1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934


     For the quarterly period ended June 30, 2003


[_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

     For the transition period from ________ to _________

                        Commission file number: 000-33123

                         China Automotive Systems, Inc.
        ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


             Delaware                                       33-0885775
    -------------------------------                   ----------------------
    (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                    Identification Number)


                 No. 1, Henglong Road, Yu Qiao Development Zone
                 Shashi District, Jingzhou City, Hubei Province
                           People's Republic of China
                 -----------------------------------------------
                    (Address of principal executive offices)


                     Issuer's telephone number: 0716-8324631

                             Visions-in-Glass, Inc.
                               9521 21st Street SE
                        Calgary, Alberta, Canada T2C 4B1
               ---------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report.)

     Check whether the issuer (1) has filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the issuer was required to file such  reports),  and (2) has
been subject to such filing requirements for the past 90 days.
                                 Yes [X] No [ ]

     As of June 30,  2003,  the Company had  22,015,000  shares of common  stock
issued and outstanding.

     Documents incorporated by reference: None.





                         CHINA AUTOMOTIVE SYSTEMS, INC.

                                      INDEX



PART I.   FINANCIAL INFORMATION

     Item 1.   Financial Statements


               Condensed Consolidated Balance Sheets - June 30, 2003 (Unaudited)
               and December 31, 2002

               Condensed  Consolidated  Statements of  Operations  (Unaudited) -
               Three Months and Six Months Ended June 30, 2003 and 2002

               Condensed Consolidated  Statements of Comprehensive Income (Loss)
               (Unaudited) - Three Months and Six Months Ended June 30, 2003 and
               2002

               Condensed Consolidated Statements of Cash Flows (Unaudited) - Six
               Months Ended June 30, 2003 and 2002

               Notes to Condensed  Consolidated Financial Statements (Unaudited)
               - Three Months and Six Months Ended June 30, 2003 and 2002

     Item 2. Management's Discussion and Analysis or Plan of Operation

     Item 3. Controls and Procedures


PART II.  OTHER INFORMATION

     Item 6. Exhibits and Reports on Form 8-K


SIGNATURES




















                                       2


                 China Automotive Systems, Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheets

                                                      June 30,      December 31,
                                                        2003            2002
                                                    ------------    ------------
                                                     (Unaudited)

ASSETS

Current assets:
  Cash and cash equivalents                         $  7,734,000    $       --
  Pledged deposits                                     1,298,000            --
  Accounts receivable, including
    $1,295,000 due from related
    parties                                           25,430,000            --
  Deposits, prepaids and other
    receivables, including
    $2,078,000 due from related
    parties                                            8,116,000            --
  Advance payments                                     6,057,000            --
  Inventories                                         10,895,000            --
                                                    ------------    ------------
Total current assets                                  59,530,000            --
                                                    ------------    ------------


Property, plant and equipment                         18,891,000            --
Less:  Accumulated depreciation                       (4,209,000)           --
                                                    ------------    ------------
                                                      14,682,000            --
                                                    ------------    ------------

Equity investments in joint ventures                        --        20,329,000

Intangible assets, net                                 1,787,000            --

Long-term investments                                  1,259,000            --

Other assets                                              64,000            --
                                                    ------------    ------------
Total assets                                        $ 77,322,000    $ 20,329,000
                                                    ============    ============


















                                   (continued)

                                       3


                 China Automotive Systems, Inc. and Subsidiaries
                Condensed Consolidated Balance Sheets (continued)

                                                      June 30,      December 31,
                                                        2003            2002
                                                    ------------    ------------
                                                    (Unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Short-term borrowings                             $  8,434,000    $       --
  Accounts payable and accrued
    expenses, including $291,000
    due to related parties                            25,235,000            --
  Customer deposits                                      401,000            --
  Other payables                                       1,965,000            --
  Dividends payable                                      623,000            --
  Taxation payable                                     4,779,000            --
  Amounts due to
    shareholders/directors                                  --        14,826,000
                                                    ------------    ------------
Total current liabilities                             41,437,000      14,826,000
                                                    ------------    ------------


Long-term liabilities                                    197,000            --


Minority interest                                     13,900,000            --


Stockholders' equity:
Common stock, $0.0001 par value -
  Authorized - 80,000,000 shares
  Issued and Outstanding -
  22,015,000 shares at June 30, 2003
    and 20,914,250 shares at
    December 31, 2002                                      2,000           2,000
Additional paid-in capital                            19,712,000         193,000
Accumulated other comprehensive loss                    (954,000)           --
Retained earnings -
  Appropriated                                         7,077,000       5,308,000
  Unappropriated                                       1,608,000            --
                                                    ------------    ------------
Total stockholders' equity                            27,445,000       5,503,000


Less:  Amounts due from
  shareholders/directors                              (5,657,000)           --
                                                    ------------    ------------
Net stockholders' equity                              21,788,000       5,503,000
                                                    ------------    ------------
Total liabilities and stockholders'
  equity                                            $ 77,322,000    $ 20,329,000
                                                    ============    ============






     See accompanying notes to condensed consolidated financial statements.

                                       4


                 China Automotive Systems, Inc. and Subsidiaries
           Condensed Consolidated Statements of Operations (Unaudited)



                                                     Three Months Ended June 30,
                                                    ----------------------------
                                                        2003            2002
                                                    ------------    ------------

Net sales, including $1,215,000
  to related parties                                $ 12,358,000    $       --

Cost of sales                                          6,684,000            --
                                                    ------------    ------------
  Gross profit                                         5,674,000            --
                                                    ------------    ------------

Costs and expenses:
  Administrative, selling and general
    expenses                                           2,606,000            --
  Depreciation and amortization                          690,000            --
                                                    ------------    ------------
  Total costs and expenses                             3,296,000            --
                                                    ------------    ------------
Income from operations                                 2,378,000            --
                                                    ------------    ------------

Other income (expense):
  Equity income of joint ventures                           --         1,397,000
  Other non-operating income                             123,000            --
  Financial expenses                                     (64,000)           --
                                                    ------------    ------------
  Other income (expense), net                             59,000       1,397,000
                                                    ------------    ------------
Income before income taxes                             2,437,000       1,397,000

Income taxes                                             533,000            --
                                                    ------------    ------------
Income before minority interest                        1,904,000       1,397,000

Minority interest                                      1,278,000            --
                                                    ------------    ------------
Net income                                          $    626,000    $  1,397,000
                                                    ============    ============

Net income per common share -
  Basic                                             $       0.03    $       0.07
  Diluted                                           $       0.03    $       0.07

Weighted average common
  shares outstanding -
  Basic                                               22,015,000      20,914,250
  Diluted                                             22,490,450      20,914,250








     See accompanying notes to condensed consolidated financial statements.

