Manufacturer and distributor of automotive brake systems and safety-related auto parts in China, Sorl Auto Parts, has reported third quarter net sales up 40.8% and OEM sales up 43.7% year-over-year.
Sorl, through its subsidiary, acquired automotive parts segments of Ruili Group earlier this year and the Q3 2010 results are inclusive of Ruili Group’s September results.
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Sorl export sales were up 71.8% year-over-year, while net income rose 27.8% year-over-year.
“We are very pleased with our financial performance in the third quarter of 2010,” said Sorl CEO and chairman Xiaoping Zhang. “We benefited from the robust growth of China’s economy and especially the automotive industry.
“Sales of our new model products, applicable to both OEM and [the] aftermarket also grew in the third quarter of 2010. OEM sales rose as we promoted our integrated systems and modular supplies to them.
“Export sales growth reflects more confidence in a global economic recovery. Also, we are enhancing investment in new product development to create higher-margin advanced products to increase both our OEM and aftermarket sales.”
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