Business
China Automotive Systems' South American Unit Sales to Increase Approximately 200% In 2021
WUHAN, China, April 15, 2021 /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, April 15, 2021 /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 joint venture, Brazil Henglong, expects an approximate 200% increase in its steering unit sales to its OEM customers in South America, primarily to Stellantis N.V., for the 2021 year. \nBrazil Henglong has started to supply five new Stellantis vehicle models in 2021 increasing its total to 12 vehicle models. The Company supplies steering products for Stellantis' s SUVs, pick-up trucks and sedans.\nStellantis N.V. was created by the merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. and their associated brands, in January 2021. \nMr. Qizhou Wu, chief executive officer of CAAS, commented, \"We are very pleased with the growth of our South American operations which are focused on Brazil and Argentina, but have a reach across the continent. For the 2021 year, we expect our total sales in South America to exceed 450,000 units for the first time. We have a long history of supplying steering to parts of Stellantis' s operations and we are gratified to supply to a growing number of their vehicle models.\" \"International sales are a strong growth channel for our business. We have developed substantial sales in North and South America, and we have begun to penetrate European markets as well. We look forward to capturing higher market share in international markets,\" Mr. Wu concluded. \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...