China Automotive Systems Announces Special Cash Dividend
China Automotive Systems (CAAS) has announced a special cash dividend of $0.80 per common share, payable on August 22, 2024, to shareholders of record as of July 30, 2024. This $25 million dividend marks the company's 20th anniversary on NASDAQ. Since its 2004 listing, CAAS has grown from a small Chinese player to a global tier 1 supplier, with sales increasing by 875% to $576.4 million in 2023. Net income grew 446% to $37.7 million. CAAS has become a leading steering products supplier in China, serving major OEMs like BYD, Geely, and Stellantis globally. The company's growth and dividend reflect its confidence in sustainable future growth and strategic positioning in the evolving auto industry.
- Announced special cash dividend of $0.80 per share, totaling $25 million
- Sales growth of 875% from 2004 to 2023, reaching $576.4 million
- Net income increase of 446% from 2004 to 2023, reaching $37.7 million
- Established position as a leading steering products supplier in China
- Expanded global presence with major customers like Stellantis, Ford, and Mahindra & Mahindra
- Strategic positioning for transitions to electric and autonomous vehicles
- None.
- Celebrating 20th Anniversary of NASDAQ Listing -
China Automotive Systems´ Board of Directors approved the special cash dividend after reviewing the Company´s recent financial performance, current financial condition, expected cash requirements for business expansion and future free cash-flow generation.
NASDAQ listing of China Automotive Systems' shares began on August 24, 2004. Over the next two decades, the Company grew from a small Chinese domestic player to a large global tier 1 supplier with operations and customers in
The Company has become a leading supplier of steering products in
Mr. Hanlin Chen, chairman of CAAS, stated, "This special dividend not only rewards our shareholders for their long-term support, but also speaks volumes of our confidence in our sustainable growth for the future. We are very proud that our large customer base and broad technology offerings position us strategically for global auto industry transitions from internal combustion engines to electric vehicles, as well as human driving to autonomous driving."
About China Automotive Systems, Inc.
Based in
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
Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com
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SOURCE China Automotive Systems, Inc.
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