|Over a week ago|
China Automotive price target raised to $5 from $3 at Greenridge » 08:4606/2506/25/20
Greenridge analyst William Gregozeski raised the firm's price target on China Automotive Systems to $5 from $3 and keeps a Buy rating on the shares. The company's Q1 results were much better than guidance and its outlook for 2020 looks conservative, Gregozeski tells investors in a research note. Assuming no new COVID-related shutdowns in China or the U.S., the outlook for China Automotive "continues to look strong in both markets," says the analyst.
|Over a quarter ago|
China Automotive provides updates on reopening production centers » 06:0503/1203/12/20
China Automotive Systems…
China Automotive Systems provides an update on the reopening of its operations in China. As of March 10th, CAAS's production centers in Wuhu Henglong, Brilliance Henglong, and Chongqing Henglong have resumed their full operations with returned workers and managerial personnel. Approximately 1,000 workers have reported to their posts in the company's main production center in Jingzhou City, Hubei Province. Over 47,000 units of steering systems have been produced and shipped since the reopening of the production centers. CAAS's corporate headquarters in Wuhan has been temporarily relocated to Jingzhou City until further notice from the Wuhan government. While the recovery of full production capacity is proceeding rapidly, the Company has successfully and thoroughly managed the post-epidemic health inspection and surveillance. As of the date of this press release, there have been no confirmed or suspected cases of infection. Qizhou Wu, CEO of CAAS, commented, "Being in the epicenter of the outbreak, we are very proud of the remarkable progress we made to quickly return to production. After the required quarantine period, we have taken over a few local hotels to supplement our existing corporate dormitory, and centrally managed our staff and attended to their needs from preventive medicare to transportation to dining. We are optimistic that all our production and other corporate activities will shortly be back to full operation."
China Automotive granted U.S. patent for steering gear assembly » 11:2012/3112/31/19
According to a post to…
According to a post to the website of the USPTO dated December 31, China Automotive Systems was assigned a patent for a "steering gear housing and method of manufacturing same." Reference Link
China Automotive passes supplier evaluation by IVECO » 06:0110/0710/07/19
China Automotive Systems…
China Automotive Systems announced it has successfully passed the supplier evaluation by 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 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.
China Automotive enters new supply contract with SAIC Maxus » 06:0309/3009/30/19
China Automotive announced it has entered into a new supply contract with SAIC Maxus, an SUV and commercial vehicle subsidiary of SAIC Motor. SAIC is one of the largest auto makers in China. Pursuant to the agreement, CAAS will become a Type A supplier to SAIC's Maxus' SV63 model starting in 2019. The mass production of CAAS' steering systems for the SV63 model has started.