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Stock Alert: China Automotive Systems Surges 80% On Sales Update

Shares of China Automotive Systems Inc. (CAAS) are currently surging nearly 80% after the Wuhan, China-based company said it shipped 120,000 steering units for electric vehicle models so far in 2020 and expects reach over 140,000 units by 2020-end.

CAAS is currently trading at $6.86, up $3.03 or 79.11%, on the Nasdaq.

The company also said it targets sales of over 200,000 steering units for Chinese EV vehicles in 2021.

The company's customers include Great Wall Motors, China's largest SUV and pickup manufacturer, Chery Automobile, the largest state-owned car manufacturer in China, Beijing Auto, JAC Motors, Dongfeng Auto and Hozon Auto.

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