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TURFAN, China, Nov. 19, 2024 /PRNewswire/ -- Turfan, a city in Xinjiang Uyghur Autonomous Region, debuted its first fully liquid-cooled ultra-fast charging station at the Karez Folk Customs Park on November 18, 2024. Boasting an impressive charging speed of "one kilometer per second," the station is capable of serving ten electric vehicles (EVs) simultaneously, marking a significant advancement in charging convenience, efficiency, and comfort. The facility is equipped with two 600-kilowatt fully liquid-cooled ultra-fast charging stacks and eight 250-kilowatt fast charging stacks. Its exceptional compatibility ensures support for all vehicle models within a charging range of 200 to 1000 volts, including popular brands such as Tesla, XPeng and Li. With a single charge success rate of up to 99%, the station provides a truly seamless "charge and go" experience. In response to the national call for energy conservation and emission reduction, State Grid Turfan Power Supply Company has spearheaded infrastructure upgrades and service efficiency improvements to meet the growing needs of EV owners. With 209 charging stations and 1,093 charging stacks now in operation, the company has significantly reduced EV drivers' range anxiety and accelerated the green transformation of the transportation sector.
Dedicated to Promoting the Development of eVTOL Technology and Boosting the Low-altitude Economy in Hong Kong and the Greater Bay Area of ChinaHONG KONG SAR - Media OutReach Newswire - 18 November 2024 - To support the Hong Kong Government's initiative to develop the low-altitude economy, the Centre for Intelligent Multidimensional Data Analysis (CIMDA) at the City University of Hong Kong (CityU), a member of the AIR@InnoHK Cluster, has partnered with FDB Group to establish the Hong Kong eVTOL Industry Association. Being a premier electric Vertical Take-Off and Landing (eVTOL) industry association established in Hong Kong, it marks a new milestone in promoting the local low-altitude economy. This non-profit organization aims to promote research and development (R&D) in emerging eVTOL technology while facilitating business growth in Hong Kong and the Greater Bay Area of Mainland China. By fostering a robust eVTOL technology industry, the Association is dedicated to advancing innovation and practical applications in this dynamic field. Strong Connections from All Around the World to Foster Collaboration The Hong Kong eVTOL Industry Association is supported by a diverse network of local, Mainland, and international academies, experts, and professionals from various sectors, including research and development, technical advisory, and public policy. Partnering with world-class research leaders and universities specializing in engineering, mathematics, and computer science, it focuses on advancing eVTOL aircraft technology, original equipment manufacturers (OEMs), and aircraft operators to promote the development of the eVTOL industry. City University of Hong Kong has established itself as one of the most innovative universities globally, pioneering research in areas of critical relevance. The University is actively engaged in projects related to electric vehicles, air mobility, spatial data analysis, optimization, telecommunications, video processing, graphics and visualization, digital twins, process automation, safety and reliability modelling, and artificial intelligence, which are essential components for eVTOL operations. Together, the Hong Kong eVTOL Industry Association actively engages with the HKSAR government and relevant authorities to develop policies that promote research, development, and safety within the eVTOL industry, while also exploring market demands related to the research and development of eVTOL aircraft and their associated industry chains. Mission The mission of the eVTOL Association is to advance eVTOL technology through collaborative research and development initiatives. We are committed to fostering innovation, facilitating industry partnerships, and creating a robust ecosystem that supports the safe and effective commercialization of eVTOL applications. By engaging with local stakeholders, government entities, and academic institutions, we aim to address market needs, promote sustainable urban mobility solutions, and contribute to the growth of the low-altitude economy in Hong Kong and the Greater Bay Area. Vision Our vision is to establish Hong Kong as a global hub for eVTOL innovation, where cutting-edge research and practical applications converge to enhance connectivity, sustainability, and economic growth. We aspire to create a thriving community that not only