                                       5


                 China Automotive Systems, Inc. and Subsidiaries
           Condensed Consolidated Statements of Operations (Unaudited)


                                                      Six Months Ended June 30,
                                                    ----------------------------
                                                        2003            2002
                                                    ------------    ------------

Net sales, including $2,015,000
  to related parties                                $ 23,489,000    $       --

Cost of sales                                         12,834,000            --
                                                    ------------    ------------
  Gross profit                                        10,655,000            --
                                                    ------------    ------------

Costs and expenses:
  Administrative, selling and general
    expenses                                           3,936,000            --
  Depreciation and amortization                        1,009,000            --
  Stock compensation                                   1,300,000            --
                                                    ------------    ------------
  Total costs and expenses                             6,245,000            --
                                                    ------------    ------------
Income from operations                                 4,410,000            --
                                                    ------------    ------------

Other income (expense):
  Equity income of joint ventures                           --         1,875,000
  Other non-operating income                             248,000            --
  Financial expenses                                    (123,000)           --
                                                    ------------    ------------
  Other income (expense), net                            125,000       1,875,000
                                                    ------------    ------------
Income before income taxes                             4,535,000       1,875,000

Income taxes                                             980,000            --
                                                    ------------    ------------
Income before minority interest                        3,555,000       1,875,000

Minority interest                                      2,737,000            --
                                                    ------------    ------------
Net income                                          $    818,000    $  1,875,000
                                                    ============    ============

Net income per common share -
  Basic                                             $       0.04    $       0.09
  Diluted                                           $       0.04    $       0.09

Weighted average common
  shares outstanding -
  Basic                                               21,648,083      20,914,250
  Diluted                                             21,971,592      20,914,250







     See accompanying notes to condensed consolidated financial statements.

                                       6


                 China Automotive Systems, Inc. and Subsidiaries
  Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


                                                     Three Months Ended June 30,
                                                     ---------------------------
                                                         2003            2002
                                                     -----------     -----------

Net income                                           $   626,000     $ 1,397,000

Other comprehensive income (loss):
  Foreign currency translation
    gain (loss)                                         (951,000)           --
                                                     -----------     -----------
Comprehensive income (loss)                          $  (325,000)    $ 1,397,000
                                                     ===========     ===========












































     See accompanying notes to condensed consolidated financial statements.

                                       7


                 China Automotive Systems, Inc. and Subsidiaries
  Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


                                                       Six Months Ended June 30,
                                                       -------------------------
                                                           2003          2002
                                                       -----------   -----------

Net income                                             $   818,000   $ 1,875,000

Other comprehensive income (loss):
  Foreign currency translation
    gain (loss)                                               --            --
                                                       -----------   -----------
Comprehensive income                                   $   818,000   $ 1,875,000
                                                       ===========   ===========












































     See accompanying notes to condensed consolidated financial statements.

                                       8


                 China Automotive Systems, Inc. and Subsidiaries
           Condensed Consolidated Statements of Cash Flows (Unaudited)


                                                      Six Months Ended June 30,
                                                     -----------    -----------
                                                         2003           2002
                                                     -----------    -----------

Cash flows from operating activities:
Net income                                           $   818,000    $ 1,875,000
Adjustments to reconcile net income
  to net cash provided by operating
  activities:
    Equity income of joint ventures                         --       (1,875,000)
    Minority shareholders' interests                   2,737,000           --
    Issuance of warrants to consultants                1,300,000           --
    Depreciation and amortization                      1,009,000           --
    Changes in operating assets and
      liabilities:
      (Increase) decrease in:
        Pledged deposits                                (833,000)          --
        Accounts receivable                            1,614,000        216,000
        Inventories                                   (1,561,000)          --
        Deposits, prepayments and
          other receivables                           (8,339,000)          --
      Increase (decrease) in:
        Accounts payable, accrued
          expenses, customer deposits
          and other payables                           5,426,000           --
        Taxation payable                                (639,000)          --
                                                     -----------    -----------
Net cash provided by operating activities              1,532,000        216,000
                                                     -----------    -----------



























                                   (continued)

                                       9


                 China Automotive Systems, Inc. and Subsidiaries
     Condensed Consolidated Statements of Cash Flows (Unaudited)(continued)



                                                      Six Months Ended June 30,
                                                     --------------------------
                                                         2003           2002
                                                     -----------    -----------

Cash flows from investing activities:
  Cash paid to acquire fixed assets and
    intangible assets                                 (1,044,000)          --
  Long-term investments                                     --       (7,139,000)
                                                     -----------    -----------
Net cash used in investing activities                 (1,044,000)    (7,139,000)
                                                     -----------    -----------

Cash flows from financing activities:
  Proceeds from borrowings, net                        4,811,000           --
  Dividends paid                                      (2,822,000)          --
  (Increase) decrease in amounts due
    from shareholders/directors                           21,000           --
  Increase (decrease) in amounts due
    to shareholders/directors                               --        6,923,000
                                                     -----------    -----------
Net cash provided by financing
  activities                                           2,010,000
                                                                      6,923,000
                                                     -----------    -----------

Effect of foreign currency exchange
  translation                                             68,000           --

Net increase (decrease) in cash
  and cash equivalents                                 2,566,000           --

Cash and cash equivalents -
  beginning of period, as a result
  of change from equity accounting
  to consolidation accounting
  effective January 1, 2003                            5,168,000           --
                                                     -----------    -----------

Cash and cash equivalents - end of
  period                                             $ 7,734,000    $      --
                                                     ===========    ===========















     See accompanying notes to condensed consolidated financial statements.

                                       10


                 China Automotive Systems, Inc. and Subsidiaries
        Notes to Condensed Consolidated Financial Statements (Unaudited)
            Three Months and Six Months Ended June 30, 2003 and 2002


1.   Organization and Basis of Presentation

Organization - Effective March 5, 2003, Visions-In-Glass,  Inc., a United States
public company incorporated in the State of Delaware ("Visions"), entered into a
Share Exchange  Agreement to acquire 100% of the  shareholder  interest in Great
Genesis  Holding  Limited,  a company  incorporated on January 3, 2003 under The
Companies  Ordinance  in  Hong  Kong  as a  limited  liability  company  ("Great
Genesis"),  as a result of which Great Genesis became a wholly-owned  subsidiary
of Visions. At the closing,  the old directors and officers of Visions resigned,
and new directors and officers were appointed.  Visions subsequently changed its
name to China Automotive Systems, Inc.

