WUHAN, Hubei, China, Dec. 12 /Xinhua-PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems
supplier in China, today reported that total steering column sales reached
approximately 262,000 units at the end of November, compared to 139,000 units
during the full year of 2005. Since April 2006, Henglong Automotive Parts
Inc., one of China Automotive Systems' fast growing subsidiaries, has
experienced strong growth due to rising auto sales in the Chinese domestic
market.
"We are delighted with the progress in our steering column sales. Steering
columns are an integral part of our power steering system and we are pleased
that our customers have demonstrated confidence in this product offering. We
continue to maintain our market leadership in steering gears and seek to
capture further growth potential in other steering components, providing a
"one-stop shop" solution to our OEM customers," 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.
