Greenland Tech (NASDAQ:GTEC) stock is on the rise Thursday after announcing a deal with Fujian South China Heavy Machinery Manufacture (SOCMA).
Here’s everything potential investors need to know about GTEC and the recent deal that has its stock soaring.
- Greenland Tech is a company dedicated to the development and manufacturing of industrial electric vehicles (EVs).
- It also focuses on the creation of drivetrain systems for material handling machinery and vehicles.
- The company was founded in 2006 and has a 485,000 square-foot factory dedicated to EV part production, as well as research and development.
- Its deal with SOCMA will have it making use of the company’s supply chain and certain technologies.
- This will support Greenland Tech’s ongoing EV production in the U.S.
- SOCMA is a Chinese company that handles “designing, manufacturing and distributing heavy industrial machinery and vehicles.”
- The deal with GTEC will allow it to use SOCMA’s relevant technology and patents in its development of EVs free of charge.
Raymond Wang, CEO of Greenland, had this to say about the deal boosting GTEC stock higher today.
“We look forward to sharing additional details as we progress, with initial production of our own electric, GTEC’s first industrial vehicle, integrating our own components, targeted between 3Q 2021 and 4Q 2021. We plan to focus on the 1.8 ton electric load vehicle segment, given the addressable market size and favorable competitive environment.”
GTEC stock was up 174.5% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.