Electric Options Begin to Permeate Through the Construction Machinery Industry

NEW YORK, June 22, 2021 /PRNewswire/ -- The transition from gasoline to electric vehicles is accelerating. Major automakers are increasingly betting that millions of new electric cars and trucks over the next decade will be on the roads. For example, last week, General Motors announced that it will increase its EV and AV investments from 2020 through 2025 to USD 35 Billion. "We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future," said GM Chair and CEO Mary Barra. Additionally, GM is targeting annual global EV sales of more than 1 million by 2025. This transition goes far beyond electric vehicles however, as more and more industries are looking to emulate the automobile industry when it comes to electrification. Greenland Technologies Holding Corporation (NASDAQ: GTEC), Caterpillar Inc. (NYSE: CAT), Deere & Company (NYSE: DE), NIO Inc. (NYSE: NIO), XPeng Inc. (NYSE: XPEV).

For example, battery-electric adoption could offer sizable potential in heavy machinery, which is specially designed for executing construction works such as earthwork operations or other large construction tasks. According to a report by McKinsey, there is a very limited share of battery-electric vehicles (BEVs) in the space of heavy machinery and equipment, even though electric propulsion (with cable) is not uncommon in some equipment. However, both operators and OEMs have started to invest in battery-electric solutions, with first commercial solutions starting to emerge in the market. Recent, substantial advancements in battery performance and cost, global and local environmental concerns, and better and more available charging technologies have also contributed to the shift. 

Greenland Technologies Holding Corporation (NASDAQ: GTEC) announced yesterday breaking news regarding, "a major strategic partnership with Shandong Zhongcha Heavy Industry Machinery Co. ('Shandong')", a multinational heavy machinery and automotive manufacturing company.

The partnership is structured to accomplish two strategic objectives to drive revenue generation and to enhance leadership position as a first mover. First, the companies are joining forces to launch a lithium battery forklift, which utilizes Greenland's new integrated drivetrain system that will be available for sale in the U.S. by Greenland starting in July 2021. Second, the two strategic partners will combine R&D resources to develop the next stage of lithium powered forklifts to ensure they remain positioned for market leadership over the longer term.

Headquartered in Jinan, Shandong, China, Shandong Zhongcha Heavy Industry Machinery Co. was founded in 2009 through a merger between Weichai Holding Group, Shandong Construction Machinery Group, and Shandong Auto Industrial Group. Shandong Heavy Industry has five principal operating subsidiaries: Weichai Holding Group Co., Ltd. (the parent company of Weichai Power), Shantui Construction Machinery Co., Ltd., Shantui Machinery Co., Ltd., Shanzhong Construction Machinery Co., Ltd., and Shandong Auto Industry Group Co., Ltd., Shazhonng Construction Machinery.

Raymond Wang, CEO of Greenland, commented, "This is another major development for our business, as we align with a powerful, well-funded strategic partner with extensive experience and customer relationships in our target markets. We have already spoken with numerous customers with very positive feedback for a lithium battery forklift solution. Importantly, we are confident we can bring our jointly-developed lithium battery powered forklift to market at a price point competitive with legacy acid battery powered vehicles. The competitive price point combined with the fact our vehicle is a safer, cleaner vehicle with a higher customer return on investment than traditional forklifts, gives us a winning market position with high-volume potential. We look forward to working together with Shandong, as we build a mutually successful, long-term partnership."

About Greenland Technologies Holding Corporation: GTEC is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. For more information visit www.gtec-tech.com

For our latest "Buzz on the Street" Show featuring Greenland Technologies Holding Corporation recent corporate news, please head over to https://www.youtube.com/watch?v=Hl6536yOddU

Caterpillar Inc. (NYSE: CAT) reported back in May new sustainability goals to achieve by 2030. "Caterpillar is well-positioned to continue improving the quality of the environment and communities by helping our customers fulfill society's basic needs such as shelter, clean water, education, and reliable energy, in a sustainable way," said Caterpillar Chairman and CEO Jim Umpleby. "We are demonstrating our commitment to a reduced-carbon future in many ways, including through our significant progress in reducing greenhouse gas (GHG) emissions from our operations and our continued investment in new products, technologies, and services that help customers achieve their climate-related objectives as they build a better, more sustainable world." Caterpillar's seven new 2030 sustainability goals will enhance the company's performance and impact and are focused on ESG topics within its own operations, as well as product stewardship in support of its customers' sustainability goals.

Deere & Company (NYSE: DE) announced back in March that John Deere Foundation will invest $200 million over the next 10 years in initiatives that will bring to life John Deere's higher purpose: We run so life can leap forward. "The urgency of running today with the vision of a better tomorrow is John Deere at our core," said John May, Chairman and CEO of Deere & Company and Chairman of the John Deere Foundation. "The Foundation's financial commitment holds true to this purpose by investing deeply in the people we serve to overcome the challenges they face today and create for themselves paths to a more prosperous tomorrow." The Foundation's 10-year commitment aligns to the United Nations Sustainable Development Goals, and the Foundation will track and report investments against relevant targets and indicators, said Nate Clark, President of the John Deere Foundation.

NIO Inc. (NYSE: NIO) announced back in May its April 2021 delivery results. NIO delivered 7,102 vehicles in April 2021, representing a strong 125.1% year-over-year growth. The deliveries consisted of 1,523 ES8s, the Company's six-seater and seven-seater flagship premium smart electric SUV, 3,163 ES6s, the Company's five-seater high-performance premium smart electric SUV, and 2,416 EC6s, the Company's five-seater premium smart electric coupe SUV. As of April 30, 2021, cumulative deliveries of the ES8, ES6, and EC6 reached 102,803 vehicles. NIO designs, develops, jointly manufactures and sells premium smart electric vehicles, driving innovations in next-generation technologies in autonomous driving, digital technologies, electric powertrains, and batteries.

XPeng Inc. (NYSE: XPEV) reported earlier in May its vehicle delivery results for May 2021. XPeng delivered a total of 5,686 Smart EVs in May 2021, representing a 483% increase year-over-year, and a 10% increase over last month. The May deliveries consisted of 3,797 P7s, the Company's sports smart sedan, and 1,889 G3s, its smart compact SUV. As of May 31, 2021, year-to-date total deliveries reached 24,173 units, representing a 427% increase year-over-year. The number of P7s delivered in May reached a record high of 3,797, demonstrating the strong customer appeal of XPeng's market-leading smart features. Launched in January this year, XPILOT 3.0 and its Navigation Guided Pilot (NGP) highway solutions have achieved a strong set of customer utilization rates. Additionally, these solutions enable the Company to generate incremental revenues from its proprietary XPILOT software.

• Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
• Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
• Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
• Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis, and Company Interviews. A pioneer in the financially driven digital space, video production, and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing, and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For greenland technologies holding corporation video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com

Contact:

[email protected]
+1-877-601-1879
www.FinancialBuzz.com

View original content:http://www.prnewswire.com/news-releases/electric-options-begin-to-permeate-through-the-construction-machinery-industry-301317052.html

SOURCE FinancialBuzz.com