advances eVTOL technology but also successfully transfers these innovations from research to real-world applications and transforms how people and goods move in urban environments. Through our efforts, we aim to lead the way in shaping the future of urban air mobility and positioning the Greater Bay Area as a leader in the global eVTOL market. With strong support from the City University of Hong Kong and its industry partners, academic experts, government entities, the education sector, and the aircraft industry, the Hong Kong eVTOL Industry Association promotes thought leadership and facilitates the exchange of international best practices. Prof. Hong Yan, Wong Chun Hong Professor of Data Engineering at the City University of Hong Kong and Director of the Centre for Intelligent Multidimensional Data Analysis (CIMDA), shared, "With many world-class researchers and a well-established business environment, Hong Kong can become one of the best places for R&D and business growth in low-altitude economy. At our Centre for Intelligent Multidimensional Data Analysis (CIMDA), we conduct research on AI and data analysis, which will be used for eVTOL operations. As educators and researchers, we will be most happy to see that our innovative technologies are used in the real world of eVTOL business, and we can train our students to become future leaders in related industries." Prof. Ray Cheung, Associate Provost (Digital Learning) and professor of Electrical Engineering at the City University of Hong Kong, shared, "Hong Kong enjoys the strong support of the Motherland and is closely connected to the world, serving as an intersection to connect with the global market. Located in the heart of Hong Kong, City University of Hong Kong strives to promote research and development, nurture talents to foster the development of a low-altitude economy, and increase Hong Kong's competitiveness in the global market." Dr. David Chung, former Under Secretary for Innovation and Technology, CEO of Trio AI Limited, shared, "Hong Kong provides rich soil for nurturing talents in scientific research and development, allowing students to unleash the potential for technological innovation. With Shenzhen ranking first in the development of the world's low-altitude industry, Hong Kong can work closely with its neighbouring city to foster a robust drone economy." Mr. K. S. Ng, Chairman of FDB Group, shared, "The Association aims to establish a global hub representing various eVTOL-related companies, industry partners, academics, experts, and local stakeholders worldwide. This hub will showcase cutting-edge technologies and expertise while fostering research and development aligned with Hong Kong and the Greater Bay Area standards. By facilitating the transfer of innovations from R&D to real-world applications, we will create a comprehensive value chain focused on commercialization, enabling stakeholders to tap into lucrative local and regional markets and foster a more dynamic and supportive business ecosystem." Hashtag: #eVTOL #香港電動垂直起降飛行器商會 #低空經濟 The issuer is solely responsible for the content of this announcement.About the Hong Kong eVTOL Industry AssociationWe are a premier organization dedicated to research and development (R&D) in the emerging electric Vertical Take-Off and Landing (eVTOL) technology. Our mission is to foster innovation, facilitate industry partnerships, and create a robust ecosystem that supports the safe and effective commercialization of eVTOL applications, driving business growth in Hong Kong and the Greater Bay Area of Mainland China. We collaborate with local, Mainland, and international academies, experts, and professionals across various sectors—including research and development, technical advisory, and public policy—as well as leading eVTOL aircraft OEMs and aircraft operators, to develop a comprehensive ecosystem.
LG Energy Solution's cylindrical batteries to power Bear Robotics' service and logistics robots starting from next year In addition to exclusive battery supply agreement, companies will collaborate on technology Partnership with Bear Robotics demonstrates LG Energy Solution's commitment to expanding into new business areas, and its reputation for outstanding product safety SEOUL, South Korea, Nov. 18, 2024 /PRNewswire/ -- LG Energy Solution today announced that it has signed a Memorandum of Understanding (MoU) with Silicon Valley-based mobility innovator Bear Robotics to become its exclusive supplier of cylindrical battery cells. The two companies will also work together on technological innovation. The MoU confirms LG Energy Solution as the sole supplier of cylindrical batteries (2170) for Bear Robotics' flagship robots, such