Benzinga | Mar 1, 2021 08:41AM EST

Greenland Technologies Says Is In Discussions To Establish 50,000 Square Foot Facility On East Coast Of US

HOWELL, N.J., March 1, 2021 /PRNewswire/ -- Greenland Technologies Holding Corporation (NASDAQ:GTEC) ("Greenland"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced a planned major U.S. manufacturing expansion that will establish Greenland's U.S. market manufacturing footprint and increase its total worldwide capacity.

Raymond Wang, CEO of Greenland, commented, "Our plan to expand in the U.S. builds on our recent strategic developments and will serve as a powerful growth platform, while creating jobs and investing in the local economy. In addition to assembly of our upcoming electric industrial vehicles, we will use the new facility as a product showcase, which will further empower our sales team. Overall, we expect this major expansion will further improve Greenland's competitive position and accelerate adoption of our electric industrial vehicles."

Under the planned expansion, Greenland is in discussions to establish a new up to 50,000 square foot facility on the East Coast of the U.S. Depending on the favorable outcome of discussions regarding potential incentive programs with state and local officials, Greenland plans to finalize the site selection process and formally announce the state the new facility will be located in during 2Q 2021. The Company is targeting 3Q 2021 to take possession of the additional manufacturing space, with assembly lines brought fully online for its upcoming electric industrial vehicles targeted between 3Q 2021 and 4Q 2021.