China Automotive Raises 2009 Revenue Outlook

China Automotive Systems Inc., which makes vehicle steering systems and components, raised its full-year revenue guidance on Wednesday after posting a higher second-quarter profit.

The company said it now expects revenue to increase more than 20 percent for the year. That implies it expects revenue to climb to at least $195.8 million from $163.2 million in 2008.

Previously, the company expected revenue to increase between 10 percent and 15 percent.

The Wuhan, China-based company also said its second-quarter profit increased 28 percent.

Shares of China Automotive closed Wednesday at $7.99.

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