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China Automotive Systems Extends Filing Date of 2022 First Quarter Report to May 23
WUHAN, China, May 13, 2022 /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, May 13, 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 extended it's 2022 first quarter filing date to May 23, 2022.\nThe Chinese Government's response to COVID-19 in April, 2022, resulted in several of CAAS's subsidiaries in Shengyang, Wuhu and Shanghai being locked down. As a result, the Company's finance team was delayed in accessing the financial records of these subsidiaries to complete the Company's consolidated financial statements and the Form 10-Q.\nAt the time of this press release, the affected subsidiaries have returned to normal operations.\nAbout China Automotive Systems, Inc. \nBased 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.\nForward-Looking Statements\nThis 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 ...