as Servi Plus and Carti 100, starting next year. The agreement also promises cooperation on new technologies and fostering a strong partnership to reinforce both parties' competitive edge in the burgeoning global robot market. Bear Robotics, founded in 2017 by CEO John Ha, is a leading AI-powered robotics company renowned for pioneering the world's first autonomous serving robots. With operations spanning 20 countries, Bear Robotics continues to redefine automation in public and industrial spaces. The partnership with Bear Robotics is a testament to LG Energy Solution's outstanding reputation for product safety. With most service and logistics robots operating in high-traffic public spaces, an uncompromising level of safety is required to ensure the well-being of people and the smooth operation of these automated systems. As a leader in safe battery solutions, LG Energy Solution applies differentiated materials and technologies such as high-quality NCMA cathode materials and reinforced ceramic-coated separators. As with its partnership with Bear Robotics, LG Energy Solution plans to actively pursue new and innovative opportunities in the global robotics market, as well as in other applications beyond electric vehicles. As announced in October with its corporate vision, "Empower Every Possibility," LG Energy Solution aims to balance its business portfolio by expanding into new areas, particularly those with high growth potential, such as Urban Air Mobility (UAM), vessels and robotics. About LG Energy Solution LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
BEIJING, Nov. 16, 2024 /PRNewswire/ -- Chinese President Xi Jinping arrived in Lima, capital of Peru, on Thursday for a state visit and the 31st APEC Economic Leaders' Meeting. Xi held talks with Peruvian President Dina Boluarte and said that China and Peru should improve and upgrade practical cooperation and continuously elevate their comprehensive strategic partnership to new heights to better benefit the two peoples. In a written statement upon his arrival in Lima, Xi said it gives him great pleasure to once again pay a state visit to the Republic of Peru and attend the 31st APEC Economic Leaders' Meeting at the invitation of President Dina Boluarte, adding that he feels very close to Peru as he again stepped onto this beautiful and rich land with a long history, according to the Xinhua News Agency. Xi attended a grand welcome ceremony hosted by Boluarte. The two heads of state held talks, during which Xi called on China and Peru to promote the integration of industrial and supply chains, and said China-Peru ties have become a model of solidarity and cooperation among countries of different sizes, systems, and cultures, and called the Chancay Port another successful project of China-Peru Belt and Road cooperation. The two presidents also attended the opening ceremony of the Chancay Port via video link. "This is not only an important project under Belt and Road cooperation, but also the first smart port in South America. The first phase of the project, when completed, will reduce the sea shipping time from Peru to China to 23 days, thus cutting logistics costs by at least 20 percent. It is expected to generate $4.5 billion in yearly revenues for Peru and create over 8,000 direct jobs," Xi wrote in a signed article in Peruvian media outlet El Peruano on Thursday. After the talks, the two heads of state witnessed the signing of a plan for Belt and Road cooperation between the two countries and the protocol on upgrading the bilateral free trade agreement, as well as the exchange of a number of bilateral cooperation documents in economy and trade, industrial investment, industrial parks, education and green development. The two sides also issued a joint statement on deepening their comprehensive strategic partnership. The two countries will jointly explore new opportunities for cooperation under the framework of the Belt and Road Initiative to achieve mutual benefit and win-win results, and promote sustainable development of the two countries, said the statement. They are also ready to cooperate on large-scale infrastructure projects in accordance with their respective national laws, said the statement. The two countries are willing to incorporate projects in such emerging areas as circular economy, sustainable agriculture, industrial and supply chains, digital economy investment and green development into bilateral cooperation, it said. High-standard reception Xi's visit was highly received by the Peruvian side, as the Peruvian government offered a reception of the highest standard with meticulous preparation and arrangements. People from all walks of life in Lima also