China Automotive falls on lower Q4 profit, sales

China Automotive Systems

30/03/2023 19:35

** U.S.-listed shares of China Automotive Systems Inc
 CAAS.O  fall 18.2% to $4.94, an over 4-month low
    ** The Chinese auto part maker's Q4 net income falls to 14
cents/shr from 16 cents/shr a year earlier
    ** Company's quarterly net sales decreased to $128.8 mln
from $138.8 mln a year ago, on account of a change in product
mix, lower demand for passenger automobiles and commercial
vehicles
    ** "We are cautiously optimistic that recent government
policy changes in 2023 will be a catalyst to boost the business
environment in China," says company CEO Qizhou Wu
    ** Company expects 2023 revenue of $560 mln
    ** U.S.-listed shares down ~16% YTD

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))