Shares of Greenland Technologies Corporation (NASDAQ: GTEC) shoot up 120.51% on Tuesday after the company disclosed that it has decided to provide an electric drivetrain system for its existing electric forklifts. The company planning to consolidate an electric drivetrain to its existing electric forklifts.

The research and development team of Greenland will develop this new system. The company aimed to support the manufacture of electric forklifts using lithium batteries.

This Electric drivetrain system will combine the driving axle, electric motor, lithium battery power source, and transmission into a single efficient drivetrain. This system will help the OEM forklifts manufacturers to build the next generation of electric forklifts.

Shares of Greenland Technologies (NASDAQ: GTEC) soared 120.51% as it gained +2.82 during the trading session of Tuesday. It has a closing price of $5.16. The company had recorded a trading volume of 165.87 million as compared to the average volume of 128.49K. In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $1.12 and a high of $7.30.

Looking at its profitability, it has a return on investment of 7.50%. Greenland Technologies has a current ratio of 1.50 and a quick ratio of 1.30. This company market capitalization has remained high, hitting $51.08 million at the time of writing.

Greenland Technologies has disclosed that the new system will decrease the development time and effort. The electric drivetrain system integrated with lithium batteries will help the manufacturers to built material handling vehicles at lower cost.

Lithium batteries usage is a new development in the forklifts industry. Due to increasing trends and the new technological advancements has reduced the cost of lithium batteries.