China Automotive Systems Sold 1.3 Million Power Steering Units in 2008
WUHAN, China, Feb. 9, 2009: China Automotive Systems, Inc. , a leading power steering components and systems supplier in China, today announced that for the year 2008, the Company sold approximately 1.3 million systems and components compared with 1.1 million in 2007. This increase in units sold reflects continued orders from the Company's major historical customers and new customers won during 2008.
New clients in 2008 include Dongfeng Peugeot Citroen Automobile Company Ltd. for two models with the Company continuing to work for orders for a third model. Additionally, the Company has developed 4 different models of hydraulic power steering systems and one model of Electronic Power Steering for ChangAn Auto Co. Ltd. Also, China Automotive Systems established its first relationship with a major automotive OEM headquartered in North America, and the Company has begun exporting its power steering gears to this customer.
Legacy customers who renewed their agreements with the Company include such well-known Chinese brands as Chery Automobile Co., Brilliance China Automotive Holdings, Zhejiang Geely Holding Co., Ltd., and Xi'an BYD Electric Car Co., Ltd., among others.
Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, commented, "Despite the challenging capital market conditions, we still achieved almost 20% growth in sales volume. We clearly outpaced the 6.7% auto market growth in China and continuously gained market share in the slow market. While OEMs in China are increasingly engaging in quality improvements and product upgrades, it is important for them to source high-quality parts with good features and scaleable production. We believe that our volume growth validates that we are well positioned to outgrow our competitors."