years. By 2027, the market is expected to reach $171.1 billion. The U.S., China, and Europe are expected to make up 66.7% of the market.
Raymond Wang, CEO of Greenland Technologies, said the following about the news.
“Greenland has built a leadership position by prudently investing in our strategic product roadmap, securing an exceptional global supply chain and working closely with our customers to meet their needs and improve their competitiveness. We are now aggressively moving into the next phase of our growth as we seek to unlock the Company’s true value.”
Greenland Technologies is experiencing heavy trading on this news. More than 33 million shares have changed hands as of this writing. For comparison, GTEC stock’s daily average trading volume is only 3.62 million shares.
GTEC stock was up 79.9% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
