Greenland Technologies Holding Corporation (NASDAQ: GTEC) disclosed that it has signed a co-operation agreement with Fujian South China Heavy Machinery Manufacture Co. Ltd. (SOCMA). As per the pact, Greenland will leverage the supply chain and some other technologies of SOCMA to boost its electric industrial vehicles in the US.
This pact of GTEC with SOCMA has fulfilled its promise to invest in the U.S. as a primary center of a revolution in the international electric vehicle market. In accordance with the terms and conditions of the pact, both the firms will fully collaborate and build new strategic cooperation to share the technology and supply chain management.
SOCMA will deliver required components and materials, and the required supply chain to GTEC with the sole purpose to support the firm for the expansion and production of electric industrial vehicles in the U.S. Furthermore, SOCMA also approves that GTEC shall utilize the necessary SOCMA technologies and copyrights involved in GTEC's procurement of engineering vehicle parts and materials from SOCMA free of charge.
GTEC will exploit its global business growth and technology advancement functionality to speed up the rollout of its electric industrial vehicles internationally with assistance from SOCMA. SOCMA has gained recognition as a prominent leader in the production of heavy machinery. This co-operation is a great step of GTEC towards a successful future.
This partnership will speed up the production of electrical industrial vehicles in the US. After signing the collaboration agreement, Greenland has gained an edge over its competitors as it now has access to the supply chain and other technologies of SOCMA. GTEC share went up 112.73% as it gained +8.51 at the time of writing on Thursday. GTEC has reported a trading volume of 56.89 million as compared to the average volume of 1.56 million during the trading session of Thursday.