China Automotive Systems Extends Filing Date of 2022 First Quarter Report to May 23

Rhea-AI Summary

China Automotive Systems, Inc. (CAAS) has announced an extension of its 2022 first quarter filing date to May 23, 2022. This delay is attributed to lockdowns of its subsidiaries in Shengyang, Wuhu, and Shanghai due to the Chinese government's COVID-19 response in April 2022, impacting the finance team's access to necessary financial records. Fortunately, the impacted subsidiaries have resumed normal operations.

CAAS is a major supplier of power steering components in China, operating through multiple joint ventures and serving leading automotive manufacturers.

Positive

• None.

Negative

• Filing extension for the 2022 first quarter report due to COVID-19-related lockdowns, causing financial reporting delays.
• Potential risks outlined in forward-looking statements regarding the adverse effects of COVID-19 on business operations and financial condition.

WUHAN, China, May 13, 2022 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that it has extended it's 2022 first quarter filing date to May 23, 2022.

The Chinese Government's response to COVID-19 in April, 2022, resulted in several of CAAS's subsidiaries in Shengyang, Wuhu and Shanghai being locked down. As a result, the Company's finance team was delayed in accessing the financial records of these subsidiaries to complete the Company's consolidated financial statements and the Form 10-Q.

At the time of this press release, the affected subsidiaries have returned to normal operations.

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 ten 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 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 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, 2021, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. 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.
Email: jieli@chl.com.cn 

Kevin Theiss
Awaken Advisors
+1-212-510-8922 (new)
+1-212-521-4050 (old)
Email: Kevin@awakenlab.com

View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-extends-filing-date-of-2022-first-quarter-report-to-may-23-301546733.html

SOURCE China Automotive Systems, Inc.

FAQ

What is the new filing date for China Automotive Systems' first quarter report?

The new filing date for China Automotive Systems' first quarter report is May 23, 2022.

Why was the filing date extended for CAAS?

The filing date was extended due to lockdowns of CAAS's subsidiaries in Shengyang, Wuhu, and Shanghai, which hindered access to financial records.

How has COVID-19 impacted China Automotive Systems?

COVID-19 lockdowns caused delays in financial reporting and raised concerns regarding the company's operations and financial condition.