China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), a global manufacturer of lithium-based battery cells, announced that on April 9, 2012, the Company entered into a new contract to supply high-power batteries to Chery Automobile Co., Ltd. ("Chery").
Under the contract, China BAK will deliver 1,000 lithium-ion high-power battery units in 2012 to power Chery's Ruilin M1 electric cars. The new contract is in addition to the Company's previously-announced contract with Chery, entered into in February 2012, to supply 100 high-power battery units to Chery, which are on schedule to be delivered by June 2012. The Ruilin M1 is one of the five electric vehicle models that have been approved for government use since early this year.
Additionally, the Company announced that it will hold a joint press conference with Chery in mid-April in Tianjin. At the press conference, Chery and China BAK plan to announce a long-term cooperation program in the electric vehicles industry and invite an interactive discussion with the attendees.
"We believe that this additional order from Chery, and their anticipated further orders and cooperation, further underline our ability to deliver high-quality battery products and lead the development of China's emerging electric vehicle battery market. Likewise, we continue to expect additional orders from other domestic customers for our lithium-ion high-power batteries to power electric vehicles in China in 2012," commented Mr. Xiangqian Li, CEO of China BAK.
