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NewsBot Date: December 22, 2004 09:47:02 AM
China Automotive Systems CAAS, Resource Information
China Automotive Systems Selected as Exclusive Supplier for Steering Pumps for General Motors Joint Venture in China
Also Selected by Dong Feng Liuzhou Motor Co. as Supplier
HUBEI, China, Nov. 29, 2004 (PRIMEZONE) -- China Automotive Systems Inc. (Nasdaq:CAAS) today announced it has been selected as an exclusive supplier for steering pumps for the Spark 1.0 vehicle, manufactured by SAIC GM Wuling Automobile Co. Ltd, which expects to produce 10,000 of this model in 2005.
The pumps will be manufactured by Zhejiang Heglong & Vie Pump Co. Ltd, a joint venture with 51 percent ownership by China Automotive Systems.
The company also announced it has been selected by Dong Feng Liuzhou Motor Co. Ltd. as a supplier of steering pumps for its MPV vehicle.
"These new supplier relationships underscore the company's successful strategy of leveraging its reputation and position within the China Automotive market. We look forward to expanding our steering pump business and additional opportunities within the overall automotive market," said Hanlin Chen, chief executive officer of China Automotive Systems.
Chen noted that these new agreements complement existing supplier relationships for steering pumps with Hafei Motor Co. Ltd for its Lobo vehicle model and SAIC-Chery Automobile Co. Ltd. for its QQ vehicle model.
ABOUT THE COMPANY
Based in Hubei Province, 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 four Sino-foreign joint ventures.
