Business
China Automotive Systems Provides Updates on Reopening of Production Centers
WUHAN, China, March 12, 2020 /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, March 12, 2020 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) (\"CAAS\" or the \"Company\"), a leading power steering components and systems supplier in China, today provides an update on the reopening of its operations in China.\nAs of March 10th, CAAS's production centers in Wuhu Henglong (Wuhu, Anhui Province), Brilliance Henglong (Shenyang, Liaoning Province) and Chongqing Henglong (Chongqing City) have resumed their full operations with returned workers and managerial personnel. Approximately 1,000 workers have reported to their posts in the Company's main production center in Jingzhou City, Hubei Province. Over 47,000 units of steering systems have been produced and shipped since the reopening of the production centers. CAAS's corporate headquarters in Wuhan has been temporarily relocated to Jingzhou City until further notice from the Wuhan government.\nWhile the recovery of full production capacity is proceeding rapidly, the Company has successfully and thoroughly managed the post-epidemic health inspection and surveillance. As of the date of this press release, there have been no confirmed or suspected cases of infection.\nMr. Qizhou Wu, Chief Executive Officer of CAAS, commented, \"Being in the epicenter of the outbreak, we are very proud of the remarkable progress we made to quickly return to production. After the required quarantine period, we have taken over a few local hotels to supplement our existing corporate dormitory, and centrally managed our staff and attended to their needs from preventive medicare to transportation to dining.\"\n\"We are optimistic that all our production and other corporate activities will shortly be back to full operation.\"\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 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 6 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, ...