Greenland Technologies (GTEC) can be described as:

• Tesla for forklifts and heavy industrial equipment.
• A smaller, electric-focused Caterpillar.

• Electric Industrial Vehicles: Greenland Technologies designs and manufactures various battery-powered heavy machinery, including forklifts, excavators, and loaders, for industrial use.
• Integrated Powertrain Systems: The company develops and sells complete electric drivetrain systems, comprising motors, controllers, and batteries, primarily for integration into industrial vehicles and machinery.

• Original Equipment Manufacturers (OEMs): Other companies that integrate GTEC's components (such as transmissions and driveline systems) into their own finished heavy equipment products.
• Distributors: Companies that purchase GTEC's finished electric industrial vehicles (such as forklifts, loaders, and excavators) for resale to end-users or rental companies.
• Direct Enterprise Customers: Large commercial and industrial enterprises that purchase GTEC's equipment directly for their own operational use in sectors like construction, warehousing, logistics, and mining.

Raymond Z. Wang Chief Executive Officer and President

Mr. Raymond Z. Wang has served as the Chief Executive Officer and President of Greenland Technologies Holding Corporation since October 24, 2019. He has over fifteen years of management and corporate governance experience, having served as president and vice president for two international companies and as chairman of the board for a non-profit organization. Mr. Wang also served as the CEO of Zhongchai Holding since April 2019. His expertise encompasses business process optimization, organizational management, financial management, customer channel acquisition, warehouse management, and logistics modernization. He is recognized as an entrepreneur and front-line leader with a history of developing profitable business operations in innovative and disruptive markets.

Chenyang Wang Acting Chief Financial Officer

Ms. Chenyang Wang has served as the Acting Chief Financial Officer since April 2025. Prior to this, she was a manager in the securities affairs department at a publicly listed agriculture services company from May 2018 to February 2025. She also served as an investment manager at Zhejiang Yangzhechen Asset Management Co., Ltd. from October 2016 to April 2018, and as a research analyst at Zhejiang Hanbo Investment Management Co., Ltd. from October 2010 to April 2012, where she was responsible for investment analysis. Ms. Wang has a background in financial management and investment analysis.

Peter Zuguang Wang Chairman of the Board

Mr. Peter Zuguang Wang has served as the Chairman of the Board since October 24, 2019. He has also been the sole director of Zhongchai Holding since its inception in April 2009 and the Chief Executive Officer of Cenntro Automotive Group since February 2014. Mr. Wang co-founded UTStarcom in 1990, serving as Executive Vice President until 1995. From 1995 to 2000, he was Chairman and Chief Executive Officer of World Communication Group, and from 2000 to 2009, he held the same roles at PRC Quantum Communication Limited (later Techedge, Inc. and PRC Biopharma, Inc.), both telecommunication companies.

Dana Hopkins Chief Operating Officer of HEVI Corp.

Mr. Dana Hopkins was appointed Chief Operating Officer of HEVI Corp., a wholly-owned subsidiary of Greenland Technologies, in March 2023. In this role, he reports to CEO Raymond Wang and is responsible for leading the development of service and sales processes, as well as overseeing operational tasks for the subsidiary.

Frank Shen Independent Director

Mr. Frank Shen has served as an independent director since December 2020. He brings over 20 years of research and development and operation experience in telecommunication and networking technology. Since 2006, Mr. Shen has been the founder and CEO of Eastern International, an export trading company specializing in shipping recycling materials from American manufacturing companies to China. He has also been involved with various non-profit organizations and community service groups since 2010.

The increasing adoption of Autonomous Mobile Robots (AMRs) and Automated Guided Vehicles (AGVs) in warehouses and logistics operations represents an emerging threat. These robotic systems are capable of performing many internal transport and material handling tasks traditionally handled by human-operated forklifts and loaders. As businesses increasingly automate their facilities to improve efficiency and reduce labor costs, the market demand for GTEC's core products, such as electric forklifts and loaders, could be diminished or shifted towards solutions that integrate with or are replaced by these autonomous technologies.

Greenland Technologies (GTEC) operates in two primary addressable markets: drivetrain systems for material handling equipment and electric industrial vehicles.

