WUHAN, China, Jan. 22, 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 won a top quality award from Ford Motor Company ("Ford").
On January 9, CAAS hosted an award ceremony to receive the Q1 Award from Ford North America. The Q1 Award, an acronym of "Quality is No. 1", is the highest honor for a supplier for meeting Ford's most stringent quality management and execution standard.
Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, "With this award, we are opening a new chapter of our relationship with one of the largest automakers in the world. In 2014, when we first started supplying to Ford in North America, we had already won Excellent Supplier Awards from another global automaker in North America in three consecutive years and we set our goal to amass awards from Ford. After completing two major projects of over 200,000 units shipped with best-in-class quality and on-time delivery, we proudly became a global strategic partner of Ford. We look forward to expanding our customer base globally."
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 29, 2018, 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.
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Chief Financial Officer
China Automotive Systems, Inc.