Greenland Technologies Holding Corporation (NASDAQ:GTEC) Q3 2023 Earnings Call Transcript

Raymond Wang: Of course. So the shipping rates have normalized around the world which is fantastic. Until we get up to manufacturing scale with our heavy line of business, for all the assembly process that we’re performing in the United States at our White Marsh facility, many of the component needs, many of the tooling and equipment that we’ve required has been air shipped over to meet our timelines for our clientele. So this is a short-term cost increase from a shipping standpoint for the business that will be moved away from once we start manufacturing at scale with a steady line of sales to support them. And on the component side of the business, we are seeing increased shipping costs to meet some of our clients’ needs to be able to support their infrastructure on a global scale. So, I have to be careful now as I say this, we’re not doing this for all of our clients, but to meet the demand of some of our top tier clients, we have onset some of these shipping.

Rommel Dionisio: Perfect, thanks very much.

Raymond Wang: Of course.

Operator: Thank you. And there were no further questions at this time. So I will now hand the conference back to Raymond Wang for any closing remarks. Thank you.

Raymond Wang: Wonderful. So everyone I just want to thank you all for joining us today as we reported our Q3 2023 earnings. It’s been a very strong quarter and we are consistently delivering upon the milestones and expectations that we’re setting. Our component business is extremely stable, profit generating, and continues to deliver quarter after quarter with no signs of stopping. And our heavy line of business as an industry first, as an industry first player to pioneer this industry, once we establish, once we penetrate the market and convert adoption from diesel over to electric, this is going to generate some significant growth opportunities for the company, for our shareholders, and also most importantly, it’ll lead to a cleaner environment for our local communities for tomorrow.

And that’s something that we’re extremely proud of. We are extremely dedicated to achieving and we wanted to thank you all for joining us along for this journey and we’re extremely optimistic for what the next few quarters will bring. But thank you very much everyone for joining and I hope you have a wonderful day.

Operator: Thank you. This concludes today’s conference call. Thank you for participating and you may now disconnect. Speakers please stand by.