China Automotive Systems (CAAS) Commences Production of Electric Power Steering Systems for Fiat Chrysler

November 16, 2016 6:35 AM EST

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China Automotive Systems, Inc. (Nasdaq: CAAS) announced it has begun commercial production of steering gears to supply to Fiat Chrysler Automobiles' (NYSE: FCAU) electric power steering (EPS) systems for a new C-SUV model set to launch in 2017.

The Company has begun shipping these newly designed steering gears from its brand new, state-of-the-art, automated assembly plant located in Jingzhou, Hubei Province, China to FCA's new C-SUV assembly plant in Toluca, Mexico.

Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We have been in Chrysler's global sourcing program since 2009. In the past 7 years, as a key tier-one supplier, we have won a number of accolades for our superior quality and outstanding performance in Chrysler's award winning models. As a result, our business in the North American market has exceeded 500,000 units of steering products on an annual basis. We continue to expand our product portfolio and production capabilities to extend our market leadership in China."

"We remain upbeat with the prospects of our EPS business at home and abroad. Our EPS systems execute lane-keeping and self-parking functionalities, which are the cornerstones for driverless vehicles. We are well positioned for more opportunities and collaboration with OEMs and technology companies," Mr. Wu concluded.

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