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5. China Automotive Systems, Inc. Business Report FY ended Dec. 2021

China Automotive Systems, Inc. Business Report FY ended Dec. 2021

Latest trend

-The Company (CAAS) announced that it has entered into an agreement with Scania AB to develop eRCB steering systems for Scania's trucks and buses. Built upon CAAS' proprietary technology and innovative knowledge coupled with CAAS' AP04 advanced driver-assistance systems ("ADAS") L4 platform, this eRCB steering system is a fully electric intelligent steering system for light- and medium-duty truck and heavy-duty commercial vehicles. This eRCB steering system features an innovative twin electric motor structure with high output torque. CAAS' proprietary AP04 driver-assist system enables vehicles to execute level-4 autonomous driving. The eRCB steering system is expected to become the world's first mass-produced fully electric intelligent power steering system for commercial vehicles, which bolsters CAAS' status as a premier Tier-1 supplier to global commercial vehicle OEMs. (From a press release on January 25, 2022)

Acquisition

-China Automotive Systems announced that its wholly owned subsidiary, Hubei Henglong Automotive Systems Group Co. Ltd. ("Henglong"), purchased a 40% interest in the issued share capital of Sentient AB. Founded and headquartered in Gothenburg, Sweden in 2009, Sentient operates seven facilities within Sweden and an office in Suzhou, China. Sentient's software functions for steering, vehicle motion control and autonomous driving can be integrated with its proprietarily designed hardware solutions including powerpacks (SW, ECU, motor, housing) and complete steering gear systems. Jingzhou WiseDawn Electric Car Co., Ltd. will transfer and assign a large part of its Sentient shares, representing 40% of the issued share capital of Sentient, to Henglong for total consideration of EUR 20 million in three tranches of cash payments. (From a press release on June 10, 2021)

New products

-The Company announced the introduction of a new electric power steering (EPS) product to enhance advanced driver assistance system (ADAS) functions. This product is based on proprietary technologies developed by the company’s R&D team. Its seamless connection to vehicle data enables a driver to adapt to different road conditions and improves the user experience. Reportedly, the company has begun the production of the product for new models of Great Wall Motor and received additional orders from JAC, Chery Automobile and Stellantis. (From a press release dated March 22, 2021)

Orders

-The Company announced that it has entered into the OTOP (Off Tool Off Process) phase of new steering development for the leading European auto brand, Alfa Romeo. This new steering system under development is for Alfa Romeo's first luxury plug-in-hybrid SUV model, 2021 Tonale. Purchase orders for approximately 100,000 annual units are expected for this new CAAS steering system. This OTOP with Alfa Romeo is not only CAAS' second project in Europe since the Jeep Compass PHEV (Plug-in-Hybrid Electric Vehicle), but also the first project with a high-end brand under Stellantis. (From a press release on July 6, 2021)

-The Company announced that its joint venture, Brazil Henglong, expects an approximate 200% increase in its steering unit sales to its OEM customers in South America, primarily to Stellantis N.V., for the 2021 fiscal year. Brazil Henglong has started to supply five new Stellantis vehicle models in 2021 increasing its total to 12 vehicle models. The Company supplies steering products for Stellantis' s SUVs, pick-up trucks and passenger cars. The growth of itsSouth American operations are focused on Brazil and Argentina. In 2021, the total sales in South America are expected to exceed 450,000 units for the first time. (From a press release on April 15, 2021)

R&D Facilities