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GTEC Stock: Greenland Technologies skyrockets on China EV deal

GTEC Stock: Greenland Technologies skyrockets on China EV deal

Shares of Greenland Technologies (GTEC) surged over 110% on Thursday’s opening bell, the surge comes from a recent announcement with an agreement with Fujian South China Heavy Machinery Manufacture Co. Ltd. (SOCMA).

On the one hand, Greenland Technologies is a technology developer and manufacturer of electrical industrial vehicles and drivetrain systems for material handling machineries and vehicles.

On the other hand, SOCMA is a leading company specialized in designing, manufacturing and distributing heavy industrial machinery and vehicles.

With this agreement, Greenland Technologies will use SOCMA’s existing supply chain and certain technologies will be used to support Greendland’s production in the United States. The agreement also represents a commitment by Greenland to invest in the U.S. as a key center of innovation in the global electric vehicle market.

Under the agreement, both parties intend to establish a strategic partnership to fully cooperate on technology sharing and supply chain management for the production of electric industrial vehicles in the U.S. SOCMA has agreed to provide and supply to GTEC the materials, parts and components, and related supply chain required for the development and manufacture of electric industrial vehicles in the U.S.

SOCMA agrees that GTEC shall use the relevant SOCMA technologies and patents involved in GTEC’s procurement of engineering vehicle parts and materials from SOCMA free of charge GTEC will capitalize on its global business development and technology development capabilities to accelerate the launch of its electric industrial vehicles globally with support from SOCMA.