China Automotive Systems Hosted Officials Plant Visit
2009-03-18 Source：english.chinabuses.com
China Automotive Systems, Inc., a leading power steering components and systems supplier in China, yesterday announced that its wholly owned subsidiary, Jingzhou Hengsheng Automotive System Co., Ltd. (''Hengsheng''), hosted a visit of senior government officials and welcomed the government's policy support for the auto industry.
The officials from the Hubei Provincial Government and the Hubei Provincial Ministry of Technology visited Hengsheng. Established in October 2007, this CAAS subsidiary produces high-end products mainly focused to meet the stringent quality demands of Chinese Joint Ventures and the global export market. Equipped with state-of-the-art machine tools, assembly lines, and testing equipment in a 200,000 square meter facility, Hengsheng has a designed annual production capacity of 1.3 million units. As a wholly owned foreign enterprise, Hengsheng benefits from an income tax exemption through 2010 followed by preferential tax treatment for the following 3 years thereafter.
Mr. Qizhou Wu, China Automotive Systems's CEO, commented, ''Hengsheng is a good example for China's statement for a world-class auto parts facility. With our North American purchase order, we have entered the global marketplace. We plan to have all our products up to global quality standards so we can sell additional products and better penetrate the multi-billion dollar market for power steering systems. We anticipate domestic OEMs are proactively revamping their vehicles' quality standards which will require higher performance key components. We see this as our opportunity to strengthen relationships with OEMs.''
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