- Reached monthly run rate of 70,000 steering units shipped to
leading Chinese OEMs and North
America aftermarket -
- New steering product and production line are ready for
autonomous driving trucks and buses -
WUHAN, China, Dec. 3, 2020 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier in
China, today announced that it
shipped approximately 70,000 commercial vehicle steering systems to
leading Chinese truck OEM producers and the North America aftermarket in the month of
November.
As Chinese industrial production accelerated its recovery after
the pandemic, the leading Chinese truck producers such as Beiqi
Foton, Shaanxi Auto, SinoTruck, FAW and Dongfeng Motor have
significantly increased their orders to CAAS in recent months. In
the month of November, total shipments of commercial vehicle
steering systems has reached a Company monthly historical high, and
the monthly sales run rate of 70,000 units is expected to continue
into the first quarter of 2021.
In addition, a brand-new assembly line for intelligent RCB
steering systems ("iRCB") for commercial vehicles has been
installed and is currently undergoing testing. Specifically
designed for autonomous-driven commercial vehicles, CAAS'
proprietary commercial vehicle iRCB systems feature electric motor
assisted power steering to provide maximum assistance in parking,
and in lane keeping at highway speeds. While the Company
plans to officially launch the product in 2021, more than 10 major
domestic OEMs have already expressed strong interest in this
product. This new product is expected to be produced on this new dedicated
production line.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "To keep up with the surging demand
from the robust growth momentum in the Chinese commercial vehicle
market, our steering production lines are running at nearly full
capacity with two shifts. Our new assembly line will arrive
at the right moment to help strengthen our production capacity for
our next generation product. We are very excited to be part
of the upcoming autonomous driving supplier ecosystem. Being the first home-grown steering producer for
the Chinese commercial vehicle market, we have extended our 20-year
industry leadership by adding to our domestic market share in 2020
even as we also increased penetration of the international
markets. As Chinese commercial vehicles are among the most
competitive offerings in the world, we believe that we are well
positioned for future growth."
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 Chrysler Group LLC 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 28, 2019, 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
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-registered-record-high-monthly-shipments-to-commercial-vehicle-market-in-china-301185425.html
SOURCE China Automotive Systems, Inc.