showed their warm welcome to the Chinese president. As early as 11 am on Thursday, hours before the welcome ceremony at around 5:40 pm, many people already gathered on the streets of Lima to welcome Xi's arrival, holding the flags of the two countries and signs displaying good wishes, with one written in both Chinese and Spanish languages reading "Long live China-Peru friendship." Over the Government Palace, the colorful flags of the two countries were particularly shinning against the backdrop of the blue sky, as the sky cleared in the afternoon. "It's a big day," an owner of a newsstand in Lima told the Global Times on Thursday morning. Local residents, including taxi drivers, shared the knowledge of the visit by the Chinese president. Outside the Government Palace, honor guards and military bands rehearsed repeatedly. Once the motorcade arrived, 40 of horses of three different colors led the way, representing the highest honor, an official at the Government Palace told the Global Times. Similarly, big celebrations also took place about 78 kilometers north of Lima, at the Chancay Port, with many locals approaching the Global Times to share their excitement about the operation and their interests in visiting China. At the scene, Chinese and Spanish versions of the phrase "From Chancay to Shanghai" can constantly be heard. In a remarkable move that symbolizes the port's critical role in bilateral trade, after the horn sounded for the port opening ceremony, a container ship, the M.V COSCO SHIPPING PERU, which arrived from Shanghai, unloaded containers containing China's "new three" exports - electric vehicles, photovoltaic products and lithium-ion batteries, while another containership, the M.V XIN SHANGHAI, departed for Shanghai, carrying Peruvian agricultural products such as blueberries and avocados, a worker at the site told the Global Times on Thursday. Extremely important visit "The visit of the president of China is extremely important, not only for the inauguration of the new Chancay Port, which is a great opportunity for Peru, but also for all of Latin America. We appreciate the visit," Juan José Santiváñez, interior minister of Peru, told the Global Times on Thursday. Santiváñez added that the visit will strengthen the ties between China and Peru and expressed great expectations for its outcomes. "The expectation we have regarding China is extremely high. Today we have the virtual inauguration of the Port of Chancay, which definitively places Peru as one of the main players in Latin America, becoming the most important hub, and will definitely contribute greatly to the economy of Peru," the Peruvian interior minister said. During the talks with the Peruvian President on Thursday, Xi also said that China is ready to work with Peru to build a new land-sea corridor between China and Latin America with Chancay Port as a starting point. He added that the corridor, which will connect the Inca Trail with the 21st Century Maritime Silk Road, will open up a road of common prosperity and happiness for Peru and other Latin American and Caribbean countries. The state visit also garnered close attention on at the Lima Convention Center, the main venue for the APEC meeting which was filled with reporters from various countries and regions, on Thursday morning, as newspaper copies featuring the signed article by the Chinese president were repeatedly highlighted. While the Peruvian Interior Minister carried the newspaper during media interviews, others were eager to present it. "This is our newspaper from today, Thursday, 14th in November. We have today a message, a very important message, of the president of China, Mr Xi Jinping, who arrives today in Peru," César Chaman, editor general of Agencia Andina, told the Global Times on Thursday. Both Agencia Andina and El Peruano are official media outlets in Peru. With a palpable sense of excitement, Chaman held up the front page of the newspaper to fully display it before the camera, while speaking to the Global Times. "This is a very important material to read and to understand the kind of relationship between Peru and China," Chaman said, adding that he hopes that the bilateral relationship will expand into more areas such as environmental protection, energy and social development, in addition to investments in infrastructure. Sandra Gonzales, head of the Marketing and Sales Department of Editora Peru, whose outlets include Agencia Andina and El Peruano, also keenly introduced the newspaper and shared the Chinese president's signed article. After showing the front page, she flipped to the full page article inside the newspaper, while speaking to the Global Times. "El Peruano is an official newspaper in Peru and in this edition, I can present this important article. This article is from the Chinese president," Gonzales said. "It's important to mention that Peru and China have good relationships." In addition to the state visit to Peru, Xi will also attend the 31st APEC Economic Leaders' Meeting in Lima. In his written statement upon arrival on Thursday, Xi said China firmly supports Peru's presidency of APEC and will work closely with Peru to ensure a successful and productive meeting, enhance Asia-Pacific cooperation with a "Lima Imprint," and make new contributions to building an Asia-Pacific community with a shared future.
