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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 14, 2024
China Automotive Systems, Inc.
(Exact name of registrant as specified in its charter)
| Delaware |
000-33123 |
33-0885775 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
No. 1 Henglong Road, Yu Qiao Development Zone
Shashi District, Jing Zhou City
Hubei Province
The People's Republic of China
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including
area code (86) 27-8757 0027
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol |
Name of each exchange on which registered |
| Common Stock, $0.0001 par value |
CAAS |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
| Item 2.02 |
Results of Operations and Financial Condition |
On May 14, 2024, China Automotive Systems, Inc.
issued a press release announcing financial results for the quarter ended March 31, 2024. The press release is attached as Exhibit 99.1
to this Current Report on Form 8-K.
The information in this Item 2.02 and in Exhibit
99.1 attached to this Form 8-K is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.
| Item 9.01 |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
China Automotive Systems, Inc. |
| |
(Registrant) |
| |
|
| |
|
|
| Date: May 14, 2024 |
By: |
/s/ Hanlin Chen |
| |
|
Hanlin Chen |
| |
|
Chairman |
Exhibit 99.1
China
Automotive Systems Reports 17.4% Increase in Earnings Per Share in the First Quarter of 2024
WUHAN,
China, May 14, 2024 - China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or the “Company”), a
leading power steering components and systems supplier in China, today announced its unaudited financial results for the first quarter
ended March 31, 2024.
First
Quarter 2024 Highlights
| ● | Net
sales were $139.4 million |
| ● | Gross
profit increased by 11.6% to $24.1 million with a gross margin of 17.3%, compared with $21.6
million of gross profit and a 15.2% gross margin in the first quarter of 2023 |
| ● | Income
from operations increased by 26.0% to $9.7 million compared with $7.7 million in the first
quarter of 2023 |
| ● | Diluted
income per share increased by 17.4% to $0.27, compared to diluted income per share of $0.23
in the first quarter of 2023 |
| ● | Cash,
cash equivalents, and short-term investments were $135.8 million as of March 31, 2024 |
| ● | Net
cash provided by operating activities was $10.5 million in the first quarter of 2024 compared
to net cash used of $1.4 million in the first quarter of 2023. |
Mr. Qizhou
Wu, chief executive officer of CAAS, commented, “We are pleased with achieving higher gross profit, income from operations, diluted
income per share and net cash flow from operating activities in the 2024 first quarter. We remain confident in our sales growth in 2024,
despite a slight decline in the 2024 first quarter. Our electric power steering (“EPS”) sales percentage remained consistent
around 34.0% of total sales in the first quarter of 2024. International sales were mixed as sales in Brazil continued its growth trend
with a 17.6% year-over-year sales rise, and North American sales were down by 12.4% year-over-year mainly due to temporary lower product
sales to Stellantis N.V in the 2024 first quarter.”
“We
continued to invest in our products as research and development (“R&D”) expenses remained stable. Investments targeted
improving performance of our traditional steering products continued even as we focus on expanding our EPS portfolio of products and
enhance our Advanced Driver Assistance Systems (“ADAS”) program with Sentient AB and our clients.”
Mr. Jie
Li, chief financial officer of CAAS, commented, “We had total cash, cash equivalents, and short-term investments of $135.8 million
and our current ratio was 1.6 to 1 as of March 31, 2024. Cash flow from operating activities was $10.5 million in the first quarter
of 2024 and gross margin increased primarily due to changes in the product mix sold combined with our ongoing cost controls.”
First Quarter
of 2024
Net
sales decreased by 2.0% to $139.4 million in the first quarter of 2024, compared to $142.2 million in the first quarter of 2023. Net
sales of traditional steering products and parts were $92.0 million compared to $94.4 million for the first quarter of 2023. Net sales
of electric power steering (“EPS”) products and parts were $47.4 million for the three months ended March 31, 2024 compared
with $47.8 million for the same period in 2023. EPS product sales for the first quarter of 2024 were approximately 34.0% of total net
sales. North American net export sales were $30.4 million compared to $34.7 million in the first quarter of 2023, primarily due to lower
demand of passenger vehicle products by Stellantis N.V. Brazil Henglong’s net product sales increased by 17.6% to $12.7 million
in the first quarter of 2024 compared to $10.8 million for the same period in 2023 due to higher sales to Fiat. Sales volumes to Chery
Automobile Co., Ltd increased, and sales for other entities increased by 31.2% to $29.0 million mainly due to higher sales by Wuhan Jielong
and Wuhan Hyoseong. Steering product sales to the commercial vehicle markets of $16.8 million were consistent with the sales in the 2023
first quarter.
