China Automotive Systems to Announce Unaudited 2022 Fourth Quarter and Audited 2022 Year Financial Results on March 30, 2023

Rhea-AI Summary

China Automotive Systems, Inc. (Nasdaq: CAAS) will announce its unaudited financial results for the fourth quarter ending December 31, 2022 on March 30, 2023, before market open. Management will host a conference call at 8:00 A.M. EDT to discuss results, followed by a Q&A session. The company is a leading supplier of power steering components in China, with an annual production capacity exceeding 6 million sets and a strong customer base, including major manufacturers like Ford and Fiat Chrysler. Investors can expect insights into the company's financial performance during the call.

Positive

• Scheduled release of fourth quarter and year-end financial results indicates transparency.
• Strong customer base including major automotive manufacturers.

Negative

• Potential adverse effects from COVID-19 on operations and financial condition.
• Forward-looking statements indicate risk factors that may affect future results.

WUHAN, China, March 22, 2023 /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 will issue unaudited financial results for the fourth ended December 31, 2022, on Thursday,  March 30, 2023, before the market opens.  Management will conduct a conference call on March 30^th at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results.  A question and answer session will follow management's presentation.

To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call with pin 775394:

Phone Number: +1-888-506-0062 (North America) 
Phone Number: +1-973-528-0011 (International) 
Mainland China Toll Free: +86-400-120-3199

A replay of the call will be available on the Company's website in the investor relations section.

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, 2022, 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, a slowdown in regional, national and international 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
Investor Relations
Tel: +1-212-510-8922
Email: Kevin@awakenlab.com

View original content:https://www.prnewswire.com/news-releases/china-automotive-systems-to-announce-unaudited-2022-fourth-quarter-and-audited-2022-year-financial-results-on-march-30-2023-301778486.html

SOURCE China Automotive Systems, Inc.

FAQ

When will China Automotive Systems announce its financial results?

China Automotive Systems will announce its financial results on March 30, 2023.

What time is the conference call for China Automotive Systems' financial results?

The conference call will be at 8:00 A.M. EDT on March 30, 2023.

What quarter results are being released by CAAS?

CAAS is releasing its unaudited financial results for the fourth quarter ending December 31, 2022.

Who are the major customers of China Automotive Systems?

Major customers include Ford, Fiat Chrysler, China FAW Group, and BYD Auto Company.