WUHAN, China, March 12, 2020 /PRNewswire/ -- China
Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the
"Company"), a leading power steering components and systems
supplier in China, today provides an update on the reopening
of its operations in China.
As of March 10th,
CAAS's production centers in Wuhu Henglong (Wuhu, Anhui Province), Brilliance Henglong
(Shenyang, Liaoning Province) and Chongqing Henglong
(Chongqing City) have resumed
their full operations with returned workers and managerial
personnel. Approximately 1,000 workers have reported to their posts
in the Company's main production center in Jingzhou City,
Hubei Province. Over 47,000 units
of steering systems have been produced and shipped since the
reopening of the production centers. CAAS's corporate headquarters
in Wuhan has been temporarily
relocated to Jingzhou City until further notice from the
Wuhan government.
While the recovery of full production capacity is proceeding
rapidly, the Company has successfully and thoroughly managed the
post-epidemic health inspection and surveillance. As of the
date of this press release, there have been no confirmed or
suspected cases of infection.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"Being in the epicenter of the outbreak, we are very proud of the
remarkable progress we made to quickly return to production. After
the required quarantine period, we have taken over a few local
hotels to supplement our existing corporate dormitory, and
centrally managed our staff and attended to their needs from
preventive medicare to transportation to dining."
"We are optimistic that all our production and other corporate
activities will shortly be back to full operation."
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.