China Automotive Systems Announces a $5 Million Share Repurchase Program

China Automotive Systems, Inc. ("CAAS" or the "Company")

, a leading power steering components and systems supplier in China, today announced that its board of directors approved a share repurchase program of up to $5 million of its outstanding common shares periodically over the next 12 months.  Repurchases will be made in open market transactions, at prevailing market prices subject to applicable laws, regulations and approvals. The timing of the share repurchases will depend on a variety of factors, including market conditions.    Mr. Hanlin Chen, Chairman of China Automotive Systems, commented, "We do not believe that our current stock price reflects our leadership in the automotive steering industry in China, the world's largest automotive market, or our ability to generate free cash flow and build shareholder value through efficient operations and an expanding customer base. As the largest provider of steering products in China, we have advanced our technology to global standards and we are now a tier 1 exporter into North America and we established have a joint venture to penetrate the expanding South American automotive market." About China Automotive Systems, Inc. Based in Hubei Province, the People's Republic of China, China Automotive Systems,