WUHAN, Hubei, China, Feb. 6 /Xinhua-PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced it has established its first office in North America. The US based operation will be based in Troy, Michigan and will focus on market development, R&D and after sales service in North America.
"We are very excited about the opening of our first office in the overseas market. We hope to leverage the resources available in the US to upgrade our product quality, enhance new product R&D and extend our leadership in the Chinese domestic market. Internationally, our US presence will also enable us to shorten the communication gap between our China operation and US OEMs. Ultimately, we see tremendous technology collaboration and growth opportunities between our new US office and our existing Chinese operations," said Mr. Hanlin Chen, Chairman and Chief Executive Officer of China Automotive Systems.
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 800,000 sets of steering systems. 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. 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 consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, 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:
Mr. Jie Li, Investor Relations and Communications
China Automotive Systems, Inc.
Tel: +86-27-5981-8527
Email: jieli@chl.com.cn
Christopher Chu
The Global Consulting Group
Tel: +1-646-284-9426
Email: cchu@hfgcg.com
