WUHAN, China, January 24, 2013 /PRNewswire-FirstCall/ -- China Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a leading power steering components and systems supplier in China, today announced that at the 9th National Top 100 Excellent Auto Parts Suppliers Awards in Beijing, CAAS's subsidiary, Hubei Henglong, was named as the "National Excellent Supplier of Steering Systems" in China by the China Automotive News.
Hubei Henglong is a leading supplier of circulating ball power steering, rack and pinion power steering, and electric power steering. This is the second recent acknowledgement of Hubei Henglong's excellence as it was named as the "Leading Enterprise in the Chinese Auto Parts Automobile Steering" by the China Association of Automobile Manufacturers (CAAM) in 2010.
Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "Power steering systems are one of the key safety-related components in any vehicle. This award speaks volumes to our strong production management combined with our expanding research and development program to maintain our quality and technology leadership in the Chinese domestic steering industry. As the Chinese automotive industry remains fragmented, OEMs rely on component suppliers who most quickly develop products with the required performance and qualities, combined with timely deliveries and excellent service. Our ability to design high-quality products and deliver large volumes at a fast pace has enabled us to build close relationships with our OEM customers. Few domestic steering producers possess our size and capabilities to be a long-term competitor in the Chinese steering market even as we begin to penetrate the global markets."
About China Automotive Systems, Inc.
Based in Hubei Province, the 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 eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 3.8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. in China and Chrysler North America in North America. For more information, please visit: http://www.caasauto.com
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the Company's estimates and assumptions only as of the date of this press release. The Company's actual results may differ materially from the results described in or anticipated by these forward-looking statements due to certain risks and uncertainties, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 9, 2012, and in documents subsequently filed by the Company from time to time. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For more information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com