China Automotive Systems announces U.S. contract
China Automotive Systems, Inc. (Nasdaq: CAAS) announced a contract with automotive parts supplier R&B, Inc. The contract is China Automotive Systems’ first aftermarket supply contract in the United States.
“This is an important step for China Automotive Systems. As a provider of a key safety-related component, we are very proud that we have passed the strict testing and all evaluation processes by a major U.S. aftermarket supplier,” CEO Qizhou Wu said in a statement. “We are confident that our products quality, reliability and favorable cost advantages will continue to attract more customers in North America.”
Specific terms of the deal were not disclosed.
In pre-market trading, CAAS shares are flat at $7.03. Over the last 52 weeks, shares have ranged from $5.72 to $13.39.