HYDERABAD, India, Nov. 15, 2024 /PRNewswire/ -- Cyient, a global Intelligent Engineering services company, today announced the expansion of its partnership with Allegro MicroSystems, Inc. ("Allegro MicroSystems") (Nasdaq: ALGM), a global leader in power and sensing solutions for motion control and energy efficiency, with the inauguration of a Center of Excellence (CoE) in Hyderabad, India. The CoE, located at Cyient's Manikonda Campus, will focus on developing next-generation magnetic sensors and power semiconductor products for the automotive industry. The state-of-the-art facility was inaugurated by Allegro MicroSystems President & CEO Vineet Nargolwala in the presence of Max Glover, Senior Vice President WW Sales, Allegro MicroSystems, and Suman Narayan, Senior Vice President, Products, Allegro MicroSystems. The CoE will house over 100 skilled engineers specializing in key areas such as post-silicon validation, design verification, analog design, analog mixed-signal verification, and embedded systems. This expansion significantly strengthens Allegro MicroSystems's presence in India, providing access to a highly skilled talent pool and fostering collaboration within the vibrant Indian technology ecosystem. The CoE will play a crucial role in accelerating the development of Allegro MicroSystems's sensor and power integrated circuit (IC) product portfolios, which are essential components in electric vehicles, advanced driver-assistance systems (ADAS) and other automotive applications. By leveraging Cyient's expertise in India, Allegro MicroSystems aims to bring innovative products to market faster and more efficiently. The collaboration will also focus on addressing key industry trends, including the increasing demand for magnetic sensors in electric vehicles, the rise of high-power devices such as SiC and GaN and the growing importance of embedded systems and platforms. "India's rapidly growing automotive market presents a tremendous opportunity for Allegro MicroSystems," said Vineet Nargolwala, CEO of Allegro MicroSystems. "This CoE established with Cyient's partnership, will enable us to accelerate innovation in magnetic sensors and power semiconductors, delivering cutting-edge solutions that address the evolving needs of the automotive industry. This investment reinforces Allegro MicroSystems's commitment to driving e-mobility, clean energy and automation forward, aligning perfectly with our vision for a safer, more sustainable and autonomous future." "Our relationship with Allegro MicroSystems has flourished over the past two years and we are incredibly proud of the team and the contributions they have made to Allegro MicroSystems's product portfolio. Semiconductors are at the heart of innovation across industries and this CoE strengthens Cyient's position as a leading partner for companies seeking to develop and manufacture cutting-edge semiconductor products," said Krishna Bodanapu, Executive Vice-Chairman & Managing Director, Cyient. This collaboration marks a significant milestone for both companies, reinforcing their commitment to driving innovation in the automotive semiconductor market. The CoE will not only contribute to the growth of the semiconductor industry in India but also support the global automotive industry's transition towards a more sustainable and technologically advanced future. About Allegro MicroSystems Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs, to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro MicroSystems's commitment to quality drives transformation across industries, reinforcing our status as a pioneer in "automotive grade" technology and a partner in our customers' success. For additional information, please visit https://www.allegromicro.com/en/. About CyientCyient (Estd: 1991, NSE: CYIENT) delivers Intelligent Engineering solutions for creating a digital, autonomous and sustainable future for over 300 customers, including 30% of the top 100 global innovators. As a company, Cyient is committed to designing a culturally inclusive, socially responsible and environmentally sustainable tomorrow together with our stakeholders. For more information, please visit www.cyient.com. Cyient Contact: Gowtham UyallaKaizzen PRgowtham.uyalla@kaizzencomm.com Phalguna Hari JandhyalaCyient phalguna.harijandhyala@cyient.com Allegro MicroSystems Contact: Tyler Weiland Corporate Communications (972) 571-7834 tweiland.cw@allegromicro.com
