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China Automotive Systems Announces Subsidiary's Annual Sales Milestone of 5 Million Units and New Driver Assist Products in Mass Production
WUHAN, China, Jan. 24, 2025 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and
About this update from China Automotive Systems, Inc.
[{"type":"text","content":"WUHAN, China, Jan. 24, 2025 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today announced that its largest subsidiary by sales, Jingzhou Henglong Auto Parts Manufacturing Co., Ltd. (\"Jingzhou Henglong\"), achieved a production and sales increase of 35% year-over-year in the fourth quarter of 2024, and reached a new single monthly record high sales and production in December 2024 of more than 620,000 units, a 46.7% year-over-year increase. For 2024, annual production and sales volume exceeded 5 million units, representing an 18.5% year-over-year growth. \n\nThe Company also announced that the R-EPS steering product developed for Nanjing Iveco has entered mass production after successfully passing the Production Part Approval Process (\"PPAP\") assessment. The R-EPS steering gears feature an electric motor with control unit, and a ball nut and belt drive reduction system, compared with hydraulic pressure, to provide steering assist. R-EPS is lighter with improved efficiency creating increased mileage and range. R-EPS architecture is capable of performing autonomous driving functions such as Automatic Parking, Lane Keep Assist (LKA) and Lane Follow Assist (LFA). R-EPS is compatible with medium- and heavy-duty passenger vehicles and light commercial vehicles.\nThe success of the R-EPS project is a further testament to CAAS' superior engineering and technology development by incorporating artificial intelligence. With the growing trend of embracing artificial intelligence in the automotive industry, CAAS accelerated the research and development of innovative electric products, focusing on improved material science and manufacturing processes. All R-EPS products endured intense performance testing to ensure stability and durability.\nNanjing Iveco Automobile Co Ltd is a joint venture between Iveco and Nanjing Automobile (Group) Corporation.\nMr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, \"CAAS continues to march forward. In 2024, our existing R-EPS production line could produce 100,000 units per annum, and with the new R-EPS production line expansion, annual production capacity will reach 250,000 units in 2025 and is expected to reach 400,000 units by 2027.\"\nAbout China Automotive Systems, Inc. \nBased ...