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.
Contact Information
Raymond Lin
86+13967776556
86+577+65817721
Email: ljf@sorl.com.cn
Phyllis Huang
86+15167705972
86+577+65817721
Email: Phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1 646 284 9409
Email: kevin.theiss@grayling.com
SOURCE SORL Auto Parts, Inc.