Gross
profit increased by 11.6% to $24.1 million from $21.6 million in the first quarter of 2023. Gross margin in the first quarter of 2024
was 17.3%, compared with 15.2% gross margin in the first quarter of 2023, primarily due to changes in the product sales mix and the decrease
in sales unit cost for the three months of March 31, 2024.
Gain
on other sales was $0.5 million, compared to $0.7 million in the first quarter of 2023.
Selling
expenses increased by 20.6% to $4.1 million from $3.4 million in the first quarter of 2023. This increase in selling expenses was primarily
due to higher office expenses. Selling expenses represented 2.9% of net sales in the first quarter of 2024 compared to 2.4% in the first
quarter of 2023.
General
and administrative expenses (“G&A expenses”) increased to $5.5 million, compared with $4.8 million of the first quarter
of 2023 mainly due to higher payroll related expenses and maintenance expenses. G&A expenses represented 3.9% of net sales in the
first quarter of 2024 compared with 3.4% of net sales in the first quarter of 2023.
Research
and development expenses (“R&D expenses”) decreased by 17.2% to $5.3 million compared to $6.4 million in the first quarter
of 2023, mainly due to decreased R&D activities for new projects of the traditional products. R&D expenses represented 3.8% of
net sales in the first quarter of 2024 compared to 4.5% in the first quarter of 2023.
Other
income was $2.4 million for the first quarter of 2024, compared to $1.5 million for the first quarter of 2023, mainly due to higher government
subsidies in the first quarter of 2024.
Income
from operations was $9.7 million in the first quarter of 2024, compared to income from operations of $7.7 million in the first quarter
of 2023. The 26.0% increase in 2024 first quarter income from operations was primarily due to higher gross profit partially offset by
a smaller increase in operating expenses.
Interest
expense was $0.3 million in the first quarter of 2024, compared to $0.2 million in the first quarter of 2023.
Financial expense,
net was $0.01 million in the first quarter of 2024, compared to $0.4 million in the first quarter of 2023. This change was primarily
due to a decrease in foreign exchange loss due to foreign exchange volatility.
Income
before income tax expenses and equity in earnings of affiliated companies increased by 37.2% to $11.8 million in the first quarter of
2024 compared to $8.6 million in the first quarter of 2023. The increase in income before income tax expenses and equity in earnings
of affiliated companies in the first quarter of 2024 was mainly due to higher income from operations and increased net other income.
Equity
in losses of affiliated companies was $0.8 million in the first quarter of 2024, compared with equity in income of affiliated companies
of $0.1 million in the first quarter of 2023.
Income
tax expense was $1.7 million for the first quarter of 2024 as compared to $0.8 million for the first quarter of 2023. This higher tax
was primarily due to an increase in the Global Intangible Low-Taxed Income (“GILTI”) tax expenses.
Net
income attributable to parent company’s common shareholders was $8.3 million in the first quarter of 2024, compared to $6.8 million
in the first quarter of 2023. Diluted income per share was $0.27 in the first quarter of 2024, compared to net income per share of $0.23
in the first quarter of 2023.
The
weighted average number of diluted common shares outstanding was 30,185,702 in the first quarter of 2024 compared to 30,193,082 in the
first quarter of 2023.
Balance
Sheet
As
of March 31, 2024, total cash, cash equivalents, and short-term investments were $135.8 million, total accounts receivable including
notes receivable were $266.7 million, accounts payable including notes payable were $243.0 million and short-term bank loans were $40.5
million. Working capital rose to $206.7 million as of March 31, 2024, compared to $180.3 million as of December 31, 2023. Total
parent company stockholders’ equity was $358.4 million as of March 31, 2024, compared to $344.5 million as of December 31,
2023.
