WUHAN, China, Nov. 16, 2016 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier
in China, today announced it has begun commercial production
of steering gears to supply to Fiat Chrysler Automobiles' (NYSE:
FCAU or "FCA") electric power steering (EPS) systems for a new
C-SUV model set to launch in 2017.
The Company has begun shipping these newly designed steering
gears from its brand new, state-of-the-art, automated assembly
plant located in Jingzhou, Hubei
Province, China to FCA's
new C-SUV assembly plant in Toluca, Mexico.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented,
"We have been in Chrysler's global sourcing program since 2009. In
the past 7 years, as a key tier-one supplier, we have won a number
of accolades for our superior quality and outstanding performance
in Chrysler's award winning models. As a result, our business in
the North American market has exceeded 500,000 units of steering
products on an annual basis. We continue to expand our product
portfolio and production capabilities to extend our market
leadership in China."
"We remain upbeat with the prospects of our EPS business at home
and abroad. Our EPS systems execute lane-keeping and self-parking
functionalities, which are the cornerstones for driverless
vehicles. We are well positioned for more opportunities and
collaboration with OEMs and technology companies," Mr. Wu
concluded.
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
eight 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 5.5
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 Chrysler Group LLC 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, 2016, and in documents subsequently
filed by the Company from time to time with the Securities and
Exchange Commission. 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
Investor Relations
646-726-6511
Email: caas@compassbell.com
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SOURCE China Automotive Systems, Inc.