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Exhibit 99.1 CHINA AUTOMOTIVE SYSTEMS REPORTS UNAUDITED 2021 THIRD QUARTER RESULTS WUHAN , China , November 12 , 2021 / PRNewswire / -- China Automotive Systems , Inc. ( Nasdaq : CAAS ) ( " CAAS " or the " Company " ) , a leading power steering components and systems supplier in China , today announced its unaudited financial results for the third quarter and nine months ended September 30 , 2021 . Third Quarter 2021 Highlights • Net sales decreased 5.4 % to $ 108.2 million compared with $ 114.4 million in the third quarter of 2020 ; • Electric power steering ( “ EPS ” ) product sales increased by 76.0 % to $ 29.4 million ; • Gross profit increased 23.5 % to $ 16.8 million and gross margin increased to 15.5 % from 11.9 % in the third quarter of 2020 ; • Income from operations was $ 0.6 million compared with income from operations of $ 0.1 million in the third quarter of 2020 ; Net loss attributable to parent company's common shareholders was $ 0.3 million , or diluted loss per share of $ 0.01 , compared to net income attributable to parent company's common shareholders of $ 2.4 million , or diluted earnings per share of $ 0.08 , in the third quarter of 2020 . First Nine Months of 2021 Highlights • Net sales rose by 32.4 % to $ 359.2 million compared to $ 271.2 million in the first nine months of 2020 ; • • • • Gross profit increased 60.8 % to $ 52.4 million and gross margin increased to 14.6 % from 12.0 % in the first nine months of 2020 ; Income from operations was $ 4.9 million compared with loss from operations of $ 4.1 million in the first nine months of 2020 ; Net income attributable to parent company's common shareholders was $ 6.1 million , or diluted income per share of $ 0.20 , compared to net loss attributable to parent company's common shareholders of $ 1.8 million , or diluted loss per share of $ 0.06 , in the first nine months of 2020 ; Cash and cash equivalents and pledged cash were $ 115.0 million as of September 30 , 2021 . Mr. Qizhou Wu , the Chief Executive Officer of CAAS , commented , “ Passenger car sales declined by 13 % in the third quarter of 2021 while commercial vehicles sales declined by 24.0 % , according to statistics from the China Association of Automobile Manufacturers . U.S. auto sales were down approximately 13 % for the third quarter of 2021 and September monthly sales decreased by 26 % as a chip shortage further reduced production . ”