ZHEJIANG, China, November 23, 2011 /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, announced today that the Company and its new customer, Nanjing Iveco Automobile Co., Ltd. ("NAVECO"), China's leading manufacturer of construction machinery equipment, signed a brake product development and supply agreement. SORL has developed the brake system and will supply it for several of NAVECO's new, high-end light trucks with a complete braking system to include foot brake valves, spring brake chambers, four-circuit and other braking products comprising the system.
NAVECO plans to produce approximately 300,000 units of these high-end light truck models in 2015 and SORL is the sole braking supplier to date.
SORL has already completed product development and passed NAVECO's stringent brake product testing trials. Small volumes of the new braking systems have been completed with full commercial production to begin in 2012.
NAVECO has a portfolio of over 860 vehicle models ranging from passenger vehicles, trucks, vans, cargo containers, off-road vehicles, chassis and special vehicles. NAVECO is the first light commercial vehicle manufacturer in China with an independent research and development capability. Among NAVECO's accomplishments, "YueJin", one of its brands, was honored as the "2011 National Light Truck of the Year".
Weirong Jiang, SORL's Vice President of OEM Markets, commented, "We are pleased that our R&D has developed a new braking system to capture a prestigious new client, Nanjing Iveco, to help us increase penetration of the Chinese light-duty truck market, which is by far the largest segment of the domestic truck market. This win is further evidence of our commitment and ability to design and produce high-quality, innovative products that meet or exceed customers' requirements in a highly competitive environment."
Nanjing Iveco Automobile Co., Ltd. is a Sino-Italian joint venture, established in March 1, 1996. The Chinese shareholder is Nanjing Automobile Group Co., Ltd., a wholly owned subsidiary of Shanghai Automotive Industry Corporation (SAIC). The foreign shareholder is the Italian Iveco stock company. NAVECO has registered capital of RMB 2.527 billion, has a registered staff of over 6,000 and its facilities cover an area of 1.25 million square meters.
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. ranked No. 1 for market share in the segment for commercial vehicles brake system, such as trucks and buses. 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 our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. 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
Ben Chen
VP Finance & Corporate Secretary
+86 577 6581 7721
Email: ben@sorl.com.cn
Kevin Theiss
Grayling
+1 646 284 9409
Email: kevin.theiss@grayling.com
