SORL Announces Contract Renewals With FAW Group
March 12 2008 - 6:30AM
PR Newswire (US)
-- Substantial Growth in Sales to FAW Group Anticipated in the 2008
Year -- -- SORL Cited as an 'Outstanding Supplier' by FAW --
ZHEJIANG, China, March 12 /Xinhua-PRNewswire/ -- 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 FAW Group has awarded SORL with the
'Outstanding Supplier' designation and also renewed contracts with
the Company. Founded in 1953, FAW Group is now China's largest
automotive manufacturing group for passenger cars and trucks, and
has increased its international penetration as it builds a global
organization. SORL has been supplying its braking systems to FAW's
heavy-duty vehicle sector since 1991. In 2007, two subsidiaries of
FAW Group, FAW Jiefang Automotive Co., Ltd. and FAW Qingdao
Automobile Works, accounted for 11.9% of SORL's total revenue.
Other terms of the contracts were not disclosed. Xiaoping Zhang,
SORL Auto Parts' Chairman and CEO, said, 'It is an honor to again
be chosen to provide our advanced braking systems and components to
FAW, China's leading automotive vehicle manufacturer. With our
well- established, long-term relationship with FAW and its growth
outlook in 2008, we expect substantial volume growth in our brake
products sales to FAW this year.' 'Additionally, SORL's excellence
has been recognized by FAW as we have been designated an
'outstanding supplier' which acknowledges our R & D,
manufacturing and support expertise to meet the needs of FAW's
growth in China and its export markets. We are pleased to stand out
from our competitors as a trusted safety-related components
provider,' Mr. Zhang concluded. About SORL Auto Parts, Inc. 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 four authorized
international sales centers in Australia, United Arab Emirates,
India, 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/ . Safe Harbor Statement Statements
made in this press release that are not historical fact are
"forward-looking statements," which are based on current
expectations that include a number of risks and uncertainties.
Additional factors that could potentially affect the Company's
financial results may be found on the Company's filings with the
Securities and Exchange Commission ( http://www.sec.gov/ ). For
more information, please contact: Richard Cai SORL Auto Parts, Inc.
Tel: +86-577-6581-7720 Email: Kevin Theiss The Global Consulting
Group Tel: +1-646-284-9409 Email: DATASOURCE: SORL Auto Parts, Inc.
CONTACT: Richard Cai of SORL Auto Parts, Inc., +86-577-6581-7720,
or , or Kevin Theiss of The Global Consulting Group, +1-
646-284-9409, or , for SORL Web site: http://www.sorl.cn/
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