Our Company - Overview Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. (Nasdaq: CAAS) is a leading supplier of power steering systems and components to China automotive industry, operating through nine subsidiaries. It has more than ten years experiences in power steering manufacturing. In 2008, the Company sold approximately 1.3 million systems and components compared with 1.1 million in 2007. Its product offering encompasses a full range of auto parts incorporated into steering systems for both passenger automobiles and commercial vehicles. It currently offers four separate series, 307 models of power steering including rack and pinion power steering, integral power steering, electronic power steering and manual steering, steering columns, steering oil pumps and steering hoses. CAAS has strong technology and R & D capabilities, pursuing aggressive strategies in technology to maintain a competitive edge within the automobile industry. It has three technology and R & D centers, more than 200 technical expertise devoted in R & D, testing, production and process improvement, and new material application. CAAS owns two trademarks covering automobile parts and twelve Chinese patents covering power steering technology. The Company is in the process of integrating new advanced technologies such as electronic chips in power steering systems into its current production line and is pursuing aggressive strategies in technology to maintain a competitive edge within the automobile industry. CAAS has signed a Ten-Year Licensing Agreement with Bishop Steering Technology Limited, a leader in automotive steering gear technology innovation which offers advanced technology for steering valves within the contract period. It also has signed a Technology Transfer Agreement with Nanyang Ind. Co. Ltd., a leading steering column maker, for the technology necessary for electronic power steering (EPS) systems. In addition, CAAS has established with Tsinghua University a steering systems research institute designed to develop Electronic Power Steering (EPS) and Electronic Hydraulic Steering Systems (EHPS). CAAS has business relations with more than sixty vehicle manufacturers, including FAW Group and Dongfeng Auto Group, two of the five largest automobile manufacturers in China; Shenyang Brilliance Jinbei Co., Ltd., the largest minivan manufacturer in China; Cherry Automobile Co., Ltd, the largest state owned car manufacturer in China, and Zhejiang Geely Automobile Co., Ltd., the largest private owned car manufacturer. In 2007 and 2008, the Company has supplied power steering pumps and power steering gears for the Sino-Foreign joint ventures established by General Motors (GM) and Volkswagen. In 2008, although the international economy showed depression and the growth rate of Chinese economy showed the dropping trends, generally speaking, Chinese automobile market kept a certain growth, and the domestic automobile sales reached to 9.38 million at a year on year growth rate of 6%. With large foreign automakers increasing their purchase of auto parts and components in China, CAAS is expected to continue to grow. It will focus on brand recognition, quality control, decreasing costs, research and development and strategic acquisitions to carry out both domestic and international market expansion. CAAS' broad spectrum, high quality and reasonable price products, strong R & D capabilities and leading position will support it for continuous growth and to become an international power steering system supplier in the future.
Our Company - Overview
Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. (Nasdaq: CAAS) is a leading supplier of power steering systems and components to China automotive industry, operating through nine subsidiaries. It has more than ten years experiences in power steering manufacturing. In 2008, the Company sold approximately 1.3 million systems and components compared with 1.1 million in 2007.
Its product offering encompasses a full range of auto parts incorporated into steering systems for both passenger automobiles and commercial vehicles. It currently offers four separate series, 307 models of power steering including rack and pinion power steering, integral power steering, electronic power steering and manual steering, steering columns, steering oil pumps and steering hoses.
CAAS has strong technology and R & D capabilities, pursuing aggressive strategies in technology to maintain a competitive edge within the automobile industry. It has three technology and R & D centers, more than 200 technical expertise devoted in R & D, testing, production and process improvement, and new material application.
CAAS owns two trademarks covering automobile parts and twelve Chinese patents covering power steering technology. The Company is in the process of integrating new advanced technologies such as electronic chips in power steering systems into its current production line and is pursuing aggressive strategies in technology to maintain a competitive edge within the automobile industry. CAAS has signed a Ten-Year Licensing Agreement with Bishop Steering Technology Limited, a leader in automotive steering gear technology innovation which offers advanced technology for steering valves within the contract period. It also has signed a Technology Transfer Agreement with Nanyang Ind. Co. Ltd., a leading steering column maker, for the technology necessary for electronic power steering (EPS) systems. In addition, CAAS has established with Tsinghua University a steering systems research institute designed to develop Electronic Power Steering (EPS) and Electronic Hydraulic Steering Systems (EHPS).
CAAS has business relations with more than sixty vehicle manufacturers, including FAW Group and Dongfeng Auto Group, two of the five largest automobile manufacturers in China; Shenyang Brilliance Jinbei Co., Ltd., the largest minivan manufacturer in China; Cherry Automobile Co., Ltd, the largest state owned car manufacturer in China, and Zhejiang Geely Automobile Co., Ltd., the largest private owned car manufacturer. In 2007 and 2008, the Company has supplied power steering pumps and power steering gears for the Sino-Foreign joint ventures established by General Motors (GM) and Volkswagen.
In 2008, although the international economy showed depression and the growth rate of Chinese economy showed the dropping trends, generally speaking, Chinese automobile market kept a certain growth, and the domestic automobile sales reached to 9.38 million at a year on year growth rate of 6%. With large foreign automakers increasing their purchase of auto parts and components in China, CAAS is expected to continue to grow. It will focus on brand recognition, quality control, decreasing costs, research and development and strategic acquisitions to carry out both domestic and international market expansion.
CAAS' broad spectrum, high quality and reasonable price products, strong R & D capabilities and leading position will support it for continuous growth and to become an international power steering system supplier in the future.