WUHAN, China, June 19, 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 it won the Chrysler 2013 Supplier of the Year Metallic award at the 2013 Annual Strategy Meeting and Supplier Awards Ceremony on June 5, 2013 at The Palace of Auburn Hills.
China Automotive Systems was the sole winner in the Metallic category. The Supplier of the Year award recognizes outstanding achievement based on each company's External Balanced Scorecard that evaluates performance in quality, delivery, cost, warranty, and partnership with input from the Chrysler Group's senior management.
Sergio Marchionne, Chrysler Group Chairman and CEO, was the keynote speaker at the meeting. He thanked the more than 2,500 global supplier executives for the role the supply companies play in Chrysler's success. The purchasing leadership of Chrysler Group and Fiat S.p.A. addressed their strategy and expectations for the future at the meeting.
Recently, CAAS also won the 2012 Chrysler China Regional Excellent Supplier award and it received Chrysler's second place award for 2012 in the Global Metal Product Supplier category at the Chrysler Excellent Supplier Award Conference in Xiamen, China. China Automotive Systems previously won the 2011 Excellent Supplier Award for supplying power steering gears for installation into the award-winning Jeep® Wrangler in North America beginning in 2008.
The Company expanded its relationship with Chrysler Group LLC in 2011 through supplying its power steering products for Chrysler's RAM® pick-up truck models 2500 and 3500 in North America with a multi-year contract beginning in 2012.
Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "Winning Chrysler's '2013 Supplier of the Year Metallic' award is the culmination of our strategy to excel at designing, producing and delivering high-quality steering systems with global performance. We are thrilled with our growing relationship with Chrysler and their acknowledgement of the value our products bring to their vehicles. We look forward to continuing to supply Chrysler as our global-quality steering product line expands. As the value of our advanced steering systems becomes more recognized, sales into global markets will become a more significant contributor to our growth."
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 ten 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 4.0 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. 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 27, 2013, 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
