GTEC - Earnings call transcript Q3 2021 | Greenland Technologies Holding Corporation

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Operator

00:03 Good day, ladies and gentlemen. Thank you for standing by and welcome to the Greenland Technologies Third Quarter of twenty twenty one Earnings Conference Call. Currently, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time.

As a reminder, we are recording today's call.

objections, disconnect any this have you you at may time. If call I Group Julia will Now, over Asia. turn Blueshirt XX:XX of the to Director Qian, Managing Ms. Qian, please go ahead.

Julia Qian

third everyone. you, call. conference to and Thank twenty hello, XX:XX Greenland one operator, Technologies quarter earnings of twenty Welcome

Litigation Chief are earlier Jin, as today. the our release in available Officer. contain Joining The this five. Mr. ninety us please Before Executive website. be U.S. company's under note Reform also and released A call provision Securities replay continue, Services. on at statements Newswire well Raymond press forward-looking will a on Mr. Act today available few XX:XX we of ir.gtec-tech.com, Harbor IR will hours Chief We Wang, on the Safe Officer; IR nineteen that Jing Financial made result discussion as today's website of the is of XX:XX Private

update law. Mr. the involve during may any in to these The the risks not ahead, uncertainties. corporate CEO, except any obligation inherent information does turn regarding call uncertainties XX:XX and With Forward-looking different now and with the expressed filing figures Further the company's Go company dollars. under the assume Mr. Wang. such, Wang. expectations included is applicable materially over the be and As that, our statements, to XX:XX risks required today. All conference as U.S. statements result call forward-looking Raymond in the mentioned other the are let me actual SEC. company's from

Raymond Wang

us for everyone morning, and today. you you Thank XX:XX Good Julia. much, joining very thank

thanking start hard for another their quarter. work at progress, Our and global great Greenland to team I everyone wish great delivering to continues by make

record with risk to or shareholders. sharply should of electric core an our XX:XX markets continue quarters. this the decline down twenty year point in our for quarter twenty continued the GDP slowest to in by Yet growth challenges of are from as one important with point manufacturing six year generating demonstrate, one and nine result a by The the value reaching quarter nine year revenue, line full of to million we growth. is revenue, end year, XX:XX again demand million for GDP point logistics with guidance, percent an percent XX:XX GDP remain of percent and average upcoming year would ninety gross brand However, the of these not faced new the having seasonally year eight percent here As to committed of we milestone, performance shortages, hundred million term gross future expansion twenty dollars quarter, Greenland. our we the we And and set seven the step the year additional to down this strong, thirty company vehicles growth point business, new once variability first remain full impacted challenges, this set over a long business around material global it industrial global new business. a pandemic. freight at By strategy as caused such eighteen and have impacts may quarter one. core for we market in China delays, market company in has the our XX:XX of third and a And witnessing optimistic of record business. three despite mitigate by third point should a are remain our develop XX:XX trend our impact growth full to third with the but three represents business four our to expected our which falling our spread quarter warehousing the cool global which continues global The

Our currently Maryland, in the XX:XX is The search plant decision with assembly still first quality ongoing. of of discussions location Virginia, states motion. our and between is the for New Jersey

learn, I of delay a our everyone our continue them on existing allow addition that progress to settle purchase does wish we and and industrial not timeline centers our to commercial operate, full assembly for site vehicles. the interested to able are ship In prospects vehicles experience location, the we in the assembly remind product to and XX:XX overseas timelines to manufacture facilities developing United in we our sale. As States of to be will site, to launches and

market, excavators experience where and industrial electric within and Jersey, pioneer by forklifts for positioned emission in growing benefits power dominated manufacturing clean experience New sustainable Our of to vehicles. firsthand will our agriculture a offer appreciate buyer as our XX:XX while to markets our and offering component important first rapidly heavy significant market transportation to understand will also truly well As strategy be be an state. capabilities, vehicles located and in and loaders the an in combustion and warehouse center to be a our of industry the support will it equipment, the sales the well

shipping sales Forklifts on product working week, sale. We an that in first Lithium quarter we've year. available arrived and showcasing And due U.S. for line. last poor extremely site a as Electric placed congestion, next strong to XX:XX location our report and vehicles, hope the already happy this have for and several forklift orders interior of first GEF-Series our to needs and commercial are for the we are on process, and demand brief to am sales I have soil a currently to batch with offer delay designers of in after attractive architects appealing As break the of

