WUHAN, China, Nov. 16, 2016 /PRNewswire/ -- China Automotive Systems, Inc. (CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced it has begun commercial production of steering gears to supply to Fiat Chrysler Automobiles' (NYSE: FCAU or "FCA") electric power steering (EPS) systems for a new C-SUV model set to launch in 2017.
The Company has begun shipping these newly designed steering gears from its brand new, state-of-the-art, automated assembly plant located in Jingzhou, Hubei Province, China to FCA's new C-SUV assembly plant in Toluca, Mexico.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We have been in Chrysler's global sourcing program since 2009. In the past 7 years, as a key tier-one supplier, we have won a number of accolades for our superior quality and outstanding performance in Chrysler's award winning models. As a result, our business in the North American market has exceeded 500,000 units of steering products on an annual basis. We continue to expand our product portfolio and production capabilities to extend our market leadership in China."
"We remain upbeat with the prospects of our EPS business at home and abroad. Our EPS systems execute lane-keeping and self-parking functionalities, which are the cornerstones for driverless vehicles. We are well positioned for more opportunities and collaboration with OEMs and technology companies," Mr. Wu concluded.
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 eight 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 5.5 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 in North America. For more information, please visit: www.caasauto.com.
The Company has begun shipping these newly designed steering gears from its brand new, state-of-the-art, automated assembly plant located in Jingzhou, Hubei Province, China to FCA's new C-SUV assembly plant in Toluca, Mexico.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We have been in Chrysler's global sourcing program since 2009. In the past 7 years, as a key tier-one supplier, we have won a number of accolades for our superior quality and outstanding performance in Chrysler's award winning models. As a result, our business in the North American market has exceeded 500,000 units of steering products on an annual basis. We continue to expand our product portfolio and production capabilities to extend our market leadership in China."
"We remain upbeat with the prospects of our EPS business at home and abroad. Our EPS systems execute lane-keeping and self-parking functionalities, which are the cornerstones for driverless vehicles. We are well positioned for more opportunities and collaboration with OEMs and technology companies," Mr. Wu concluded.
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 eight 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 5.5 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 in North America. For more information, please visit: www.caasauto.com.
