ZHEJIANG, China, Dec. 21, 2010 /PRNewswire-Asia-FirstCall/ -- SORL
Auto Parts, Inc. (Nasdaq: SORL) ("SORL" or "The Company"), a
leading manufacturer and distributor of automotive brake systems as
well as other key safety-related auto parts in China, announced today that the Yutong Group,
Asia's largest bus manufacturer,
has agreed to purchase disc spring chambers exclusively from SORL
in 2011, replacing imported products that Yutong had previously
purchased.
The new orders are expected to increase SORL's 2011 sales to the
Yutong Group by 100%. Sales to the entire bus market in 2011 are
expected to reach RMB 50 million,
more than a 100% increase compared with bus sales in 2010. The
Company's market share in the bus market is expected to rapidly
expand with these new orders.
SORL entered the bus market in 2007 and has already established
long-term relationships with leading domestic bus original
equipment manufacturers ("OEMs), mainly supplying air brake
products for buses in intra-city long-haul transportation. New
orders for disc brake products received in November 2010 will also help the Company further
expand in the long-distance bus market.
Mr. Baojian Tao, Chief Operating
Officer of SORL, commented, "We are very pleased to achieve this
new breakthrough in the growing Chinese bus market as disc brake
products are a new growth area for the Company. As one of our
leading markets, the bus market has achieved rapid growth in recent
years. Successfully replacing imported products demonstrates the
increasing quality and higher technology content of our products to
meet global safety standards. We are continuing to enhance our
technological innovation, further improve our product quality, and
introduce more new, advanced products to expand our market share
and increase our earnings."
About Yutong Group
Headquartered in Zhengzhou,
Henan Province, Zhengzhou Yutong
Group Limited, Inc. ("Yutong Group") is a large enterprise group
whose core business is the bus market. In 2009, Yutong Group made
its seventh consecutive appearance on the list of "China's Largest 500 Enterprise Groups"
published by the National Bureau of Statistics of China as it continues to lead China's growing bus industry. It has grown
into one of the largest and the most technically advanced
manufacturing bases of large- and medium-sized buses around the
world and became China's largest
bus manufacturer. In 2009, Yutong Group's sales in large- and
medium-sized buses, machinery, and special vehicles totaled 35,194
units, up 11.1% from the previous year. Revenues in 2009 were
RMB 15 billion, up 6.7%
year-over-year, and the Yutong Group continued to be ranked as No.
1 in company scale and sales in the industry.
About SORL Auto Parts, Inc.
As China's leading manufacturer
and distributor of automotive air brake systems and other related
auto parts. SORL Auto Parts, Inc. ranked No. 1 for market share in
China in the segment for
commercial vehicles, such as trucks and buses. 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 40 categories with over 1000 specifications in
air brake system, air controlling system and others. The Company
has four authorized international sales centers in Australia, UAE, India, and the
United States. 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 our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
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 .
Contact
Information
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Ben Chen
Director of
Investor Relations
+86 577 6581
7721
Email:
ben@sorl.com.cn
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Kevin Theiss
Grayling
+1 646 284
9409
Email:
kevin.theiss@grayling.com
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SOURCE SORL Auto Parts, Inc.