China Automotive Systems (CAAS) said Wednesday its Jingzhou Henglong Auto Parts Manufacturing unit has been awarded its first R-EPS steering order from an unidentified European automobile manufacturer.
The mass production for the order, with annual sales of more than $100 million, is expected to start by 2027, the company said.
China Automotive's stock was up 3.7% in recent Wednesday premarket activity.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.