omniture

China Automotive Systems Reports Strong Unit Sales Growth

2008-01-17 15:54 1236

-- Reached 1 Million Unit Milestone --

WUHAN, China, Jan. 17 /Xinhua-PRNewswire-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced it exceeded 1.1 million units of power steering systems in both production and sales in 2007, reflecting a 42.5% year-over-year growth.

(Logo: http://www.prnasia.com/sa/200611131509.jpg )

Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, stated, “CAAS’ success was driven by our undivided attention to and collective efforts in R&D, customer service, production capacity management, quality control and sales marketing. We look forward to further expanding our market share. This milestone paves the way for China Automotive Systems to approach our target of total 3 million units by 2010.”

About CAAS

Based in Hubei Province, People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Donfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. etc. For more information, please visit: http://www.caasauto.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company’s operations, financial performance and, condition and the impact of this acquisition on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company’s products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time.

For further information, please contact:

Jie Li

Chief Financial Officer

China Automotive Systems

Email: jieli@chl.com.cn

Kevin Theiss

Investor Relations

The Global Consulting Group

Tel: +1-646-284-9409

Email: ktheiss@hfgcg.com

Stacy Dimakakos

Financial Media Relations

The Global Consulting Group

Tel: +1-646-284-9417

Email: sdimakakos@hfgcg.com

Source: China Automotive Systems, Inc.
Related Stocks:
NASDAQ:CAAS
Keywords: Auto
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