WUHAN, China, Aug. 26 /PRNewswire-Asia/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or "the Company"), a leading power steering components and systems supplier in China, announced that it was ranked 23rd in FORTUNE’S "100 Fastest-Growing Companies" list for the 2010 year.
FORTUNE’S 100 Fastest-Growing Companies list includes foreign and domestic companies traded on a major U.S. stock exchange with annual revenue and net income of at least $50 million and $10 million, respectively, a market capitalization over $250 million, and significant revenue and earnings growth over recent quarters, among other criteria.
Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, commented, "As one of only two traditional auto parts companies on the list, we are proud to be selected among other fast-growing U.S. and international companies. This achievement is more encouraging given the turbulence of the global automotive markets in recent years. Our products' high-quality and performance record in this safety-related area, has created strong brand recognition among our many customers. Because of this, we now have over 50 OEM customers domestically and abroad, and we expect to continue expanding our customer base in the future."
The related stories appear in the September 6, 2010 issue of FORTUNE, available on newsstands on Monday, August 23rd or through the internet at: http://money.cnn.com/magazines/fortune/fortunefastestgrowing/2010/full_list/
About China Automotive Systems, Inc.
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 nine 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 with an annual production capacity of over 2.5 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., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, 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 acquisitions 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 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
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
Source: China Automotive Systems, Inc.
