WUHAN, China, Jan. 25, 2022 /PRNewswire/ -- 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 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."
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 Fiat Chrysler Automobiles (FCA) 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 30, 2021, 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.
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China Automotive Systems, Inc.