SORL Qualifies as Supplier to Beijing Foton Daimler Automotive Co., Ltd.
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.
SOURCE SORL Auto Parts, Inc.
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