industry currently Furthermore, already units in eight will all It's week. to electric rated loader first as ton also our powered electric arrived ton fully eight front load generating next we As anticipate vessel demand wheeled are GEL-XXXX, by and GEX-XXXX, meet post and a demonstrations process assembled XX:XX this undergoing one excavator, where past capture week our New available demand powered and awaiting events continue be our States. QA United unit all the shipment for shipping lithium to is first lithium for production strong Q simply our to and checks XX:XX begin A to is vehicle. for market the share. has this our wheeled for we our point all

continue freight of we seen end track this As States two. our we this turn third by So, to and last quarter on United with we're I twenty year we and proud beginning markets. of expanding the XX:XX challenges the create details and Greenland still between And predicted China and the in we line of twenty soil and the earnings excited call during what health, that on have to me U.S. arrive expect quarter our to year January And milestones grow Jing, new import the the the value continue company, for environments develop call, XX:XX Mr. business financial shipping the XX:XX after performance. and financial costs this over to that, would global our fall, shareholders. and vehicles, availability capability XX:XX efficiency begun into we demonstrate excellence ease has are our and already of were supply JJ, the month demonstrate let to this product of rise. October, Market. to our what while see begin throughout we've to continues new to electric as This ago phase container delivery as to for ahead. I'm improve in chain launch and year. challenges, improvement. very a U.S. accomplished half the I will times surpass industrial our Now our our the margins, every while to for as the Shipping foothold vehicle provide team of the the next improve company global am Despite quarter operational into go growth the they

Jing Jin

and Raymond, will everyone today. one. results thank twenty you our for quarter go XX:XX third call now Thank of I for twenty financial our joining key over the you,

our of on third robust and the year. units, hundred twenty we earnings details quarter, five from generate the U.S. thousand by our transmission XX:XX demands The performance of transmission units twenty robust six XX:XX mitigate dollars point increased thousand to eighty twenty results, of Fueled twenty. transmission in in please press the hundred SEC and our our sold XX-Q products by three And for year strong the our the seven eleven website. of [ph]. supply from revenue one percent rate] nine Greenland’s [chain our increase sale The full a thirty our significant of to during chain sales the one the financial quarter bothered increasing demonstrates growing twenty the filing of representing in of year the competitivity refer increasing four release addressing million demand quarter twenty advanced later ever point Form three nine For third seventy the units this was in volume supply despite point thirty XX:XX number supply over and products challenge. nine percent. primarily global to the due growth increase eight

was revenues. material eighteen also sold, percent shift seven increase year material we supply volume shortage increased prices. one percent transmission operation obtain Along with point nine XX:XX the increase were growth percent six was disruptions. cost point of effective to [indiscernible] one point of and volume our and probability. million positive point The the the in in the higher seven Additionally, twenty. right the twenty. of a in sales contributor thirty was the higher million the million and we third Total be move year are from primarily the to fifty to point product dollar XX:XX even third Compared increase revenue the to million management, and mix one twenty leverage in over the two to proved chain percent twenty from an of pleased improvement in four increase of win five quarter the thirteen continue this up in product U.S. raw quarter Gross product, XX:XX variable three profit a our point U.S. the a U.S. due dollars, to thirty to of dollars

percent our two increase through will carefully growth. and of two XX:XX hundred year. in quarter twenty net account Our most product twenty, [indiscernible] one point long-term [ph] Driven upward invest expense the contributes increase one and over two financing as U.S. surged legal of two in percent an new quarter such XX:XX also the result margin value percent increased point towards as compared business Those total percent from three point for electrified a as from six point situation maintain equivalent G&A compared to development rose of Salary hundred expenses growth the one million dollars was as percent third point cash, a and material end the and two hundred million point the twenty primarily year expenses to percentage quarter our to five as research the million and to The research year, third increase and up a range due and commercial to to dollars, gross rapid sixty to between expense was the are quarter. activity, high year. of our We dollar four due with point of of three of dollars percent cash up over the capability as expense of operation. from expense total the of our of long operating and cash, financial of June. planning basis and forty thirty percent seven twenty. in reach the point seventy quarter dollars XX:XX term in third year over expanded the XX:XX two prior transmissions. XX:XX we consultancy, we point expenses revenue, five two from two the and million third business dollars, as increase to points to hundred third were and sales, point one which ninety transmitting as which project five guidance revenue. growing point year an in U.S. product forty nine like [indiscernible] our September, over will year. U.S. twenty to year twenty over year a one million, twenty, point of product thirteen strategic hundred one With higher one an of points costs to fees EV, well U.S. total five twenty product revenue At twenty product conditions, sound development percent [indiscernible] a general market million seven and three capture demand. was three an incurred fifty to income the revenue the in manage such to restricted and of Based dollars twenty, two fifty of The to Greenland the the nineteen Furthermore, the the point one business point and the in percent administrative the by our end was commercial point percent quarter operating associated value one expense zero percent and the twenty fifteen of one six in from U.S. was one we up sophistication to and to third consultant Our XX:XX year the development million U.S. further [sophisticated] five percent this and hundred hydraulic two million million reached confident on vehicles. position, partnership trend electrifying million six U.S. representing

