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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