SORL Wins Electric Air Compressor Contract from Shen Zhen Wuzhoulong
ZHEJIANG, China, Nov. 5, 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 the Company received a 400-unit order for its new electric air compressor from Shen Zhen Wuzhoulong Motors Group. Released in July 2012, the new electric air compressor is selling at 8,000 RMB per unit. In addition to Wuzhoulong, the Company has also received indication of purchasing interest for the same products from other large bus manufacturers in China.
Air brake compressors used in traditional vehicles are powered by an internal combustion engine. SORL’s new generation of electric air brake compressors are powered by an electric motor, thereby increasing fuel conservation and reducing pollution. The new compressors have an extended life span as it is far easier to make them start or stop working. An electric air compressor is a necessity for all electric buses with an air brake system.
Mr. Huaping Wang, the chief engineer of SORL, commented, “Electric powered bus is a new growth area in China. This contract demonstrates that the quality and design of our new electric air compressor is on par with global standard. We will continue to innovate in tune with OEM market trends and government policies, as well as engineer higher value-added products for our customers. It is estimated that 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. We believe that our proven technology, competitive pricing and long-standing relationships with key players position us well to capture more opportunities in this growing new market segment.”
Shenzhen Wuzhoulong is the largest alternative energy bus manufacturers in China. The “Wuzhoulong” brand coach bus has over 150 vehicle models that are between 6-18 meters in length and powered by either diesel engines or hybrid engines. The Wuzhoulong brand bus has been designated as the main alternative energy bus for the Guangzhou Asian Games.
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.
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SOURCE SORL Auto Parts, Inc.