HEVI Announces Transition to a More Aggressive Dealer Model to Meet Strong Customer Demand for its Electric Industrial Equipment

Rhea-AI Summary

HEVI Corp., a manufacturer of all-electric heavy equipment, has announced a transition to a more aggressive dealer model to meet strong customer demand for its expanded line of electric industrial equipment. This new model builds upon HEVI's successful Authorized Service Provider (ASP) program and follows the launch of two new all-electric front wheel loaders, models H65L and H55L.

CEO Raymond Wang stated that the change was necessary due to increased sales opportunities across the U.S. The new dealer model will allow HEVI to focus solely on its brand, with dealers having direct access to Original Equipment Manufacturer (OEM) parts. Customers will continue to receive comprehensive warranty coverage and knowledgeable support, while HEVI can hold dealers to a higher level of accountability and service quality.

This strategic shift aims to provide customers with an improved end-to-end experience and position HEVI to better capture increased revenue opportunities.

Positive

• Transition to a more aggressive dealer model to meet strong customer demand
• Launch of two new all-electric front wheel loaders (H65L and H55L)
• Increased sales opportunities across the U.S.
• Direct dealer access to OEM parts
• Potential for improved customer experience and increased revenue capture

Negative

• None.

News Market Reaction

-3.24%

1 alert

-3.24% News Effect

On the day this news was published, GTEC declined 3.24%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

EAST WINDSOR, N.J., Oct. 1, 2024 /PRNewswire/ -- HEVI Corp. ("HEVI" or the "Company"), a manufacturer of all-electric heavy equipment, today announced its transition to a more aggressive dealer model to meet strong customer demand for its expanded line of electric industrial equipment.

The new dealer model will build upon HEVI's successful Authorized Service Provider (ASP) program, and the Company's latest product launches of two new game-changing all electric vehicles, model H65L and model H55L front wheel loaders.

Raymond Wang, CEO of HEVI, commented, "Simply put, we needed to make this change to a more aggressive dealer model given the increased sales opportunities we are seeing across the U.S. Customers have responded resoundingly for our expanded line of electric industrial vehicle following our increased cadence of new all electric vehicle launches, making this the right time for the strategic shift."

"Our new dealer model will allow us focus solely on HEVI's brand, with dealers having direct access to Original Equipment Manufacturer ("OEM") parts. Customers will continue to enjoy our comprehensive warranty coverage and knowledgeable support. At the same time, we can now hold our dealers to a higher level of accountability and service quality. When you add it together, customers will get an even better end to end experience, and HEVI will be even better positioned to capture the increased revenue opportunities all around the company."

For more information on HEVI's exciting new dealer program or to join, dealers can contact the Company using info@gethevi.com.

About HEVI Corporation

HEVI is a developer and manufacturer of sustainable heavy machinery such as all-electric heavy construction and farm machinery. The Company is a wholly owned subsidiary of Greenland Technologies Holding Corporation (Nasdaq: GTEC). Information on the Company's clean industrial heavy equipment can be found at HEVI at HEVI Corp. 

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking statements." Such statements reflect HEVI's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of HEVI, including those set forth in the Risk Factors section of Greenland's Annual Report 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, HEVI's expectations with respect to future performance. 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. HEVI does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

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SOURCE Greenland Technologies Holding Corporation

FAQ

What new dealer model has HEVI announced for its electric industrial equipment?

HEVI has announced a transition to a more aggressive dealer model to meet strong customer demand for its expanded line of electric industrial equipment. This new model builds upon HEVI's successful Authorized Service Provider (ASP) program.

What new electric vehicle models has HEVI recently launched?

HEVI has recently launched two new all-electric front wheel loaders: model H65L and model H55L.

How will the new dealer model benefit HEVI customers?

The new dealer model will provide customers with an improved end-to-end experience, including continued comprehensive warranty coverage and knowledgeable support. Dealers will have direct access to OEM parts, and HEVI will hold them to a higher level of accountability and service quality.

Why did HEVI decide to change its dealer model?

HEVI decided to change to a more aggressive dealer model due to increased sales opportunities across the U.S. and strong customer demand for their expanded line of electric industrial vehicles.