US Stock Market Move | In the next 12 months, China Automotive Systems, Inc. (CAAS.US) will repurchase up to a maximum of 5 million US dollars in stock, causing it to rise more than 8%.

On Monday, China Automotive Systems, Inc. (CAAS.US) rose by 8.56% to $4.70. In terms of news, China Automotive Systems, Inc. announced that its board of directors has approved a stock repurchase plan of up to $5 million, which will be conducted regularly in the open market over the next 12 months at a repurchase price not exceeding $5.50 per share. In the third quarter of 2024, China Automotive Systems, Inc. saw revenue increase by 19.4% year-on-year to $164.2 million, with net profit attributable to common shareholders of $5.5 million and diluted earnings per share of $0.18. Gross profit increased by 6.5% to $26.4 million, with a gross margin of 16.0%, compared to 18.0% in the same period last year.