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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) has introduced a new series of Electric Power Steering (EPS) systems for BYD Auto, marking a significant partnership in the EV sector. After 18 months of collaboration, CAAS secured contracts for various EPS systems, including the innovative DP-EPS, which is set to replace the older R-EPS in BYD's top models such as the Tang and Han. Mass production has commenced, targeting 300,000 units annually. Despite market volatility, CAAS remains optimistic, having increased its annual guidance and conducted share buybacks.
China Automotive Systems, Inc. (Nasdaq: CAAS) has announced a strategic partnership with BYD to enhance autonomous driving technology. During a recent visit to CAAS' headquarters, BYD executives, including senior vice presidents Yubo Lian and Bo Wang, reviewed CAAS' production facilities and discussed core technologies for autonomous vehicles. The collaboration aims to leverage Sentient's autonomous driving software along with CAAS' expertise in electric power steering. CAAS has been a long-term supplier to BYD, having delivered over 3 million power steering units throughout a 20-year relationship.
China Automotive Systems, Inc. (CAAS) reported a 26.8% increase in Q3 2022 net sales, reaching $137.2 million. EPS product sales surged 52.4% to $44.8 million. Gross profit rose 24.4% to $20.9 million, with a gross margin of 15.2%. Net income was $7.5 million, compared to a loss of $0.3 million in Q3 2021. For the first nine months, net sales grew 11.6% to $400.8 million. Management increased revenue guidance for 2022 to $540 million, citing strong demand in China despite ongoing challenges. Cash and equivalents stood at $131.7 million.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q3 2022 on November 14, 2022, before market opening. A conference call will be held the same day at 8:00 A.M. EDT to discuss the results. The company is a leading supplier of power steering components in China, operating ten joint ventures and holding a significant annual production capacity of over 6 million sets of steering gears and parts. They serve major automotive manufacturers, including FAW Group and Ford.
China Automotive Systems (Nasdaq: CAAS) has announced the details for its Annual Meeting of Stockholders, scheduled for August 26, 2022, at 9:00 AM local time in Wuhan, China. A conference room will also be available for U.S. shareholders on August 25, 2022, at 9:00 PM EDT in Troy, Michigan, allowing participation via WebEx. The company is a leading power steering components supplier, operating through ten joint ventures and serving major automotive manufacturers in China and North America.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported a 5.5% increase in net sales, reaching $127.2 million in Q2 2022, up from $120.6 million in Q2 2021. Gross profit rose 43.7% to $22.7 million, with a gross margin of 17.9%. Net income attributable to common shareholders increased to $9.4 million or $0.31 per diluted share. For the first six months, net sales grew 5.1% to $263.6 million, and cash and equivalents totaled $143.8 million as of June 30, 2022. The company increased its full-year revenue guidance to $500 million.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q2 2022 on August 12, 2022, before the market opens. A conference call will be held at 8:00 A.M. EDT to discuss the results, followed by a Q&A session. The company specializes in power steering components and systems in China, serving major auto manufacturers with an annual production capacity exceeding 6 million sets. Investors are encouraged to participate in the call by dialing in 10 minutes early.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported its Q1 2022 results, showcasing a 4.7% increase in net sales to $136.4 million compared to Q1 2021. However, gross profit fell to $14.7 million with a gross margin of 10.8%, down from 15.1% a year prior. The company experienced a loss from operations of $1.5 million, contrasting with $4.2 million in income from the same quarter in 2021. They revised their full-year revenue guidance down to $490 million from $510 million due to COVID-19 impacts and economic uncertainties.
China Automotive Systems, Inc. (CAAS) will announce its unaudited financial results for Q1 2022 on May 23, 2022, before market opening. A conference call will follow at 8:00 AM EDT, allowing stakeholders to discuss results and ask questions. The company, based in Wuhan, China, is a prominent supplier of power steering components, with a production capacity exceeding 6 million sets annually. CAAS serves major automotive manufacturers in China and North America, including Ford and Fiat Chrysler.
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.
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