ZHEJIANG, China, Nov. 23, 2011 /PRNewswire-Asia-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, announced today that the
Company and its new customer, Nanjing Iveco Automobile Co., Ltd.
("NAVECO"), China's leading
manufacturer of construction machinery equipment, signed a brake
product development and supply agreement. SORL has developed the
brake system and will supply it for several of NAVECO's new,
high-end light trucks with a complete braking system to include
foot brake valves, spring brake chambers, four-circuit and other
braking products comprising the system.
NAVECO plans to produce approximately 300,000 units of these
high-end light truck models in 2015 and SORL is the sole braking
supplier to date.
SORL has already completed product development and passed
NAVECO's stringent brake product testing trials. Small volumes of
the new braking systems have been completed with full commercial
production to begin in 2012.
NAVECO has a portfolio of over 860 vehicle models ranging from
passenger vehicles, trucks, vans, cargo containers, off-road
vehicles, chassis and special vehicles. NAVECO is the first
light commercial vehicle manufacturer in China with an independent research and
development capability. Among NAVECO's accomplishments, "YueJin",
one of its brands, was honored as the "2011 National Light Truck of
the Year".
Weirong Jiang, SORL's Vice
President of OEM Markets, commented, "We are pleased that our
R&D has developed a new braking system to capture a prestigious
new client, Nanjing Iveco, to help us increase penetration of the
Chinese light-duty truck market, which is by far the largest
segment of the domestic truck market. This win is further evidence
of our commitment and ability to design and produce high-quality,
innovative products that meet or exceed customers' requirements in
a highly competitive environment."
Nanjing Iveco Automobile Co., Ltd. is a Sino-Italian joint
venture, established in March 1,
1996. The Chinese shareholder is Nanjing Automobile Group
Co., Ltd., a wholly owned subsidiary of Shanghai Automotive
Industry Corporation (SAIC). The foreign shareholder is the Italian
Iveco stock company. NAVECO has registered capital
of RMB 2.527 billion, has a registered staff of over 6,000 and
its facilities cover an area of 1.25 million square meters.
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. ranked No. 1
for market share in the segment for commercial vehicles brake
system, 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 65
categories with over 2000 specifications in brake system 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 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
Ben Chen
VP Finance & Corporate Secretary
+86 577 6581 7721
Email: ben@sorl.com.cn
Kevin Theiss
Grayling
+1 646 284 9409
Email: kevin.theiss@grayling.com
SOURCE SORL Auto Parts, Inc.