- Center Certified by Hubei Province -
WUHAN, Hubei, China, April 14 /PRNewswire-Asia/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced that the research and development ("R&D") center of its subsidiary, Jingzhou Henglong Automotive Parts Co., Ltd. (Henglong), has evolved into the leading automotive steering technology research operation in China, as China Automotive Systems enters the global market for automotive steering systems.
After only three years in operation, the R&D center has 28 power
steering-related national patents including 2 invention patents and 26 utility model patents, covering products, processes, equipment and other innovations. It has a focus on market-oriented solutions and applications. The new products it developed have been manufactured through CAAS’s subsidiaries for more than 20 domestic and foreign automotive OEMs, and produced cumulative sales in excess of RMB 847 million by the end of 2008.
Among the new steering technologies the center is currently independently developing are: low-noise power steering technology, stabilizing power steering valves, electric power steering (EPS), electronically controlled hydraulic power steering (EHPS), and other innovative technologies. In addition to new products, the R&D center develops proprietary manufacturing equipment and processes for the efficient production of its steering units.
Mr. Qizhou Wu, China Automotive Systems’ CEO, commented, "Henglong’s R&D center is making great strides to take us to the next level of technological innovation to position us to successfully compete globally. New technology to develop advanced products to meet the needs of both our current and potential customers will generate opportunities for us to capture market share. As automotive technology continues to change, we will be there with a solution for our customers. This R&D expertise will provide a growing competitive advantage, especially among domestic Chinese competitors, in the world’s largest automotive market."
The Hubei Provincial Science & Technology Department recently reviewed the R&D center’s operations and progress. The government’s officers were deeply impressed by the R&D center’s state-of-the-art test equipment and facilities, experienced experts and the full financial support provided by China Automotive Systems. The officials were firmly convinced that the center will further evolve into a leading global automotive steering technology research operation.
About China Automotive Systems
Based in Hubei Province, 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 seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of over 1.3 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company’s operations, financial performance and condition, and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company’s products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@us.grayling.com
