Greenland Technologies Ramps to Over 800 Units in Monthly Sales of New Integrated Drive Train System for Electric Forklift Trucks

Represents Company's Fastest New Product Ramp

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Greenland Technologies Holding Corporation

Dec 21, 2020, 08:00 ET

HOWELL, N.J., Dec. 21, 2020 /PRNewswire/ -- Greenland Technologies Holding Corporation (NASDAQ: GTEC) ("Greenland"), a technology developer and manufacturer of forklift transmission and drivetrain systems, announced today strong initial sales of the Company's new integrated drive train system for electric forklift trucks. The new EV product, which uses lithium batteries, has already ramped to over 800 units in monthly sales both manufactured and delivered since last month's launch.

Raymond Wang, CEO of Greenland, commented, "This is our fastest product ramp ever. The strong customer response further validates the significant opportunity we are targeting in the electric vehicle market. Our new integrated drive train checks all the boxes. We designed our system with a lithium battery, which is a big selling point for OEM (Original Equipment Manufacturer) customers across the material handing industry, as they try to meet increased environmental regulations. By combining the improved performance and material cost reduction of lithium batteries, we expect our newest drive train will continue to gain customer traction as we move into 2021."

Developed by Greenland's research and development team, the new system integrates the transmission, driving axle, electric motor and lithium battery power source into a single efficient drivetrain for OEM forklift manufacturers to develop the next generation of electric forklifts.

The new integrated drive train system for electric forklift trucks is being manufactured in Greenland's state-of-the-art 485,000 square foot factory located in the coastal city of Xinchang, China. The facility is equipped with advanced manufacturing capabilities for precision processes and new product development. The site has the capacity to produce up to 200,000 sets of drivetrain systems annually.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of transmission and drivetrain systems for material handling machineries and electric vehicles, as well as electric forklift trucks. For more information visit www.gtec-tech.com.

Forward-Looking Statements

This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, 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 Securities and Exchange Commission ("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. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

SOURCE Greenland Technologies Holding Corporation