SHENZHEN, China, Nov. 5, 2010 /PRNewswire-Asia-FirstCall/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") , a leading global manufacturer of lithium-based battery cells, today announced that Chery Automobile Co., Ltd. ("Chery"), one of China BAK's major Electric Vehicle (EV) customers, officially launched its first Lithium-ion solution EV, Ruilin M1, powered by China BAK's lithium-ion phosphate batteries at the 25th World Electric Vehicle Symposium and Exposition (EVS) on November 5, 2010.
In addition to launching Ruilin M1, Chery also presented four other new EV solutions powered by China BAK's lithium-ion phosphate batteries, including Ruilin X1, Chery A5, Ruilin G5 and an additional model of its M1 series. During the launch show at EVS, several visitors had a chance to test drive the new Ruilin M1.
"We believe the successful launch of Chery's electric vehicles marks an important milestone for commercial use of our lithium-ion phosphate batteries in the Electric Vehicle (EV) industry," commented Mr. Xiangqian Li, CEO of China BAK. "The high-quality of our products backed by our world-class research capabilities has facilitated our expansion in the EV market. Currently, we are the only lithium-ion battery supplier to power Chery's electric vehicles and will continue to expand our cooperation with Chery. In the future, we anticipate revenue and market share growth from our EV business as we gradually increase production of our high-power cells to meet anticipated market demand."
About Chery Automobile Company, Ltd.
Chery Automobile Co., Ltd. manufactures, markets, and exports passenger vehicles in China. It offers cars, SUVs and MPVs, and SPVs. It also provides engines, transmissions, and other components. Chery Automobile Co., Ltd. was formerly known as Anhui Chery Automobile Co., Ltd. The company was founded in 1997 and is headquartered in Wuhu, China with operations in Asia, the Middle East, Africa, North America, South America, and Australia. At present, Chery possesses a full set of production and R&D units, such as Car Factories, Engine Factories, Transmission Factory, Automotive Engineering and Research Institute, Planning & Design Institute and Testing Technology Center. For more information, please visit http://www.cheryinternational.com/
About China BAK Battery Inc.
China BAK Battery, Inc. is a leading global manufacturer of lithium-based battery cells. The Company produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics such as digital media devices, portable media players, portable audio players, portable gaming devices, and PDAs. China BAK Battery, Inc.'s production facilities, located in Shenzhen and Tianjin, PRC, cover over three million square feet and have been recently expanded to support the production of larger batteries for various types of vehicles. For more information regarding China BAK Battery, Inc., please visit http://www.bak.com.cn/.
Safe Harbor Statement
This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China BAK Battery, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: risks related to China BAK's business and risks related to operating in China. Please refer to China BAK's Annual Report on Form 10-K for the fiscal year ended September 30, 2009, as well as China BAK's Quarterly Reports on Form 10-Q that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. China BAK's actual results could differ materially from those contained in the forward-looking statements. China BAK undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
For more information, please contact: Mr. Jun Zou China BAK Battery, Inc. Chief Financial Officer Tel: +86 (755) 8977-0598 E-mail: ir@bak.com.cn Mr. Marcus Cui China BAK Battery, Inc. Investor Relations Officer Tel: +86 (755) 8977-0093 E-mail: ir@bak.com.cn Ms. Elaine Ketchmere, Partner CCG Investor Relations Tel: +1-310-954-1345 E-mail: elaine.ketchmere@ccgir.com
China BAK Battery,Inc.
CONTACT: Ms. Elaine Ketchmere, Partner of CCG Investor Relations,
+1-310-954-1345, or elaine.ketchmere@ccgir.com; or Mr. Jun Zou Chief Financial
Officer of China BAK Battery, Inc., +86-755-8977-0598, or ir@bak.com.cn, or
Mr. Marcus Cui, Investor Relations Officer of China BAK Battery, Inc.,
+86-755-8977-0093, or ir@bak.com.cn
Web Site: http://www.bak.com.cn/
