ZHEJIANG, China, Aug. 27, 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 launched its newly developed electrically controlled power
steering pump, marking a technological breakthrough for the
electric bus market. SORL's electrically controlled power steering
pump is specifically designed for use in new energy electric
buses.
Huaping Wang, the chief engineer
of the SORL, commented, "New energy electric vehicles are an
important strategic direction for China and the global automotive industry with
broad market applications. We have a long-term R & D program to
position SORL as the leader in developing electrically controlled
auto parts for new energy vehicles. We are committed to developing
cost-effective, easy-to-operate and more comfortable products for
electric vehicle manufacturers, vehicle operators and passengers.
In July 2012, we also launched our
new generation of electric air brake compressors also designed to
be used in electric buses. We aim to set the industry benchmarks
making our development sustainable to benefit our employees,
executives and shareholders."
SORL's new electrically controlled power steering pump is more
energy saving, environmental friendly and cost-effective, with
higher efficiency and a longer life span than traditional hydraulic
steering pumps. The traditional hydraulic power steering pump is
powered by the motor's belt system. The Company's electrically
controlled power steering pump connects the pump and motor through
an internally integrated electrical connection, which directly
drives the pump using voltage and electric current adjustments to
control the pump flow and pressure. Frequent oil spills from the
traditional hydraulic power steering systems are avoided and the
electrically controlled power steering pump's service life and
efficiency are increased. Installation and maintenance of the new
electrically controlled power steering pump is effortless due to
its small size and compact structure. The pump provides smooth
operations with low noise and little vibration, which improves the
comfortable ride of the new energy buses.
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.