Revenue for the First Nine Months of 2024 of $64.57 Million, Decreases Slightly from $67.56 Million in First Nine Months of 2023 Operating Expenses Decrease 15.6% for the First Nine Months of 2024 Compared to the First Nine Months of 2023 Strong Balance Sheet with Cash and Restricted Cash Balance of $20.72 Million After Repaying $9.25 Million in Loans Continues to Execute on Growth Strategy with Significant Expansion of Product Roadmap and Strategic Partner Distribution, Sales and Support Ecosystem EAST WINDSOR, N.J., Nov. 15, 2024 /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland," "we," "our," "us," or the "Company"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its unaudited financial results for the nine months and third quarter ended September 30, 2024, with net income for the first nine months of 2024 increasing 75.3% compared to the first nine months of 2023. Raymond Wang, Chief Executive Officer of Greenland, said, "Our team continues to execute on our growth strategy with significant expansion of our product roadmap, and our strategic partner distribution, sales and support ecosystem. This includes launching our game changing all electric vehicle, model H65L, which was the largest electric wheel loader available in North America at launch. As with all HEVI products, customers can expect the same reliable performance they demand with fewer costs and zero emissions. Our focus on delivering maximum productivity with minimal environmental impact is resonating with customers. We expect that as the broader economy continues to rebound and demand for our electric vehicles will increase further. We are confident in our outlook for the coming quarters based on discussions with customers, our backlog of orders and the tailwinds benefiting the Company from supportive regulatory and subsidy." Jing Jin, Chief Financial Officer of Greenland, commented, "For the first nine months of 2024, we drove operating expenses down 15.6% and net income up 75.3% compared to the first nine months of 2023, all with a corresponding 4.4% decrease in revenue over the same period. This surge in profitability is a testament to the durability of our business model and our unwavering focus on driving costs down across our operations and profits up. We have emerged from a challenging period in global business in a stronger position, with a healthy balance sheet to support our growth strategy, as we continue to prioritize building shareholder value." Nine Months Ended September 30, 2024 Financial Highlights Greenland's revenue was approximately $64.57 million for the nine months ended September 30, 2024, representing a decrease of approximately $2.99 million, or 4.4%, as compared to that of approximately $67.56 million for the nine months ended September 30, 2023. The decrease in revenue was primarily a result of the decrease of approximately $3.60 million in the Company's sales volume of transmission products for the nine months ended September 30, 2024. On an Renminbi ("RMB") basis, our revenue for the nine months ended September 30, 2024 decreased by approximately 2.2% as compared to that for the nine months ended September 30, 2023. Greenland's cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company's manufacturing activities. The total cost of goods sold was approximately $47.19 million for the nine months ended September 30, 2024, representing a decrease by approximately $1.65 million, or 3.4%, as compared to that of approximately $48.84 million for the nine months ended September 30, 2023. Greenland's gross profit was approximately $17.39 million for the nine months ended September 30, 2024, representing a decrease by approximately $1.33 million, or 7.1%, as compared to that of approximately $18.72 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, Greenland's gross margins were approximately 26.9% and 27.7%, respectively. The decrease in gross profit in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to a decrease in our sales volume. Total operating expenses were $8.55 million for the nine months ended September 30, 2024, a decrease of 15.6% from $10.13 million in the first nine months of 2023. