ZHEJIANG, China — SORL Auto Parts, Inc. a Chinese manufacturer and distributor of automotive air brake valves and hydraulic brake valves primarily for the commercial vehicle market, has signed 21 letters of intent with new European customers. Under the terms of the letters of intent, SORL will supply truck brake products to its new European customers from December through March 2006, and the company anticipates generating $2 million in revenue.
The 21 letters of intent were signed during SORL’s attendance at the Equip Auto 2005 trade show from Oct. 13-18 in Paris, France, bringing the total number of letters of intent signed in October to 49. SORL will supply various truck brake components made up of more than 500 SORL manufactured products to many new aftermarket customers located in Europe.
“We are very pleased with the execution of the 49 letters of intent signed in October. In total, we anticipate that these letters of intent will generate approximately $25 million in revenue over the next five years and significantly increase our worldwide market share,” said Xiaoping Zhang, chairman and CEO of SORL.
SORL has three international sales centers in Australia, UAE and the U.S., with additional offices slated for opening in other locations in the near future.
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