WUHAN, China, Oct. 7, 2019 /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 successfully passed the supplier evaluation by one of the
largest commercial vehicle producers in Europe, IVECO S.p.A. (IVECO).
IVECO recently sent a team of technology and quality review
officers to CAAS' production center in China. Their weeklong thorough evaluation
ranged from technical review, IVECO's Daily van project product
procedures, production management, product quality standard, and
material quality report (MQR) to testing workshop quality control,
aftermarket management, procurement inspection, and pre-production
rectification verification. After CAAS successfully passed the
evaluation, IVECO awarded CAAS the development right for the IVECO
Daily van project.
Mr. Qizhou Wu, Chief Executive
Officer of CAAS, commented, "Daily van is one of the most iconic
large light-duty commercial vans in the world. We are honored to
soon be part of the supply chain for this longest-running vehicle
brand with 40 years history and 3 million units sold over 110
geographic markets. At the same time, we are proud that our product
design and development capabilities along with proven production
management received high remarks from IVECO supplier review
officers."
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 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 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 28, 2019, 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.
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-passes-supplier-evaluation-by-iveco-300932774.html
SOURCE China Automotive Systems, Inc.