WUHAN,
China, Dec. 12, 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 has introduced a
new series of Electric Power Steering ("EPS") systems for the
largest Chinese EV producer, BYD Auto ("BYD").
After 18 months of preparation and close collaboration between
both R&D teams, CAAS won design contracts for C-EPS, DP-EPS and
R-EPS from BYD for all its series of products. Being the first
DP-EPS supplier to BYD, CAAS' R&D engineers used computer-aided
design ("CAD") and artificial intelligence to shorten the design
cycle to 5 months, and successfully completed the integration of
DP-EPS in the chassis general assembly for BYD's model, Tang. Due
to its superior performance in Noise, Vibration, and Harshness
("NVH") and driver experiences, DP-EPS is now officially replacing
higher cost R-EPS by BYD, especially for BYD's popular high-end
vehicle models, Tang and Han. The mass production of DP-EPS has
begun, with an annual volume of approximately 300,000 units, and
the wide adoption of the Company's DP-EPS, R-EPS and C-EPS is
expected in all BYD Dynasty series ("Tang, Han, Song pro, and Song
Plus"), Marine Life series ("Dolphin
and Seal"), Classic Ship series ("Frigate"), and the Denza
series.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "We are a proud partner as we continue to anchor the
steering system designs for BYD and help drive their technology
advancement in their ferocious quest in the vast and rapid growing
EV market. Working with BYD brings out the best of CAAS as our
engineering team embraces every opportunity to set new records and
raise the bar in new product designs. Now the baton has been passed
to our best-in-class production team to meet the high expectations
of our customer and deliver the high-quality products to the end
market."
Mr. Jie Li, the Chief Financial
Officer of CAAS, commented, "Despite the recent market volatility,
our operations remain strong, we recently increased our annual
guidance and bought back more shares in the fourth quarter. We
continue to believe the market price of our shares does not fully
reflect our intrinsic value."
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.