Greenland Technologies Holding Corp.’s stock GTEC, +132.98% nearly tripled on very heavy volume Thursday, after the maker of electric industrial vehicles announced a cooperation agreement with China-based Fujian South China Heavy Machinery Manufacture Co. Ltd. (SOCMA), in which Greenland will use SOCMA’s supply chain and certain technologies to support EV production in the U.S. The stock soared 179.3% on volume of 14.4 million shares, which compares with the full-day average of about 186,300 shares over the past 30 days. “For GTEC, this cooperation will accelerate our electric industrial vehicle production in the United States,” said Greenland Chief Executive Raymond Wang. “We believe the competitive advantage we will gain by now having access to SOCMA’s supply chain, technologies and patents is invaluable.” Greenland’s stock has rallied 53.1% over the past three months, while the S&P 500 SPX, -0.92% has gained 10.2%.
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