WUHAN, China, January 30, 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 received the 2012 Chrysler China Regional Excellent Supplier award at the Chrysler Excellent Supplier Award Conference in Xiamen, China.
CAAS also received Chrysler's second place award for 2012 in the Global Metal Product Supplier category. Previously, China Automotive Systems won the 2011 Excellent Supplier Award from Chrysler Group LLC's China office for supplying its 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 later in 2011 through a new multi-year contract to supply its power steering products for installation into Chrysler's RAM® pick-up truck models 2500 and 3500 in North America beginning in 2012.
Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "These excellent supplier awards reflect the many achievements CAAS has made in developing key components, proficiency in advanced production techniques, high quality control standards and precise delivery systems to meet the demands of the global steering markets. Our international success is demonstrated by our expanded relationship with Chrysler in North America and our joint venture in South America. These supplier awards are an acknowledgement of the value our global-quality products at very competitive prices provide to our customers. Increased international sales were a more significant contributor to 2012 sales and earnings than in the past and we expect sales into the global markets will be a more important growth driver in the future."
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