Greenland Technologies Reports Full Year 2020 Results.

EAST WINDSOR, N.J: 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 audited results for the full year 2020 ended December 31, 2020.

Raymond Wang, CEO of Greenland Technologies Holding Corporation, commented, "Despite unprecedented challenges with the global pandemic, we achieved 27.6% growth in revenue for the full year 2020 compared to the prior year, as we executed on our operating strategy, focused on our long-term plan and supported our customers. Our team did an excellent job hitting our product roadmap benchmarks on time, with innovative lithium battery powered solutions such as electric industrial vehicles and other solutions to add value and further differentiate Greenland in the market. At the same time, we made significant progress on our manufacturing capacity expansion with multiple initiatives, including planning a major U.S. manufacturing expansion that will establish our U.S. market manufacturing footprint and increase our total worldwide capacity, and announcing a cooperation with strategic partner Fujian South China Heavy Machinery Manufacture Co. Ltd."

Mr. Wang continued, "The expansion of Greenland from a critical component provider to a fully integrated electric industrial vehicle company, will expand the potential value of our addressable market opportunities on a major scale. To facilitate our success, we leveraged our robust R&D capabilities, strategic supply chain partners, and expertise in the development of our new line of electric industrial vehicles. We expect to have our first production-ready electric industrial vehicle this summer, which will be a compact electric loader vehicle with a payload capacity of approximately 1,800 kilograms (or 3,968 lbs.). This new line of electric industrial vehicles will offer customers a better return on investment when compared to traditional internal combustion vehicles. Following the first electric loader product, we plan to expand into other industrial vehicles and sizes, as we work to meet customer demand and build greater value for shareholders."

Jing Jin, CFO of Greenland Technologies Holding Corporation, added, "While we are pleased with our revenue growth and higher profitability, our 19.6% year over year increase in net income per share to $0.67 for the full year 2020 would have been...

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