HUBEI PROVINCE, China, Sept. 21, 2011 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced it will make a presentation at the Oppenheimer 6th Annual Industrials Conference on September 26, 2011 at the InterContinental Hotel in New York City.
Additional details of the Company's presentation at the conference are as follows:
Monday, September 26, 2011
8:45 AM Eastern Time
Drawing Room (2nd Floor)
In addition, the Company announced that several senior managers, including the Chief Financial Officer, Senior Vice President of Sales and Senior Vice President of Production, purchased common shares of CAAS in the open market between September 7 and September 14.
Jie Li, Chief Financial Officer, stated, "We purchased shares of CAAS, as we believe the stock is undervalued and does not reflect our market leading position or growth opportunities, our new products such as our electric power steering systems, and our further penetration into the global markets. We are already the largest supplier of power steering systems in China, which is the world's largest automotive market and have an established a footprint in the North American market, which is the second largest in the world."
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.