China Automotive stock nearly doubles after update on sales of power steering products to electric vehicle manufacturers

Shares of China Automotive Systems Inc. CAAS,
+ 74.41%
soared 96.9% on high volume, to beat all of the pre-market winners on Monday, after the Wuhan, China-based company so far said it had shipped approximately 120,000 of its electric power steering products for use in electric vehicles made in China. Trading volume reached 3.9 million shares, compared to a daily average of around 171,000 shares. The company said it plans to sell more than 140,000 units of its executive products this year and around 200,000 units next year. Among the electric vehicle makers the company sells to are SUV and truck maker Great Wall Motors, state-owned car maker Chery Automobile, Beijing Auto, JAC Motors and Dongfeng Auto 600006,
-1.82%
and Hozon Auto. China Automotive noted that sales of electric vehicles made in China nearly doubled from a year ago to 144,000 units in October, and that the Chinese government has set an EV car target of 25% of all new cars. by 2025. China Automotive’s stock rose 43.5% over the past three months to Friday, while the iShares MSCI China ETF MCHI,
-2.30%
gained 6.7% and the S&P 500 SPX,
-0.39%
edged up 3.7%.