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Why Greenland Technologies Stock Popped Wednesday

By Howard Smith - Jun 16, 2021 at 10:25AM

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The maker of industrial electric vehicles is letting customers book orders for new battery-powered heavy equipment.

What happened

Greenland Technologies Holding (GTEC -3.75%) is in an electric vehicle niche that many people wouldn't have considered. With an announcement about some new products today, though, investors are taking notice. As of 10:15 a.m. EDT, Greenland shares were up more than 8%, after having jumped more than 23% earlier in the session. 

So what

The maker of electric industrial and construction equipment announced it has set up an online pre-order reservation service for its electric front-end loader and excavator. Customers can reserve an electric industrial vehicle for a $250 refundable deposit, the company said. It plans to begin delivering the machinery ahead of schedule this August. 

Greenland Technologies GEX-8000 8 ton electric excavator.

GEX-8000 8 ton electric excavator. Image source: Greenland Technologies.

Now what

Greenland says it offers the only electric industrial equipment on the market. The loader has a 4,000-pound capacity and the excavator is rated for 8 tons. The equipment is meant for uses in construction, mining, farming, and other industrial applications. They are powered by lithium batteries, eliminating exhaust and emissions that come from traditional large equipment.  

Greenland CEO Raymond Wang said in a statement: "We are very excited as initial interest in our new industrial electric vehicles is very strong. We expect interest in the market will continue to grow, as we continue to introduce new EVs and further raise awareness." 

The company also offers drivetrain systems for material handling machinery. Greenland said its revenue jumped about 150% in the first quarter ended March 31, compared to the prior-year period.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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