Shares of China Automotive Systems Inc. caas skyrocketed 96.9% on heavy volume, to pace all premarket gainers on Monday, after the Wuhan, China-based company said so far this yaer it has shipped about 120,000 of its electric power-steering products for use in electric vehicles made in China. Trading volume swelled to 3.9 million share, compared with the full-day average of about 171,000 shares. The company said it expects to sell over 140,000 units of its steering products this year, and about 200,000 units next year. Among the electric vehicle makers the company sells to are SUV and truck maker Great Wall Motors, state-owned auto maker Chery Automobile, Beijing Auto, JAC Motors and Dongfeng Auto cn:600006 and Hozon Auto. China Automotive noted that sales of China-made EVs about doubled from a year ago to 144,000 units in October, and China's government has set and EV car target of 25% of all new cars by 2025. China Automotive's stock has run up 43.5% over the past three months through Friday, while the iShares MSCI China ETF mchi has gained 6.7% and the S&P 500 spx has edged up 3.7%.
November 30, 2020 at 09:06PM
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China Automotive's stock nearly doubles after update on power-steering product sales to EV makers - MarketWatch
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