July 18, 2012
SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or "the Company"), a leading supplier of brake and control systems to the global commercial vehicle industry, today announced that the Company has launched a new generation of electric air brake compressors to be used in electric buses.
, chief engineer of SORL, commented: "Our recent research and development efforts have been focused on developing specialized systems for new energy vehicles mandated by the Chinese government. We believe that our innovations position us well as a leader in this emerging segment and will enable us to meet the evolving demands of our customers. SORL supports the State initiative to reduce emissions and drive the shift to more environmentally friendly new energy vehicles."
Air brake compressors used in traditional vehicles are powered by an internal combustion engine. SORL's new generation of electric air brake compressors are powered by an electric motor, thereby increasing fuel conservation and reducing pollution. The new compressors have an extended life span as it is far easier to make them start or stop working. An electric air compressor is a necessity for all electric buses with an air brake system.
The new compressors have completed all quality and performance tests and are currently being evaluated by the major electric bus manufacturers.
The State Council issued the "energy-saving and new energy automotive industry development plan (2012-2020)" directive identifying that pure electric drive is the main strategic orientation of new energy vehicles. SORL's mission is to help industrialize pure electric and plug-in hybrid vehicles, promote and popularize non-plug-in hybrid vehicles, and enhance energy-saving combustion engine vehicles, to increase the overall technological level of
's automotive industry.
According to the plan, by 2015, the cumulative production and sales of pure electric and plug-in hybrid vehicles will reach 500,000 units. By 2020, the production capacity of pure electric and plug-in hybrid vehicles will reach 2 million units, while cumulative production and sales are expected to exceed 5 million units. Development of battery-powered and hydrogen-powered technologies will increase with the growing acceptance of new-energy vehicles globally.