ZHANGZHOU, China, Oct. 22, 2014 /PRNewswire/ -- China Zenix Auto International Limited (NYSE: ZX) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, announced today that it is developing a new model of aluminum wheel designed for the Yutong Bus Co., Ltd.'s ("Yutong") new energy bus.
Zenix Auto constructed one of the first aluminum wheel production plants in China for commercial vehicles and began offering aluminum wheels at the end of 2013. As an industry leader in research and development, Zenix owns a total of 85 patents in China. Zenix Auto's aluminum wheels are expected to replace imported aluminum wheels and be an alternative to current steel wheel models. Current production capacity for aluminum wheels is 500,000 units.
Yutong Bus Co., Ltd is the largest and the most technologically advanced manufacturer of large- and medium-sized buses in the world. Their revenue for the first quarter of 2014 reached RMB 4.4 billion. The Yutong new energy bus plant is expected to have annual production capacity for 30,000 units upon completion, making it the world's largest manufacturing facility of new energy buses.
Mr. Jianhui Lai, chairman and chief executive officer, commented, "This is the first application of Zenix's aluminum wheels on Yutong's new energy buses. We have the leading research and development team in the Chinese wheel industry, and we focus on generating innovative wheel designs to meet or exceed our customers' needs. This project highlights the confidence in our R&D capabilities to design superior products by one of the world's largest and technologically advanced vehicle manufacturers. With increasing demand for wheels that provide greater safety and fuel efficiency, we expect our cutting edge aluminum wheels to capture market share in the large Chinese commercial vehicle market."
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. With a large intellectual property portfolio, the Company offers more than 430 series of tubed steel wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. The Company's customers include group members of a number of large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 30 countries worldwide. With five large, strategically located manufacturing facilities in multiple regions across China, the Company has an aggregate annual production capacity of approximately 15.0 million units of steel wheels as of June 30, 2014. For more information, please visit: http://www.zenixauto.com/en.
Safe Harbor This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
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SOURCE China Zenix Auto International Limited