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China Automotive Systems Announces First Purchase Order From a Global North American Automotive Manufacturer

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2008-11-12 04:48:10     
China Automotive Systems, Inc.

China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced it has received its initial purchase order for power steering gears from a global automotive manufacturer headquartered in North America. This first purchase order is part of an agreement to supply power steering gears to this automotive manufacturer.

This agreement represents a major milestone as it is the first contract for China Automotive Systems in the North American original equipment manufacturer (OEM) market. These power steering gears are intended for one model of a well-known automobile brand. The vehicle dynamic evaluation of these gears has shown them to be compatible or superior to the current product.

Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, stated, "We are very excited to have been selected by this major North American automotive manufacturer to become a supplier of important power steering gears. This contract win is further evidence of our dedication to quality products, our R & D and engineering capabilities, and the Company's financial strength and large-scale production. We were able to meet the strict high- standard quality requirements from a global automotive OEM, which positions us to successfully compete in the global marketplace. As a leading independent power steering component and systems supplier in China, we are on our way to broaden our geographic reach and to penetrate into other world-class automotive OEMs."

About CAAS

Based in Hubei Province, 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 seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Donfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com .

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition, and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.

For further information, please contact:

Jie Li

Chief Financial Officer

China Automotive Systems

Specialized in: No Capital Or Non-cap Distinguishing - Caas - Caasauto - China Automotive - China Automotive Systems
URL: http://www.caasauto.com
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