Subsidiary of Greenland Technologies Receives Government Incentive Program Approvals for Its Heavy Electric Industrial Vehicles
HEVI Corp. wins NY state incentive eligibility for two electric loaders, including a 35% cost subsidy and potential $100,000 DAC bonus per unit.
Rhea-AI Summary
Greenland Technologies (GTEC) subsidiary HEVI Corp. received approval from the New York Vehicle Inspection Program (NYVIP) for two heavy electric industrial loaders. The H55L 5‑ton loader and H65L 6.5‑ton loader have been added to NYVIP’s eligible equipment list in New York State.
The NYVIP incentive covers 35% of the base equipment cost for these electric loaders, plus up to a $100,000 Disadvantaged Communities (DAC) bonus per unit where old equipment is replaced. HEVI has also been working with other U.S. state agencies on potential incentive coverage, including California’s CORE program, New Jersey’s WorkClean program, and Texas’s TERP program. The company believes inclusion on government incentive lists validates that its equipment meets strict industrial standards and may help accelerate deployment of heavy electric equipment in the U.S., although it acknowledges that adoption of heavy electric loaders still faces significant challenges.
Positive
- NYVIP approval adds HEVI’s H55L and H65L electric loaders to New York’s eligible equipment list
- NYVIP incentive covers 35% of base equipment cost for approved electric loaders
- Program offers up to $100,000 DAC bonus per unit when old equipment is replaced
Negative
- Company acknowledges U.S. adoption of heavy electric loaders still faces significant challenges
Key Figures
- Equipment cost incentive
- 35%
- NYVIP incentive for each eligible unit sold where old equipment is replaced
- DAC bonus
- up to $100,000
- Additional bonus per eligible unit under NYVIP
- Eligible vehicle models
- 2 models
- H55L 5-ton loader and H65L 6.5-ton loader
- H55L capacity
- 5-ton loader
- Added to the NYVIP eligible equipment list
- H65L capacity
- 6.5-ton loader
- Added to the NYVIP eligible equipment list
Historical Context
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Commercialization of four-wheel-drive transmission systems for off-road forklift trucks
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HEVI electric industrial vehicle operations remained substantially suspended due to tariff-policy uncertainty
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HEVI Corp. has been working with several state government agencies to secure approval for various incentive programs covering its heavy electric industrial vehicles, including NYVIP from the
The Company believes these state incentive programs will generate greater interest and accelerate the deployment of heavy electric industrial equipment, even though adoption of heavy electric loaders in the U.S. market still faces significant challenges.
"We are very pleased to see our electric loader models listed on a government incentive eligible equipment list," said Raymond Wang, Chief Executive Officer of Greenland Technologies Holding Corporation. "This recognition confirms that our equipment meets strict industrial standards, and the incentive will help accelerate the deployment of our heavy electric equipment in the U.S. market."
About Greenland Technologies Holding Corporation
Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a technology developer and manufacturer of drivetrain systems for material handling machinery and electric industrial vehicles. The Company focuses on innovative transmission technologies and industrial vehicle solutions designed to improve efficiency, performance, and sustainability.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the anticipated benefits of government incentive program approvals for the Company's electric industrial vehicles, the expected impact of such incentive programs on customer demand and deployment of the Company's heavy electric equipment, the Company's ability to obtain additional incentive program approvals in other states, and the Company's expectations regarding the adoption and market acceptance of its electric loader vehicles in the U.S. market. Actual results may differ materially from those expressed or implied due to various risks and uncertainties, including market conditions, customer adoption rates, competitive factors, the ability to protect and enforce intellectual property rights, supply chain conditions, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on March 23, 2026. Greenland undertakes no obligation to update any forward-looking statements except as required by law.
View original content:https://www.prnewswire.com/news-releases/subsidiary-of-greenland-technologies-receives-government-incentive-program-approvals-for-its-heavy-electric-industrial-vehicles-302871416.html
SOURCE Greenland Technologies Holding Corporation
FAQ
Which HEVI electric loader models received New York Vehicle Inspection Program approval?
The NYVIP approval applies to two HEVI electric loader models: the H55L, which is a 5‑ton loader, and the H65L, which is a 6.5‑ton loader. Both models have been added to the program’s eligible equipment list in the State of New York.
How does the NYVIP incentive structure work for HEVI’s approved electric loaders?
For HEVI’s approved H55L and H65L loaders, the NYVIP incentive covers 35% of the base equipment cost. In addition, there is a potential Disadvantaged Communities (DAC) bonus of up to $100,000 per unit when an old piece of equipment is replaced.
What other state incentive programs is HEVI pursuing for its heavy electric industrial vehicles?
HEVI has been working with state agencies to secure approval for several other incentive programs: the Clean Off‑Road Equipment Voucher Incentive Project (CORE) in California, WorkClean in New Jersey, and the Texas Emissions Reduction Plan (TERP) in Texas.