BEIJING, Jan. 21 /PRNewswire-Asia-FirstCall/ — Wonder Auto Technology,
Inc., (Nasdaq: WATG) a leading manufacturer of automotive electrical and
suspension parts in China, today announced its adjustments of the 2008 and
2009 Guidance.
-- For 2008 guidance, the sales revenue is expected to be over $140
million, reflecting a 37% YoY increase.
-- For 2009 guidance, the sales revenue is expected to be over $200
million, reflecting a 40% YoY increase.
Mr. Qingjie Zhao, chairman and CEO of Wonder Auto Technology, Inc. stated
that “The global economy has shown a downturn trend after the subprime
mortgage crisis in 2008, which has led to a slowdown of the growth rate for
China’s domestic auto market and export market. Accordingly, the company has
adjusted its perspective performance because of the weak fourth quarter
financials affected by the changing environment, but we will still able to
maintain a growth rate of 37% for the whole of 2008.”
Mr. Zhao continued, “The company has instituted a company-wide cost
savings program to reduce various expenses and has, through its Research and
Development efforts, implemented some technology innovations, raising
production efficiency. The Chinese government has instituted a series of
policies to stimulate internal consumer markets, promote automobile sales,
improve auto financing and support the development of alternative energy
vehicles. With 85% of our total revenue generated from China’s market, and a
continuous focus on the development of low-emission vehicle parts, we are very
confident that we will maintain our fast-growing momentum in this market and
will continue to provide favorable returns to our investors by implementing
the competitive strategy of “Lower Cost Orientation,” accelerating development
of alternative energy vehicle parts and introducing new products, all
resulting in us gaining more customers.”
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc.,
through its Chinese subsidiaries, designs, develops, manufactures and sells
automotive electrics, suspension products and engine accessories. Wonder Auto
was ranked second in sales revenue in the China market for automotive
alternator and starter in 2007. With respective 5 different series and over
150 models of alternators, 70 models of starters, various suspension, engine
related parts, the Company supplies to a wide range of automakers, engine
producers and auto parts suppliers both domestically and internationally.
Wonder Auto’s main customers include Beijing Hyundai Motor Company, Shenyang
Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd., Harbin Dongan
Automotive Engine Manufacturing Co., Ltd., Tianjin FAW Xiali Automotive Co.,
Ltd, Shanghai VW and Weifang Diesel Engine. For more information, please log
on to http://www.watg.cn .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, among others, all assumptions, expectations, predictions, intentions
or beliefs about future events. You are cautioned that any such forward-
looking statements are not guarantees of future performance and that a number
of risks and uncertainties could cause actual results of the Company to differ
materially from those anticipated, expressed or implied in the forward-looking
statements. The words “believe,” “expect,” “anticipate,” “project,” “targets,”
“optimistic,” “intend,” “aim,” “will” or similar expressions are intended to
identify forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking statements.
Risks and uncertainties that could cause actual results to differ materially
from those anticipated include risks related to new and existing products,
product defects and any related product recall; any projections of sales,
earnings, revenue, margins or other financial items; any statements of the
plans, strategies and objectives of management for future operations; any
statements regarding future economic conditions or performance; uncertainties
related to conducting business in China; any statements of belief or intention;
any of the factors and risks mentioned in the “Risk Factors” section of our
Annual Report on Form 10-K for the year ended December 31, 2007 and any
subsequent SEC filings. The Company assumes no obligation and does not intend
to update any forward-looking statements, except as required by law.
For further information, please contact:
Wonder Auto Technology, Inc.
Lydia Zhao
Assistant CFO
Tel: +86-10-8478-5339
Cell: +86-130-2118-4792
Email: lydiaz@watg.cn
Yechon Xie
Investor Relations Manager
Tel: +86-416-266-1186
Cell: +86-137-0006-1685
Email: ycxie@watg.cn