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, staffing costs, general and administrative expenses, and research and development expenses. Income from operations for the nine months ended September 30, 2024 was approximately $8.84 million, representing an increase of approximately $0.25 million, as compared to that of approximately $8.59 million for the nine months ended September 30, 2023. Net income was approximately $9.80 million for the nine months ended September 30, 2024, representing an increase of approximately $4.21 million, as compared to that of approximately $5.59 million for the nine months ended September 30, 2023. Net income per basic and diluted share was $0.48 for the nine months ended September 30, 2024, representing an increase of 118.2%, as compared to $0.22 for the nine months ended September 30, 2023. Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of September 30, 2024, Greenland had approximately $17.63 million of cash and cash equivalents, representing a decrease of approximately $5.35 million, or 23.27%, as compared to approximately $22.98 million as of December 31, 2023. The decrease of cash and cash equivalents was mainly due to a decrease in short-term bank loans and notes payable, as compared to that as of December 31, 2023. Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of September 30, 2024, Greenland had approximately $3.09 million of restricted cash, representing a decrease of approximately $2.12 million, or 40.64%, as compared to that of approximately $5.21 million as of December 31, 2023. The decrease of restricted cash was due to a decrease of notes payable. For the nine months ended September 30, 2024, the Company's PRC subsidiary, Zhejiang Zhongchai Machinery Co. Ltd., paid off approximately $8.56 million in bank loans, and approximately $0.69 million associated with loans to third parties, while maintaining $17.63 million cash on hand. The Company plans to maintain the current debt structure and rely on governmentally supported loans with lower costs, if necessary. As of September 30, 2024, Greenland had approximately $20.27 million of accounts receivables, an increase of approximately $3.79 million, or 22.97%, as compared to approximately $16.48 million as of December 31, 2023. The increase in accounts receivables was due to the increase in our sales volume and our slowed-down efforts in receivables collections. 3Q 2024 Financial Highlights Greenland's revenue was approximately $18.83 million for the three months ended September 30, 2024, representing a decrease of approximately $3.01 million, or 13.8%, as compared to that of approximately $21.84 million for the three months ended September 30, 2023. The decrease in revenue was primarily a result of the decrease of approximately $2.88 million in the Company's sales volume of transmission products for the three months ended September 30, 2024. On an RMB basis, our revenue for the three months ended September 30, 2024 decreased by approximately 14.9% as compared to that for the three months ended September 30, 2023. Greenland's cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company's manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $13.87 million for the three months ended September 30, 2024, representing a decrease by approximately $1.70 million, or 10.9%, as compared to that of approximately $15.57 million for the three months ended September 30, 2023. Cost of goods sold decreased due to the decrease in our sales volume. Greenland's gross profit was approximately $4.97 million for the three months ended September 30, 2024, representing a decrease by approximately $1.30 million, or 20.8%, as compared to that of approximately $6.27 million for the three months ended September 30, 2023. For the three months ended September 30, 2024 and 2023, Greenland's gross margin were approximately 26.4% and 28.7%, respectively. The decrease in gross profit in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to the decrease in our sales volume. Total operating expenses were $2.04 million, a decrease of 41% from $3.46 million in the third quarter of 2023. The decrease was primarily due to lower advertising and marketing expenses, shipping fees, staffing costs, general and administrative expenses, and research and development expenses. Income from operations for the three months ended September 30, 2024 was approximately $2.93 million, representing an increase of approximately $0.12 million, as compared to that of approximately $2.81 million for the three months ended September 30, 2023. Net income was approximately $0.36 million for the three months ended September 30, 2024, representing an increase of approximately $0.17 million, as compared to that of approximately $0.19 million for the three months ended September 30, 2023. Net loss per basic and diluted share was $0.05 for the