China Automotive Systems Wins ChangAn Auto Contract

China Automotive Systems' subsidiary, Jingzhou Henglong Automotive Parts has signed a supply agreement for power steering components and systems with ChangAn Auto Company.

In February 2007, Henglong started developing prototype power steering systems for ChangAn Auto. After more than a year of development and testing, Henglong successfully developed four different hydraulic power steering systems and an electronic power steering system for ChangAn Auto. Henglong is now a power steering system supplier to ChangAn Auto’s CV6 model. It is expected that Henglong will ship steering gears for three other models in late 2008. Total shipments to ChangAn Auto for 2008 will be approximately 30,000 total units.

Qizhou Wu, CEO of China Automotive Systems, stated that they viewed the ChangAn win as an important milestone as ChangAn Group is one of the largest auto manufacturing groups in China with a number of successful joint ventures with global auto makers.

According to the China Association of Automobile Manufacturers, the ChangAn Auto Company produced and sold around 50,000 sedans and 250,000 SUVs in 2007.

Based in Hubei Province, China Automotive Systems, Inc. is a supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles.

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