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China Automotive Systems, Inc. (NASDAQ: CAAS), based in Jingzhou, China, is a leading supplier of power steering systems and components to the Chinese automotive industry. Through its subsidiaries, CAAS provides a comprehensive range of auto parts used in steering systems for both passenger cars and commercial vehicles. The company offers over 310 models of power steering systems, including rack and pinion power steering, integral power steering, electronic power steering, and manual steering, along with steering columns, oil pumps, and hoses.
CAAS operates through eight Sino-foreign joint ventures and has a significant market presence with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses. The company's key customers include major automotive manufacturers such as China FAW Group Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Co., Ltd., Beiqi Foton Motor Co., Ltd., and Chery Automobile Co., Ltd. in China, as well as Stellantis N.V. and Ford Motor Company in North America.
In recent financial results, CAAS reported substantial revenue growth with net sales reaching $576.4 million in 2023, up by 8.8% from 2022. This growth was driven by a 24.6% increase in sales of electric power steering (EPS) products, which now constitute 33.8% of total net sales. The company also observed a 22.9% rise in sales in Brazil, balancing the 8.5% decline in North American sales. CAAS maintained a strong financial position with cash, cash equivalents, and pledged cash totaling $135.8 million as of March 31, 2024.
CAAS continues to invest in research and development, focusing on enhancing both traditional steering products and its EPS portfolio. The company is also advancing its capabilities in Advanced Driver Assistance Systems (ADAS) through collaborations with partners like Sentient AB. Despite market fluctuations, CAAS remains optimistic about future growth in both domestic and international markets, setting a revenue guidance target of $605 million for 2024.
For more information, please visit: http://www.caasauto.com.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported its financial results for Q4 and FY 2022, highlighting a 35.6% increase in Electric Power Steering (EPS) sales. Net sales for Q4 decreased 7.2% to $128.8 million, while full-year sales rose 6.3% to $529.6 million. Gross profit for FY 2022 increased 15.7% to $83.4 million. Despite these gains, the company reported a loss from operations of $2.6 million in Q4, down from an operating income of $0.6 million in Q4 2021. EPS rose 91.7%, reaching $0.69 per share. For 2023, management projects revenue of $560 million.
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