China's Vice Premier Dejiang Zhang Confident in China Automotive Systems' Future
HUBEI, China--March 28, 2011: China Automotive Systems, Inc. ("CAAS" or the "Company"), the largest power steering components and systems supplier in China, today announced that on March 24th, Vice Premier of the People's Republic of China, Mr. Dejiang Zhang, toured China Automotive Systems, Inc. along with the Vice Governor of Hubei Province, Mr. Lunyi Duan, Municipal Party Secretary of Jingzhou City, Mr. Daiming Ying, and Company CEO, Mr. Qizhou Wu.
CEO Mr. Wu shared the Company's history and recent developments, commenting, "Since the Company was founded in 1993, CAAS has grown rapidly over the years to become the largest domestic automotive steering systems supplier through independent research and technical innovation. CAAS transformed the Chinese automotive industry from reliance on imported safety-related steering products and today the Company also exports to the United States, another leading global automotive market."
Vice Premier Mr. Zhang fully acknowledged CAAS's achievements and expressed his full confidence in the Company's future. "The development of our human resources is crucial for future corporate development. CAAS should continue to strive to be a model of technological innovation for small- to medium-sized companies in China," Mr. Zhang stated.
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 2.5 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. and Chery Automobile Co., Ltd.