SORL Auto Parts Announces Supplier Development
2008-06-25 Source：english.chinabuses.com
Summarize：ZHEJIANG, China -- SORL Auto Parts, Inc. (Nasdaq: SORL), a leading manufacturer and distributor of commercial vehicle air brake valves and related auto parts in China, announced today that it has ente ...
ZHEJIANG, China -- SORL Auto Parts, Inc. (Nasdaq: SORL), a leading manufacturer and distributor of commercial vehicle air brake valves and related auto parts in China, announced today that it has entered into a supplier development agreement with the Shi Feng Group, China's largest agricultural vehicle manufacturer.
The agreement initially covers 14 categories of products to be supplied by SORL to Shi Feng for use in various agricultural vehicles. Under the agreement, upon successful completion of product testing, Shi Feng and SORL will immediately enter into definitive purchase agreements whereby SORL will provide components for use in Shi Feng produced vehicles.
"We are very pleased to have reached this agreement after very productive and cooperative discussions between Liu Yifa, CEO of Shi Feng, and myself," commented Zhang Xiaoping, CEO of SORL Auto Parts. "This agreement is another important step in our strategic initiative to broaden the market for our products. We already have a leading position in brake valve systems for trucks. Two years ago we began to develop the bus market and now have supplier relationships with more than ten major bus manufacturers in China. Shi Feng is our first major agricultural vehicle customer. As Shi Feng is the largest OEM in the agricultural sector, we are particularly pleased to have initiated this relationship and look forward to having a long-term, close cooperative relationship with this leading Chinese vehicle manufacturer. We also look forward to expanding our business in this highly attractive market segment."
Shi Feng manufactures various types of agricultural vehicles including tractors and light trucks
used primarily for agricultural purposes. China has the largest agricultural sector in the world. Consistent with China's overall development, the Chinese government has made farm mechanization a top priority. This trend toward mechanization, driven by both general economic development and governmental support, is expected to sustain continued high growth in the
agricultural vehicle market well into the future.
About SORL Auto Parts, Inc.
As China's leading manufacturer and distributor of automotive air brake valves, SORL Auto Parts, Inc. ranks first in market share in the segment for commercial vehicles weighing more than three tons, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL ranks among the top 100 auto component suppliers in China, with a product range that includes 40 types of air brake valves and over 1000 different specifications. The Company has four authorizedinternational sales centers in Australia, United Arab Emirates, India, and the United States, with additional offices slated to open in other locations in the near future.
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