CAAS Wins New Multi-Year Contract from Chrysler Group LLC for RAM 2500 and 3500 Trucks

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  Published in House and Home on Thursday, November 17th 2011 at 4:31 GMT by Market Wire
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CAAS Wins New Multi-Year Contract from Chrysler Group LLC for RAM?... -- HUBEI PROVINCE, China, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ --

HUBEI PROVINCE, China, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, has increased its presence in the North American market through a new multi-year contract with Chrysler Group LLC ("Chrysler"). In 2012, CAAS's power steering products will be installed into RAM pick-up trucks.

CAAS first began working with Chrysler in 2008 on its award-winning Jeep® Wrangler. Chrysler has now expanded its orders to RAM pick-up truck models 2500 and 3500.  

Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "Our North American expansion has made tremendous progress since our first entry in 2008. Through product development, production management and quality assurance, we have proven that the excellent quality of our products has reached global-quality standards, and we have deepened our working relationship with Chrysler. This order is further acknowledgement of the value we provide to our customers with global quality products at very competitive prices. We look forward to bringing our power steering products to more vehicles in North America."

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 nine 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 3.5 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., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd., Chery Automobile Co., Ltd. and Chrysler North America outside of 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 our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our 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 June 28, 2011, 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.

SOURCE China Automotive Systems, Inc.

RELATED LINKS
[ http://www.caasauto.com ]