WUHAN, China, Dec. 10, 2019 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier
in China, today provided an update on its electric motor
subsidiary, Hyoseong (Wuhan)
Motion Mechatronics System Co. Ltd. ("HMMS").
Formed in December 2018, HMMS, a
joint venture 51% owned by CAAS and 49% by South Korean-based
Hyoseong Electric, is mainly engaged in designing, researching,
developing and manufacturing best-in-class brushless electric
motors for the automotive steering systems market. In 2019, HMMS
successfully completed its phase one development plan of powerpack
brushless motors to address the market for i-RCB, C-EPS and
P/DP-EPS. In October 2019, three new
South Korean-made highly automated production lines for stator,
rotor and general assembly respectively, have been installed at the
joint venture facility. As of December
2019, HMMS has also completed new product prototyping and
testing. Starting in 2020, HMMS will commence mass production of
its proprietary brushless electric motors. These new production
lines will feature online automated detection systems and robotic
assembly lines to reduce the product defect rate and enable better
quality assurance.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"We are pleased with the progress HMMS made in the past year. Our
JV's brushless motors have adopted more advanced location sensors
that are capable of more accurately tracking the rotor's location
signals. In addition, by using powerpacks along with integrated
electronic control units (ECU), the electromagnetic compatibility
of our motors will be significantly improved. With the ongoing
technology upgrades and key component in-sourcing, we remain upbeat
for the future growth of our electric power steering (EPS)
products."
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
Email: kevin@awakenlab.com
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-provides-updates-on-electric-motor-subsidiary-300971869.html
SOURCE China Automotive Systems, Inc.