China Automotive Systems (CAAS) Develops New Steering System for Alfa Romeo's First Subcompact Crossover EV

China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that it has entered into the OTOP (Off Tool Off Process) phase of new steering development for the leading European auto brand, Alfa Romeo.

This new steering system under development is for Alfa Romeo's first luxury plug-in-hybrid SUV model, 2021 Tonale. Along with its extremely dynamic and athletic body and customized luxury interior, this highly anticipated compact crossover electric vehicle also features Alfa Romeo's first plug-in-hybrid powertrain. Purchase orders for approximately 100,000 annual units are expected for this new CAAS steering system.

Founded in 1910 in Milan, Alfa Romeo is an Italian premier auto maker and subsidiary of the global automotive powerhouse, Stellantis. CAAS's history with Stellantis started from its relationship with Chrysler North America in 2006 and later expanded to Fiat in Europe and South America. Since 2011, CAAS has supplied its high-performance steering systems to various vehicle models of Fiat, Wrangler, Compass and RAM, and has consistently won Chrysler's Excellent Supplier Award. This OTOP with Alfa Romeo is not only CAAS' second project in Europe since the JEEP Compass PHEV (Plug-in-Hybrid Electric Vehicle), but also the first project with a high-end brand under Stellantis.

Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We are pleased with our progress with Alfa Romeo and look forward to many more projects for years to come. We are also excited about our ongoing participation in the electrification in the automobile industry and continue to take pride in our engineering prowess and quality assurance."

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