For its drivetrain systems for material handling equipment, particularly for forklift trucks, Greenland Technologies participates in the global material handling equipment market. This market was valued at approximately USD 244.29 billion in 2024 and is projected to reach around USD 445.81 billion by 2034, with a compound annual growth rate (CAGR) of 6.2% from 2025 to 2034. Another estimate placed the global market size at USD 239.3 billion in 2024, with a projection to grow to USD 390.88 billion by 2032. The Asia Pacific region is a significant market for material handling equipment, accounting for 45.01% of the global market in 2024, with China alone contributing over 41% of the Asia Pacific market.

In the electric industrial vehicles sector, including electric forklifts, loaders, and excavators, GTEC addresses a growing global market. The global industrial electric vehicles market was valued at an estimated USD 26.04 billion in 2024 and is projected to reach approximately USD 79.48 billion by 2034, growing at a CAGR of 11.81% from 2025 to 2034. Other estimates for the global market include a valuation of US$23.3 billion in 2024, expected to reach US$55.5 billion by 2035 at an 8.2% CAGR. Electric forklifts represent a substantial portion of this market, holding over 66.6% of the electric industrial vehicles market by type in 2024. Regionally, Asia Pacific led the industrial electric vehicle market with a 41% share in 2024, and East Asia, specifically, held 42.8% of the market share in 2024. North America is anticipated to experience the fastest growth in this market.

• Expansion of Electric Industrial Vehicle Offerings: Greenland Technologies is focusing on expanding its electric vehicle segment, particularly through its HEVI Corp. subsidiary. The company has already launched new electric loaders in North America, and management remains optimistic about the future growth driven by these product developments. Its HEVI line, which includes all-electric heavy industrial equipment such as front loaders and excavators, is commercially available in the North American market.
• Geographic Market Penetration in North America: While Greenland Technologies has a significant presence in China as a leading transmission and drivetrain systems provider, the company is actively enhancing its market presence in the United States, especially for its electric industrial vehicles. This geographic expansion with its HEVI products is a clear driver for future revenue.
• Strategic Partnerships: The company's management is optimistic about future growth prospects being driven by strategic partnerships. Although specific new partnerships for the next 2-3 years are not detailed, the emphasis on this aspect suggests it will be a contributing factor to revenue generation, potentially through increased distribution or collaborative product development.
• Increasing Demand for Sustainable Industrial Solutions: Greenland Technologies anticipates future growth due to an increasing demand for sustainable industrial solutions. Their commitment to clean energy technology and investment in research and development for electrification in the material handling industry aligns with this market trend, positioning their electric vehicle offerings for growth.

Share Repurchases

• Greenland Technologies has shown a 5-Year Share Buyback Ratio of -7.50% as of June 2025, indicating share issuance rather than significant repurchases during this period.
• As of April 2025, the company's Buyback Yield (TTM) was 0%, further suggesting no recent share buyback activity.

Share Issuance

• In July 2022, Greenland Technologies completed a Registered Direct Offering, issuing 1,250,000 ordinary shares and 398,974 pre-funded warrants, generating $6.88 million in gross proceeds.
• Also in July 2022, a Private Placement resulted in the issuance of 616,026 pre-funded warrants and 4,530,000 common warrants, raising $3.14 million in gross proceeds.
• In June 2021, the company offered 857,844 ordinary shares at a price of $8.16 per share.

Outbound Investments

• In January 2020, Greenland Technologies launched HEVI Corp., a wholly-owned subsidiary, to focus on the production and sale of electric industrial vehicles in the North American market.
• In August 2022, an industrial electric vehicle assembly site spanning 54,000 square feet was launched in Baltimore, Maryland, through HEVI, aimed at supporting local services, assembly, and distribution of its electric industrial heavy equipment products.
• Hengyu Capital Limited was formed in Hong Kong in August 2022 as a subsidiary primarily for investment activities, with 62.5% ownership by Zhongchai Holding and 37.5% by the chairman.

Capital Expenditures

• Greenland Technologies' capital expenditures were approximately $2.0 million in 2023 and $1.87 million in 2024.
• For the trailing twelve months (TTM) as of October 2025, capital expenditures were approximately $2.3 million.
• These capital expenditures are primarily focused on supporting the development and manufacturing of transmission products and electric industrial vehicles, including investments in facilities like the electric vehicle assembly site.