China Automotive Systems, Inc. (CAAS.US) will repurchase up to $5 million worth of stocks in the next 12 months.

China Automotive Systems, Inc. (CAAS.US) announced that its board of directors has approved a stock repurchase plan of up to $5 million, which will be carried out regularly in the open market over the next 12 months at a repurchase price not exceeding $5.50 per share. Boosted by this news, China Automotive Systems, Inc. rose over 6% in pre-market trading on Monday to $4.33 per share. The stock repurchase plan is set to end on November 15, 2025, and the timing of the repurchases will depend on various factors, including market conditions. Hanlin Chen, Chairman of China Automotive Systems, Inc., stated, "Our current stock valuation does not reflect our sustained profitable sales growth, cash flow generation, technological advancements, and global market position." "Looking ahead, whether vehicles are powered by internal combustion engines, electric drive systems, or fuel cell propulsion, and regardless of whether they are manned or autonomous, steering remains the key to all vehicle performance and safety. China Automotive Systems, Inc. has the best products in the market." Data shows that in the first 9 months of 2024, China Automotive Systems, Inc. had net sales of $462.2 million and net income attributable to common stockholders of $20.9 million. As of September 30, 2024, cash and cash equivalents and pledged cash totaled $138.8 million.