Business
Outlook
Management has reiterated revenue guidance for the full fiscal year 2024 of $605.0 million. This target is based on the Company’s
current views on operating and market conditions, which are subject to change.
Conference
Call
Management
will conduct a conference call on May 14, 2024, at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question
and answer session will follow management’s presentation. To participate, please see the dial-in information below, enter the call
10 minutes before the aforementioned start time and ask to be connected to the “China Automotive Systems” conference call
with pin number 144876:
Phone
Number: +1-888-506-0062 (North America)
Phone
Number: +1-973-528-0011 (International)
Mainland
China Toll Free: +86-400-120-3199
A replay of
the call will be available on the Company’s website under the investor relations section.
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 8 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 Stellantis N.V. 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. 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 Annual Report
on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2024, and in documents subsequently filed by
the Company from time to time with the Securities and Exchange Commission. 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.
jieli@chl.com.cn
Kevin
Theiss
Awaken
Advisors
+1-212-510-8922
Kevin@awakenlab.com
-Tables Follow –
China Automotive
Systems, Inc. and Subsidiaries
Condensed Unaudited
Consolidated Balance Sheets
(In thousands
of USD unless otherwise indicated)
| | |
March 31, 2024 | | |
December 31, 2023 | |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 112,557 | | |
$ | 114,660 | |
| Pledged cash | |
| 44,028 | | |
| 40,534 | |
| Accounts and notes receivable, net - unrelated parties | |
| 255,119 | | |
| 261,237 | |
| Accounts and notes receivable, net - related parties | |
| 11,599 | | |
| 8,169 | |
| Inventories | |
| 109,082 | | |
| 112,392 | |
| Other current assets | |
| 38,047 | | |
| 27,083 | |
| Total current assets | |
| 570,432 | | |
| 564,075 | |
| Non-current assets: | |
| | | |
| | |
| Property, plant and equipment, net | |
| 99,395 | | |
| 101,359 | |
| Land use rights, net | |
| 9,151 | | |
| 9,233 | |
| Long-term investments | |
| 59,278 | | |
| 60,173 | |
| Other non-current assets | |
| 32,416 | | |
| 31,600 | |
| Total assets | |
$ | 770,672 | | |
$ | 766,440 | |
| | |
| | | |
| | |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Short-term loans | |
$ | 40,471 | | |
$ | 48,005 | |
| Accounts and notes payable-unrelated parties | |
| 228,705 | | |
| 240,739 | |
| Accounts and notes payable-related parties | |
| 14,265 | | |
| 12,839 | |
| Accrued expenses and other payables | |
| 44,839 | | |
| 44,771 | |
| Other current liabilities | |
| 35,409 | | |
| 37,385 | |
| Total current liabilities | |
| 363,689 | | |
| 383,739 | |
| Long-term liabilities: | |
| | | |
| | |
| Long-term tax payable | |
| 8,781 | | |
| 8,781 | |
| Other non-current liabilities | |
| 5,360 | | |
| 5,498 | |
| Total liabilities | |
$ | 377,830 | | |
$ | 398,018 | |
| | |
| | | |
| | |
| Mezzanine equity: | |
| | | |
| | |
| Redeemable non-controlling interests | |
| 621 | | |
| 613 | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock, $0.0001 par value – Authorized – 80,000,000 shares; Issued – 32,338,302 and 32,338,302 shares as of March 31, 2024 and December 31, 2023, respectively | |
$ | 3 | | |
$ | 3 | |
| Additional paid-in capital | |
| 69,722 | | |
| 63,731 | |
| Retained earnings- | |
| | | |
| | |
| Appropriated | |
| 12,174 | | |
| 11,851 | |
| Unappropriated | |
| 292,776 | | |
| 284,832 | |
