GTEC Stock: The News That Had Industrial EV Play Greenland Technologies Soaring Today

Greenland Technologies (NASDAQ:GTEC) stock got a boost Wednesday morning following news about its new industrial electric vehicles (EVs).

Image of a battery in an electric forklift.

Source: PS stock/ Shutterstock.com

Greenland Technologies has revealed the opening of pre-bookings for customers looking to buy its GEL-1800 1.8 ton Electric Loader and its GEX-8000 Electric Excavator. Customers can make use of this pre-booking service online.

According to Greenland Technologies, the company is ahead of schedule and plans to deliver the industrial EVs in August 2021. It also notes that there’s a $250 refundable deposit available to customers through the pre-booking service.

The GEL 1800 Electric Loader in the pre-booking has a loading capacity of nearly 4,000 pounds and comes equipped with a 144 kWh lithium battery. Greenland Technologies says that it’s suitable for use in construction, mining, farming, industrial, and other applications.

As for the GEX-Electric Excavator, it’s an 8-ton excavator that the company is promoting as capable of heavy work without major pollution issues. It claims this makes it a safer option for “the workplace, operators and the local community.”

Raymond Wang, CEO of Greenland Technologies, said this about the news pushing GTEC stock higher today.

“We expect interest in the market will continue to grow, as we continue to introduce new EVs and further raise awareness. We expect these to be truly disruptive launches given there are no alternative industrial EVs on the market. Opening pre-booking will allow customers to add Greenland into their current budget cycle, while giving us added visibility as we ramp production.”

GTEC stock is seeing heavy trading today with some 1.7 million shares changing hands. That’s a massive spike compared to its daily average trading volume of roughly 79,700 shares.

GTEC stock started off strong Wednesday morning but is down 2.8% as of this writing.

EV investors have plenty of other news this morning that they’ll want to keep up with.

Luckily for them, we’ve got coverage of all of it. That includes charging products from SPI Energy (NASDAQ:SPI) launching, why Chinese EV stocks are down today, as well as a short-squeeze for Arrival (NASDAQ:ARVL). You can get all the info on those subjects at the links below!

More Wednesday EV News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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