Greenland stock has rallied with high volume exceeding its highest share price since Sep. 2019.
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Shares of Greenland Technologies (GTEC) has skyrocketed today after the company announced to offer an integrated electric drivetrain system to its forklift OEM clientele.
The stock rallied in the premarket soon after the press release and opened the day at $3.45 up from $2.34, the previous day close price. GTEC soared as high as $9.75, up by almost 280% trading at its highest since September 2019.
GTEC was trading at $6.40 soaring by 175% at the time of press, comparatively lower to early morning when it rallied above $9.50. The volume is also higher today as it eyes for the top place, currently trading at volume of 141 million.
Integratedelectric drivetrain system
Greenland Technologies has decided to integrate an electric drivetrain system to its existing forklift OEM clientele, which will help the company to manufacture electric forklifts using lithium batteries.
Greenland is one of the leading manufacturers of forklift transmission and drivetrain systems and it intends to improve the entire ecosystem of drivetrains with its latest electric forklifts.
The R&D team has developed this new ecosystem thatwill integrate the transmission, driving axle, electric motor and lithium battery power source at the same point of the drivetrain, allowing the OEM forklift manufacturers to develop an effective next generation of electric forklifts.
In addition, this new breakthrough technology will allow manufacturers to save their time and reduce the effort for a forklift OEM. Due to the lithiumpowered solution, it is easy for manufacturers to create material handling vehicles at low costs.
With the evolution of this latest drivetrain system, the initial demand for the company’s new PowerDrive has increased and OEMs are paying high attention to Greenland’s drivetrain system.
The main objective behind the evolution of these new electric forklifts is the increasing environmental problems. The company wants to innovate and evolve in providing clean energy solutions and to meet the growing demand of its customers. The CEO of the company, Raymond Wang commented:
“Due to increasing environmental regulations and decreasing production costs, the material handling industry is at the cusp of a dramatic shift towards lithium powered solutions.”
The forklift industry is witnessing a major change due to the evolution of the EV industry. The conventional internal combustion powertrains are now being replaced by electric battery systems, and lithium batteries are the next big thing in the forklift industry.
With maximum efficiency and lower maintenance charges, lithium batteries are overrunning the lead-acid power. Also, the reduction of tenfold in the cost of lithium batteries during the last ten years has attracted more customers to the market. The future seems bright ahead for lithium battery with all these positive features.
The global lithium-ion battery market was valued at $30 billion in 2019 and is anticipated to grow up to $80 billion by 2026, according to Facts and Factors research study.