| Accumulated other comprehensive income | |
| (8,558 | ) | |
| (8,258 | ) |
| Treasury stock – 2,152,600 and 2,152,600 shares as of March 31, 2024 and December 31, 2023, respectively | |
| (7,695 | ) | |
| (7,695 | ) |
| Total parent company stockholders’ equity | |
| 358,422 | | |
| 344,464 | |
| Non-controlling interests | |
| 33,799 | | |
| 23,345 | |
| Total stockholders’ equity | |
| 392,221 | | |
| 367,809 | |
| Total liabilities, mezzanine equity and stockholders’ equity | |
$ | 770,672 | | |
$ | 766,440 | |
China
Automotive Systems, Inc. and Subsidiaries
Condensed
Unaudited Consolidated Statements of Operations and Comprehensive Income
(In thousands
of USD, except share and per share amounts)
| | |
Three Months Ended March 31, | |
| | |
2024 | | |
2023 | |
| Net product sales ($11,360 and $13,576 sold to related parties for the three months ended March 31, 2024 and 2023) | |
$ | 139,394 | | |
$ | 142,243 | |
| Cost of products sold ($6,968 and $7,015 purchased from related parties for the three months ended March 31, 2024 and 2023) | |
| 115,325 | | |
| 120,625 | |
| Gross profit | |
| 24,069 | | |
| 21,618 | |
| Gain on other sales | |
| 514 | | |
| 653 | |
| Less: Operating expenses | |
| | | |
| | |
| Selling expenses | |
| 4,073 | | |
| 3,384 | |
| General and administrative expenses | |
| 5,547 | | |
| 4,753 | |
| Research and development expenses | |
| 5,312 | | |
| 6,390 | |
| Total operating expenses | |
| 14,932 | | |
| 14,527 | |
| Income from operations | |
| 9,651 | | |
| 7,744 | |
| Other income, net | |
| 2,403 | | |
| 1,502 | |
| Interest expense | |
| (258 | ) | |
| (249 | ) |
| Financial expense, net | |
| (12 | ) | |
| (422 | ) |
| Income before income tax expenses and equity in earnings of affiliated companies | |
| 11,784 | | |
| 8,575 | |
| Less: Income taxes | |
| 1,743 | | |
| 829 | |
| Add: Equity in (losses)/earnings of affiliated companies | |
| (777 | ) | |
| 137 | |
| Net income | |
| 9,264 | | |
| 7,883 | |
| Less: Net income attributable to non-controlling interests | |
| 989 | | |
| 1,055 | |
| Accretion to redemption value of redeemable non-controlling interests | |
| (8 | ) | |
| (8 | ) |
| Net income attributable to parent company’s common shareholders | |
$ | 8,267 | | |
$ | 6,820 | |
| Comprehensive income: | |
| | | |
| | |
| Net income | |
$ | 9,264 | | |
$ | 7,883 | |
| Other comprehensive income: | |
| | | |
| | |
| Foreign currency translation (loss)/income, net of tax | |
| (348 | ) | |
| 4,554 | |
| Comprehensive income | |
| 8,916 | | |
| 12,437 | |
| Less: Comprehensive income attributable to non-controlling interests | |
| 941 | | |
| 1,321 | |
| Accretion to redemption value of redeemable non-controlling interests | |
| (8 | ) | |
| (8 | ) |
| Comprehensive income attributable to parent company | |
$ | 7,967 | | |
$ | 11,108 | |
| | |
| | | |
| | |
| Net income attributable to parent company’s common shareholders per share - | |
| | | |
| | |
| Basic | |
$ | 0.27 | | |
$ | 0.23 | |
| Diluted | |
$ | 0.27 | | |
$ | 0.23 | |
| | |
| | | |
| | |
| Weighted average number of common shares outstanding - | |
| | | |
| | |
| Basic | |
| 30,185,702 | | |
| 30,185,702 | |
| Diluted | |
| 30,185,702 | | |
| 30,193,082 | |
China
Automotive Systems, Inc. and Subsidiaries
Condensed Unaudited
Consolidated Statements of Cash Flows
(In thousands
of USD unless otherwise indicated)
| | |
Three Months Ended March 31, | |
| | |
2024 | | |
2023 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net income | |
$ | 9,264 | | |
$ | 7,883 | |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 5,114 | | |
| 4,856 | |
| Reversal of credit losses | |
| (114 | ) | |
| (217 | ) |
