WUHAN, China, July 12, 2021 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier in
China, today announced that its
wholly owned subsidiary, Hubei Henglong Automotive Systems Group
Co. Ltd. ("Henglong"), received the SGS TÜV ISO26262:2018 ASIL-D
certification.
This certification demonstrated that Henglong has established
the highest functional safety product development procedure by SGS
TÜV, ASIL-D system, to meet all the requirements by the
ISO26262:2018 standard. With increased complexity of vehicle
systems, ISO26262:2018 provides a reliable safety standard guidance
for the entire life cycle of a vehicle that encompasses management,
development, production, sales, services and recycling.
ISO26262:2018 mandates a thorough functional safety development
procedure that covers product planning, design, production,
assembly, testing, confirmation, and installation. Classifying both
software systems and hardware components with different safety
risks, ISO26262:2018 ASIL (Automotive Safety Integrity Level)
features safety standards from A to D, with D being the highest and
most stringent safety standard.
SGS is the world's leading inspection, verification, testing and
certification company. Founded in 1878, the SGS standard is
recognized as the global benchmark for quality and integrity. With
more than 90,000 employees, SGS operates a network of more than
2,000 offices and laboratories around the world. The SGS-TÜV
functional safety team, as an accredited body for functional
safety, operates globally to ensure that products and systems are
safe and ready for world markets. ISO26262:2018 applies to
safety-related systems that include one or more electrical and/or
electronic systems that are installed in a series of production
road vehicles.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are fully committed to
best-in-class quality to meet the demand of our customers in
China and abroad. Coinciding with
the newly introduced GB17675-2021 standard by the Chinese
government, this SGS-TÜV certification further endorses our
excellence in quality and separates us from smaller competitors in
the marketplace."
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 ten 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 Fiat Chrysler Automobiles (FCA) and
Ford Motor Company 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 30, 2021, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. If the outbreak of COVID-19
is not effectively and timely controlled, our business operations
and financial condition may be materially and adversely affected as
a result of the deteriorating market outlook for automobile sales,
the slowdown in regional and national economic growth, weakened
liquidity and financial condition of our customers or other factors
that we cannot foresee. Any of these factors and other factors
beyond our control, could have an adverse effect on the overall
business environment, cause uncertainties in the regions where we
conduct business, cause our business to suffer in ways that we
cannot predict and materially and adversely impact our business,
financial condition and results of operations. A prolonged
disruption or any further unforeseen delay in our operations of the
manufacturing, delivery and assembly process within any of our
production facilities could continue to result in delays in the
shipment of products to our customers, increased costs and reduced
revenue. 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
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SOURCE China Automotive Systems, Inc.