China Automotive Systems,  Inc.,  including,  when the context so requires,  its
subsidiaries and the subsidiaries'  interests in the sino-foreign joint ventures
described  below, is referred to herein as the "Company".  The Company,  through
its sino-foreign  joint ventures  described below, is engaged in the manufacture
and sale of automotive  components in the People's  Republic of China (the "PRC"
or "China").

Ji Long Enterprise  Investment Limited was incorporated on October 8, 1992 under
the Companies Ordinance in Hong Kong as a limited liability company ("Ji Long").
Ji Long is an investment  holding  company.  Effective March 4, 2003, all of the
shareholders  of Ji Long exchanged  their 100%  shareholder  interest for a 100%
shareholder  interest  in Great  Genesis,  as a result of which Ji Long became a
wholly-owned subsidiary of Great Genesis.

In exchange for the  acquisition  of 100% of the  shareholder  interest in Great
Genesis,  the  shareholders  of Great Genesis were issued  20,914,250  shares of
common stock of Visions.  In addition,  the  shareholders  of Great Genesis paid
$250,000 to the former officer,  director and controlling shareholder of Visions
for the cancellation of 17,424,750 shares of common stock (see Note 5), and have
agreed to pay an additional $70,000, subject to certain conditions.

The  acquisition  of  Great  Genesis  by  the  Company  was  accounted  for as a
recapitalization  of Great Genesis,  pursuant to which the  accounting  basis of
Great  Genesis   continued   unchanged   subsequent  to  the  transaction  date.
Accordingly,  the pre-transaction  financial statements of Great Genesis are the
historical financial statements of the Company.

Ji Long owns the following  aggregate net interests in four  sino-foreign  joint
ventures  organized  in the PRC as of and for the three  months  and six  months
ended June 30, 2003:

                                                        Percentage
Name of Entity                                           Interest
--------------                                           --------

Jingzhou Henglong Automotive Parts
  Co. Limited ("Henglong")                                 42.0%

Shashi Jiulong Power Steering Co.
  Limited ("Jiulong")                                      81.0%

Shenyang Jinbei Henglong Automotive
  Steering System Co. Limited ("Shenyang")                 55.0%

Zhejiang Henglong & Vie Pump-Manu Co.
  Limited ("Zhejiang")                                     51.0%



                                       11


At  December  31,  2002,  the  investors  in  Shenyang  were Ji Long,  Henglong,
Shengyang  Automotor  Industry   Investment   Corporation  and  Shenyang  Jinbei
Automotor Industry Co., Ltd. On December 12, 2002,  according to a decision made
at the meeting of the board of  directors,  30% of the stock  rights in Shenyang
held by Henglong were to be  transferred to Ji Long, and 17% of the stock rights
in Shenyang held by Shenyang Automotor Industry  Investment  Corporation were to
be transferred  to Shenyang  Jinbei  Automotor  Industry Co., Ltd. On January 8,
2003, Ji Long and Henglong signed an agreement for the transfer of stock rights,
which was approved by the  applicable  PRC  authorities  on May 22, 2003.  As of
December  31,  2002,  the Company  owned 25% of Shenyang  directly  and 12.6% of
Shenyang indirectly through its ownership in Henglong,  for a combined ownership
of 37.6%. As of June 30, 2003, the Company owned 55.0% of Shenyang directly. The
Company  accounted for this  increase in ownership in Shenyang  commencing as of
the effective date of January 1, 2003. The potential  adjustment to the minority
interest,  if any,  has not been  determined  nor  recorded  in these  financial
statements.

Basis of Presentation - For the three months and six months ended June 30, 2003,
the  accompanying   condensed  consolidated  financial  statements  include  the
accounts of the Company and its  majority-owned  subsidiaries  and  sino-foreign
joint  ventures.  For the three months and six months  ended June 30, 2002,  the
accompanying condensed financial statements include the accounts of the Company,
with the Company's  investments in  sino-foreign  joint  ventures  accounted for
under the equity method of accounting. All significant intercompany accounts and
transactions have been eliminated in consolidation.  The condensed  consolidated
financial  statements have been prepared in accordance  with generally  accepted
accounting principles in the United States of America.

During early 2003, the Directors of the Company and all other joint venturers in
the four  sino-foreign  joint  ventures  executed  "Act in Concert"  agreements,
resulting in the Company  having voting control in the four  sino-foreign  joint
ventures.  The Company is in the process of making  application  to the relevant
PRC authorities  for their approval to effect this change through  amendments to
the respective  joint venture  agreements.  Consequently,  effective  January 1,
2003, the Company changed from equity accounting to consolidation accounting for
its  investments  in  sino-foreign  joint  ventures for the three months and six
months  ended June 30,  2003.  Prior to January 1, 2003,  the  Company  used the
equity  method  pursuant to Emerging  Issues Task Force Issue No.  96-16,  which
states that if a minority joint venture  partner has the right to participate in
management,  the majority  joint venture  partner is required to account for its
interest in the joint venture under the equity method of accounting.

During the three months ended June 30,  2003, a profitable  production  line was
transferred  from  Henglong  (a 42% owned  subsidiary)  to Jiulong (an 81% owned
subsidiary).  Jiulong sells the output of the production line to Henglong, which
then sells the products to third parties.  All intercompany profit is eliminated
on consolidation.

The  Company  effected  a 3.5 to 1 forward  split of its  outstanding  shares of
common stock  during March 2003,  prior to the  transaction  with Great  Genesis
described  above.  Unless otherwise  indicated,  all share and per share amounts
presented herein have been adjusted to reflect the forward stock split.

Foreign  Currencies - The Company  maintains  its books and records in Hong Kong
Dollars ("HK Dollars"), its functional currency, and the joint ventures maintain
their  books  and  records  in  Renminbi  ("RMB"),  the  currency  of  the  PRC.
Translation  of amounts in United  States  dollars  ("US$") has been made at the
single  fixed rate of exchange of US$1.00 to 7.8 HK Dollars and the  translation
of amounts in HK Dollars has been made at an approximate  rate of 1 HK Dollar to
1.06 RMB.

Foreign  currency  transactions,  in HK Dollars and RMB, are reflected using the
temporal method.  Under this method,  all monetary items are translated into the
functional  currency at the rate of  exchange  prevailing  at the balance  sheet
date. Non-monetary items are translated at historical rates. Income and expenses
are translated at the rate in effect on the transaction dates. Transaction gains
and losses,  if any, are included in the  determination of net income (loss) for
the period.


                                       12


In  translating  the  financial  statements  of the Company from its  functional
currency into its reporting  currency in United  States  dollars,  balance sheet
accounts are translated using the closing exchange rate in effect at the balance
sheet date and income  and  expense  accounts  are  translated  using an average
exchange rate prevailing during the reporting period. Adjustments resulting from
the translation,  if any, are included in cumulative other comprehensive  income
in stockholders' equity.