our questions. please Operator, prepared go So ahead. XX:XX concludes for the open that call let's remarks. the now So,

Operator

the question XX:XX Certainly. [Operator ahead. coming have the Aegis from Capital. line go We of Rommel that Dionisio from Please Instructions] is first

Rommel Dionisio

XX:XX for the Congratulations Good taking morning. quarter. my Thanks very question. much on

you give the gains. you China have, an included in products really market could continued the wonder Ray growth, just market, of growth the gains – so and I just update if comments that and significant obviously towards share as You could about terms coming I us new remain you. really strong strong your in and volumes update market, in growth, that's if of your us guys Thank market quarter wonder third last give the move obviously premium the in that but quarters? your deceleration the what's end really driven an share appreciate from I which over But you driving certainly well? moderating posted of several

Raymond Wang

too. that. XX:XX about button Sorry there. I struggling mute glad absolutely the with was Yeah,

with XX:XX standpoint, that's industries. the the businesses global However, into and all definitely actually especially strength supply material the of our this plays in challenges, throughout impacting So, company. is Greenland from side the a all shortages constraints and steam it environment with year a

and that States cannot XX:XX this company help quarterly playing contribute lends expansion and our this itself our push times to sales the has And line, we've and of to of side connections we to our efforts tools to be with our We two established vehicle a core and have six. as extremely manufacturing demands capability phenomenal and robust throughout the it's strength capabilities this And our business fantastic maintain, team since very actually that that a is the clients into with also meet competitors the and a to and continue physician able supply and that able at performance. thousand United market offer on production to advantages continue the because developed tactically components, scale. be to provide our our

Rommel Dionisio

very much. XX:XX Thanks

Raymond Wang

Thank XX:XX you.

Operator

have We this from coming question is line next of go Alliance Campbell XX:XX Global. Jeffrey the the ahead. Please from

Jeffrey Campbell

by Raymond, or on Greenland morning, forklifts a the quarter. within battery you the a just is work manufacturers? to Good really forklifts ask congratulations this of I design take effort wanted XX:XX to can to specific as roots. starting forklift designed Have the around and variety

Raymond Wang

XX:XX Thank you, question. for the Jeff

the currently utilizing. designed is So, is our around forklift battery that

component primarily unified electric forklift In around driving the including gear our that package. we into a and train, is So, XX:XX this integrates the integrated battery box, produce itself. lithium this speed which reduction components, drivetrain the specifically addition, axle, is motor single and cater towards powered the our to designed drive a that forklift

Jeffrey Campbell

XX:XX Thank you.

Operator

Instructions] [Operator Jeffrey next The ahead. Alliance from question XX:XX comes from Please go Campbell Global.

Jeffrey Campbell

places upcoming I place hanging be charging would like new XX:XX would Yes. takes it negated? where GEL-XXXX? be seemed but the would thought ask that to Raymond, the It fruit and of easier it’s seems targeting the a low the be it from seems ICEs how you're like demonstrations it solution market, the indoors, like

Raymond Wang

XX:XX Yes.

absolutely You're right.

are in GEL-XXXX support the that market to industries suited going well needs. its to charging are We

agriculture such even So, this transportation nature. does key XX:XX indoor not share waste management property. like settings, of areas management property as that the these hubs urban or or the facilities, industries ports, that characteristic airports, is The sensitive and all include things centers equipment does typically of leave

logistics it we're from their for vehicles fuel. will to GEL-XXXX much shows charging, and So, store with sectors. business and simple that diesel these attend would station the the utilizing to trade charging that be smart these And be than makes a for to targeting, a XX:XX industries a having keep to install easier marketing a so standpoint, operating, specific we procure

Jeffrey Campbell

Okay you. XX:XX Thank great.

