HARBIN, China, Dec. 1, 2010 /PRNewswire-Asia-FirstCall/ -- Harbin Electric, Inc., ("Harbin Electric" or the "Company"; Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that the Company has launched the production of a new model of in-house developed specialty micro-motors for one-touch automatic car trunk opening at its new manufacturing facility in Shanghai supplying Shanghai General Motors ("Shanghai GM") through Magna International (China).
After more than two years of research and development efforts with this product, the Company obtained production approval in October and officially launched production after one month of preparation and tests.
This model of specialty micro-motor for one-touch automatic car trunk opening ("SGM258 Motor") is used in the new model of the Buick GL8 luxury business vehicle, a very popular car that is developed specifically for the Chinese market by Shanghai GM. The SGM258 Motor has a wide range of applications and can also be used for other cars or SUVs that are equipped with a similar type of vertically opening trunks. The production equipment dedicated to the SGM258 Motor is a brand new and fully-automated production line equipped with advanced quality control and testing instrument. The key stations along this production line are equipped with the most advanced error-proof functions, which ensure the consistency of product quality. The annual capacity of this new production line is 800,000 units.
"I am very pleased that our products have been approved by Shanghai GM for use in its cars. This is a milestone in the development of our specialty micro-motor business and the validation of several years of development efforts as well as extensive and rigorous certification processes, which overcame many challenges," said Mr. Yang, Chairman and Chief Executive Officer of Harbin Electric.
"Ever since we entered the specialty micro-motor business, we have focused on developing high-quality and technology-oriented products and aimed at becoming a supplier to leading global auto makers or first tier OEM suppliers. We believe that the approval of this new product by Shanghai GM represents a significant industry recognition by a leading global auto maker of our qualifications in R&D, manufacturing, and product quality. We expect that this will further strengthen our position in the auto micro-motor market, and help us gain market share and become a supplier to other high-end global auto makers. We are working on many other product development projects and expect to launch production of two to three new micro-motors over the next two years," Mr. Yang concluded.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company's products are purchased by a broad range of domestic and international customers, including those involved in the energy industry, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, chemical, petrochemical, as well as in the metallurgical and mining industries. The Company operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development capability by recruiting talent worldwide and through collaborations with top scientific institutions. The Company owns numerous patents in China and has developed award-winning products for its customers. Relying on its own proprietary technology, the Company developed an energy efficient linear motor driven oil pump, the first of its kind in the world, for the largest oil filed in China. Its self-developed linear motor propulsion system is powering China's first domestically made linear motor driven metro train. As China continues to grow its industrial base, Harbin Electric aspires to be a leader in the industrialization and technology transformation of the Chinese manufacturing sector. To learn more about Harbin Electric, visit www.harbinelectric.com.
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the U.S. Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2009. The Company does not undertake any obligation to update forward-looking statements contained in the press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products.
SOURCE Harbin Electric, Inc.