Benzinga | Jan 25, 2022 09:35AM EST

China Automotive Systems Inks Supply Contract With SCANIA

* China Automotive Systems Inc (NASDAQ:CAAS) has entered into an agreement to develop eRCB steering systems for SCANIA AB's trucks and buses.

* The eRCB steering system is a fully electric intelligent steering system for light- and medium-duty trucks and heavy-duty commercial vehicles.

* The steering system features a twin electric motor structure with high output torque.

* "We are excited to add another global OEM to our customer list and reach another major milestone as we continue to drive our international growth through continued innovation and superior quality," said CEO Qizhou Wu.

* Price Action: CAAS shares traded higher by 2.23% at $2.75 on the last check Tuesday.