Washington, D.C. 20549
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
On November 11, 2026,
China Automotive Systems, Inc. (the “Company”) issued a press release entitled “China Automotive Systems Reports Record
Third Quarter 2026 EPS Sales; Board Approves $5 Million Share Repurchase Program”. A copy of the press release is furnished as Exhibits
99.1 to this report on Form 6-K.
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Exhibit 99.1
China Automotive
Systems Reports Record Third Quarter 2026
EPS Sales; Board Approves $5 Million Share Repurchase Program
WUHAN,
China, November 11, 2026 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS)
("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced preliminary
third quarter 2026 sales results for its electric power steering ("EPS") products, with unit sales reaching record highs for
both the quarter and the nine-month period. Separately, the Company announced that its board of directors has approved a share repurchase
program of up to $5 million of its outstanding common shares.
EPS product sales reached record levels
in the third quarter and the first nine months of 2026:
Third quarter 2026: EPS sales of 567,314
units, a record high, an increase of 40.1%, compared with the third quarter of 2025.
First nine months of 2026: EPS sales
of 1,461,381 units, an all-time high, an increase of 32.7%, compared with the first nine months of 2025.
The record results were achieved across
the Company's EPS operations:
Henglong KYB: record EPS sales of 466,899
units in the third quarter of 2026, an increase of 33.1% year-over-year, and 1,257,686 units in the first nine months of 2026, an increase
of 21.3% year-over-year.
Wuhu: record EPS sales of 101,040 units in the third quarter of 2026, an increase of 138.6% year-over-year, and 223,440 units in the first nine months of 2026, an increase of
82.7% year-over-year.
Unit sales reported by the Company's
subsidiaries are stated before the elimination of inter-subsidiary sales; accordingly, the sum of the subsidiary figures above exceeds
the Company's consolidated unit sales. The unit sales figures presented above are preliminary and unaudited.
| o | Share
Repurchase Program |
Separately, the
Company announced that its board of directors has approved a share repurchase program of up to $5 million of its outstanding common shares.
Repurchases may be made from time to time over the next 12 months in open market transactions at prevailing market prices not to exceed
$5.50 per share through November 10, 2027, subject to applicable laws, regulations and approvals. The timing and amount of any repurchases
will depend on a variety of factors, including market conditions.
Mr. Hanlin Chen,
chairman of CAAS, commented, "We continue to record strong growth as we introduce new innovative products and develop new global
relationships. Our current stock valuation does not reflect our sales and profit growth, cash flow generation, and expanding global network.
We are focusing on a number of innovative products, including advanced electric power steering products, and CAAS has state-of-the-art
technologies as we introduce new products and markets."
Mr. Qizhou Wu, chief executive officer
of CAAS, commented, "We continue to add technology to enhance our steering products and broaden our EPS portfolio. These advancements
enable us to attract new customers and better serve our existing ones. We have increased sales to global Tier-1 vehicle OEMs in North
and South America and to European-branded vehicles, and broadened our product offerings to new energy vehicles.”
Mr. Jie Li, chief
financial officer of CAAS, commented, "Our stock's market capitalization is well below a number of financial metrics, including
our combined cash, cash equivalents and pledged cash, working capital, and book value. Third quarter free cash flow remains robust compared
with 2025."
About China
Automotive Systems, Inc.
Based in Hubei
Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems
to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly-owned subsidiaries. The Company
offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate
series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its
customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company
Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America.
For more information, please visit: https://www.caasauto.com.
Forward-Looking
Statements
This press release
contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of
1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results
may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties.
As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number
of factors, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 20-F as filed
with the Securities and Exchange Commission on April 22, 2026, and in documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. Any of these factors and other factors beyond our control could have an adverse effect on the
overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that
we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption
or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities
could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim
any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-510-8922
Email: Kevin@awakenlab.com
