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 systems supplier in China, today provides an update on the reopening of its operations in China.
As 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.
While 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.
Mr. 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."
"We are optimistic that all our production and other corporate activities will shortly be back to full operation."
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.
For further information, please contact:
Chief Financial Officer
China Automotive Systems, Inc.
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