SORL Auto Parts Enters Into Agreement with TATA and Opens Sales Center to Focus on OEMs and Aftermarket in India
12 March 2007 - 11:00PM
PR Newswire (US)
WENZHOU, Zhejiang, China, March 12 /Xinhua-PRNewswire-FirstCall/ --
SORL Auto Parts, Inc. (NASDAQ:SORL), a leading manufacturer and
distributor of commercial vehicle air brake valves as well as other
auto parts in China, today announced that the Company has entered
into a new sales agreement with TATA Motors
(NYSE:TTM)(NSE:TATAMOTORS), the largest commercial vehicle
manufacturer in India. In addition, SORL also announced that the
company has opened a sales center in India to focus on OEMs and
Aftermarket in Indian market. The new agreement with TATA Motors is
for a one year term, for the purchase of air brake valves and
related products. Other terms of agreement were not disclosed. In
2006, SORL formed a strategic partnership with TATA Motors to
supply SORL's high quality auto parts to TATA's commercial vehicles
and aftermarket replacement division. Further, SORL has set up a
sales center in Pune with 4 sales representatives and 2 engineers
to focus on strengthening the existing relationship with TATA
Motors and to develop new business with other OEMs. The sales
center will also concentrate on forming alliances with aftermarket
distributors in India. Mr. Xiaoping Zhang, Chairman and Chief
Executive Officer of SORL, commented: "Our partnership with TATA
opened the doors for SORL to enter the Indian OEM market as well as
the aftermarket space. The Indian market has been one of the key
markets for heavy duty commercial vehicles, as the country is
experiencing strong economic growth and infrastructure expansion.
As the established market leader in air brake products in China, we
aim to expand into other fast growing emerging market such as
India. SORL has established a reputable brand name in the rest of
world in particular in the aftermarket domain in the Middle East,
Australia and South East Asia. With our local presence in India, we
expect to substantially boost the confidence of Indian OEMs and
local aftermarket distributors in SORL products." About SORL Auto
Parts As China's leading manufacturer and distributor of automotive
air brake valves, SORL Auto Parts, Inc. ranks first in market share
in the segment for commercial vehicles weighing more than three
tons, such as trucks and buses. The Company distributes products
both within China and internationally under the SORL trademark.
SORL ranks among the top 100 auto component suppliers in China,
with a product range that includes 40 types of air brake valves and
over 800 different specifications. The Company has three authorized
international sales centers in Australia, United Arab Emirates, and
the United States, with additional offices slated to open in other
locations in the near future. For more information, please visit
http://www.sorl.cn/ . About TATA Motors Tata Motors Limited is
India's largest automobile company with revenues of USD 5.5 billion
in 2005-06. With over 4 million Tata vehicles in India, it is the
leader in commercial vehicles and the second largest in passenger
vehicles. It is also the world's fifth largest medium and heavy
truck manufacturer and the second largest heavy bus manufacturer.
The company's manufacturing base is spread across Jamshedpur, Pune
and Lucknow, supported by a nation-wide dealership, sales, services
and spare parts network comprising over 2,000 touch points. Tata
cars, buses and trucks are marketed in several countries in Europe,
Africa, the Middle East, South Asia, South East Asia and Australia.
The company's international footprint includes Tata Daewoo
Commercial Vehicle Co. Ltd. in South Korea; Hispano Carrocera, a
bus and coach manufacturer in Spain (in which the company has a 21%
stake); a joint venture with Marcopolo, the Brazil-based
body-builder of buses and coaches; and a joint venture with
Thonburi Automotive Assembly Plant Company of Thailand to
manufacture and market pickup vehicles in Thailand. Tata Motors has
research centers in India, the UK, and in its subsidiary and
associate companies in South Korea and Spain. For more information,
please visit http://www.tatamotors.com/ . Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward- looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the Company's operations, financial performance and, condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The Company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, among others, the
impact of competitive products, pricing and new technology; changes
in consumer preferences and tastes; and effectiveness of marketing;
changes in laws and regulations; fluctuations in costs of
production, and other factors as those discussed in the Company's
reports filed with the Securities and Exchange Commission from time
to time. For more information, please contact: Christopher Chu The
Global Consulting Group Tel: +1-646-284-9426 Email: DATASOURCE:
SORL Auto Parts, Inc. CONTACT: Christopher Chu of The Global
Consulting Group for SORL Auto Parts, +1-646-284-9426, or Web site:
http://www.sorl.cn/ http://www.tatamotors.com/
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