ZHEJIANG, China, July 2, 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 recently qualified as a supplier to
Beijing Foton Daimler Automotive Co., Ltd. ("BFDA") after passing a
number of rigorous on-site inspections and evaluations.
In May 2012, BFDA's assessment
panel conducted a two-day, on-site inspection at SORL to determine
the Company's qualifications to become a potential domestic
supplier. The assessment process included various elements such as
evaluations of the Company & Management, Project & Supplier
Management, Engineering, Quality, Production, and Supply &
Logistics. SORL successfully met all requirements, and entered into
BFDA's supplier system to become a potential supplier.
Ms. Jinrui Yu, SORL's Chief
Operating Officer, commented, "The joint venture between Beiqi
Foton and Daimler AG was a milestone event for Chinese domestic
automakers, signifying that the quality and technology of Chinese
commercial vehicle manufacturers is being recognized by
international industry leaders. As an excellent supplier to Beiqi
Foton, SORL leverages its industry-leading position, consistent
quality and reliable technology to win this supplier certification
from BFDA. We believe the value of our products will attract more
international customers."
Beijing Foton Daimler Automotive Co., Ltd.
Beijing Foton Daimler Automotive Co., Ltd. ("BFDA") was
established as a joint venture between Beiqi Foton Motors Co., Ltd.
and Daimler AG in February 2012. With
total investment of 6.35 billion RMB
and registered capital of 5.6 billion
RMB, BFDA is owned 50-50 by both parties. Beiqi Foton
retains the use rights and ownership to proprietary technology,
patents, trademarks and other intangible assets of the Auman
medium- and heavy-duty trucks. Daimler provides technology and
expertise support, helps the JV company improve product quality,
and develop new products targeted at the domestic market. BFDA's
goal is to develop a competitive and cost-effective economic truck
brand centered in China and grow
globally.
Beiqi Foton Motors Co., Ltd. is China's largest commercial vehicle
manufacturer. Daimler AG is the world's largest commercial vehicle
manufacturer, the second largest luxury vehicle manufacturer and
the second largest truck manufacturer.
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.