WUHAN, China, Dec. 17, 2018 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the
"Company"), a leading power steering components and systems
supplier in China, today announced it has reached a series of
milestones for electronic power steering ("EPS") and mechanic
steering gears ("MSG") in different international markets in
2018.
CAAS has won a bid from the Indian automobile power house,
Mahindra & Mahindra ("Mahindra"), for dual-pinion electric
power steering ("DP-EPS") products. In addition, the Company
successfully secured exclusive rights to develop all future
Mahindra DP-EPS steering modules. With mass production beginning in
April 2020, the annual order will
start with approximately 70,000 units for Mahindra.
In Europe, CAAS won a bid for
Fiat Automobiles S.p.A. ("Fiat")'s 500 series electric vehicles.
The mass production of CAAS's MSG product for Fiat Europe is
expected to start in April 2020.
After supplying North American and South American OEM markets, this
order marks the first time that CAAS's product entered into the
European OEM market.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"We are thrilled that we are expanding into the European OEM
markets where we had no presence in the past. While our
relationship with Fiat in Brazil
and China is long-standing, we
have been targeting its European market as well. Having won quality
accolades from and grown shipments to Jeep, Dodge RAM and Ford in
North America, our reputation in
the global markets is rising. Our initial sales into Europe start with our basic products, but we
are confident that more and more of our advanced products will be
recognized over time."
"We are also very proud that our EPS products entered into
Mahindra's global sourcing network for their vehicles based upon DP
structure. India is a major growth
market for automobiles with its rising middle class. We treasure
the opportunity to be part of this exciting market and look forward
to growing with Mahindra," Mr. Wu concluded.
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
Awaken Advisors
+1-212-521-4050
kevin.theiss@awakenlab.com
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SOURCE China Automotive Systems, Inc.