SHENZHEN, China, Feb. 14, 2012 /PRNewswire-Asia/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a leading global manufacturer of lithium-based battery cells, today announced that on February 10, 2012, the Company's Tianjin facility received a new contract to supply high-power batteries used in electric cars, Ruilin M1, to Chery Automobile Co., Ltd. ("Chery"), one of the Company's long-term partners in China.
According to the contract, China BAK will supply 100 units of lithium-ion high-power batteries, which will be used to power Chery's electric cars in the first half of 2012. Ruilin M1 is Chery's first Lithium-ion solution EV which was officially launched at the 25th World Electric Vehicle Symposium and Exposition in November 2010. China BAK will deliver these batteries to Chery by the end of June 2012.
"We are pleased to expand our cooperation with Chery Automobile, one of our long-term partners in China. We enjoy good cooperation with Chery in the electric vehicles segment and our customer has been pleased with the quality and performance of all units shipped so far," commented Mr. Xiangqian Li, CEO of China BAK. "We expect to receive additional orders from Chery in the second half of 2012. We also expect additional domestic customers to place orders for electric vehicle batteries in 2012," added Mr. Li.
About Chery Automobile Company, Ltd.Chery Automobile Co., Ltd. manufactures, markets, and exports passenger vehicles in China. It offers cars, SUVs and MPVs, and SPVs. It also provides engines, transmissions, and other components. Chery Automobile Co., Ltd. was formerly known as Anhui Chery Automobile Co., Ltd. The company was founded in 1997 and is headquartered in Wuhu, China with operations in Asia, the Middle East, Africa, North America, South America, and Australia. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center. For more information, please visit http://www.cheryinternational.com About China BAK Battery Inc . China BAK Battery, Inc. (NASDAQ: CBAK) is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, smartphones, notebook computers, e-bikes, electric vehicles, power tools, uninterruptible power supplies, and portable consumer electronics such as portable media players, portable gaming devices, personal digital assistants, or PDAs, camcorders, digital cameras, and Bluetooth headsets. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn. Safe Harbor Statement This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2011, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. SOURCE China BAK Battery, Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV