Today alone, GTEC stock has gone up $4.74 (201%). Astronomical numbers. But how is GTEC stock skyrocketing when no one had even heard of them?
Greenland Technologies Holding Corp. (NASDAQ: GTEC) (“Greenland”), is a technology developer of forklift transmission and other types of drive train systems.
Why Did GTEC Stock Shoot Up Today
This morning Greenland Technologies Holding Corp. announced the completion of a new electric drivetrain system. This new technology will help the efficiency of forklift manufacturing using a lithium battery.
The technology developed is groundbreaking in the world of forklift manufacturing.
Better yet, the technology was entirely designed and entirely owned by the development team at Greenland Technologies.
“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,” said Raymond Wang, CEO of Greenland Technologies Holding Corp.
“It is a great opportunity for us and we will continue innovating in clean energy technology to meet this growing demand for our clients.”
Why Is The Battery Such A Big Deal
The entire forklift manufacturing industry has shifted from internal combustion to the use of electricity.
These methods of manufacturing are not only cleaner but they are less expensive, and much more efficient.
Greenland Techologies new development of the lithium battery for forklift manufacturing will increase this efficiency by an expected 30%. This created an increase of hype around the company and in turn, an increase in GTEC stock value.
This is huge news for Greenland Technology Holding Corp.
But be cautious. Yahoo! Finance was not impressed with the “forward-looking” statements.
“This press release contains statements that may constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland’s Annual Report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the SEC.
Copies are available on the SEC’s website, www.sec.gov. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements include, without limitation, Greenland’s expectations with respect to future performance and anticipated financial impacts of the business transaction.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors are contained in Greenland’s filings with the SEC.
Readers are cautioned not to place undue reliance upon any forward-looking statements in this press release, which speak only as of the date made.” – Source