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  4. China Automotive Systems, Inc.
  5. China Automotive Systems, Inc. Business Report FY ended Dec. 2024

China Automotive Systems, Inc. Business Report FY ended Dec. 2024

Financial Overview

(USD millions)

  FY ended Dec. 31, 2024 FY ended Dec. 31, 2023 Change (%)
Sales 650.94 576.35 12.9
Net income 37.90 42.74 (11.3)

 

Orders

- Subsidiary Jingzhou Henglong Automotive Parts Manufacturing Co., Ltd. (Jingzhou Henglong) received its first order for parallel-axis electric power steering (R-EPS) products from a major European automaker. The order is expected to generate annual sales exceeding USD 100 million, covering multiple models of the customer, with mass production scheduled to begin in 2027. R-EPS has achieved technological breakthroughs in noise, vibration, and harshness (NVH), steering feel, and other steering performance aspects. Through the company's proprietary ball screw assembly, it ensures quality control while optimizing costs. The product adopts CAAS's self-developed electronic control unit, enhancing cybersecurity and functional safety, reducing the probability of hardware failures, and improving the steering feel control algorithm. (From China Automotive Systems official website news on May 21, 2025)

- The company's R-EPS steering system developed for Nanjing Iveco has entered mass production. R-EPS is suitable for medium and large passenger vehicles and light commercial vehicles. The product has passed the Production Part Approval Process (PPAP) evaluation. Equipped with a motor including a control unit, it achieves steering assist function through a ball nut and belt drive reduction system compared to hydraulic systems. The R-EPS system is lightweight and efficient, optimizing fuel efficiency and driving range. The R-EPS architecture also supports autonomous driving functions. (From China Automotive Systems announcement on January 24, 2025)

 

Subsidiary performance (Fiscal year ended December 2024)

Company Details
Jingzhou Henglong Automotive Parts Co., Ltd.

-Henglong mainly engages in providing passenger vehicle steering systems. Net sales for Henglong were USD 325.9 million for the year ended December 31, 2024, representing an increase of 20.09%. The increase was mainly due to increased sales volume of products used in passenger vehicles.
Shashi Jiulong Power Steering Gears Co., Ltd.

-Mainly engaged in providing commercial vehicle steering systems. Net sales for Jiulong were USD 71.6 million for the year ended December 31, 2024, representing an increase of 2.4%. The increase was mainly due to the growth in commercial vehicle demand.
Wuhu Henglong Automotive Steering System Co., Ltd.

-Mainly supplies automotive steering systems to Chery Automobile Co., Ltd. (Chery), one of China's major automobile manufacturers. Net sales for the year ended December 31, 2024 were USD 44.8 million, representing an increase of 18.2%. The increase was mainly due to increased sales volume of Chery's passenger vehicle products.
Hubei Henglong Automotive System Group Co., Ltd.

-Mainly provides automotive steering systems to Stellantis N.V. and Ford. Net sales for Hubei Henglong for the year ended December 31, 2024 were USD 105.4 million, representing a decrease of 9.09%. The decrease was mainly due to reduced sales volume of Stellantis N.V. passenger vehicle products.
Hubei Henglong & KYB Automobile Electric Steering System Co., Ltd.

-Mainly provides electric power steering (EPS) products for passenger vehicles. Net sales for Henglong KYB for the year ended December 31, 2024 were USD 188.2 million, representing an increase of 27.2%. The increase was mainly due to the growth in sales volume of EPS products used in passenger vehicles.
CAAS Brazil's Imports and Trade in Automotive Parts Ltd.

-Mainly supplies steering systems to Stellantis N.V. Net sales of products for CAAS Brazil for the year ended December 31, 2024 were USD 51.0 million, representing an increase of 5.7%. The increase was mainly due to the growth in demand from Stellantis N.V.
Others

-Net product sales of other entities for the year ended December 31, 2024 were USD 138.5 million, representing an increase of 23.5%. The growth was mainly attributable to the sales growth of Xiaosheng (Wuhan) Mechatronics Integrated System Co., Ltd.

 

 

R&D Facilities

Facilities Year established Details
Hubei Henglong Group Shanghai Electric R&D Co., Ltd. 2015 -The business range includes: design and sales of automotive parts and automotive electronic products; technology development and technical services in the automotive field.
Qingyan Technological Automotive Intelligent Technology Research Institute Co., Ltd. 2016 -Intelligent manufacturing, intelligent inspection and intelligent vehicle related activities.
-Established cooperation relationships with Chinese automobile and transmission manufacturers such as Changan Automobile, Beiqi Yinxiang, Tsingshan Transmission, Landai Powertrain, GAC, Chery, Geely, JAC, Wanliang, and Xingrui.
Hubei Jingzhou Auto Parts Industry Technology Research Institute Co., Ltd. 2021 -Engaged in auto parts and accessories manufacturing, technical services, and technology development.

 

R&D Expenditure
  FY ended Dec. 31, 2024 FY ended Dec. 31, 2023 FY ended Dec. 31, 2022
R&D expenditure (USD millions) 27.65 29.18 36.11
R&D expenses as percent of Sales (%) 4.25 5.06 6.82

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