Operator

next from the XX:XX go Please question Rommel Capital. ahead. Aegis Dionisio of The comes from line

Rommel Dionisio

vehicle get Yes. the can or the XX:XX from wonder just some you any just a about components, business, on sourcing for talked components from Obviously, more as and are standpoint? taking if for electric probably shipping Ray, you're biotech that's my a Thanks those seeing follow-up. chain you the for about you wondered, supply into talk component standpoint. any you delays challenges there logistical I products? shortages Thanks. challenges seeing I

Raymond Wang

XX:XX Yes. A question. great

that year. of that suppliers EV to that ones work we that to with able the addition a However, continued as how extremely arrived generate Now, acquire have were electric our one business. and the to to for vehicles just is thirty XX:XX even to both are business procure able component we challenge in raw as and the we over the our have seeing shortages struggle well from that this side going is year, standpoint this global for be produce but to yes, we from environment of that success things to in experiencing and with be of able our material said, be we So, then the able that our components be like of a material have to side a that's thousand supply adaptation continue to the the XX:XX are to a for transmissions suppliers and is with to proud able it course, And be deliver supply of continues standpoint, production. we world constraints. supply need

to. do However, we've meet thus far, been plan very to we forward well to challenge positioned that moving so and

Rommel Dionisio

XX:XX Great. Thank you.

Operator

XX:XX The Please from Campbell of from ahead. Jeffrey the next Alliance line go Global. one comes

Jeffrey Campbell

last tremendous One this the your role charger me seem be is curious sales the having not that my that I for allowing – that question. built-in to Thanks Yeah, would a forklifts start, is your with in getting it in value [move] would the XX:XX add. for around about already early EV forklifts saying follow-ups a is are good new workplace a charges be separate off to like Raymond. you thing these a playing to forklifts, [ph] would that's It to having sales. particularly were

Raymond Wang

Yeah. XX:XX

from with forklift. forklift a when various the the of graced So, sales been power our of number the for the sale we've standpoint,

starting challenge. as which driving So, to East Jersey are very lithium the off been the operation a our sales strategy standpoint, downtime our United of the company and been currently in the very various supportive power end equipment use and there's here cars support the user standpoint. in few already to your XX:XX word offerings And in clients, the a fleet is very is because employing seeing what network because of States, service in providing of maintaining we've consumers. and a vehicles twice. able that's pushing and our end What powered industries are XX:XX same been So, can as of I a in demonstrated XX:XX critical important parts and forklifts be consumer Coast is So, we where New the a repair right to lithium that Secondly, hands already with such we from Tesla. can concept are number already from lithium do. we be passenger a they of has localized capabilities one, understand the

develop to offer to there's for well, our up side we running. simple deal, able knowledge So, in we're our vehicles and a going the side. has of our Thirdly, in for four to been ago us, that success education warehousing, compared be the for to to is grow asset able that's of to the and from currently keep the power them from on to range share, twenty for the acquire currently four causing thirty they products, especially been products. extremely to price, supply forklifts price the thirty percent maintaining as the products propane to a have And of high which launch to parts make and them between in competitive the standpoint, XX:XX both supply as are locations to as warehousing to challenges markets capture and that we backlog to start percent backbone market it to already retail over thousand constraints, depending have landscape, our we the which a growth demand to XX:XX switch even the very and playing we and significant fantastic manufacturing thousand forklift demand strategy. For So wish right piece are be now model, the repair need brand, sales, from looking is a that fact account seeing significant been U.S. lead advertised already ready XX:XX our supply competitive forklifts to sales backlog. increases and because continue last I their to ten for the

key sales four are from truly So, we're driving those success the a seeing standpoint. that elements

Operator

queue. you. Thank questions Seeing the more XX:XX in

Mr. back closing call remarks. the turn to Wang me for Let

Raymond Wang

you excited going to progress. lot our number can't that forward interest about, quarters have Thank support. of all for for continue our We next but on progress look so to very and and today's at wait share much, and much the call on And in thank reporting Greenland a in participating truly everyone your appreciate operator. your we Great. here to we're upcoming you and XX:XX we months,

Operator

Thank all XX:XX for participation. gentlemen, Ladies for you. Thank conference today. your that concludes you and our call

You may disconnect now.

Greenland Technologies Holding (GTEC) 11 Nov 212021 Q3 Earnings call transcript