China Automotive Systems (CAAS) Enters Supply Contract with SCANIA

China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced that it has entered into an agreement with SCANIA AB ("SCANIA") to develop eRCB steering systems for SCANIA's trucks and buses.

Built upon CAAS' proprietary technology and innovative knowledge coupled with CAAS' advanced driver-assistance systems ("ADAS") L4 platform, named AP04, this eRCB steering system is a fully electric intelligent steering system for light- and medium-duty truck and heavy-duty commercial vehicles. This eRCB steering system features an innovative twin electric motor structure with high output torque. CAAS' proprietary AP04 driver-assist system enables vehicles to execute level-4 autonomous driving with a superior level of functionality, safety and network security.

The eRCB steering system is expected to become the world's first mass-produced fully electric intelligent power steering system for commercial vehicles, which bolsters CAAS' status as a premier Tier-1 supplier to global commercial vehicle OEMs.

Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We are excited to add another global OEM to our customer list and reach another major milestone as we continue to drive our international growth through continued innovation and superior quality. Due to the heavy payloads and tough road conditions, the commercial vehicle market is still dominated by traditional hydraulic steering systems, which presents a unique opportunity for our new product which is more environmentally friendly and driver friendly."

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