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China Automotive Systems News: Why CAAS Stock Is Shooting 61% Higher Today

China Automotive Systems (NASDAQ:CAAS) news for Monday includes new sales numbers of its steering units boosting CAAS stock higher today.

an electric car plugged in for charging, representing electric car stocks

Source: buffaloboy / Shutterstock.com

A news release from China Automotive Systems notes that the company has sold 120,000 steering units so far in 2020. The company also mentions that it expects the total number of units sold during the year to surpass 140,000.

To go along with this news, China Automotive Systems also says that it’s expecting sales of steering units to increase further in 2021. The company’s current guidance is for more than 200,000 steering units to sell during the year.

China Automotive Systems offers its steering units to makers of electric vehicles (EVs) in China. Its customers include Chery Automobile, Beijing Auto, JAC Motors, Dongfeng Auto, and Hozon Auto.

Hanlin Chen, chairman of China Automotive Systems, said the following about the news.

“These sales continue our long trend of providing advanced steering products to the largest automobile manufacturers in China. We are pleased to meet their high requirements for excellent performance and quality. We have shipped a large number of our EPS steering products to Great Wall Motors for their new EV model in 2020, and will continue to ship to them in 2021.”

CAAS stock is experiencing heavy trading following the news. As of this writing, more than 26 million shares of the stock have changed hands. That’s a massive spike compared to its daily average trading volume of just 110,000 shares.

CAAS stock was up 61.1% as of Monday morning and is up 94.6% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/china-automotive-systems-news-sends-caas-stock-soaring/.

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