-- 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: richardcai@sorl.com.cn
Kevin Theiss
The Global Consulting Group
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
