 WUHAN, China, March 30, 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 fourth quarter and the audited results for the fiscal year ended December 31, 2020. Fourth Quarter 2020 Highlights Net sales rose 26.4 to 146.5 million from 115.9 million in the fourth quarter of 2019 Gross profit increased 35.7 to 22.8 million from 16.8 million in the fourth quarter of 2019; gross margin increased to 15.6 compared with 14.5 in the fourth quarter of 2019 An increase in general and administrative expenses was primarily due to a one-time, non-recurring 6.4 million expected credit loss provision related to the bankruptcy and reorganization proceedings of the Companys customer, Brilliance Auto Net loss attributable to parent companys common shareholders was 3.2 million, or diluted loss per share of 0.10, compared to net income of 1.7 million, or diluted income per share of 0.06, in the fourth quarter of 2019. 