China Automotive Systems Won the 2012 Annual Chrysler China Regional Excellent
WUHAN, China, Jan. 30, 2013
WUHAN, China, Jan. 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
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:
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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