China BAK is selected into the National Support List for the
New-Energy Vehicle Industry Innovation Program
SHENZHEN, China, Dec. 10, 2012 /PRNewswire/ -- China BAK Battery,
Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a
leading global manufacturer of lithium-based battery cells, today
announced that the Company's Technical R&D Program in Key
Materials, Battery and Battery Pack for use in Electric Vehicles
("EV") was selected into the National Support List for the
New-Energy Vehicle Industry Innovation Program as issued by the
Ministry of Finance, the Ministry of Information Technology and the
Ministry of Science and Technology of the
People's Republic of China on December 3, 2012 ("Innovation Program").
According to the notice (
http://www.gov.cn/zwgk/2012-12/03/content_2281019.htm) jointly
issued by the above three ministries, to promote the development of
new-energy vehicle industry in China, the Chinese government intends to
provide financial supports to 25 selected new-energy vehicles
related projects, among which 8 projects, including China BAK's,
are battery research and development programs. The central
government is expected to arrange part of the energy-saving and
emission-reducing special fund to support the Innovation Program,
whose support may last for three years.
The new-energy vehicle industry is one of the seven strategic
emerging industries strongly boosted by the Chinese government
according to the country's 12th Five-Year National Development Plan
of Strategic Emerging Industries. State Council of China also adopted the Energy-Saving and
New-Energy Vehicle Industry Development Plan (2012-2020), which
emphasizes the importance of the commercialization of energy-saving
and new-energy vehicles, the construction of supporting facilities,
and the development of key core technologies. With the goal of
selling 500,000 electric and hybrid vehicles by 2015 accumulatively
and 5 million by 2020, the government promotes the new energy
vehicle industry through a number of subsidy programs, including
tax incentives and financial supports to auto and key auto parts
makers, grants for research and development, commercialization,
construction of support facilities projects, incentives for car
purchases, and government procurement programs.
"This is encouraging news to the Company, since the government
will provide support to all the selected companies, mainly
including market support and financial support. We ranked No. 1 in
selected EV battery companies, and it is expected that the Company
will be granted a subsidy by the Ministry of Finance to fund its
program in EV sector. With the government's long-term support, we
are confident to expand our market share and customer base in the
EV industry," commented Mr. Xiangqian
Li, CEO of China BAK.
About China BAK Battery, Inc.
China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global
manufacturer of lithium-based battery cells. The Company produces
battery cells that are the principal component of rechargeable
batteries commonly used in cellular phones, smartphones, notebook
computers, e-bikes, electric vehicles, power tools, uninterruptible
power supplies, and portable consumer electronics such as portable
media players, portable gaming devices, personal digital
assistants, or PDAs, camcorders, digital cameras, and Bluetooth
headsets. China BAK Battery, Inc.'s production facilities, located
in Shenzhen and Tianjin, PRC, cover over three million square
feet. For more information regarding China BAK Battery, Inc.,
please visit http://www.bak.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements, which
are subject to change. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All "forward-looking statements"
relating to the business of China BAK Battery, Inc. and its
subsidiary companies, which can be identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties which could cause actual results to differ. These
factors include but are not limited to: the ability of the Company
to meet its contract obligations; the uncertain market for the
Company's high-power lithium and other battery cells; business,
macroeconomic, technological, regulatory, or other factors
affecting the profitability of battery cells designed for electric
vehicles; and risks related to China BAK's business and risks
related to operating in China.
Please refer to China BAK's Annual Report on Form 10-K for the
fiscal year ended September 30, 2011,
as well as other SEC reports that have been filed since the date of
such annual report, for specific details on risk factors. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on forward-looking statements. China BAK's actual results
could differ materially from those contained in the forward-looking
statements. China BAK undertakes no obligation to revise or update
its forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
SOURCE China BAK Battery, Inc.
