HUBEI PROVINCE, China, Oct. 16,
2014 /PRNewswire/ -- 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 agreement to supply Fiat
Chrysler Automobiles N.V.'s North American subsidiary, Chrysler
Group LLC ("Fiat Chrysler"), steering gears for the 2015 RAM® 4500
and 5500 Chassis Cab trucks.
CAAS began working with Chrysler in 2008 by supplying steering
gears to the award-winning Jeep® Wrangler. In 2012, CAAS
expanded its relationship with Chrysler by supplying steering gears
to the RAM 2500 and 3500 heavy-duty trucks.
The 2015 RAM 4500 Chassis Cab has a maximum payload of 8,920
pounds. The truck also offers a towing capacity of 24,640 pounds.
The 2015 RAM 5500 truck has a maximum payload of 11,790 pounds and
features a maximum towing capacity of 29,600 pounds. CAAS now
supplies the re-circulating ball (RCB) steering gears for all
heavy-duty trucks produced by Fiat Chrysler in North
America.
CAAS also provides other steering products such as hydraulic
rack and pinion steering, manual steering, steering columns,
steering hoses, and China's first
domestically designed and produced electric power steering systems,
to other global automotive manufacturing companies.
Mr. Hanlin Chen, Chairman of
China Automotive Systems, commented, "By supplying our steering
gears to the RAM 4500 and 5500 Chassis Cab models in the North
American market, we have further demonstrated the global quality,
strength, durability and performance of our steering products. CAAS
won the 2013 Supplier of the Year Metallic award from
Chrysler, recognizing our contribution to their success. Our
expanding relationship with Fiat Chrysler acknowledges the value of
our products to our customers. We look forward to further
increasing our presence in the global automotive markets."
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 4.0 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 Group LLC. 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 our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 31, 2014, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. We expressly disclaim 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 further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: caas@grayling.com
SOURCE China Automotive Systems, Inc.