China Automotive Systems Wins Another Multi-Year Contract from Chrysler

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: [email protected]

Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: [email protected]

SOURCE China Automotive Systems, Inc.

Related Links

http://www.caasauto.com