Greenland Reports 99.7% YoY Increase in 2Q 2024 Net Income

About this update from Greenland Technologies Holding Corporation

[{"type":"text","content":"Drives Gross Margin Stability and Expense ReductionsIntroduces Incentives to Accelerate Electric Industrial Vehicle PurchasesTerminates Planned Spin off its Drivetrain Systems SegmentEAST WINDSOR, N.J., Aug. 15, 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 second quarter and six months ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nRaymond Wang, Chief Executive Officer of Greenland, said, \"We achieved a near 100% increase net income in the second quarter of 2024 compared to the year ago period, demonstrating the considerable scalability in our business and the momentum we are building. Our continued focus on expanding growth of our higher profit, higher return on investment opportunities is clearly paying off, which we expect to accelerate as we move forward. We are also strategically expanding our partner ecosystem to make it easier for customers to purchase and operate our electric industrial vehicles. In addition to further expanding our HEVI Authorized Service Provider (\"ASP\") national network, we announced an exciting new financing program agreement. Taken together, our growth plans remain firmly on track, which we believe will help us unlock far greater value for shareholders as we continue to successfully execute.\"\n\"In line with our strategic focus and portfolio assessment, on June 28, 2024, the Company's board of directors held a board meeting, during which the directors of the Company unanimously approved a decision to terminate its previously announced plan of spinning off its drivetrain systems segment. After due diligence review, the Company's board of directors has identified that the spin-off would likely not generate significant value to its shareholders due to changing market conditions. We have achieved significant milestones over our history as an integrated company and look forward to now working to accelerate growth as still integrated and unified company.\"\nJing Jin, Chief Financial Officer of Greenland, commented, \"Despite the market fluctuations and challenges, we exited the first half of 2024 in a strong financial position with a hea...

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