- Celebrating 20th Anniversary of
NASDAQ Listing -
WUHAN,
China, July 19, 2024 /PRNewswire/
-- China Automotive Systems, Inc. (Nasdaq: CAAS)
("CAAS" or the "Company"), a leading power steering components and
systems supplier in China, today
announced that the Board of Directors has declared a special cash
dividend of US$0.80 per common share.
The special cash dividend is payable on or about August 22, 2024 to shareholders of record as of
the close of business on Tuesday, July 30,
2024. The aggregate amount of the special dividend payment
will be approximately $25
million.
China Automotive Systems´ Board of Directors approved the
special cash dividend after reviewing the Company´s recent
financial performance, current financial condition, expected cash
requirements for business expansion and future free cash-flow
generation.
NASDAQ listing of China Automotive Systems' shares began on
August 24, 2004. Over the next
two decades, the Company grew from a small Chinese domestic player
to a large global tier 1 supplier with operations and customers in
North America, South America, Europe and Asia. China Automotive Systems' sales have
also grown from $58.2 million in 2004
to $576.4 million in 2023, an
approximate 875% increase. Net income grew by approximately
446% from $6.9 million in 2004 to
$37.7 million in 2023.
The Company has become a leading supplier of steering products
in China, the world's largest
automotive market, with large customers including leading vehicle
OEMs such as BYD Auto Co., Ltd., Zhejiang Geely Automobile Co.,
Ltd., Chery Automobile Co., Ltd., Chongqing Changan Automobile Co.,
Ltd., SAIC Motor Co., Ltd., FAW Group and others. BYD is one
of the largest vehicle manufacturers and is a leading EV producer
with growing market presence around the world.
Internationally, CAAS supplies steering products to
Stellantis N.V. in North and South
America and Europe.
With its worldwide operations, Stellantis has become the
Company's largest customer generating substantial growth in our
Brazilian operations and in other markets. Ford Motor Company
is also a customer in North
America and Mahindra & Mahindra Ltd has become a large
customer in India. European presence is enhanced through the
Company's ownership in Sentient AB, a Swedish automotive technology
company specializing in software development and hardware design
with a focus on autonomous driving ("ADAS") technologies.
Mr. Hanlin Chen, chairman of
CAAS, stated, "This special dividend not only rewards our
shareholders for their long-term support, but also speaks volumes
of our confidence in our sustainable growth for the future.
We are very proud that our large customer base and broad
technology offerings position us strategically for global auto
industry transitions from internal combustion engines to electric
vehicles, as well as human driving to autonomous
driving."
About China Automotive Systems, Inc.
Based in Hubei Province,
the People's Republic of China,
China Automotive Systems, Inc. is a leading supplier of power
steering components and systems to the Chinese automotive industry,
operating through eight Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 8 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd.
and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor
Company in North America. For more
information, please visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. Our actual results may differ materially from the results
described in or anticipated by our forward-looking statements due
to certain risks and uncertainties. As a result, the Company's
actual results could differ materially from those contained in
these forward-looking statements due to a number of factors,
including those described under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K as filed with the Securities
and Exchange Commission on March 28,
2024, and in documents subsequently filed by the Company
from time to time with the Securities and Exchange Commission. Any
of these factors and other factors beyond our control, could have
an adverse effect on the overall business environment, cause
uncertainties in the regions where we conduct business, cause our
business to suffer in ways that we cannot predict and materially
and adversely impact our business, financial condition and results
of operations. A prolonged disruption or any further unforeseen
delay in our operations of the manufacturing, delivery and assembly
process within any of our production facilities could continue to
result in delays in the shipment of products to our customers,
increased costs and reduced revenue. We expressly disclaim any duty
to provide updates to any forward-looking statements made in this
press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com
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SOURCE China Automotive Systems, Inc.