WUHAN,
China, Nov. 29, 2022 /PRNewswire/
-- China Automotive Systems, Inc. (Nasdaq:
CAAS) ("CAAS" or the "Company"), a leading power
steering components and systems supplier in China, today
announced that it hosted senior executives of BYD at CAAS'
headquarters to plan a strategic partnership for future autonomous
driving.
CAAS has supplied more 3 million power steering sets, including
electric power steering ("EPS") units, to BYD over a 20-year
partnership. Led by senior vice presidents Mr. Yubo Lian and Bo
Wang, the BYD delegation toured the key production plants
and R&D center of CAAS, and had a series of meetings focused on
core technologies and components to fulfill autonomous driving.
They also met with a senior team from Sentient, CAAS' Swedish
subsidiary specializing in autonomous driving software. The
two executives test-drove BYD's Tang model equipped with a
customized autonomous driving program designed by CAAS and
Sentient.
Mr. Hanlin Chen, Chairman of CAAS, commented, "We have the
honor to be in the forefront witnessing BYD's miracle from
prototyping their first car with us to becoming now the world's
largest electric vehicle producer. As the next chapter for
automakers around the world is autonomous driving, we are proud to
again be the trusted partner for BYD to help further advance their
lead in smart vehicles for the future. Sentient is a global leader
in foundational technology for autonomous driving and has won
installation contracts with global truck OEMs. Together with our
leadership in electric power steering systems, electric motors, and
electric control software, we provide a total solution to empower
leading OEMs like BYD to introduce state-of-the-art experiences to
the marketplace."
About China Automotive Systems, Inc.
Based in Hubei Province,
the People's Republic of China,
China Automotive Systems, Inc. is a leading supplier of power
steering components and systems to the Chinese automotive industry,
operating through ten Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 6 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd.
and Chery Automobile Co., Ltd. in China, and Fiat Chrysler Automobiles (FCA) and
Ford Motor Company in North
America. For more information, please visit:
http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 30, 2022, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. If the outbreak of COVID-19
is not effectively and timely controlled, our business operations
and financial condition may be materially and adversely affected as
a result of the deteriorating market outlook for automobile sales,
the slowdown in regional and national economic growth, weakened
liquidity and financial condition of our customers or other factors
that we cannot foresee. Any of these factors and other factors
beyond our control, could have an adverse effect on the overall
business environment, cause uncertainties in the regions where we
conduct business, cause our business to suffer in ways that we
cannot predict and materially and adversely impact our business,
financial condition and results of operations. A prolonged
disruption or any further unforeseen delay in our operations of the
manufacturing, delivery and assembly process within any of our
production facilities could continue to result in delays in the
shipment of products to our customers, increased costs and reduced
revenue. We expressly disclaim any duty to provide updates to
any forward-looking statements made in this press release, whether
as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
+1-212-521-4050
Email: Kevin@awakenlab.com
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SOURCE China Automotive Systems, Inc.