Welcome to our dedicated page for China Automotive Sys news (Ticker: CAAS), a resource for investors and traders seeking the latest updates and insights on China Automotive Sys stock.
China Automotive Systems, Inc. (NASDAQ: CAAS) delivers innovative power steering solutions for global vehicle manufacturers. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments, technological advancements, and market positioning.
Track all official announcements including quarterly earnings, strategic partnerships, product innovations, and operational milestones. Our curated feed ensures access to primary source materials for informed analysis of CAAS's role in evolving automotive technologies like electric power steering systems.
Key updates cover R&D breakthroughs, manufacturing expansions, and leadership changes impacting the company's trajectory. Bookmark this page for direct access to filings, press releases, and substantive news affecting CAAS's position as a steering systems leader.
China Automotive Systems, Inc. (CAAS) will release its unaudited financial results for Q3 2021 on November 12, 2021, before market open. A conference call is scheduled for 8:00 A.M. EST on the same day, followed by a Q&A session. The company is a leading supplier of power steering components in China and operates through ten joint ventures, serving major automotive manufacturers. Their production capacity exceeds 6 million steering system parts annually. Investors are encouraged to participate in the call for insights into the company's performance.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported a strong financial performance for Q2 2021, with net sales rising 45.0% to $120.6 million. Gross profit saw a remarkable increase of 102.6% to $15.8 million, resulting in a gross margin of 13.1%. The company shifted from an operational loss of $5.2 million in Q2 2020 to a small income of $0.1 million in Q2 2021. Net income was $3.2 million, recovering from a net loss of $4.1 million the previous year. For the first half of 2021, net sales grew 60.1% to $250.9 million, prompting management to raise its full-year revenue guidance to $495 million.
China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q2 2021 on August 12, 2021, before market opening. A conference call will follow at 8:00 A.M. EDT, where management will discuss the results and answer questions. The company, a key player in China's power steering components market, operates via ten joint ventures and has an annual production capacity of over 6 million steering systems. Major clients include leading automotive manufacturers in China and North America.
China Automotive Systems, Inc. (Nasdaq: CAAS) will hold its Annual Meeting of Stockholders on July 28, 2021, at 9:00 AM local time in Wuhan, China. Shareholders can join via a WebEx conference call scheduled for July 27, 2021, at 9:00 PM at Henglong USA Corporation, Michigan. The meeting will discuss key business developments, including the company's standing as a leading supplier of power steering components in China, with an annual production capacity exceeding 6 million steering system parts.
China Automotive Systems, Inc. (CAAS) announced that its subsidiary, Hubei Henglong Automotive Systems Group, achieved SGS TÜV ISO26262:2018 ASIL-D certification. This certification signifies that Henglong meets the highest safety standards for functional safety product development in automotive systems. The ISO26262:2018 standard addresses safety for electrical and electronic systems in vehicles throughout their lifecycle. CEO Qizhou Wu emphasized this certification enhances their product quality and sets them apart from competitors amidst the newly introduced GB17675-2021 standard in China.
China Automotive Systems, Inc. (Nasdaq: CAAS) has entered the OTOP phase for developing a new steering system for Alfa Romeo's luxury 2021 Tonale plug-in hybrid SUV. The anticipated order for approximately 100,000 annual units highlights CAAS's continuing collaboration with major automakers. This project marks CAAS's second undertaking in Europe and its first with a luxury brand under Stellantis. CEO Qizhou Wu expressed enthusiasm about CAAS's role in automotive electrification and engineering quality.
China Automotive Systems, Inc. (Nasdaq: CAAS) announced the acquisition of a 40% stake in Swedish technology firm Sentient AB for Euro 20 million. This strategic purchase aligns with CAAS's aim to enhance its capabilities in steering functions and autonomous driving technology. The acquisition is part of CAAS's five-year plan to penetrate the growing autonomous driving market. Sentient, known for its advanced software and hardware designs, holds 10 patents and has been operational since 2013, making significant contributions to vehicle control and steering technologies.
China Automotive Systems, Inc. (NASDAQ: CAAS) reported a significant Q1 2021, with net sales soaring 77% to $130.3 million, driven by robust demand across key markets. Gross profit rose 75.9% to $19.7 million, and net income turned to $3.2 million from a loss last year. EPS product sales surged 204.9%, comprising 19% of total sales. The company raised its full-year revenue guidance from $470 million to $485 million, reflecting positive market conditions. Cash and equivalents stood at $122 million, ensuring strong liquidity.
China Automotive Systems, Inc. (CAAS) plans to release its unaudited financial results for Q1 2021 on May 12, 2021, before market opening. A conference call is scheduled for the same day at 8:00 A.M. EDT to discuss the results, followed by a Q&A session. The company, a leading power steering components supplier in China, operates through numerous joint ventures and has a customer base that includes major automotive manufacturers like Ford and Fiat Chrysler.
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