SORL Launches Electrically Controlled Power Steering Pump for the Electric Bus Market in China
ZHEJIANG, China, Aug. 27, 2012 /PRNewswire-Asia-FirstCall/ — SORL Auto Parts, Inc. (NASDAQ: SORL)(“SORL” or “the Company”), a leading supplier of brake and control systems to the global commercial vehicle industry, today announced that the Company launched its newly developed electrically controlled power steering pump, marking a technological breakthrough for the electric bus market. SORL’s electrically controlled power steering pump is specifically designed for use in new energy electric buses.
Huaping Wang, the chief engineer of the SORL, commented, “New energy electric vehicles are an important strategic direction for China and the global automotive industry with broad market applications. We have a long-term R & D program to position SORL as the leader in developing electrically controlled auto parts for new energy vehicles. We are committed to developing cost-effective, easy-to-operate and more comfortable products for electric vehicle manufacturers, vehicle operators and passengers. In July 2012, we also launched our new generation of electric air brake compressors also designed to be used in electric buses. We aim to set the industry benchmarks making our development sustainable to benefit our employees, executives and shareholders.”
SORL’s new electrically controlled power steering pump is more energy saving, environmental friendly and cost-effective, with higher efficiency and a longer life span than traditional hydraulic steering pumps. The traditional hydraulic power steering pump is powered by the motor’s belt system. The Company’s electrically controlled power steering pump connects the pump and motor through an internally integrated electrical connection, which directly drives the pump using voltage and electric current adjustments to control the pump flow and pressure. Frequent oil spills from the traditional hydraulic power steering systems are avoided and the electrically controlled power steering pump’s service life and efficiency are increased. Installation and maintenance of the new electrically controlled power steering pump is effortless due to its small size and compact structure. The pump provides smooth operations with low noise and little vibration, which improves the comfortable ride of the new energy buses.
The State Council issued the “energy-saving and new energy automotive industry development plan (2012-2020)” directive identifying that pure electric drive is the main strategic orientation of new energy vehicles. SORL’s mission is to help industrialize pure electric and plug-in hybrid vehicles, promote and popularize non-plug-in hybrid vehicles, and enhance energy-saving combustion engine vehicles, to increase the overall technological level of China’s automotive industry.
According to the plan, by 2015, the cumulative production and sales of pure electric and plug-in hybrid vehicles will reach 500,000 units. By 2020, the production capacity of pure electric and plug-in hybrid vehicles will reach 2 million units, while cumulative production and sales are expected to exceed 5 million units. Development of battery-powered and hydrogen-powered technologies will increase with the growing acceptance of new-energy vehicles globally.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake system, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake system and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “believes”, “expects” or similar expressions. These forward-looking statements may also include statements about the Company’s proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company’s management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company’s control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. For additional information regarding known material factors that could cause the Company’s results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.
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SOURCE SORL Auto Parts, Inc.