| Deferred income taxes | |
| 136 | | |
| 1,019 | |
| Equity in losses/(earnings) of affiliated companies | |
| 777 | | |
| (137 | ) |
| Loss on disposal of property, plant and equipment | |
| 670 | | |
| 15 | |
| (Increase)/decrease in: | |
| | | |
| | |
| Accounts and notes receivable | |
| 2,335 | | |
| (17,383 | ) |
| Inventories | |
| 3,109 | | |
| 8,285 | |
| Other current assets | |
| 1,091 | | |
| (1,206 | ) |
| Increase/(decrease) in: | |
| | | |
| | |
| Accounts and notes payable | |
| (10,157 | ) | |
| 1,360 | |
| Accrued expenses and other payables | |
| 96 | | |
| (2,868 | ) |
| Other current liabilities | |
| (1,870 | ) | |
| (3,023 | ) |
| Net cash provided by/(used in) operating activities | |
| 10,451 | | |
| (1,416 | ) |
| Cash flows from investing activities: | |
| | | |
| | |
| Increase in demand loans included in other non-current assets | |
| — | | |
| (14 | ) |
| Cash received from disposal of property, plant and equipment sales | |
| 108 | | |
| 31 | |
| Payments to acquire property, plant and equipment (including $1,615 and $2,376 paid to related parties for the three months ended March 31, 2024 and 2023, respectively) | |
| (4,493 | ) | |
| (3,160 | ) |
| Payments to acquire intangible assets | |
| (18 | ) | |
| — | |
| Investments under the equity method | |
| — | | |
| (5,841 | ) |
| Purchase of short-term investments | |
| (14,534 | ) | |
| (34,795 | ) |
| Proceeds from maturities of short-term investments | |
| 2,370 | | |
| 26,541 | |
| Cash received from long-term investments | |
| 84 | | |
| 557 | |
| Net cash used in investing activities | |
| (16,483 | ) | |
| (16,681 | ) |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds from bank loans | |
| 34,347 | | |
| 20,135 | |
| Repayments of bank loans | |
| (41,866 | ) | |
| (20,534 | ) |
| Cash received from capital contributions of a non-controlling interest | |
| 15,504 | | |
| — | |
| Net cash provided by/(used in) financing activities | |
| 7,985 | | |
| (399 | ) |
| Effects of exchange rate on cash, cash equivalents and pledged cash | |
| (562 | ) | |
| 2,428 | |
| Net increase/(decrease) in cash, cash equivalents and pledged cash | |
| 1,391 | | |
| (16,068 | ) |
| Cash, cash equivalents and pledged cash at beginning of the period | |
| 155,194 | | |
| 158,951 | |
| Cash, cash equivalents and pledged cash at end of the period | |
$ | 156,585 | | |
$ | 142,883 | |
v3.24.1.1.u2
Cover
|
May 14, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
May 14, 2024
|
| Entity File Number |
000-33123
|
| Entity Registrant Name |
China Automotive Systems, Inc.
|
| Entity Central Index Key |
0001157762
|
| Entity Tax Identification Number |
33-0885775
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
No. 1 Henglong Road, Yu Qiao Development Zone
|
| Entity Address, Address Line Two |
Shashi District
|
| Entity Address, Address Line Three |
Jing Zhou City
|
| Entity Address, City or Town |
Hubei Province
|
| Entity Address, Country |
CN
|
| City Area Code |
86
|
| Local Phone Number |
27-8757 0027
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock, $0.0001 par value
|
| Trading Symbol |
CAAS
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
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|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 3 such as an Office Park
| Name: |
dei_EntityAddressAddressLine3 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionISO 3166-1 alpha-2 country code.
| Name: |
dei_EntityAddressCountry |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:countryCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
China Automotive Systems (NASDAQ:CAAS)
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