Benzinga | Jul 6, 2021 02:50PM EDT

China Automotive Develops New Steering System For Alfa Romeo's Hybrid SUV

* China Automotive Systems Inc (NASDAQ:CAAS) is developing a new steering system for Milan-based Alfa Romeo, a subsidiary of Dutch automotive manufacturing company Stellantis NV (NYSE:STLA).

* The steering system is for Alfa Romeo's first luxury plug-in-hybrid SUV model, 2021 Tonale.

* Purchase orders for approximately 100,000 annual units are expected for China Automotive's new steering system.

* "We are excited about our ongoing participation in the electrification in the automobile industry and continue to take pride in our engineering prowess and quality assurance," said CEO Qizhou Wu.

* Price action: CAAS shares are trading down by 3.59% at $4.83 on the last check Tuesday.