The RMB is not readily  convertible  into United States dollars or other foreign
currencies.  The foreign  exchange rate between the United States dollar and the
RMB is approximately 1 RMB to US$0.1205,  since inception through June 30, 2003.
No  representation  is made that the RMB amounts  could have been,  or could be,
converted into United States dollars at that rate or at any other rate.

Comments - The accompanying interim condensed  consolidated financial statements
are  unaudited,  but in the opinion of  management  of the Company,  contain all
adjustments,  which include normal recurring  adjustments,  necessary to present
fairly the financial  position at June 30, 2003,  the results of operations  for
the three months and six months ended June 30, 2003 and 2002, and cash flows for
the six months ended June 30, 2003 and 2002. The  consolidated  balance sheet as
of December 31, 2002 is derived from the Company's audited financial statements.

Certain  information  and footnote  disclosures  normally  included in financial
statements  that  have been  prepared  in  accordance  with  generally  accepted
accounting  principles have been condensed or omitted  pursuant to the rules and
regulations of the Securities and Exchange  Commission,  although  management of
the  Company  believes  that  the  disclosures   contained  in  these  financial
statements  are  adequate  to  make  the  information   presented   therein  not
misleading.  For further information,  refer to the financial statements and the
notes thereto  included in the Company's  Current Report on Form 8-K/A dated May
19, 2003, as filed with the Securities and Exchange Commission.

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities,  disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses  during the reporting  period.  Actual  results
could differ from those estimates.

The results of  operations  for the three  months and six months  ended June 30,
2003 are not necessarily  indicative of the results of operations to be expected
for the full fiscal year ending December 31, 2003.

Income Per Share - Basic income per share is  calculated  by dividing net income
by the weighted average number of common shares  outstanding  during the period.
Diluted  income per share is calculated  assuming the issuance of common shares,
if  dilutive,   resulting  from  the  exercise  of  warrants.  The  Company  had
potentially  dilutive  securities  consisting  of warrants  to purchase  550,375
shares of common stock outstanding at June 30, 2003.

Stock-Based  Compensation - The Company may periodically  issue shares of common
stock for services rendered or for financing costs. Such shares are valued based
on the market price on the transaction date.

The Company may  periodically  issue stock options and warrants to employees and
non-employees in non-capital raising transactions for services and for financing
costs.

The Company has adopted Statement of Financial Accounting Standards ("SFAS") No.
123, "Accounting for Stock-Based  Compensation",  which establishes a fair value
method of accounting for stock-based compensation plans.

The  provisions  of SFAS No. 123 allow  companies to either record an expense in
the financial statements to reflect the estimated fair value of stock options or
warrants to employees,  or to continue to follow the intrinsic  value method set
forth in  Accounting  Principles  Board  Opinion No. 25,  "Accounting  for Stock
Issued to Employees", but to disclose on an annual basis the pro forma effect on


                                       13


net income  (loss) and net income  (loss) per common share had the fair value of
the stock options and warrants been recorded in the financial  statements.  SFAS
No. 123 was amended by SFAS No. 148, which now requires companies to disclose in
interim  financial  statements the pro forma effect on net income (loss) and net
income  (loss) per common  share of the  estimated  fair  market  value of stock
options or warrants issued to employees.  The Company has elected to continue to
account for stock-based compensation plans utilizing the intrinsic value method.
Accordingly, compensation cost for stock options and warrants is measured as the
excess,  if any, of the fair market price of the  Company's  common stock at the
date of grant above the amount an employee must pay to acquire the common stock.

In accordance  with SFAS No. 123, the cost of stock options and warrants  issued
to  non-employees  is  measured at the grant date based on the fair value of the
award.  The  fair  value  of the  stock-based  award  is  determined  using  the
Black-Scholes  option pricing model.  The resulting amount is charged to expense
on the  straight-line  basis  over the  period in which the  Company  expects to
receive benefit, which is generally the vesting period.


2.   Certain Significant Risks and Uncertainties

The  Company is  subject  to the  consideration  and risks of  operating  in the
People's Republic of China (the "PRC").  These include risks associated with the
political  and economic  environment,  foreign  currency  exchange and the legal
system in the PRC.

The economy of PRC differs  significantly  from the  economies of the  "western"
industrialized  nations in such  respects as  structure,  level of  development,
gross national product, growth rate, capital reinvestment,  resource allocation,
self-sufficiency,  rate of  inflation  and balance of payments  position,  among
others.  Only recently has the PRC  government  encouraged  substantial  private
economic activities.  The Chinese economy has experienced  significant growth in
the past several years, but such growth has been uneven among various sectors of
the economy and  geographic  regions.  Actions by the PRC  government to control
inflation have significantly  restrained  economic expansion in the recent past.
Similar  actions by the PRC  government  in the future could have a  significant
adverse effect on economic conditions in PRC.

Many laws and regulations  dealing with economic  matters in general and foreign
investment in particular  have been enacted in the PRC.  However,  the PRC still
does not have a  comprehensive  system of laws, and enforcement of existing laws
may be uncertain and sporadic.

Any  devaluation  of the Renminbi  (RMB)  against the United States dollar would
consequently  have adverse  effects on the Company's  financial  performance and
asset values when measured in terms of the United States dollar.  Should the RMB
significantly  devalue against the United States dollar,  such devaluation could
have a  material  adverse  effect  on the  Company's  earnings  and the  foreign
currency  equivalent  of such  earnings.  The  Company  does not hedge its RMB -
United States dollar exchange rate exposure.

On January 1, 1994, the PRC  government  introduced a single rate of exchange as
quoted daily by the People's Bank of China (the  "Unified  Exchange  Rate").  No
representation  is made that the RMB amounts have been,  or could be,  converted
into US$ at that rate.  This  quotation  of  exchange  rates does not imply free
convertibility  of  RMB  to  other  foreign  currencies.  All  foreign  exchange
transactions  continue to take place  either  through the Bank of China or other
banks authorized to buy and sell foreign  currencies at the exchange rate quoted
by the  People's  Bank of China.  Approval of foreign  currency  payments by the
People's  Bank of China or other  institutions  requires  submitting  a  payment
application  form  together with  suppliers'  invoices,  shipping  documents and
signed contracts.






                                       14


3.   Inventories

Inventories at June 30, 2003 (unaudited) consisted of the following:


Raw materials                $   2,383,000
Work-in-process                  1,210,000
Finished goods                   7,302,000
                             -------------
                             $  10,895,000
                             =============


4.   Amounts Due From and Due to Shareholders/Directors

During   the   six   months    ended   June   30,    2003,    amounts   due   to
shareholders/directors,  including accrued dividends,  aggregating approximately
$17,167,000 were cancelled. This transaction was accounted for as a contribution
to capital.

