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SORL Auto Parts Enters Into Agreement with TATA and Opens Sa

发布时间:2018-10-03 作者:918 分类:环亚观天下


WENZHOU, Zhejiang, China. March 12 /Xinhua-PRNewswire-FirstCall/ -- SORL Auto Parts, Inc. (Nasdaq: SORL), a leading manufacturer and distributor of commercial vehicle air brake valves as well as other auto parts in China, today announced that the Company has entered into a new sales agreement with TATA Motors (NYSE: TTM; NSE: TATAMOTORS), the largest commercial vehicle manufacturer in India. In addition, SORL also announced that the company has opened a sales center in India to focus on OEMs and Aftermarket in Indian market.

The new agreement with TATA Motors is for a one year term, for the purchase of air brake valves and related products. Other terms of agreement were not disclosed. In 2006, SORL formed a strategic partnership with TATA Motors to supply SORL's high quality auto parts to TATA's commercial vehicles and aftermarket replacement division.

Further, SORL has set up a sales center in Pune with 4 sales representatives and 2 engineers to focus on strengthening the existing relationship with TATA Motors and to develop new business with other OEMs. The sales center will also concentrate on forming alliances with aftermarket distributors in India.

Mr. Xiaoping Zhang, Chairman and Chief Executive Officer of SORL, commented: "Our partnership with TATA opened the doors for SORL to enter the Indian OEM market as well as the aftermarket space. The Indian market has been one of the key markets for heavy duty commercial vehicles, as the country iAAAAperiencing strong economic growth and infrastructure expansion. As the established market leader in air brake products in China, we aim to expand into other fast growing emerging market such as India. SORL has established a reputable brand name in the rest of world in particular in the aftermarket domain in the Middle East, Australia and South East Asia. With our local presence in India, we expect to substantially boost the confidence of Indian OEMs and local aftermarket distributors in SORL products."

About SORL Auto Parts

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 800 different specifications. The Company has three authorized international sales centers in Australia, United Arab Emirates, and the United States, with additional offices slated to open in other locations in the near future. For more information, please visit http://www.sorl.cn .

About TATA Motors

Tata Motors Limited is India's largest automobile company with revenues of USD 5.5 billion in 2005-06. With over 4 million Tata vehicles in India, it is the leader in commercial vehicles and the second largest in passenger vehicles. It is also the world's fifth largest medium and heavy truck manufacturer and the second largest heavy bus manufacturer. The company's manufacturing base is spread across Jamshedpur, Pune and Lucknow, supported by a nation-wide dealership, sales, services and spare parts network comprising over 2,000 touch points. Tata cars, buses and trucks are marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and Australia. The company's international footprint includes Tata Daewoo Commercial Vehicle Co. Ltd. in South Korea; Hispano Carrocera, a bus and coach manufacturer in Spain (in which the company has a 21% stake); a joint venture with Marcopolo, the Brazil-based body-builder of buses and coaches; and a joint venture with Thonburi Automotive Assembly Plant Company of Thailand to manufacture and market pickup vehicles in Thailand. Tata Motors has research centers in India, the UK, and in its subsidiary and associate companies in South Korea and Spain. For more information, please visit http://www.tatamotors.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and, condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.

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