China Automotive Sys Inc - CAAS STOCK NEWS

China Automotive Systems, Inc. (Nasdaq: CAAS) has announced the mass production of its new Electric Power Steering (EPS) product tailored for Great Wall Motors. Utilizing proprietary technologies, the EPS system enhances user experience and features integration with Advanced Driver Assistance Systems (ADAS) functionalities such as lane keeping and automatic parking. The company has secured additional orders from JAC, Chery Auto, and Fiat Chrysler. CEO Qizhou Wu emphasized the company's readiness for growth amidst evolving automotive technologies.

China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q4 and audited results for the fiscal year ending December 31, 2020, on March 30, 2021, before market opens. This release will be followed by a conference call at 8:00 A.M. EDT to discuss results, including a Q&A session. The company is well-known for supplying power steering components to major automotive manufacturers in China and North America, with an annual production capacity exceeding 6 million steering gears.

China Automotive Systems, Inc. (CAAS) announced a settlement hearing set for February 5, 2021, regarding a stockholder derivative lawsuit. The lawsuit involved allegations of excessive compensation paid to non-employee directors and lack of accurate disclosures in the Company’s proxy statement. If the court approves the non-monetary settlement, no action is required from stockholders. Management believes the lawsuit's impact on financial statements will be immaterial. Shareholders must file any objections by January 26, 2021.

In November 2020, China Automotive Systems (CAAS) achieved a record-high shipment of 70,000 steering units to leading truck OEMs in China and the North American aftermarket. The surge follows increased orders from major producers like Beiqi Foton and Dongfeng Motor, highlighting a recovery in Chinese industrial production. CAAS is also advancing its new assembly line for intelligent RCB steering systems designed for autonomous vehicles, with significant interest from over 10 domestic OEMs. The company expects this momentum to continue into Q1 2021, strengthening its market position.

China Automotive Systems, Inc. (Nasdaq: CAAS) reported shipping approximately 120,000 electric power steering units for Chinese EVs in 2020, with expectations to exceed 140,000 units by year-end. The company targets sales of over 200,000 units in 2021. Major clients include Great Wall Motors and Chery Automobile. As the Chinese EV market grows, propelled by government targets of 25% EVs by 2025, CAAS emphasizes ongoing partnerships and advancements in EPS technology through joint ventures. Despite the optimistic outlook, potential risks from COVID-19 and market volatility remain.

China Automotive Systems, Inc. (Nasdaq: CAAS) will release its unaudited financial results for Q3 ending September 30, 2020, on November 12, 2020, before market opens. A conference call will follow at 8:00 A.M. EST, allowing management to discuss results and answer questions. The company, based in Wuhan, China, is a major supplier of power steering components with an annual production capacity of over 6 million sets. Customers include leading automakers like FAW Group and Ford Motor Company.

China Automotive Systems, Inc. (Nasdaq: CAAS) has approved a $5 million share repurchase program over the next 12 months, purchasing shares at market prices not exceeding $3.50 each. The company aims to enhance shareholder value amidst a challenging market environment due to COVID-19. As of June 30, 2020, CAAS reported $105.9 million in cash equivalents and a strong operating cash flow of $31.4 million. Despite significant sales impacts earlier this year, the company believes that operations will improve in the second half of 2020.

China Automotive Systems (CAAS) reported a net sales decline of 21.3% to $83.2 million in Q2 2020 compared to Q2 2019. The gross profit decreased to $7.8 million, with a gross margin of 9.4%. The company posted a loss from operations of $5.2 million and a net loss attributable to shareholders of $4.1 million, translating to a diluted loss per share of $0.13. For the first six months of 2020, net sales were down 27.1% to $156.7 million. Despite challenges, the company maintained a strong cash position of $105.9 million.

China Automotive Systems, Inc. (Nasdaq: CAAS) will hold its Annual Meeting of Stockholders on August 17, 2020, at 10:00 AM local time in Wuhan, China. Shareholders can join via conference call at +1-877-407-8031 (U.S.) or +86 400-120-2840 (Mainland China) and access a live webcast here. The company is a leading supplier of power steering components, with an annual production capacity exceeding 6 million sets, serving major customers like China FAW Group and Chrysler Group. For further information, visit their website at caasauto.com.