SORL Won Major Contract from Shaanxi Auto
ZHEJIANG, China, Sept. 24, 2012 /PRNewswire-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 it has won a new contract from Shaanxi Auto Group Co., Ltd. (“Shaanxi Auto”) to supply 90% of the re-card spring brake chambers for the Delong F3000 heavy-duty truck models.
The Delong F3000 series is one of the heavy-duty truck models from Shaanxi Auto and it possesses the versatility to be used in logistics, heavy loads, construction and bridge building, ore transportation, municipal sanitation and the transportation of dangerous goods. The new F3000 provides superior quality for its customers.
The Shaanxi Auto Group Co., Ltd. was founded in 1968 and is headquartered in Xi’an, Shanxi Province, with total assets of RMB 29.2 billion and 33,000 total employees. In 2011, Shaanxi Auto produced and sold 120,000 units of various vehicles, with sales revenue of RMB 31 billion. Its heavy-duty truck sales volume reached 100,000 units and it exported 10,000 vehicles. It is mainly engaged in the development, production and sales of commercial vehicles and auto parts, and it is the largest new energy commercial vehicle production enterprise. It is China’s leading manufacturer of natural gas heavy-duty trucks with more than a 50% market share.
Ms. Jinrui Yu, SORL’s Chief Operating Officer, commented, “We are very pleased that our relationship with Shaanxi Auto has made substantial progress. Shaanxi Auto is one of China’s top five heavy-duty truck manufacturers. This new relationship is a further recognition of our products’ high quality, advanced technology, and excellent service to the OEM market. Even as we expand globally, we continue to further increase our market share in China. We will continue to strengthen our innovation and product quality control to achieve more extensive cooperation with our customers and provide them with even more cost-effective products.”
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 systems, 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 systems 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.
SOURCE SORL Auto Parts, Inc.