Amounts due from shareholders/directors  aggregated $5,657,000 at June 30, 2003.
These  amounts  do not bear  interest  and  have no  specific  repayment  terms.
Accordingly, such amounts have been shown as a reduction of stockholders' equity
in the accompanying condensed consolidated balance sheet at June 30, 2003.


5.   Stockholders' Equity

During  March 2003,  in  conjunction  with the  transaction  with Great  Genesis
described  at Note 1,  the  Company  effected  a 3.5 to 1  forward  split of its
outstanding  shares of common stock,  thus  increasing  the 5,293,000  shares of
common stock outstanding at that time to 18,525,500  shares, of which 17,424,750
shares were then returned to the Company and cancelled.

During  March 2003,  in  conjunction  with the  transaction  with Great  Genesis
described at Note 1, the Company issued common stock purchase  warrants to three
consultants  to  acquire  an  aggregate  of  550,375  shares  of  common  stock,
exercisable  for a period of one year at $1.20 per  share.  The  aggregate  fair
value of these warrants, calculated pursuant to the Black-Scholes option pricing
model,  was estimated to be $1,300,000,  which was charged to operations  during
the six months ended June 30, 2003.


6.  Income Taxes

The Company's  sino-foreign  joint ventures are subject to income taxes based on
income arising in or derived from the People's  Republic of China,  generally at
an effective tax rate of 15%.


7.   Significant Concentrations and Related Party Transactions

The Company grants credit to its customers,  generally on an open account basis.
The Company's  customers are all located in the PRC. Two customers accounted for
approximately 38% of the Company's net sales for the three months and six months
ended June 30, 2003, with one customer  accounting for approximately 12% and the
other customer approximately 26% of total sales. At June 30, 2003, approximately
19% of accounts  receivable were from trade transactions with the aforementioned
two customers.

During the three  months and six months  ended June 30,  2003,  sales to related
parties aggregated $1,215,000 and $2,015,000, respectively.

During the three  months and six months  ended  June 30,  2003,  purchases  from
related parties aggregated $1,225,000 and $1,607,000, respectively.


                                       15


8.   Summary Condensed Statements of Operations

For the three months and six months ended June 30, 2002, the Company's condensed
financial  statements  included the Company's  investments in sino-foreign joint
ventures accounted for under the equity method of accounting.

Condensed  unaudited  financial  information with respect to these  sino-foreign
joint ventures for 2002 is presented below.


                                       Three Months Ended     Six Months Ended
                                         June 30, 2002         June 30, 2002
                                       ------------------    ------------------

Net sales                              $       10,280,000    $       15,125,000
Cost of sales                                   5,427,000             7,758,000
Administrative, selling
  and general expenses                            482,000             1,710,000
Other income (expense)                           (603,000)             (608,000)
Financial expenses                                 48,000                80,000
Income taxes                                      557,000               744,000
Minority interest                               1,766,000             2,350,000
                                       ------------------    ------------------
Net income                             $        1,397,000    $        1,875,000
                                       ==================    ==================



9.   Recent Accounting Pronouncements

In August 2001, the FASB issued SFAS No. 143,  "Accounting for Asset  Retirement
Obligations".  SFAS No. 143  addresses  the  diverse  accounting  practices  for
obligations associated with the retirement of tangible long-lived assets and the
associated  asset  retirement  costs. The Company adopted SFAS No. 143 effective
January 1, 2003. The adoption of SFAS No. 143 did not have a significant  effect
on the Company's financial statement presentation or disclosures.

In April 2002, the FASB issued SFAS No. 145,  "Rescission of FASB Statements No.
4, 44, and 64,  Amendment of FASB Statement No. 13, and Technical  Corrections".
SFAS No. 145 rescinds the  provisions of SFAS No. 4 that  requires  companies to
classify  certain gains and losses from debt  extinguishments  as  extraordinary
items,  eliminates  the  provisions  of SFAS No. 44 regarding  transition to the
Motor  Carrier Act of 1980 and amends the  provisions  of SFAS No. 13 to require
that certain lease modifications be treated as sale leaseback transactions.  The
provisions of SFAS No. 145 related to classification of debt extinguishments are
effective for fiscal years beginning after May 15, 2002. Earlier  application is
encouraged.  The adoption of SFAS No. 145 did not have a  significant  effect on
the Company's financial statement presentation or disclosures.

In June 2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs  Associated
with Exit or Disposal  Activities,"  which requires companies to recognize costs
associated  with exit or disposal  activities when they are incurred rather than
at the date of a commitment to an exit or disposal  plan.  Such costs covered by
SFAS No. 146 include  lease  termination  costs and certain  employee  severance
costs that are associated with a restructuring,  discontinued  operation,  plant
closing, or other exit or disposal activity.  SFAS No. 146 replaces the previous
accounting  guidance provided by the EITF No. 94-3,  "Liability  Recognition for
Certain  Employee  Termination  Benefits  and  Other  Costs to Exit an  Activity
(including  Certain Costs Incurred in a  Restructuring)."  SFAS No. 146 is to be
applied  prospectively to exit or disposal  activities  initiated after December
31, 2002. The adoption of SFAS No. 146 did not have a significant  effect on the
Company's financial statement presentation or disclosures.


                                       16


In  October  2002,  the FASB  issued  SFAS No.  147,  "Acquisitions  of  Certain
Financial Acquisitions of Financial Institutions, Except Transactions Between or
More Mutual  Enterprises".  The  Company  does not expect that SFAS No. 147 will
have any effect on its financial statement presentation or disclosures.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation  - Transition  and  Disclosure".  SFAS No. 148 amends SFAS No. 123,
"Accounting for Stock-Based  Compensation",  to provide  alternative  methods of
transition  for a voluntary  change to the fair value based method of accounting
for  stock-based  employee  compensation.  In addition,  SFAS No. 148 amends the
disclosure requirements of SFAS No. 123 to require prominent disclosures in both
annual and  interim  financial  statements  about the method of  accounting  for
stock-based employee  compensation and the effect of the method used on reported
results. SFAS No. 148 is effective for fiscal years beginning after December 15,
2002.  The interim  disclosure  provisions  are effective for financial  reports
containing financial statements for interim periods beginning after December 15,
2002.  The  adoption  of SFAS No. 148 did not have a  significant  effect on the
Company's financial statement presentation or disclosures.

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments  and  Hedging  Activities".  SFAS  No.  149  amends  and
clarifies under what circumstances a contract with initial investments meets the
characteristics  of a  derivative  and when a  derivative  contains a  financing
component.  SFAS No. 149 is  effective  for  contracts  entered into or modified
after June 30,  2003.  The Company does not expect that the adoption of SFAS No.
149  will  have a  significant  effect  on  the  Company's  financial  statement
presentation or disclosures.

