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.

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