SORL Qualifies as Supplier to Beijing Foton Daimler Automotive Co., Ltd.
ZHEJIANG, China, July 2, 2012
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
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
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 Form10-K,
Quarterly Reports on Form10-Q, and Current Reports on Form8-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.
+1 646 284 9409
SOURCE SORL Auto Parts, Inc.
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