China's Chery Automobile Co. has developed and displayed numerous electric vehicle (EV) concepts including the Riich M1, S18, Tiggo 3 and even the QQ, but when it came down to launching these battery-powered autos, the company had always been a bit hesitant. That changed earlier today when Chery Auto officially launched its first li-ion powered EV, the Ruilin M1. Chery choose to roll out the M1 at the 25th World Electric Vehicle Symposium and Exposition (EVS 25) in Shenzhen, China.
Sporting a li-ion phosphate battery pack developed by China BAK, the Ruilin M1 offers a comfortable 93 miles of cruising range on a full charge. Though not quite capable of eclipsing the Nissan Leaf's 90-plus miles per hour top speed, the Ruilin's 75 mph limit seems more than acceptable to us. In addition to the production Ruilin M1, Chery also rolled out four other li-ion powered concept vehicles, including the Ruilin X1, Chery A5, Ruilin G5 and another M1 model. Pricing and full specs for the Ruilin M1 are not available yet, but we'll try to get our hands on this info as soon as it's released. Hit the jump for more on Chery's battery-powered plans.
[Source: China BAK Battery Inc.]
China BAK Powers Chery's New Electric Vehicles Launched in November 2010
SHENZHEN, China, Nov. 5, 2010 /PRNewswire-Asia-FirstCall/ -- China BAK Battery, Inc. ("China BAK", the "Company", or "we") (Nasdaq: CBAK), 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. (NASDAQ: CBAK) 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 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.