ZHEJIANG, China, Nov. 19, 2013 /PRNewswire/ -- SORL Auto
Parts, Inc. (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 SORL entered into
a supply agreement to exclusively supply the Company's Clutch
Master Cylinders and Clutch Cylinders to SAIC-GM-Wuling ("SGMW")
for its Wuling Hongguang S vehicles. Based on current order rates,
the initial contract is expected to contribute approximately
$7.0 million in sales over the next
two years.
SGMW's Wuling Hongguang brand is the best selling Multi-Purpose
Vehicle ("MPV") in China. As an
important upgrade to the original Hongguang model, the Wuling
Hongguang S is manufactured in accordance with General Motors
Global Manufacturing System. No other terms of the supply agreement
were disclosed.
Ms. Jinrui Yu, SORL's Chief
Operating Officer, commented, "The new Wuling Hongguang S vehicles
are manufactured based on the advanced global manufacture and
technology standards of GM. As the exclusive supplier for brake
clutches, this agreement with a major OEM further recognizes the
high performance and quality of our products."
Based in Liuzhou, China, SGMW
is a joint venture between SAIC Motor, GM China and Liuzhou Wuling
Motors specializing in the manufacture, sales and services of
commercial and passenger vehicles. The Company employs
approximately 20,000 workers and sold approximately 1.4 million
vehicles in 2012. SGMW exports to South
America, Middle East,
Africa and other regions.
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 within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
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. These
risks and uncertainties may include, but are not limited to general
political, economic and business conditions which may impact the
demand for commercial vehicles or passenger vehicles in
China and the other significant
markets where the Company's products are sold, uncertainty
regarding such political, economic and business conditions, trends
in consumer debt levels and bad debt write-offs, general
uncertainty related to possible recessions, natural disasters, the
political stability of China and
the impact of any of those events on demand for commercial or
passenger vehicles, changes in consumer confidence, new product
development and introduction, competitive products and pricing,
seasonality, availability of alternative sources of supply in the
case of the loss of any significant supplier or any supplier's
inability to fulfill the Company's orders, cost of labor and raw
materials, the loss of or curtailed sales to significant customers,
the Company's dependence on key employees and officers, the ability
to secure and protect trademarks, patents and other intellectual
property rights, potential effects of competition in the Company's
business, the dependency of the Company upon the normal operation
of its sole manufacturing facility, potential effect of the
economic and currency instability in China and countries to which the Company sold
its products, the ability of the Company to successfully manage its
expenses on a continuing basis, the continued availability to the
Company of financing and credit on favorable terms, business
disruptions, disease, general risks associated with doing business
in China or other countries
including, without limitation, foreign trade policies, import
duties, tariffs, quotas, political and economic stability, and the
other factors discussed in the Company's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. 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
+86.18157716556
+86.577.6581.7721
ljf@sorl.com.cn
Phyllis Huang
+86.18157716886
+86.577.6581.7721
phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1.646.284.9409
kevin.theiss@grayling.com
SOURCE SORL Auto Parts, Inc.