SORL to Supply Brake Products to Sichuan Hyundai
- First Shipments To Hyundai in China -
ZHEJIANG, China, July 7, 2014
ZHEJIANG, China, July 7, 2014 /PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ:
SORL)("SORL" or the "Company"), a leading manufacturer and distributor of
automotive brake systems as well as other key safety-related auto parts in
China, announced today that the Company entered into an agreement to supply
its braking products to Sichuan Hyundai Motor Company ("SHMC").
SHMC recently held a formal launch of its Chuanghu brand premium heavy-duty
truck. SORL developed customized brake products for this truck over the last
SHMC is a joint venture owned equally by Ziyang Nanjun Automobile Co., Ltd.
(CNJ Motors) and Hyundai Motor Group in South Korea. The joint venture mainly
designs, sells and services commercial vehicles, engines and engine parts.
Ms. Jinrui Yu, SORL's Chief Operating Officer, commented, "We are pleased to
have won this agreement to supply our advanced braking products to Sichuan
Hyundai's premium new truck. This agreement is a result of the high
performance and global quality of our products, and our wide-ranging service.
Hyundai Motor conducted extensive due diligence on our quality controls and
production capability. We look forward to capturing orders from other domestic
and international OEM customers as our products continue to demonstrate their
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 systems, 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 2,000
specifications in brake systems 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,
Safe Harbor Statement
This press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
can be identified by the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects," "intends," "plans,"
"seeks," "estimates," "may," "will," "should" 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. These risks and uncertainties may include, but are not limited to
general political, economic and business conditions which may impact the
demand for commercial vehicles or passenger vehicles in China and the other
significant markets where the Company's products are sold, uncertainty
regarding such political, economic and business conditions, trends in consumer
debt levels and bad debt write-offs, general uncertainty related to possible
recessions, natural disasters, the political stability of China and the impact
of any of those events on demand for commercial or passenger vehicles, changes
in consumer confidence, new product development and introduction, competitive
products and pricing, seasonality, availability of alternative sources of
supply in the case of the loss of any significant supplier or any supplier's
inability to fulfill the Company's orders, cost of labor and raw materials,
the loss of or curtailed sales to significant customers, the Company's
dependence on key employees and officers, the ability to secure and protect
trademarks, patents and other intellectual property rights, potential effects
of competition in the Company's business, the dependency of the Company upon
the normal operation of its sole manufacturing facility, potential effect of
the economic and currency instability in China and countries to which the
Company sold its products, the ability of the Company to successfully manage
its expenses on a continuing basis, the continued availability to the Company
of financing and credit on favorable terms, business disruptions, disease,
general risks associated with doing business in China or other countries
including, without limitation, foreign trade policies, import duties, tariffs,
quotas, political and economic stability, and the other factors discussed in
the Company's Annual Report on Form 10-K and other filings with the Securities
and Exchange Commission. 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) athttp://www.sec.gov.
SOURCE SORL Auto Parts, Inc.
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