China Automotive Systems Purchases 40% of European Vehicle Technology Leader and Officially Enters Autonomous Driving
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WUHAN, China, June 9, 2021 /PRNewswire/
China Automotive Systems, Inc. (Nasdaq: CAAS) ( CAAS or the Company ), a leading power steering components and systems supplier in China, today announced that its wholly owned subsidiary, Hubei Henglong Automotive Systems Group Co. Ltd. ( Henglong ), purchased a 40% interest in the issued share capital of Sentient AB ( Sentient ), a Swedish automotive technology company specializing in software development and hardware design for advanced steering functions, vehicle motion control and autonomous driving.
In the transaction, Jingzhou WiseDawn Electric Car Co., Ltd. ( WiseDawn ) will transfer and assign all of its Sentient shares, representing 40% of the issued share capital of Sentient, to Henglong for total consideration of Euro 20 million in three tranches of cash payments. Two di
WASHINGTON (dpa-AFX) - China Automotive Systems, Inc. (CAAS) Wednesday announced that Hubei Henglong Automotive Systems Group Co. Ltd., a unit of the company, has bought 40% stake in Sentient AB
Auto Components
China Automotive Systems Inc is a holding company. The firm through its subsidiary is a supplier of power steering systems and components to China automotive industry. Its product offering encompasses a full range of auto parts incorporated into steering systems for both passenger automobiles and commercial vehicles. The company offers four separate series, more than 300 models of power steering including rack and pinion power steering, integral power steering, electronic power steering and manual steering, steering columns, steering oil pumps, and steering hoses. Geographically, it derives a majority of revenue from China.
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WUHAN, China, May 12, 2021 /PRNewswire/
China Automotive Systems, Inc. (NASDAQ: CAAS) ( CAAS or the Company ), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights
Net sales rose 77.0% to $130.3 million from $73.6 million in the first quarter of 2020
Gross profit increased 75.9% to $19.7 million from $11.2 million in the first quarter of 2020; gross margin was 15.1% compared with 15.2% in the first quarter of 2020
Income from operations increased 320.0% to $4.2 million from $1.0 million in the first quarter of 2020
Net income attributable to parent company s common shareholders was $3.2 million, or diluted income of per share of $0.10, compared to net loss attributable to parent company s common shareholders of $0.03 million, in the first quarter of 2020