Wuhan, China, January 25, 2022 /PRNewswire/ — China Automotive Systems, Inc. (Nasdaq: CAAS) (“CAAS” or the “Company”), one of the leading suppliers of power steering components and systems in China, announced today that it has entered into an agreement with SCANIA AB (“SCANIA”) to develop eRCB steering systems for SCANIA trucks and buses.
Based on CAAS’ proprietary technology and innovative insights combined with CAAS’ Advanced Driver Assistance Systems (“ADAS”) L4 platform, named AP04, this eRCB steering system is a fully intelligent steering system. electric for light and medium trucks and heavy trucks. -commercial vehicles. This eRCB steering system features an innovative double electric motor structure with high output torque. CAAS’ proprietary AP04 driver assistance system enables vehicles to perform Level 4 autonomous driving with a higher level of functionality, safety and network security.
The eRCB steering system is set to become the world’s first mass-produced all-electric intelligent power steering system for commercial vehicles, cementing CAAS’ status as the premier Tier 1 supplier to global commercial vehicle OEMs.
Mr. Qizhou Wu, CEO of CAAS, said, “We are thrilled to add another global OEM to our roster of customers and achieve another major milestone as we continue to drive our international growth through continued innovation and superior quality. . Due to the heavy payloads and rough road conditions, the commercial vehicle market is still dominated by traditional hydraulic steering systems, which presents a unique opportunity for our new product, which is more environmentally friendly and user-friendly. for the driver. »
About China Automotive Systems, Inc.
Situated at 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 line of automotive and utility vehicle steering system parts. The company currently offers four distinct power steering series with an annual production capacity of over 6 million sets of steering gears, steering columns and hoses. Its customer base consists of major automobile 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. 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 by 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 accounting errors, the periods affected, the nature of the Company’s review and any anticipated conclusions of the Company or its management and other statements that are not historical events. Our actual results may differ materially from the results described or anticipated in our forward-looking statements due to certain risks and uncertainties. Accordingly, the Company’s actual results could differ materially from those contained in such forward-looking statements due to a number of factors, including those described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2021, and in subsequent filings by the Company from time to time with the Securities and Exchange Commission. If the COVID-19 outbreak is not effectively and timely contained, our business operations and financial condition could be materially and adversely affected due to a deterioration in the market outlook for auto sales, slower regional and national economic growth, impaired liquidity and financial condition of our customers or other factors which we cannot predict. Each of these and other factors beyond our control could adversely affect the overall business environment, cause uncertainty in the regions in which we operate, cause our business to suffer in ways that we cannot foresee and have a material and negative impact on our activity. , financial condition and results of operations. A prolonged disruption or other unforeseen delay in our manufacturing, delivery and assembly operations at any of our production facilities could continue to cause delays in shipping products to our customers, increased costs and a reduction in income. We expressly disclaim any obligation 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 more information, please contact:
Jie Li
Financial director
China Automotive Systems, Inc.
E-mail: [email protected]
Kevin Theiss
Awaken the Advisors
+1-212-510-8922 (new)
+1-212-521-4050 (old)
E-mail: [email protected]
SOURCE China Automotive Systems, Inc.
