China Automotive Systems introduced a new series of Electric Power Steering (“EPS”) systems for the largest Chinese EV manufacturer, BYD Auto.
After 18 months of preparation and close collaboration between both R&D teams, CAAS won design contracts for C-EPS, DP-EPS, and R-EPS from BYD for all its series of products. Being the first DP-EPS supplier to BYD, CAAS’ R&D engineers used computer-aided design (“CAD”) and artificial intelligence to shorten the design cycle to 5 months, and successfully completed the integration of DP-EPS in the general chassis assembly for BYD’s model, Tang. Due to its superior performance in Noise, Vibration, and Harshness (“NVH”) and driver experiences, DP-EPS is now officially replacing higher-cost R-EPS by BYD, especially for BYD’s popular high-end vehicle models, Tang and Han. The mass production of DP-EPS has begun, with an annual volume of approximately 300,000 units, and the wide adoption of the Company’s DP-EPS, R-EPS and C-EPS is expected in all BYD Dynasty series (“Tang, Han, Song pro, and Song Plus”), Marine Life series (“Dolphin and Seal”), Classic Ship series (“Frigate”), and the Denza series.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, “We are a proud partner as we continue to anchor the steering system designs for BYD and help drive their technology advancement in their ferocious quest in the vast and rapidly growing EV market. Working with BYD brings out the best of CAAS as our engineering team embraces every opportunity to set new records and raise the bar in new product designs. Now the baton has been passed to our best-in-class production team to meet the high expectations of our customers and deliver high-quality products to the end market.”
Mr. Jie Li, the Chief Financial Officer of CAAS, commented, “Despite the recent market volatility, our operations remain strong, we recently increased our annual guidance and bought back more shares in the fourth quarter. We continue to believe the market price of our shares does not fully reflect our intrinsic value.”
