WUHAN, China, Jan. 7, 2025 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that its subsidiary, Shashi Jiulong Power Steering Gears Co., Ltd ("Shashi Jiulong"), won customer awards and accolades from two major vehicle OEM customers, Beiqi Foton Motor Co., Ltd. ("Foton Motor") and Shaanxi Automobile Heavy Truck ("Shaanxi"). Shashi Jiulong mainly provides steering systems to various commercial vehicles in China.
At a Foton Motors Global Partner Conference, Shashi Jiulong received dual honors: the Excellent Supplier Series Award and the Excellent Supplier Series Award from the Auman Business Unit. These accolades were given in recognition of Shashi Jiulong's exemplary cooperation in product development, supply guarantees, and quality reliability.
Foton Motor expressed high appreciation for Shashi Jiulong's significant contributions. These awards serve not only as recognition but also as a motivating factor for both organizations to continue striving for excellence in automotive innovation, quality products, and overall industry improvement.
Foton Motor offers a full range of fuel and new energy vehicles, including trucks, vans, buses and construction machinery. It is a Chinese company and it is a subsidiary of the BAIC Group. Foton Motor has achieved a global sales volume of over 11 million vehicles.
In addition, at the Shaanxi Automobile Heavy Truck's 2025 Supply Chain Partner Conference, Shashi Jiulong won the "Strategic Synergy Award", the highest Shaanxi award, for its outstanding performance. Shaanxi stressed the blueprint for future development and supply chain cooperation at this conference. Shashi Jiulong participates in Shaanxi's research and development, and is committed to improving product quality, technology content and reliability.
Shaanxi is a majority-holding subsidiary of Weichai Power, and is a leading Chinese truck manufacturer with factories in 15 countries.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, "These awards from these important global
OEMs showcase our commercial vehicle steering systems' reputation for high quality and reliability. Both Foton Motor and Shaanxi are among the Top 10 commercial vehicle producers in China. This recognition enhances our standing in the marketplace. We will continue to innovate and deliver top-tier products to our customers worldwide."
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 8 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 Stellantis N.V. 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. 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 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2024, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. 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. jieli@chl.com.cn
