Why is Greenland Technologies (GTEC) up 190% pre-market?

Greenland Technologies Holding Corporation (NASDAQ: GTEC) and Fujian South China Heavy Machinery Manufacture Co Ltd, also known as “SOCMA” today announced a partnership agreement to utilize SOCMA’s existing supply-chain and certain technologies to support Greenland’s production of electric industrial vehicles in the U.S.

The agreement

Under the agreement, Greenland is committed to invest in the United States as a key player of innovation in the global electric vehicle market. Both companies will establish a strategic partnership to fully work on sharing technology their technology and supply chain management in order to produce the EVs.

SOCMA is responsible to provide Greenland with all the materials, parts and components necessary for the development, designing and manufacturing of industrial EVs in the U.S. Moreover, SOCMA has agreed that Greenland will use everything mentioned above for free without any additional cost and has its full support to accelerate the launch globally.

Raymond Wang, CEO of Greenland, commented, “We are excited to partner with SOCMA, a proven leader in the manufacture of heavy machinery, and see this as a positive development, which will ensure the utilization of SOCMA’s existing supply-chain for GTEC’s U.S. production of its electric industrial vehicles. This cooperation agreement was designed to leverage both companies’ expertise, best practices and vast proprietary knowledge for our mutual benefit, and enhancement of our respective competitive positions.”

For GTEC, this cooperation will accelerate our electric industrial vehicle production in the United States. We believe the competitive advantage we will gain by now having access to SOCMA’s supply chain, technologies and patents is invaluable. Today’s announcement is a first but very important step. 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. We believe this will significantly expand GTEC’s long-term growth prospects and ability to build shareholder value.”

Greenland Technologies Holding Corporation chart


The company was founded in 2010 and is engaged in the research and development of material handling equipment and construction machinery. SOCMA’s products have been used in ports, storages, logistics, mining sites and other heavy cargo loading fields in Europe, Middle Asia, Middle East and North America.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation is based in China since 2006. It is a leading developer and manufacturer of power and driving systems for material handling equipment. Greenland utilizes a state of 485,000 square foot modern factory located in the coastal city of Xinchang China. It has the capacity to produce 200,000 sets of drivetrain systems annually.

On November 23, 2020, the company announced Q3 financial results with a 38% increase in revenue, 70% expansion of gross profit and 122% increase in income from operations.

The stock price (GTEC) is now premarket up 191% to $21.72 from $7.55. We at FDGT took the trade from $23 to $27.20 (was published in our discord group live) and exited on time.

Disclaimer – I/we have no position in any stock mentioned. I wrote this article myself, and it expresses my personal opinions. I am not receiving any compensation for it, other than FDGT Academy. I do not have or had in the past any business relationship with any company that is mentioned in the above article.

Natalia C. - Junior Analyst at FDGT Academy

Natalia C. - Junior Analyst at FDGT Academy

I am a stock analyst/investor with prior experience and knowledge to BSc Accounting and Finance. After completing my degree and exposure to the accounting firms I decided that the direction I should choose is towards the Investment world. I completed my masters in Investment Management where it gave me solid fundamentals to build my career on. I have examined a lot of different aspects of investment, from REITS, derivatives, currencies, bonds, equity and hedge funds. I never stopped learning about the market which is why I can analyze and write articles for FDGT community always personally opinionated. My passion are green energy and electric vehicles stocks as a whole. I also had my share of analyzing the work form home stocks that are coming to take over in the upcoming years.