SORL Auto Parts, Inc. (NASDAQ:SORL - News) ("SORL" or "the Company"), a supplier of brake and control systems to the global commercial vehicle industry, announced that it has achieved a technology breakthrough with a new electronic foot brake valve for electric and hybrid electric vehicles that make up the new energy vehicle market. This proprietary electronic foot brake valve is designed especially for these new energy vehicles and creates a higher standard for energy-savings, emissions, reliability and product life expectancy.
Compared with conventional foot brake valves, the Company's new electronic foot brake valve uses both traditional air pressure and electronic brake signals. The newly designed valve features both dual-circuit air and dual-circuit electronic control systems to provide greater braking reliability. The electronic signal enhances energy utilization by controlling the brake's energy recovery systems to realize higher energy savings. Furthermore, the electronic braking signal transmitter uses non-contact electromagnetic sensors to provide wear-free operations, extending the products' life expectancy and delivers enhanced accuracy and consistency.
Energy conservation and emission reduction are critical technologies for vehicle development due to the depletion of oil resources, air pollution and more stringent government regulations. It is expected that government policy and environmental pressures will make new energy vehicles a significant potential market in China.
SORL's new brake products are being shipped to China Youngman Automobile Group Co., Ltd. for its new energy luxury coaches and the New Energy Bus Division of Beiqi Foton, for its new Euro V-compliant buses. SORL's current primary targets for this technology are new energy buses in the many growing urban centers in China.
Wang Hua-Ping, SORL's Vice President and Chief Engineer, commented, "China is committed to becoming the world's leader in new energy vehicle technology and it is expected that by 2020, it will produce millions of new energy vehicles utilizing hybrid electric, electric or fuel cell propulsion technologies. Products for these new energy vehicles are a key focus of our product development strategy and these new electronic foot brake valves are examples of the innovative, high-value, and higher-margin products we are developing to address the needs of the burgeoning new energy vehicle market. It is our goal to continue our leadership position in technological innovation by creating new breakthrough solutions in a timely manner to meet our customers' future needs, especially for greater reliability, improved emissions and energy savings."