China Automotive Systems Hosts Ceremony for First Shipment to Dongfeng Peugeot Citroen
Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components
and systems supplier in
Henglong Automotive Parts Co. (“Henglong”), conducted a ceremony to celebrate
the first shipment of its power steering gears to the Dongfeng Peugeot Citroen
Automobile Company Ltd. (“DPCA”) for use in DPCA-manufactured cars.
In addition to Mr.
management of the Company, the Mayor of Jingzhou City, where Henglong is based,
the Purchasing Director of DPCA, an officer of PSA Global Procurement in
Following the ceremony, all guests visited the production plant, testing
center and R & D facility.
Mr.
milestone in our drive to become a leading supplier of power steering systems
and gears to the world’s automotive leaders. Following our successes with DPCA,
we also received our first purchase order with a global automotive
manufacturer headquartered in
“Our advanced power steering gears being shipped to DPCA are replacing
products currently being imported into
achieved global quality standards for these critical safety-related products,
and we have a cost advantage which will benefit DPCA by using our products,”
Mr. Chen concluded.
The Purchasing Manager of DPCA and officers from PSA Global Procurement
congratulated Henglong for meeting the stringent global quality standards
which led to winning the DPCA contract. They also stated they look forward to
continuing to work closely with CAAS as it is on its way to becoming a
supplier to PSA Global in the future.
Henglong’s manager reviewed how the company started development of three
new power steering gears for DPCA in 2005. These three models were designed
for the Peugeot 206, Elysee R23 and Picasso N68. Subsequently, all models
passed the French UTAC safety test, road tests and inspections. In 2008,
Henglong won commercial supply contracts for the Peugeot 206 and Elysee R23,
and is continuing to work on orders for the Picasso N68 model.
About Dongfeng Peugeot Citroen Automobile Co. Ltd.
Dongfeng Peugeot Citroen Automobile Company Limited, established in 1992,
is a joint venture between Dongfeng Motor Corporation and French automaker,
PSA Peugeot Citroen. Headquartered in
largest automobile manufacturers in
had reached 207,000 passenger cars. The Company announced the plan to increase
production capacity after construction of the second plant in
information, please visit http://www.dpca.com.cn .
About CAAS
Based in
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., Dongfeng 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
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling Global
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
Stacey Dimakakos
Financial Media Relations
Grayling Global
Tel: +1-646-284-9417
Email: sdimakakos@hfgcg.com
SOURCE China Automotive Systems, Inc.