China Automotive Systems Awarded "National Excellent Supplier of Steering
WUHAN, China, Jan. 24, 2013
WUHAN, China, Jan. 24, 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 at the
9^th National Top 100 Excellent Auto Parts Suppliers Awards in Beijing, CAAS's
subsidiary, Hubei Henglong, was named as the "National Excellent Supplier of
Steering Systems" in China by the China Automotive News.
Hubei Henglong is a leading supplier of circulating ball power steering, rack
and pinion power steering, and electric power steering. This is the second
recent acknowledgement of Hubei Henglong's excellence as it was named as the
"Leading Enterprise in the Chinese Auto Parts Automobile Steering" by the
China Association of Automobile Manufacturers (CAAM) in 2010.
Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "Power
steering systems are one of the key safety-related components in any vehicle.
This award speaks volumes to our strong production management combined with
our expanding research and development program to maintain our quality and
technology leadership in the Chinese domestic steering industry. As the
Chinese automotive industry remains fragmented, OEMs rely on component
suppliers who most quickly develop products with the required performance and
qualities, combined with timely deliveries and excellent service. Our ability
to design high-quality products and deliver large volumes at a fast pace has
enabled us to build close relationships with our OEM customers. Few domestic
steering producers possess our size and capabilities to be a long-term
competitor in the Chinese steering market even as we begin to penetrate the
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:
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:
Chief Financial Officer
China Automotive Systems, Inc.
SOURCE China Automotive Systems, Inc.
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