In May 2003,  the FASB issued SFAS No. 150,  "Accounting  for Certain  Financial
Instruments with  Characteristics of both Liabilities and Equity".  SFAS No. 150
establishes standards for how an issuer classifies and measures in its statement
of financial position certain financial instruments with characteristics of both
liabilities  and  equity.  SFAS No.  150  requires  that an  issuer  classify  a
financial  instrument  that is within its scope as a  liability  (or an asset in
some circumstances)  because that financial instrument embodies an obligation of
the issuer. SFAS No. 150 is effective for financial  instruments entered into or
modified  after May 31, 2003 and  otherwise is effective at the beginning of the
first  interim  period  beginning  after  June 15,  2003.  SFAS No. 150 is to be
implemented  by  reporting  the  cumulative  effect  of a change  in  accounting
principle for financial instruments created before the issuance date of SFAS No.
150 and still  existing  at the  beginning  of the interim  period of  adoption.
Restatement is not  permitted.  The Company does not expect that the adoption of
SFAS No. 150 will have a significant effect on the Company's financial statement
presentation or disclosures.










                                       17


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Cautionary   Statement  Pursuant  to  Safe  Harbor  Provisions  of  the  Private
Securities Litigation Reform Act of 1995:

This  Quarterly  Report on Form 10-QSB for the  quarterly  period ended June 30,
2003 contains "forward-looking  statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended,  including  statements  that include the
words  "believes",  "expects",  "anticipates",  or  similar  expressions.  These
forward-looking   statements  include,   but  are  not  limited  to,  statements
concerning   the   Company's   expectations   regarding   its  working   capital
requirements,  financing requirements,  business prospects, and other statements
of expectations,  beliefs,  future plans and strategies,  anticipated  events or
trends,  and similar  expressions  concerning  matters  that are not  historical
facts.  The  forward-looking  statements in this Quarterly Report on Form 10-QSB
for the quarterly  period ended June 30, 2003 involve  known and unknown  risks,
uncertainties and other factors that could cause the actual results, performance
or achievements  of the Company to differ  materially from those expressed in or
implied by the forward-looking statements contained herein.

General Overview:

Effective March 5, 2003, Visions-In-Glass,  Inc., a United States public company
incorporated in the State of Delaware ("Visions"), entered into a Share Exchange
Agreement to acquire 100% of the  shareholder  interest in Great Genesis Holding
Limited, a company incorporated on January 3, 2003 under The Companies Ordinance
in Hong Kong as a limited  liability company ("Great  Genesis"),  as a result of
which Great Genesis became a wholly-owned subsidiary of Visions. At the closing,
the old  directors  and  officers of Visions  resigned,  and new  directors  and
officers  were  appointed.  Visions  subsequently  changed  its  name  to  China
Automotive Systems, Inc.

China Automotive Systems,  Inc.,  including,  when the context so requires,  its
subsidiaries and the subsidiaries'  interests in the sino-foreign joint ventures
described  below, is referred to herein as the "Company".  The Company,  through
its sino-foreign  joint ventures  described below, is engaged in the manufacture
and sale of automotive  components in the People's  Republic of China (the "PRC"
or "China").

Ji Long Enterprise  Investment Limited was incorporated on October 8, 1992 under
the Companies Ordinance in Hong Kong as a limited liability company ("Ji Long").
Ji Long is an investment  holding  company.  Effective March 4, 2003, all of the
shareholders  of Ji Long exchanged  their 100%  shareholder  interest for a 100%
shareholder  interest  in Great  Genesis,  as a result of which Ji Long became a
wholly-owned subsidiary of Great Genesis.

In exchange for the  acquisition  of 100% of the  shareholder  interest in Great
Genesis,  the  shareholders  of Great Genesis were issued  20,914,250  shares of
common stock of Visions.  In addition,  the  shareholders  of Great Genesis paid
$250,000 to the former officer,  director and controlling shareholder of Visions
for the  cancellation of 17,424,750  shares of common stock,  and have agreed to
pay an additional $70,000, subject to certain conditions.

The  acquisition  of  Great  Genesis  by  the  Company  was  accounted  for as a
recapitalization  of Great Genesis,  pursuant to which the  accounting  basis of
Great  Genesis   continued   unchanged   subsequent  to  the  transaction  date.
Accordingly,  the pre-transaction  financial statements of Great Genesis are the
historical financial statements of the Company.

Ji Long owns the following  aggregate net interests in four  sino-foreign  joint
ventures  organized  in the PRC as of and for the three  months  and six  months
ended June 30, 2003:



                                       18






                                                        Percentage
Name of Entity                                           Interest
--------------                                           --------

Jingzhou Henglong Automotive Parts
  Co. Limited ("Henglong")                                 42.0%

Shashi Jiulong Power Steering Co.
  Limited ("Jiulong")                                      81.0%

Shenyang Jinbei Henglong Automotive
  Steering System Co. Limited ("Shenyang")                 55.0%

Zhejiang Henglong & Vie Pump-Manu Co.
  Limited ("Zhejiang")                                     51.0%


At  December  31,  2002,  the  investors  in  Shenyang  were Ji Long,  Henglong,
Shengyang  Automotor  Industry   Investment   Corporation  and  Shenyang  Jinbei
Automotor Industry Co., Ltd. On December 12, 2002,  according to a decision made
at the meeting of the board of  directors,  30% of the stock  rights in Shenyang
held by Henglong were to be  transferred to Ji Long, and 17% of the stock rights
in Shenyang held by Shenyang Automotor Industry  Investment  Corporation were to
be transferred  to Shenyang  Jinbei  Automotor  Industry Co., Ltd. On January 8,
2003, Ji Long and Henglong signed an agreement for the transfer of stock rights,
which was approved by the  applicable  PRC  authorities  on May 22, 2003.  As of
December  31,  2002,  the Company  owned 25% of Shenyang  directly  and 12.6% of
Shenyang indirectly through its ownership in Henglong,  for a combined ownership
of 37.6%. As of June 30, 2003, the Company owned 55.0% of Shenyang directly. The
Company  accounted for this  increase in ownership in Shenyang  commencing as of
the effective date of January 1, 2003. The potential  adjustment to the minority
interest,  if any,  has not been  determined  nor  recorded  in these  financial
statements.

