China Automotive Systems Falls 10.5% (CAAS)

China Automotive Systems, Inc. CAAS are trading down 10.5% at $15.65 per share during the Tuesday afternoon trading session. The day's trading range for shares of China Automotive Systems, Inc has been between $15.80 and $17.89 per share. Analysts covering the company's stock give it a consensus price target of $21.71 per share. Volume of 869,000 shares is nearly triple the daily average volume of 324,000 shares. China Automotive Systems, Inc. (CAAS) announced on Tuesday morning that it beat consensus Wall Street expectations. China Automotive Systems, Inc announced 3rd quarter earnings per share of 26 cents, on revenue of $76.1 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 23 cents per share, on revenue of $75.68 million. Chief Executive Officer Qizhou Wu said, "We are very pleased with the strong sales results posted for the 2010 third quarter, as the summer season is our slowest sales period compared to other quarters. We continue to operate at a high capacity utilization rate and have invested over $24 million in the first nine months of 2010 to make sure we can meet future demand, especially for our new, more advanced products." Read more from Benzinga's Company news.