SHENZHEN, China, 12 ,. 10, 2012 (CRWENewswire) — China BAK Battery, Corporation. (“China BAK”, the “Company”, or “we”) (Nasdaq:CBAK), a number one global manufacturer of lithium-based battery cells, today introduced the Company’s Technical R&D Enter in Key Materials, Battery and Battery Power to be used in Electric Automobiles (“EV”) was selected in to the National Support List for that New-Energy Vehicle Industry Innovation Program as released through the Secretary of state for Finance, the Secretary of state for It and also the Secretary of state for Science from the Individuals Republic of China on December 3, 2012 (“Innovation Program”).
Based on the notice ( ) collectively released through the above three ministries, to advertise the introduction of new-energy vehicle industry in China, china government expects to supply financial supports to 25 selected new-energy automobiles related projects, among which 8 projects, including China BAK’s, are battery research and development programs. The central government is anticipated to set up area of the energy-saving and emission-reducing special fund to aid the Innovation Program, whose support takes 3 years.
The brand new-energy vehicle industry is among the seven proper emerging industries strongly increased through the Chinese government based on the country’s twelfth Five-Year National Development Plan of Proper Emerging Industries. Condition Council of China also adopted the power-Saving and New-Energy Vehicle Industry Development Plan (2012-2020), which stresses the significance of the commercialization of one’s-saving and new-energy automobiles, the making of supporting facilities, and the introduction of key core technologies. With the aim of selling 500,000 electric and hybrid automobiles by 2015 accumulatively and 5 million by 2020, the federal government encourages the brand new energy vehicle industry through numerous subsidy programs, including tax incentives and financial supports to auto and key auto parts makers, grants or loans for research and development, commercialization, construction of support facilities projects, incentives for vehicle purchases, and government procurement programs.
“This really is encouraging news to the organization, because the government will give you support to any or all the chosen companies, mainly including market support and financial support. We rated No. one in selected EV battery companies, which is expected that the organization is going to be granted a subsidy through the Secretary of state for Finance to finance its enter in EV sector. Using the government’s lengthy-term support, we’re confident to grow our share of the market and subscriber base within the EV industry,” said Mr. Xiangqian Li, Boss of China BAK.
About China BAK Battery, Corporation.
China BAK Battery, Corporation. (Nasdaq:CBAK) is really a leading global manufacturer of lithium-based battery cells. The Organization produces battery cells which are the main element of rechargeable batteries generally utilized in cell phones, mobile phones, mobile computing, e-bikes, electric automobiles, tools, uninterruptible energy supplies, and portable electronic devices for example portable media gamers, portable gaming products, personal digital assistants, or Smartphones, video cameras, digital camera models, and Bluetooth headphones. China BAK Battery, Corporation.’s production facilities, situated in Shenzhen and Tianjin, PRC, cover over three million sq ft. To learn more regarding China BAK Battery, Corporation., check out .
Safe Harbor Statement
This pr release consists of forward-searching claims, that are susceptible to change. The forward-searching claims are created pursuant towards the safe harbor provisions from the Private Investments Lawsuit Reform Act of 1995. All “forward-searching claims” relevant to the process of China BAK Battery, Corporation. and it is subsidiary companies, which may be recognized through forward-searching terminology for example “thinks,” “needs” or similar expressions, involve known and unknown risks and questions that could cause actual leads to differ. These factors include but aren’t restricted to: ale the organization to satisfy its contract obligations the uncertain marketplace for the business’s high-energy lithium along with other battery cells business, macroeconomic, technological, regulating, or any other factors affecting the profitability of battery cells created for electric automobiles and risks associated with China BAK’s business and risks associated with operating in China. Please make reference to China BAK’s Annual Set of Form 10-K for that fiscal year ended September 30, 2011, along with other SEC reviews which have been filed because the date of these annual report, for particular particulars on risks. Given these risks and questions, you’re informed to not place undue reliance upon forward-searching claims. China BAK’s actual results could differ materially from individuals within the forward-searching claims. China BAK undertakes no obligation to revise or update its forward-searching claims to be able to reflect occasions or conditions that could arise following the date of the release.
Source: China BAK Battery, Corporation.