Ahead of the bell: China Automotive Systems higher after posting stellar Q1 results
Shares of China Automotive Systems, Inc. (Nasdaq:CAAS) are leaping in pre-market trading after the Chinese power steering components and systems supplier reported robust first-quarter results this morning. The company saw earnings rocket 157%, while revenues surged 46% in the quarter on account of high sales volume growth from accelerating sales in its commercial vehicle sector. China Automotive said it also experienced strong growth momentum in its passenger vehicle sector, as its brand gained traction in the China market.
Shares jumped 25%, or $1.37, to $6.85 in pre-market trading. For detailed price information and recent news stories about China Automotive Systems, click CAAS.
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