Unlike the “Big Three,” China Automotive Systems, Inc. has been doing quite well recently and expects its subsidiary, Jingzhou Henglong Automotive Parts Co., Ltd. (“Henglong”), to have a record monthly production of 85,000 power steering units for passenger vehicles this month. The company also announced that subsidiary Henglong Wan’an (”WanAn”) matched its record daily production rate of 1,600 units following the Chinese New Year as a result of a large number of new orders.
Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, stated, “We are beginning to see results from the government stimulus packages targeting the general economy and also the auto industry. Small-engine vehicles with low emissions have been growing particularly fast in early 2009 in response to the incentives in the stimulus for both the urban and rural markets.”
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