China Automotive Systems Introduces New EPS Product to Empower ADAS
- Wall Street closes lower as inflation fears prompt tech sell-off
- Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'
- Alphabet (GOOGL) and Facebook (FB) Downgraded to 'Neutral' at Citi as Decelerating Growth Is Not Bullish for Multiples
- Elliott Management has stake in Duke Energy (DUK) - WSJ
- Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
WUHAN, China, March 22, 2021 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today provided an update on its new Electric Power Steering (EPS) product.
This new EPS product is based upon proprietary technologies developed by CAAS' R&D team. The Company has begun mass production of this product for new vehicle models of the leading Chinese automaker, Great Wall Motors. Seamlessly connected with vehicle data, CAAS' new EPS system enables drivers to adapt to different road conditions and significantly enhances user experiences.
The Company's R&D team set a record that, for the first time, a Chinese domestic steering producer not only drove the entire product development cycle in-house from design to testing, but developed proprietary algorithms for steering control software as well. This new EPS system integrates and communicates with the vehicles' main data architecture to fulfill key Advanced Driver Assistance Systems (ADAS) functionalities including lane keeping assist (LKA), automatic parking assist (APA), lane centering (LCK) and traffic jam assist (TJA).
CAAS has already received additional purchase orders from JAC, Chery Auto and Fiat Chrysler Automobiles.
Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We are very excited to showcase our research talent and development prowess to the market. As the Chinese automotive industry is going through a paradigm shift in new technologies, we believe that we are well positioned for new growth opportunities."
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 6 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com.
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 28, 2019, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown in regional and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie LiChief Financial OfficerChina Automotive Systems, Inc.Email: email@example.com
Kevin TheissAwaken Advisors+1-212-521-4050Email: Kevin@awakenlab.com
SOURCE China Automotive Systems, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Autonomous Truck startup Plus to Become Publicly Listed Through Combination with SPAC Hennessy Capital Investment Corp. V (HCIC)
- Pandemic Brings Financial Fraud Into the Limelight With Almost 1-in-5 UK Respondents Becoming First-time Victims Following Covid-19 Lockdowns
- Clean Air Metals Provides a Corporate Update Including Payment of $1.5 million to Panoramic Resources and Commencement of Environmental Baseline Data Collection
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Related EntitiesChrysler LLC
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!