For the three  months  and six  months  ended June 30,  2003,  the  accompanying
condensed  consolidated financial statements include the accounts of the Company
and its  majority-owned  subsidiaries and sino-foreign  joint ventures.  For the
three  months and six months  ended June 30, 2002,  the  accompanying  condensed
financial  statements  include the accounts of the Company,  with the  Company's
investments in sino-foreign  joint ventures  recorded under the equity method of
accounting.  All significant  intercompany  accounts and transactions  have been
eliminated in consolidation.  The condensed  consolidated  financial  statements
have been prepared in accordance with generally accepted  accounting  principles
in the United States of America.

During early 2003, the Directors of the Company and all other joint venturers in
the four  sino-foreign  joint  ventures  executed  "Act in Concert"  agreements,
resulting in the Company  having voting control in the four  sino-foreign  joint
ventures.  The Company is in the process of making  application  to the relevant
PRC authorities  for their approval to effect this change through  amendments to
the respective  joint venture  agreements.  Consequently,  effective  January 1,
2003, the Company changed from equity accounting to consolidation accounting for
its  investments  in  sino-foreign  joint  ventures for the three months and six
months  ended June 30,  2003.  Prior to January 1, 2003,  the  Company  used the
equity  method  pursuant to Emerging  Issues Task Force Issue No.  96-16,  which
states that if a minority joint venture  partner has the right to participate in
management,  the majority  joint venture  partner is required to account for its
interest in the joint venture under the equity method of accounting.

During the three months ended June 30,  2003, a profitable  production  line was
transferred  from  Henglong  (a 42% owned  subsidiary)  to Jiulong (an 81% owned
subsidiary).  Jiulong sells the output of the production line to Henglong, which
then sells the products to third parties.  All intercompany profit is eliminated
on consolidation.


                                       19


Critical Accounting Policies:

The  Company  prepared  its  condensed   consolidated  financial  statements  in
accordance with accounting principles generally accepted in the United States of
America.  The  preparation  of these  financial  statements  requires the use of
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the  financial  statements  and the reported  amount of revenues and expenses
during the reporting period. Management periodically evaluates the estimates and
judgments  made.  Management  bases its  estimates  and  judgments on historical
experience and on various  factors that are believed to be reasonable  under the
circumstances.  Actual  results may differ from these  estimates  as a result of
different assumptions or conditions.

The following critical accounting policies affect the more significant judgments
and estimates used in the  preparation of the Company's  condensed  consolidated
financial statements.

Accounts Receivable:

Revenue from the sale of products is recognized when the  significant  risks and
rewards  of  ownership  have been  transferred  to the  customer.  No revenue is
recognized if there are significant  uncertainties  regarding  collection of the
consideration due, associated costs or the possible return of goods.

In order to  determine  the  value of the  Company's  accounts  receivable,  the
Company  records a provision  for  doubtful  accounts to cover  probable  credit
losses.  Management  reviews and adjusts this  allowance  periodically  based on
historical  experience and its evaluation of the  collectibility  of outstanding
accounts receivable.

Inventories:

Inventories  are stated at the lower of cost and net realizable  value.  Cost is
determined  on a  moving-average  basis and  comprises all costs of purchase and
other costs incurred in bringing the  inventories to their present  location and
condition.  The Company evaluates the net realizable value of its inventories on
a regular basis and reduces the computed  moving-average  cost if it exceeds the
net realizable value.

Income Taxes:

The  Company  records a tax  provision  to reflect the  expected  tax payable on
taxable income for the period, using tax rates enacted or substantially  enacted
at the  balance  sheet  date,  and any  adjustment  to tax payable in respect of
previous periods.

Impairment of Long-Lived Assets:

The Company's  long-lived  assets  consist of property and equipment and certain
intangible  assets.  In assessing  the  impairment  of such assets,  the Company
periodically  makes  assumptions  regarding the estimated  future cash flows and
other factors to determine  the fair value of the  respective  assets.  If these
estimates or the related  assumptions  indicate that the carrying amount may not
be recoverable,  the Company records impairment charges for these assets at such
time.

Results of Operations:

The Company's  sino-foreign joint ventures are presented on a consolidated basis
for the three  months and six months  ended June 30,  2003,  as  compared to the
equity method of  accounting  for the three months and six months ended June 30,
2002. Accordingly, the results of operations for the three months and six months
ended June 30, 2003 are not  comparable to the three months and six months ended
June 30, 2002.

Three Months Ended June 30, 2003 and 2002:

Net Sales. Net sales were $12,358,000 for the three months ended June 30, 2003.


                                       20


Gross  Profit.  Gross profit was  $5,674,000 or 45.9% of net sales for the three
months ended June 30, 2003.

Administrative, Selling and General Expenses. Administrative, selling and
general expenses were $2,606,000 for the three months ended June 30, 2003.

Depreciation  and  Amortization.  Depreciation and amortization was $690,000 for
the three months ended June 30, 2003.

Income From  Operations.  Income from  operations  was  $2,378,000 for the three
months ended June 30, 2003.

Equity Income of Joint  Ventures.  The Company  recorded  equity income of joint
ventures  aggregating  $1,397,000  for the three  months  ended  June 30,  2002,
reflecting the Company's  aggregate  proportionate  share of the earnings of its
sino-foreign joint ventures based on the equity method of accounting.

Other  Non-Operating  Income.  Other  non-operating  income was $123,000 for the
three months ended June 30, 2003.

Financial  Expenses.  Financial expenses were $64,000 for the three months ended
June 30, 2003.

Income Before Income Taxes.  Income before income taxes was  $2,437,000  for the
three months ended June 30, 2003, as compared to $1,397,000 for the three months
ended June 30, 2002.

Income  Taxes.  Income  taxes were  $533,000 for the three months ended June 30,
2003.

Income Before Minority Interest.  Income before minority interest was $1,904,000
for the three  months  ended June 30, 2003,  as compared to  $1,397,000  for the
three months ended June 30, 2002.

Minority Interest.  The Company recorded the minority interests' aggregate share
in each sino-foreign  joint venture's  earnings  aggregating  $1,278,000 for the
three months ended June 30, 2003.

Net Income. Net income was $626,000 for the three months ended June 30, 2003, as
compared to $1,397,000 for the three months ended June 30, 2002.


Six Months Ended June 30, 2003 and 2002:

Net Sales. Net sales were $23,489,000 for the six months ended June 30, 2003.

Gross  Profit.  Gross profit was  $10,655,000  or 45.4% of net sales for the six
months ended June 30, 2003.

Administrative,  Selling  and  General  Expenses.  Administrative,  selling  and
general expenses were $3,936,000 for the six months ended June 30, 2003.

Depreciation and Amortization.  Depreciation and amortization was $1,009,000 for
the six months ended June 30, 2003.

