Wuhan-based China Automotive gains as sales rebound from virus hit

China Automotive Systems

12/11/2020 15:13

** U.S.-listed shares of Wuhan-based automotive
power-steering parts supplier rise as much as 11.1% to a
one-week high of $3.20; stock up after four straight sessions of
losses
    ** Q3 net sales rise 13.8% to $114.4 mln, as the Chinese
economy has rebounded from the effects of the COVID-19 pandemic
 urn:newsml:reuters.com:*:nPn1g8K0Ha
    ** "With the worst behind us in China, we believe the govt.
will continue to promote policies to ensure continued economic
growth and to introduce incentives for domestic consumption
which will benefit the automobile industry" - CEO Qizhou Wu
    ** CAAS raises 2020 revenue outlook to $390 mln from $360
mln
    ** Stock down ~4% so far this year

 (Reporting by Ankit Ajmera in Bengaluru)
 ((Ankit.Ajmera@thomsonreuters.com))