China Automotive Systems Enters into Multi-Year Contract with SAIC-GM-Wuling

China Automotive Systems CAAS today announced that its subsidiary, Jingzhou Henglong Automotive Parts Co., Ltd., has entered into a multi-year agreement to supply the SAIC-GM-Wuling ("SGMW") joint venture with its high-quality rack and pinion power steering systems. China Automotive Systems has commenced shipments, and the steering units are intended to be primarily installed in SGMW's Wuling Hongguang brand, which is the best selling multi-purpose vehicle ("MPV") in China. Based on current order rates, total steering systems to be shipped by the Company to SGMW could approximate 350,000 units for the 2013 year.  No other terms of the agreement were disclosed.   GM reported record sales at SGMW of over 1.4 million total vehicles in 2012, representing a 12.4% year-over-year sales volume increase. The SGMW joint venture was founded in 2002 and it consists of two Chinese domestic partners, SAIC Motor Corporation Limited and Liuzhou Wuling Motors Co Limited, and one foreign partner, General Motors ("GM China"). SGMW is one of the leading designers and manufacturers of minivans, pick-up trucks and MPVs as well as one of the important participants See full press release