EAST
WINDSOR, N.J., July 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,
and Lonking Holdings Limited ("Lonking", Hong Kong Stock Market
ticker 3339.hk), one of the world's largest construction machinery
manufacturers with full year 2023 reported sales of approximately
US$1.5 billion, today announced a
strategic partnership aimed at revolutionizing the heavy machinery
industry in the United States. The
collaboration will see the two companies combining their expertise
to develop cutting-edge electric machinery under Greenland's popular HEVI brand, catering
specifically to the needs of the U.S. market.
This partnership brings together Greenland's extensive experience in electric
vehicle technology and Lonking's leadership in heavy machinery
manufacturing. By leveraging their respective strengths, the
companies intend to introduce a new line of electric-powered heavy
machinery that meets the demands for sustainability, efficiency,
and performance in the U.S. construction and industrial
sectors.
"We are excited to be partnering with Lonking as we pave the way
for the future of heavy machinery in the
United States," commented Raymond
Wang, CEO of Greenland.
"Lonking is a renowned manufacturer of heavy machinery, known for
its commitment to quality, reliability, and innovation. With
decades of experience in the industry and dedication to delivering
superior models to its customers worldwide, we share in our focus
on innovation and environmental responsibility. This partnership
represents another major step forward in our commitment to
sustainable innovation, as we continue to set new standards in the
industry with our HEVI brand."
"We are proud to partner with HEVI to bring forth a new era of
electric heavy machinery," added Will
Wan, Regional Director of North
America of Lonking. "HEVI has established itself as a
leading provider of electric heavy equipment in the United States market, specializing in
sustainable solutions for industrial applications. By combining our
expertise, we aim to deliver innovative solutions that not only
meet the needs of our customers but also contribute to a
sustainable future."
Through this collaboration, both companies aim to address the
growing demand for environmentally friendly solutions in the U.S.
market. By transitioning towards electric-powered machinery, they
seek to help customers reduce carbon emissions, enhance operational
efficiency, and provide operators with advanced technology for
improved productivity and performance – all while reducing total
cost of ownership and maintenance.
The development of heavy electric machinery under the HEVI brand
underscores the commitment of both companies to environmental
stewardship and technological advancement. With a focus on
innovation, quality, and customer satisfaction, Greenland and Lonking are poised to redefine
the landscape of the U.S. heavy machinery market.
About Lonking Holdings Limited
Lonking Holdings Limited ("Lonking") is one of the world's
largest construction machinery manufacturers with full year 2023
reported sales of approximately US$1.5
billion. Traded on the Hong Kong Stock Exchange under ticker
3339.hk, the company operates through three segments: Sale of
Construction Machinery, Finance Lease of Construction Machinery,
and Financial Investment. Founded in 1993, Lonking sells more than
1,000 heavy equipment models to customers worldwide. More
information can be found at www.lonkinggroup.com.
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a
developer and a manufacturer of drivetrain systems for material
handling machineries and electric vehicles, as well as electric
industrial vehicles. Information on the Company's clean industrial
heavy equipment division can be found at HEVI Corp.
Safe Harbor Statement
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 filed
with the U.S. 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 the success of Greenland's partnership with Lonking and any
electric heavy equipment introduced under the partnership. 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.
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SOURCE Greenland Technologies Holding Corporation
