China Automotive Systems, Inc. (NASDAQ:CAAS) reported second-quarter FY24 EPS of $0.24, down from $0.35 a year ago. Net sales increased 15.4% Y/Y to $158.6 million, beating the consensus of $137.41 million. Net sales of traditional steering products rose 7.5% Y/Y to $103.0 million and Electric Power Steering (EPS) product sales surged 33.7% to $55.6 million in the quarter. Sales to Henglong’s passenger vehicle steering customers grew 18.9% Y/Y, while sales to Chery Auto rose 28.8% Y/Y on increased demand. Export sales to North American customers fell to $26.8 million from $28.9 million the prior year due to reduced demand from one client. Meanwhile, sales in Brazil were $12.0 million ...