China Automotive Systems Won China's Highest Product Quality Award

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Apr 06, 2016, 07:50 ET

WUHAN, China, April 6, 2016 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its main subsidiary, Hubei Henglong, has won the government's China Quality Nomination Award, the highest award for product quality issued by the Chinese Government.

The China Quality Award Ceremony took place in the People's Congress Convention Hall in Beijing at the end of March. Hubei Henglong won the award based on its successful management model for superior customer services and excellent product quality. The company was one of the only five winners from auto and auto components manufacturing sector. In addition, the company was one of the only two winners from Hubei Province and the only winner among all the manufacturing companies in Hubei Province.

The China Quality Award, which takes place once every two years, is organized by the State Council and National Bureau of Quality Inspection. After reviewing thousands of nominations, the committee granted awards to only 100 finalists, many of which are sector leaders such as Huawei, Gree, Lenovo, Tongrentang, China Construction, China Rail etc.

Mr. Hanlin Chen, Chairman of China Automotive Systems, stated, "This award marked a new milestone to many accolades we have collected over the years, as many peer winners in China Quality Award are household names in China and abroad. As a tier-one supplier to Chinese and global automotive OEMs in a fiercely competitive marketplace, we have given our unchanged and undivided attention to quality over the past 20 years. We are very proud that our achievement is now being recognized by the central government. We will continue to build our brand equity to increase our long-term shareholder value."

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 5.0 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, Beijing Henglong Automotive System Co., Ltd. (for 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 30, 2016, 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, Inc.
Email: [email protected]

Investor Relations
Email: [email protected]

SOURCE China Automotive Systems, Inc.