WUHAN, China, Dec. 12, 2022 /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 introduced a new series of Electric Power Steering ("EPS") systems for the largest Chinese EV producer, BYD Auto ("BYD").
After 18 months of preparation and close collaboration between both R&D teams, CAAS won design contracts for C-EPS, DP-EPS and R-EPS from BYD for all its series of products. Being the first DP-EPS supplier to BYD, CAAS' R&D engineers used computer-aided design ("CAD") and artificial intelligence to shorten the design cycle to 5 months, and successfully completed the integration of DP-EPS in the chassis general assembly for BYD's model, Tang. Due to its superior performance in Noise, Vibration, and Harshness ("NVH") and driver experiences, DP-EPS is now officially replacing higher cost R-EPS by BYD, especially for BYD's popular high-end vehicle models, Tang and Han. The mass production of DP-EPS has begun, with an annual volume of approximately 300,000 units, and the wide adoption of the Company's DP-EPS, R-EPS and C-EPS is expected in all BYD Dynasty series ("Tang, Han, Song pro, and Song Plus"), Marine Life series ("Dolphin and Seal"), Classic Ship series ("Frigate"), and the Denza series.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, "We are a proud partner as we continue to anchor the steering system designs for BYD and help drive their technology advancement in their ferocious quest in the vast and rapid growing EV market. Working with BYD brings out the best of CAAS as our engineering team embraces every opportunity to set new records and raise the bar in new product designs. Now the baton has been passed to our best-in-class production team to meet the high expectations of our customer and deliver the high-quality products to the end market."
Mr. Jie Li, the Chief Financial Officer of CAAS, commented, "Despite the recent market volatility, our operations remain strong, we recently increased our annual guidance and bought back more shares in the fourth quarter. We continue to believe the market price of our shares does not fully reflect our intrinsic value."
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, 2022, 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
Investor Relations
+1-212-521-4050
Email: Kevin@awakenlab.com
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