three months ended September 30, 2024, representing a 29% improvement, as compared to a net loss of $0.07 for the three months ended September 30, 2023. About Greenland Technologies Holding Corporation Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Reports on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to the success of Greenland's business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (AUDITED, IN U.S. DOLLARS) September 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 17,633,936 $ 22,981,324 Restricted cash 3,091,545 5,208,063 Short Term Investment 7,053,694 2,818,068 Notes receivable 27,681,834 27,135,249 Accounts receivable, net 20,268,970 16,483,533 Inventories, net 21,844,780 24,596,795 Due from related parties-current, net 228,311 225,927 Advance to suppliers 631,924 288,578 Prepayments and other current assets 1,748,121 53,204 Total Current Assets $ 100,183,115 $ 99,790,741 Non-current asset Property, plant, equipment and construction in progress, net 13,823,008 13,698,997 Land use rights, net 3,423,184 3,448,505 Other intangible assets 118,139 189,620 Deferred tax assets 483,781 256,556 Right-of-use assets 1,748,818 2,125,542 Fixed deposit 7,337,008 9,916,308 Other non-current assets 390,365 1,050,698 Total non-current assets $ 27,324,303 $ 30,686,226 TOTAL ASSETS $ 127,507,418 $ 130,476,967 Current Liabilities Short-term bank loans $ - $ 3,042,296 Notes payable-bank acceptance notes 25,463,319 36,712,562 Accounts payable 26,342,111 25,272,528 Taxes payables 767,200 758,307 Customer deposits 420,266 137,985 Due to related parties 3,831,666 3,831,636 Other current liabilities 2,365,909 2,281,507 Lease liabilities 506,118 487,695 Total current liabilities $ 59,696,589 $ 72,524,516 Non-current liabilities Lease liabilities 1,301,291 1,684,614 Deferred revenue 1,372,358 1,529,831 Warrant liability 3,841,293 4,084,605 Total non-current liabilities $ 6,514,942 $ 7,299,050 TOTAL LIABILITIES $ 66,211,531 $ 79,823,566 COMMITMENTS AND CONTINGENCIES - - Shareholders' equity Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 13,594,530 shares issued and outstanding as of September 30, 2024 and December 31, 2023. - - Additional paid-in capital 30,286,560 30,286,560 Statutory reserves 3,842,331 3,842,331 Retained earnings 25,003,855 18,535,133 Accumulated other comprehensive loss (2,004,595) (2,583,794) Total shareholders' equity $ 57,128,151 $ 50,080,230 Non-controlling interest 4,167,736 573,171 TOTAL SHAREHOLDERS' EQUITY $ 61,295,887 $ 50,653,401 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 127,507,418 $ 130,476,967 GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (AUDITED, IN U.S. DOLLARS) For the three months endedSeptember 30, For the nine months ended September 30, 2024 2023 2024 2023 Revenues $ 18,834,093 $ 21,836,761 $ 64,574,944 $ 67,555,570 Cost of goods sold 13,868,406 15,568,224 47,188,133 48,835,766 Gross profit 4,965,687 6,268,537 17,386,811 18,719,804 Selling expenses 397,444 606,649 1,412,086 1,568,174 General and administrative expenses 1,202,242 1,610,100 4,585,163 4,771,568 Research and development expenses 437,978 1,245,646 2,548,765 3,790,931 Total operating expenses $ 2,037,664 $ 3,462,395 $ 8,546,014 $ 10,130,673 INCOME FROM OPERATIONS $ 2,928,023 $ 2,806,142 $ 8,840,797 $ 8,589,131 Interest income 237,333 4,242 622,278 79,318 Interest expense (9,477) (72,952) (89,325) (218,949) Change in fair value of the warrant liability (2,661,012) - 243,312 - Other income (loss) 208,676 (1,663,627) 1,023,713 (1,375,252) INCOME BEFORE INCOME TAX $ 703,543 $ 1,073,805 $ 10,640,775 $ 7,074,248 INCOME TAX EXPENSE 344,250 878,922 839,050 1,480,595 NET INCOME $ 359,293 $ 194,883 $ 9,801,725 $ 5,593,653 LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST 1,043,684 1,082,303 3,333,003 2,634,960 NET INCOME ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES $ (684,391) $ (887,420) $ 6,468,722 $ 2,958,693 OTHER COMPREHENSIVE INCOME (LOSS): 2,153,895 3,756,643 840,761 (517,156) Unrealized foreign currency translation loss attributable to Greenland Technologies Holding Corporation and subsidiaries 1,530,392 2,251,583 579,199 (721,427) Unrealized foreign currency translation loss attributable to non-controlling interest 623,503 1,505,060 261,562 204,271 Total comprehensive income attributable to Greenland technologies holding corporation and subsidiaries 846,001 1,364,163 7,047,921 2,237,266 Total comprehensive income attributable to noncontrolling interest 1,667,187 2,587,363 3,594,565 2,839,231 WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: 13,594,530 13,594,530 13,594,530 13,307,954 Basic and diluted (0.05) (0.07) 0.48 0.22
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