ZHEJIANG, China, July 18, 2012
/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, today announced that the Company has launched a new
generation of electric air brake compressors to be used in electric
buses.
Huaping Wang, chief engineer of
SORL, commented: "Our recent research and development efforts have
been focused on developing specialized systems for new energy
vehicles mandated by the Chinese government. We believe that
our innovations position us well as a leader in this emerging
segment and will enable us to meet the evolving demands of our
customers. SORL supports the State initiative to reduce emissions
and drive the shift to more environmentally friendly new energy
vehicles."
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.
The new compressors have completed all quality and performance
tests and are currently being evaluated by the major electric bus
manufacturers.
The State Council issued the "energy-saving and new energy
automotive industry development plan (2012-2020)" directive
identifying that pure electric drive is the main strategic
orientation of new energy vehicles. SORL's mission is to help
industrialize pure electric and plug-in hybrid vehicles, promote
and popularize non-plug-in hybrid vehicles, and enhance
energy-saving combustion engine vehicles, to increase the overall
technological level of China's
automotive industry.
According to the plan, by 2015, the cumulative production and
sales of pure electric and plug-in hybrid vehicles will reach
500,000 units. 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. Development of battery-powered and hydrogen-powered
technologies will increase with the growing acceptance of
new-energy vehicles globally.
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 system, 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 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 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.