Greenland Reports 64% YoY Increase in 1Q 2024 Net Income Per Share By Investing.com

• Drives Year-over-Year Revenue Growth and Gross Margin Expansion
• Achieves Major Milestone with Sales to Maryland’sPort of Baltimore
• Accelerates Expansion of the HEVI Authorized Service Provider (ASP) National Network

EAST WINDSOR, N.J., May 16, 2024 /PRNewswire/ — Greenland Technologies Holding Corporation (Nasdaq: GTEC) (“Greenland” or the “Company”), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its unaudited financial results for the first quarter ended March 31, 2024.

Raymond Wang, Chief Executive Officer of Greenland, said, “In the first quarter of 2024, we achieved a remarkable 64% year-over-year increase in our net income per share, driven by our focused execution of both short-term and long-term business strategies. Our electric vehicle (EV) sales are gaining significant traction, thanks to our strategic investments in developing a highly competitive lineup of electric industrial vehicles. These vehicles not only provide customers with the power and features necessary for their operations but also offer a renewable footprint and compelling return on investment. Furthermore, the expansion of our HEVI Authorized Service Provider (“ASP”) national network is proving to be immensely beneficial. This network enhances confidence among HEVI owners, ensuring they have access to a robust and reliable service and support infrastructure wherever they operate. Our success in expanding our ASP national network is a key reason we have been building business momentum and have been able to secure numerous purchase agreements for our GEL-5000 and GEL-1800 all-electric loaders.”

“In light of our significant progress and accelerating growth, the response from our customers and partners has been overwhelmingly positive, as they share in our dedication to excellence. We are thrilled about all of our pivotal strategic developments and eagerly anticipate providing further updates as we progress forward, as we strive to unlock value for all shareholders.”

Jing Jin, Chief Financial Officer of Greenland, commented, “We started 2024 on a high note, with positive advancements in key financial metrics, strides in our long-term growth strategy, and a robust balance sheet to bolster our expansion initiatives. While we acknowledge challenges such as heightened shipping costs, credit losses, and staffing expenses associated with our expansion, we are optimistic that these…