WUHAN, China, January 28, 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 the Company's Jingzhou Henglong Automotive Technology (Test) Center Laboratory ("Lab") recently received its national accreditation from the China National Accreditation Service ("CNAS"), making it the only such approved lab among power steering companies.
Based on the regulations and guidelines of the CNAS-CL01: 2006 "Accreditation Criteria on Testing and Calibrating Experimental Capabilities" (ISO/IEC 17025:2005), the Lab successfully established and operated a comprehensive laboratory quality management system, and established a team of experienced research professionals to sustain the optimal operation of the system. The Lab continues to enhance its management systems and technological capabilities by adding personnel, equipment, and materials while improving the methods used and the operating environment.
CAAS employs over 295 engineers and has over 85 Chinese patents and 2 trademarks. Its research and development activities include product design and testing, materials research, quality control inspection, production equipment design and modification, a calibration room and a vehicle test track.
Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "This national accreditation demonstrates the recognition of our Lab's growing sophistication to meet global testing standards. We have invested significantly in state-of-the-art equipment and analytical processes combined with personnel with advanced degrees, to build the most powerful research and development lab in the domestic steering industry. Our ability to very quickly develop high-quality products to meet our customers' needs and to efficiently manufacture them has driven our success. This accreditation enhances the credibility of our Lab and this advantage will provide even greater confidence in our products as we further penetrate current international markets and expand our global presence."
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
