WUHAN, China, Oct. 7, 2019 /PRNewswire/ -- China Automotive Systems, Inc. (CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced it has successfully passed the supplier evaluation by one of the largest commercial vehicle producers in Europe, IVECO S.p.A. (IVECO).
IVECO recently sent a team of technology and quality review officers to CAAS' production center in China. Their weeklong thorough evaluation ranged from technical review, IVECO's Daily van project product procedures, production management, product quality standard, and material quality report (MQR) to testing workshop quality control, aftermarket management, procurement inspection, and pre-production rectification verification. After CAAS successfully passed the evaluation, IVECO awarded CAAS the development right for the IVECO Daily van project.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "Daily van is one of the most iconic large light-duty commercial vans in the world. We are honored to soon be part of the supply chain for this longest-running vehicle brand with 40 years history and 3 million units sold over 110 geographic markets. At the same time, we are proud that our product design and development capabilities along with proven production management received high remarks from IVECO supplier review officers."
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 6 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 Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com.
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. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. 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 Form 10-K annual report filed with the Securities and Exchange Commission on March 28, 2019, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. 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.