WUHAN, China, Nov. 21, 2019 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the
"Company"), a leading power steering components and systems
supplier in China, today announced its Henglong Brazil
subsidiary has been nominated as a one of three CHASSIS finalist
for South America's 2018 Best
Supplier by Fiat Chrysler Automobiles N.V. (FCA).
CAAS started its operations in Brazil in 2012 through a joint venture with a
local company. Over the years, CAAS has won contracts and grown its
shipments to the region's largest OEM producer, FCA South America.
In 2019, the sale of J436 series products through semi-knocked-down
(SKD) kits is approaching 10,000 units per month. A new product
under development to supply FCA's JEEP models will begin mass
production starting in October 2020
with expected annual demand of 400,000 units, considering expected
new demand plus the current volume.
In appreciation of CAAS' commitment and performance in the 2018
calendar year, FCA also nominated CAAS as a CHASSIS Supplier of the
Year award finalist.
For the European market, CAAS' sample products have successfully
passed FCA's Preliminary Design Review (PDR) evaluation for its
Italian-made Fiat 520 eAWD PHEV model. Shipment of this new product
to Europe is expected to start by
the end of 2019.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"We are excited to see not only more and more global OEMs are
recognizing our superior product quality and on-time delivery, but
also our ten plus years relationship with FCA has blossomed into a
broader scope partnership in many geographic markets. South America is a new growth market for us as
its car ownerships are increasing and middle-class populations are
expanding. In 2021 and beyond, we are targeting to sell 400,000
units of our steering products to Fiat and Jeep in the South
American market annually. With our current production and new
business, we have become the dominant supplier of mechanical
steering gears to Fiat Chrysler in South
America."
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 28, 2019, 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@awakenlab.com
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SOURCE China Automotive Systems, Inc.