WUHAN, China, Sept. 20, 2018 /PRNewswire/ -- China
Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the
"Company"), a leading power steering components and systems
supplier in China, today announced that the ground breaking
ceremony of Hubei Henglong KYB Automobile Electric Steering System
Co., Ltd. ("Hubei KYB"), a joint venture between CAAS and Japan KYB
Co., Ltd., was held on September 17,
2018 in the Jingzhou Development Zone. Hubei KYB was formed
to design, produce and service automotive electric power steering
("EPS") system products.
The groundbreaking ceremony was hosted by Zhou Hanzhong,
director of the Jingzhou Development Zone Management
Committee. Hanlin Chen,
Chairman of the Board of Directors of CAAS, and Qizhou Wu,
CEO, jointly laid the foundation for the development zone, and
together with other CAAS and KYB executives laid the foundation for
the joint venture.
Members of the Standing Committee of the Jingzhou Municipal
Committee, senior officials of the Jingzhou Development Zone and
Jingzhou Investment Promotion Bureau, senior executives of CAAS and
senior executives of Japan KYB Corporation Auto Parts Business
Division, all attended the groundbreaking ceremony.
At the ceremony, Mr. Ito Yuji,
Japan KYB's representative and the newly appointed General Manager
of Hubei KYB, commented, "CAAS is a leader in one of the most
prominent, fast-growing global markets in the world. We
amassed the largest market share in China's power steering market, and are also
developing and manufacturing electric power steering
systems. We are convinced that by uniting the R&D programs
of both companies, we will provide advanced EPS products for
customers in China as well as
global markets."
Japan KYB Co., Ltd. is a listed company (Tokyo Stock Exchange:
7242) specialized in integrating vibration control, electronic
control, power control and system technology with hydraulic
technology as its core. Founded in 1919, KYB is committed to the
research and development and manufacture of special systems for
automotive-related products, hydraulic equipment, aircraft and
ships. KYB has been engaged in the development and manufacturing of
EPS for 30 years. The planned total investment for the joint
venture is RMB 960 million. It is
expected that by 2027 (the 10th year of the company's
establishment), Hubei KYB will achieve an annual output capacity of
5 million EPS units.
Mr. Qizhou Wu, chief
executive officer of CAAS, commented, "Hubei KYB will transform
CAAS into a more powerful market leader in the Chinese EPS market,
and enable us to rapidly penetrate the global markets. Our
manufacturing capacity, engineering capabilities and large customer
base will be crucial to the success of Hubei KYB in China and abroad. Hubei KYB will also
immediately gain access to KYB's Japanese customers in China, with the potential to export to
international markets as well."
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 eight 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 Chrysler Group LLC 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 29, 2018, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. 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.Theiss@awakenlab.com
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SOURCE China Automotive Systems, Inc.