WUHAN, China, April 15, 2021 /PRNewswire/ — China Automotive Devices, Inc. (Nasdaq: CAAS) (“CAAS” or the “Enterprise”), a leading power steering elements and programs supplier in China, now announced that its joint undertaking, Brazil Henglong, expects an approximate 200% maximize in its steering unit gross sales to its OEM buyers in South The united states, mainly to Stellantis N.V., for the 2021 year.
Brazil Henglong has begun to provide five new Stellantis automobile models in 2021 expanding its complete to 12 car or truck styles. The Firm supplies steering products and solutions for Stellantis’ s SUVs, decide-up vans and sedans.
Stellantis N.V. was designed by the merger amongst Peugeot S.A. and Fiat Chrysler Cars N.V. and their connected models, in January 2021.
Mr. Qizhou Wu, main govt officer of CAAS, commented, “We are incredibly pleased with the development of our South American operations which are targeted on Brazil and Argentina, but have a achieve across the continent. For the 2021 year, we assume our complete revenue in South The united states to exceed 450,000 models for the first time. We have a extensive heritage of providing steering to parts of Stellantis’ s functions and we are gratified to source to a developing selection of their automobile designs.”
“Global income are a sturdy expansion channel for our business enterprise. We have made significant product sales in North and South America, and we have begun to penetrate European marketplaces as effectively. We glance ahead to capturing better market place share in global marketplaces,” Mr. Wu concluded.
About China Automotive Units, Inc.
Based mostly in Hubei Province, the People’s Republic of China, China Automotive Programs, Inc. is a major supplier of electricity steering factors and programs to the Chinese automotive marketplace, running by 10 Sino-overseas joint ventures. The Enterprise presents a total vary of steering procedure elements for passenger automobiles and industrial motor vehicles. The Business currently delivers four independent sequence of electric power steering with an annual output capability of in excess of 6 million sets of steering gears, columns and steering hoses. Its buyer foundation is comprised of foremost car makers, this kind of as China FAW Team, Corp., Dongfeng Auto Team Co., Ltd., BYD Automobile Corporation Minimal, Beiqi Foton Motor Co., Ltd. and Chery Car Co., Ltd. in China, and Fiat Chrysler Cars (FCA) and Ford Motor Enterprise in North The us. For additional info, please take a look at: http://www.caasauto.com.
Forward-Hunting Statements
This push release incorporates statements that are “forward-on the lookout statements” as outlined less than the Private Securities Litigation Reform Act of 1995. Forward-hunting statements depict our estimates and assumptions only as of the date of this press release. These ahead-looking statements include things like statements about the qualitative and quantitative results of the accounting faults, the intervals concerned, the character of the Firm’s assessment and any anticipated conclusions of the Enterprise or its administration and other statements that are not historical details. Our real benefits may vary materially from the benefits explained in or expected by our forward-on the lookout statements because of to sure threats and uncertainties. As a outcome, the Company’s precise outcomes could differ materially from individuals contained in these forward-on the lookout statements due to a selection of components, together with those explained less than the heading “Risk Things” in the Firm’s Kind 10-K annual report filed with the Securities and Trade Commission on March 30, 2021, and in paperwork subsequently filed by the Corporation from time to time with the Securities and Trade Commission. If the outbreak of COVID-19 is not properly and well timed controlled, our company functions and financial condition might be materially and adversely impacted as a outcome of the deteriorating marketplace outlook for auto income, the slowdown in regional and national economic progress, weakened liquidity and economic affliction of our consumers or other elements that we are unable to foresee. Any of these factors and other aspects past our handle, could have an adverse influence on the in general organization environment, lead to uncertainties in the regions where we perform business enterprise, lead to our business enterprise to go through in methods that we are not able to predict and materially and adversely influence our company, money issue and results of functions. A prolonged disruption or any even further unforeseen hold off in our operations of the manufacturing, delivery and assembly system within just any of our creation services could carry on to end result in delays in the shipment of products to our consumers, greater prices and minimized profits. We expressly disclaim any obligation to provide updates to any ahead-looking statements produced in this push launch, no matter whether as a result of new details, upcoming activities or normally.
For further more info, remember to get hold of:
Jie Li
Chief Economical Officer
China Automotive Units, Inc.
Email: [email protected]
Kevin Theiss
Awaken Advisors
+1-212-521-4050
E mail: [email protected]
Source China Automotive Programs, Inc.
