China Zenix Auto International Selected As Exclusive Wheel Producer To Chery-CIMC Truck Joint Venture
ZHANGZHOU, China, Nov. 21, 2011 /PRNewswire-Asia/ -- 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 sale volume, today announced that it has been selected as its exclusive wheel producer by C&C Trucks Co., Ltd. ("C&C"), a joint venture between Chery Automobile Co., Ltd ("Chery") and China International Marine Containers (Group) Ltd. ("CIMC").
C&C is a relatively new entrant into the commercial vehicle market producing heavy-duty road tractors, tippers and mixers, among other truck models. The wheels will be delivered to the C&C Truck Plant at the Sanshan Economic Development Zone in Wuhu, Tang Gang. The truck plant has a current capacity of 30,000 vehicles annually with plans for expansion in the future.
Zenix Auto has the most diverse product offering of commercial wheel products in China with a powerful research and development program to generate leading wheel designs, materials and coatings to meet customers' diverse needs for light-duty, medium-duty and heavy-duty commercial vehicles.
CIMC is dedicated to manufacturing and supplying containers, trailers, tank equipment and airport facilities. Chery products cover passenger vehicles, commercial vehicles and minivans. The C&C trucks are powered by a new generation diesel engine platform developed by Yuchai.Zenix Auto will provide service and aftermarket support to C&C's customers through its network of more than 5,300 distributors throughout China. No other details were disclosed. Mr. Jianhui Lai, Chairman and CEO of China Zenix, stated, "We are pleased to be selected by this up and coming heavy-duty truck manufacturer to exclusively produce wheels for their new trucks. Both Zenix Auto and C&C Trucks share the goal of creating the next generation of products for the large commercial vehicle market in China. We will continue to increase our penetration in OEM market where we believe there is still room for growth through new customer wins, even though the overall truck market is currently experiencing headwinds." About China Zenix Auto International LimitedChina 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 230 series of tubed steel wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. Zenix Auto's customers include group members of a number of large PRC commercial vehicle manufacturers, and it also exports products to over 70 distributors in 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 12.5 million units of steel wheels as of December 31, 2010. For more information, please visit: http://www.zenixauto.com/en. Safe HarborThis 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. Among other things, the revenue guidance and quotations from management in this announcement, as well as Zenix Auto's strategic and operational plans, contain forward-looking statements. Zenix Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 Zenix Auto'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, including but not limited to the following: our growth strategies; our future business development, including our ability to successfully develop new tubeless steel wheel products and the planned introduction of aluminum wheels; our ability to expand our distribution network; overall growth in the aftermarket and OEM market in China and elsewhere, which depends on a number of factors beyond our control including economic growth rates and vehicle sales; and changes in our revenues and certain cost or expense items as a percentage of our revenues. Further information regarding these and other risks is included in our filings with the United States Securities and Exchange Commission, including our final prospectus dated May 11, 2011. Zenix Auto 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 Zenix Auto undertakes no duty to update such information, except as required under applicable law. For more information, please contact:
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