China Automotive Systems Provides Updates on Electric Motor Subsidiary
WUHAN, China, Dec. 10, 2019 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today provided an update on its electric motor subsidiary, Hyoseong (Wuhan) Motion Mechatronics System Co. Ltd. ("HMMS").
Formed in December 2018, HMMS, a joint venture 51% owned by CAAS and 49% by South Korean-based Hyoseong Electric, is mainly engaged in designing, researching, developing and manufacturing best-in-class brushless electric motors for the automotive steering systems market. In 2019, HMMS successfully completed its phase one development plan of powerpack brushless motors to address the market for i-RCB, C-EPS and P/DP-EPS. In October 2019, three new South Korean-made highly automated production lines for stator, rotor and general assembly respectively, have been installed at the joint venture facility. As of December 2019, HMMS has also completed new product prototyping and testing. Starting in 2020, HMMS will commence mass production of its proprietary brushless electric motors. These new production lines will feature online automated detection systems and robotic assembly lines to reduce the product defect rate and enable better quality assurance.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "We are pleased with the progress HMMS made in the past year. Our JV's brushless motors have adopted more advanced location sensors that are capable of more accurately tracking the rotor's location signals. In addition, by using powerpacks along with integrated electronic control units (ECU), the electromagnetic compatibility of our motors will be significantly improved. With the ongoing technology upgrades and key component in-sourcing, we remain upbeat for the future growth of our electric power steering (EPS) products."
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 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 Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com.
This 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 and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 28, 2019, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
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Chief Financial Officer
China Automotive Systems, Inc.
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