Stock Compensation.  During March 2003, in conjunction with the transaction with
Great Genesis described above, the Company issued common stock purchase warrants
to three  consultants to acquire an aggregate of 550,375 shares of common stock,
exercisable  for a period of one year at $1.20 per  share.  The  aggregate  fair
value of these warrants, calculated pursuant to the Black-Scholes option pricing
model,  was estimated to be $1,300,000,  which was charged to operations  during
the six months ended June 30, 2003.


                                       21


Income From Operations. Income from operations was $4,410,000 for the six months
ended June 30, 2003.  Excluding the non-cash charge of $1,300,000 related to the
issuance  of warrants in March  2003,  income  from  operations  would have been
$5,710,000 for the six months ended June 30, 2003.

Equity Income of Joint  Ventures.  The Company  recorded  equity income of joint
ventures  aggregating  $1,875,000  for the  six  months  ended  June  30,  2002,
reflecting the Company's  aggregate  proportionate  share of the earnings of its
sino-foreign joint ventures based on the equity method of accounting.

Other Non-Operating  Income. Other non-operating income was $248,000 for the six
months ended June 30, 2003.

Financial  Expenses.  Financial  expenses were $123,000 for the six months ended
June 30, 2003.

Income Before Income Taxes.  Income before income taxes was  $4,535,000  for the
six months ended June 30,  2003,  as compared to  $1,875,000  for the six months
ended June 30, 2002.  Excluding the non-cash charge of $1,300,000 related to the
issuance  of warrants in March  2003,  income  from  operations  would have been
$5,835,000 for the six months ended June 30, 2003.

Income Taxes. Income taxes were $980,000 for the six months ended June 30, 2003.

Income Before Minority Interest.  Income before minority interest was $3,555,000
for the six months ended June 30, 2003,  as compared to  $1,875,000  for the six
months ended June 30, 2002. Excluding the non-cash charge of $1,300,000 relating
to the issuance of warrants in March 2003, income before minority interest would
have been $4,855,000 for the six months ended June 30, 2003.

Minority Interest.  The Company recorded the minority interests' aggregate share
in each sino-foreign joint venture's earnings aggregating $2,737,000 for the six
months ended June 30, 2003.

Net Income.  Net income was $818,000 for the six months ended June 30, 2003,  as
compared to $1,875,000 for the six months ended June 30, 2002.


Financial Condition - June 30, 2003:

Liquidity and Capital Resources:

Operating.  The Company's  operations  provided  cash of $1,532,000  for the six
months ended June 30, 2003.  At June 30, 2003,  cash and cash  equivalents  were
$7,734,000.  Working  capital was  $18,093,000  at June 30,  2003,  reflecting a
current ratio of 1.29:1.

The Company  anticipates that its working capital resources are adequate to fund
anticipated costs and expenses through the remainder of the year ending December
31, 2003.

Investing.  During the six months  ended June 30,  2003,  the  Company  expended
$1,044,000 to acquire fixed assets and intangible assets.  During the six months
ended June 30, 2002,  the Company  expended  $7,139,000 to fund  investments  in
sino-foreign joint ventures.

Financing.  During the six months  ended June 30,  2003,  the Company  generated
$2,010,000 from financing activities, consisting of the proceeds from borrowings
of $4,811,000 and a net increase in amounts due from  shareholders/directors  of
$21,000,  offset in part by dividends paid of $2,822,000.  During the six months
ended June 30, 2002, the Company's directors/shareholders advanced $6,923,000 to
fund the operations of the Company.


                                       22


During   the   six   months    ended   June   30,    2003,    amounts   due   to
shareholders/directors,  including accrued dividends,  aggregating approximately
$17,167,000 were cancelled. This transaction was accounted for as a contribution
to capital.

Amounts due from shareholders/directors  aggregated $5,657,000 at June 30, 2003.
These  amounts  do not bear  interest  and  have no  specific  repayment  terms.
Accordingly, such amounts have been shown as a reduction of stockholders' equity
in the accompanying condensed consolidated balance sheet at June 30, 2003.


ITEM 3.  CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Disclosure  controls  and  procedures  are  designed to ensure that  information
required to be  disclosed in the reports  filed or submitted  under the Exchange
Act of 1934 is recorded,  processed,  summarized  and reported,  within the time
periods  specified  in the  rules  and  forms  of the  Securities  and  Exchange
Commission.  Disclosure  controls and procedures  include,  without  limitation,
controls  and  procedures  designed  to ensure that  information  required to be
disclosed in the reports filed under the Exchange Act of 1934 is accumulated and
communicated  to  management,  including its  principal  executive and financial
officers,   as  appropriate,   to  allow  timely  decisions  regarding  required
disclosure.

The  Company  carried  out an  evaluation,  under the  supervision  and with the
participation of the Company's management, including its principal executive and
financial  officers,  of the  effectiveness  of the design and  operation of the
Company's  disclosure  controls  and  procedures  as of the  end  of the  fiscal
quarter.  Based  upon  and as of the  date of  that  evaluation,  the  Company's
principal   executive  and  financial  officers  concluded  that  the  Company's
disclosure  controls and  procedures  are  effective to ensure that  information
required to be disclosed in the reports the Company  files and submits under the
Exchange Act of 1934 is recorded, processed, summarized and reported as and when
required.

(b) Changes in Internal Controls

There were no changes in the  Company's  internal  controls or in other  factors
that could have significantly  affected those controls subsequent to the date of
the Company's most recent evaluation.






















                                       23


                           PART II. OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

     A list of exhibits required to be filed as part of this report is set forth
     in the Index to Exhibits,  which immediately precedes such exhibits, and is
     incorporated herein by reference.

(b)  Reports on Form 8-K

     Three Months Ended June 30, 2003:

     The Company  filed a Current  Report on Form 8-K on May 8, 2003 to report a
     change in independent accountants.

     The Company filed a Current Report on Form 8-K/A on May 19, 2003 to provide
     the audited financial statements of Great Genesis Holding Limited.








































                                       24


                                   SIGNATURES


     Pursuant to the  requirements  of the Exchange Act, the  registrant  caused
     this report to be signed on its behalf by the  undersigned,  thereunto duly
     authorized.




                                             CHINA AUTOMOTIVE SYSTEMS, INC.
                                             ------------------------------
                                                      (Registrant)




DATE:  August 18, 2003                  By:  /s/ HANLIN CHEN
                                             -----------------------
                                             Hanlin Chen
                                             Chief Executive Officer
                                             and President




DATE:  August 18, 2003                  By:  /s/ DAMING HU
                                             -----------------------
                                             Daming Hu
                                             Chief Financial Officer


































                                       25


                                INDEX TO EXHIBITS



Exhibit
Number   Description of Document
------   -----------------------

31.1     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         - Hanlin Chen

31.2     Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         - Daming Hu

32       Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

















































                                       26