BEIJING (dpa-AFX) - China Automotive Systems, Inc. (CAAS), a China-based supplier of power steering components and systems to the country's automotive industry, Friday announced that its largest subsidiary by sales, Jingzhou Henglong Auto Parts Manufacturing Co., Ltd., experienced a 35 percent year-over-year increase in production and sales during the fourth quarter of 2024.
In December 2024, the subsidiary achieved a new monthly record, surpassing 620,000 units, which represents a 46.7 percent year-over-year growth. For the entire year of 2024, the company's total production and sales volume exceeded 5 million units, marking an 18.5 percent increase compared to the previous year.
CAAS announced that its R-EPS steering product for Nanjing Iveco has entered mass production after passing the PPAP assessment. The system, which replaces hydraulic pressure with an electric motor and ball nut and belt drive reduction system, is lighter, more efficient, and improves mileage and range. It also supports autonomous features like Automatic Parking, Lane Keep Assist or LKA, and Lane Follow Assist or LFA, and is compatible with medium- and heavy-duty passenger vehicles and light commercial vehicles.
The success of the R-EPS project underscores CAAS' leadership in engineering and technology, particularly through the integration of artificial intelligence. As AI adoption grows in the automotive sector, CAAS has fast-tracked the development of cutting-edge electric products, with a strong emphasis on advancing material science and manufacturing techniques. Each R-EPS product has undergone thorough performance testing to guarantee reliability and longevity.
Nanjing Iveco Automobile Co. Ltd. is a joint venture between Iveco and Nanjing Automobile Corporation.
CASS is currently trading at $4.12 or 3.5176% higher on the Nasdaq Capital Market.
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