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(RTTNews) - China Automotive Systems, Inc. (CAAS) reported that its fourth quarter net income attributable to parent company's common shareholders increased by 153.5% to $10.9 million, or net income per share of $0.36, compared to net income of $4.3 million, or net income per share of $0.14, a year ago.

Net sales increased by 23.6% year-over-year to $159.2 million. The company said the net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter of 2023 compared to the fourth quarter of 2022.

The company expects revenue for fiscal 2024 of $605.0 million.

As of December 31, 2023, total cash and cash equivalents, pledged cash and short-term investments were $166.3 million.

Shares of China Automotive Systems are up 8% in pre-market trade on Thursday.

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