WUHAN, China, July 6, 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 it has
entered into the OTOP (Off Tool Off Process) phase of new steering
development for the leading European auto brand, Alfa Romeo.
This new steering system under development is for Alfa Romeo's
first luxury plug-in-hybrid SUV model, 2021 Tonale. Along with its
extremely dynamic and athletic body and customized luxury interior,
this highly anticipated compact crossover electric vehicle also
features Alfa Romeo's first plug-in-hybrid powertrain.
Purchase orders for approximately 100,000 annual units are expected
for this new CAAS steering system.
Founded in 1910 in Milan, Alfa
Romeo is an Italian premier auto maker and subsidiary of the global
automotive powerhouse, Stellantis. CAAS's history with
Stellantis started from its relationship with Chrysler North
America in 2006 and later expanded to Fiat in Europe and South
America. Since 2011, CAAS has supplied its
high-performance steering systems to various vehicle models of
Fiat, Wrangler, Compass and RAM, and has consistently won
Chrysler's Excellent Supplier Award. This OTOP with Alfa Romeo is
not only CAAS' second project in Europe since the JEEP Compass PHEV
(Plug-in-Hybrid Electric Vehicle), but also the first project with
a high-end brand under Stellantis.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are pleased with our progress with
Alfa Romeo and look forward to many more projects for years to
come. We are also excited about our ongoing participation in the
electrification in the automobile industry and continue to take
pride in our engineering prowess and quality assurance."
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.