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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 entered the OTOP phase for developing a new steering system for Alfa Romeo's luxury 2021 Tonale plug-in hybrid SUV. The anticipated order for approximately 100,000 annual units highlights CAAS's continuing collaboration with major automakers. This project marks CAAS's second undertaking in Europe and its first with a luxury brand under Stellantis. CEO Qizhou Wu expressed enthusiasm about CAAS's role in automotive electrification and engineering quality.
China Automotive Systems, Inc. (Nasdaq: CAAS) announced the acquisition of a 40% stake in Swedish technology firm Sentient AB for Euro 20 million. This strategic purchase aligns with CAAS's aim to enhance its capabilities in steering functions and autonomous driving technology. The acquisition is part of CAAS's five-year plan to penetrate the growing autonomous driving market. Sentient, known for its advanced software and hardware designs, holds 10 patents and has been operational since 2013, making significant contributions to vehicle control and steering technologies.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported a significant Q1 2021, with net sales soaring 77% to $130.3 million, driven by robust demand across key markets. Gross profit rose 75.9% to $19.7 million, and net income turned to $3.2 million from a loss last year. EPS product sales surged 204.9%, comprising 19% of total sales. The company raised its full-year revenue guidance from $470 million to $485 million, reflecting positive market conditions. Cash and equivalents stood at $122 million, ensuring strong liquidity.
China Automotive Systems, Inc. (CAAS) plans to release its unaudited financial results for Q1 2021 on May 12, 2021, before market opening. A conference call is scheduled for the same day at 8:00 A.M. EDT to discuss the results, followed by a Q&A session. The company, a leading power steering components supplier in China, operates through numerous joint ventures and has a customer base that includes major automotive manufacturers like Ford and Fiat Chrysler.
China Automotive Systems (Nasdaq: CAAS) announced a projected 200% increase in steering unit sales to OEM customers in South America for 2021, primarily driven by its joint venture, Brazil Henglong. The company will supply five new vehicle models from Stellantis, raising its total to 12. CAAS anticipates exceeding 450,000 total units sold in South America this year. The CEO expressed confidence in continued international growth, especially in North and South America and potential European market penetration.
China Automotive Systems (NASDAQ: CAAS) reported unaudited financial results for Q4 and audited results for fiscal year 2020, highlighting a 26.4% increase in net sales to $146.5 million compared to Q4 2019. However, the company faced a net loss of $3.2 million attributable to shareholders, driven by a $4.5 million expected credit loss provision related to customer Brilliance Auto's bankruptcy. For FY 2020, net sales decreased by 3.2% to $417.6 million while net loss was $5.0 million. Despite challenges, cash flow from operations improved by 90% to $57.4 million.
China Automotive Systems, Inc. (Nasdaq: CAAS) has announced the mass production of its new Electric Power Steering (EPS) product tailored for Great Wall Motors. Utilizing proprietary technologies, the EPS system enhances user experience and features integration with Advanced Driver Assistance Systems (ADAS) functionalities such as lane keeping and automatic parking. The company has secured additional orders from JAC, Chery Auto, and Fiat Chrysler. CEO Qizhou Wu emphasized the company's readiness for growth amidst evolving automotive technologies.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q4 and audited results for the fiscal year ending December 31, 2020, on March 30, 2021, before market opens. This release will be followed by a conference call at 8:00 A.M. EDT to discuss results, including a Q&A session. The company is well-known for supplying power steering components to major automotive manufacturers in China and North America, with an annual production capacity exceeding 6 million steering gears.
China Automotive Systems, Inc. (CAAS) announced a settlement hearing set for February 5, 2021, regarding a stockholder derivative lawsuit. The lawsuit involved allegations of excessive compensation paid to non-employee directors and lack of accurate disclosures in the Company’s proxy statement. If the court approves the non-monetary settlement, no action is required from stockholders. Management believes the lawsuit's impact on financial statements will be immaterial. Shareholders must file any objections by January 26, 2021.
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