ZHEJIANG, China, Nov. 28, 2012 /PRNewswire-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 the Company was rated a 'Quarterly Excellent Supplier' by the Zhengzhou Yutong Bus Co., Ltd ("Yutong") based on its overall outstanding performance during the third quarter of 2012.
During the recent third quarter supplier evaluation, SORL was rated as one of Yutong's excellent suppliers measured by key performance criteria (quality, cost, delivery, technology, and aftersales service), and required management indicators (certification compliance, service quality, change implementation, quality system, packing and labeling, and environmental health and safety specifications). Recipients of the quarterly Excellent Supplier award are prioritized to receive the annual Excellent Supplier award, and potentially be rewarded with more supply orders in the next year.
Ms. Jinrui Yu, SORL's Chief Operating Officer, commented, "We thank Yutong for recognizing our excellence and contribution to their success during the third quarter of 2012. Over the years, we have remained one of the most loyal suppliers to Yutong. In order to grow together, we have worked diligently to improve our technological innovation, uphold strict quality control, enhance cost controls, and strengthen aftersales service. We are determined in 2013 to further improve our service to our customers and create higher shareholder value. We estimate that sales to Yutong may increase by 20% in 2013."
Headquartered inside the 280-acre Yutong Industrial Park of Zhengzhou City in Henan Province, Zhengzhou Yutong Group Co., Ltd. ("Yutong Group") has a daily production capacity above 210 units of buses, and is the largest and technologically most advanced single-plant manufacturing base of large and medium-sized buses in the world. Listed on the Shanghai Stock Exchange in 1997 (stock code: 600066), Yutong is the first domestic bus company to go public. In 2011, Yutong produced 45,895 units of buses, up 9.6% from 2010, and sold 46,688 units, up 13.41% from 2010. Yutong Group achieved sales revenue of RMB 16.93 billion, up 24.4% from 2010. Yutong maintains the No. 1 rank in the bus manufacturing industry in terms of scale and sales.
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 2000 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, 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.
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