Financial Performance - Net sales increased by 19.9% year-over-year to $167.1 million in Q1 2025, compared to $139.4 million in Q1 2024[4] - Gross profit rose by 18.8% to $28.6 million, with a gross margin of 17.1% compared to 17.3% in Q1 2024[6] - Income from operations decreased by 10.5% to $8.6 million compared to $9.7 million in Q1 2024[10] - Net income attributable to parent company's common shareholders was $7.1 million, down from $8.3 million in Q1 2024[14] - Net income for the three months ended March 31, 2025, was $8,455 million, down from $9,264 million in the same period of 2024, reflecting a decrease of about 8.7%[27] Cash Flow and Liquidity - Cash inflow from operating activities was $18.1 million, an increase of 73.1% year-over-year[4] - Net cash provided by operating activities increased to $18,090 million for the three months ended March 31, 2025, compared to $10,451 million for the same period in 2024, marking a significant increase of approximately 73.5%[27] - Total cash, cash equivalents, and short-term investments were $89.9 million as of March 31, 2025[15] - Cash, cash equivalents, and pledged cash at the end of the period increased to $111,267 million from $101,824 million at the beginning of the period, an increase of approximately 9.4%[27] Expenses and Investments - Research and development expenses increased by 64.0% to $8.7 million, representing 5.2% of net sales[9] Guidance and Projections - Management reiterated revenue guidance for the full fiscal year 2025 of $700.0 million[16] Balance Sheet and Assets - Working capital rose to $154.7 million as of March 31, 2025, compared to $146.2 million as of December 31, 2024[15] - Total assets decreased from $850,579 million as of December 31, 2024, to $845,352 million as of March 31, 2025, representing a decline of approximately 0.3%[25] - Total current liabilities decreased from $456,482 million as of December 31, 2024, to $442,041 million as of March 31, 2025, a reduction of about 3.2%[25] - Total stockholders' equity increased from $389,789 million as of December 31, 2024, to $399,164 million as of March 31, 2025, reflecting an increase of about 2.4%[25] Inventory and Receivables - Accounts and notes receivable from unrelated parties decreased from $329,275 million to $305,968 million, a decline of about 7.1%[25] - Inventories increased from $112,558 million to $122,440 million, representing a rise of approximately 8.8%[25] Financing Activities - Proceeds from bank loans amounted to $35,464 million, while repayments of bank loans were $41,471 million, indicating a net cash outflow from financing activities of $6,007 million[27] Impairment Loss - The company reported an impairment loss on property, plant, and equipment of $657 million for the three months ended March 31, 2025[27] Sales Performance - Sales of electric power steering (EPS) products grew by 54.0% year-over-year to $73.0 million, comprising 43.7% of total sales[5]

Financial Performance - Net product sales for the three months ended March 31, 2025, were $167.1 million, an increase of $27.7 million or 19.9% compared to $139.4 million in the same period of 2024, primarily driven by increased sales of electric power steering (EPS) [94] - Total segments reported net product sales of $237.2 million for the three months ended March 31, 2025, a 23.9% increase from $191.4 million in 2024 [95] - Net income attributable to the parent company's common shareholders decreased by 13.9% to $7.1 million for the three months ended March 31, 2025, down from $8.3 million in the same period of 2024 [94] - Net income attributable to parent company's common shareholders decreased to $7.1 million for Q1 2025, down from $8.3 million in Q1 2024, representing a decline of 14.5% [109] Costs and Expenses - Cost of products sold increased to $138.5 million for the three months ended March 31, 2025, up from $115.3 million in 2024, reflecting a rise of $23.2 million or 20.1% [94] - Selling expenses increased by 18.3% to $4.8 million in Q1 2025, compared to $4.1 million in Q1 2024, reflecting higher marketing efforts [94] - General and administrative expenses rose to $7.6 million for Q1 2025, a 36.4% increase from $5.5 million in Q1 2024, largely due to increased staff-related expenses [101] - Selling expenses increased to $4.8 million for Q1 2025, an 18.3% rise from $4.1 million in Q1 2024, mainly due to higher warehouse and logistics costs [100] Research and Development - Research and development expenses rose significantly by 64.0% to $8.7 million in Q1 2025, compared to $5.3 million in Q1 2024, indicating a strong focus on innovation [94] - Research and development expenses increased by 64.0% to $8.7 million for Q1 2025, compared to $5.3 million in Q1 2024, driven by higher salary and miscellaneous expenses [102] Cash Flow and Working Capital - Net cash provided by operating activities for Q1 2025 was $18.1 million, an increase of $7.6 million compared to $10.5 million in Q1 2024 [132] - Net cash used in investing activities for Q1 2025 was $3.2 million, a decrease of $13.3 million from $16.5 million in Q1 2024 [133] - Net cash used by financing activities for Q1 2025 was $6.0 million, an increase in outflows by $14.0 million compared to net cash provided of $8.0 million in Q1 2024 [134] - Working capital improved to $154.7 million as of March 31, 2025, reflecting a 5.8% increase from $146.2 million at the end of 2024 [111] Credit and Debt - As of March 31, 2025, the total amount used under the company's credit facilities was $124.268 million, with an available amount of $244.351 million [120] - The company has pledged assets with an aggregate assessed value of $116.9 million to secure its lines of credit [122] - The company has short-term borrowings totaling $61.2 million in bank loans and $63.1 million in notes payable as of March 31, 2025 [121] - The company has a comprehensive credit facility with China CITIC Bank, guaranteed by Henglong and Hubei Henglong, with an assessed value of approximately $26.6 million in land use rights and buildings pledged as security [123] Cybersecurity - The company has implemented stringent processes to manage third-party cybersecurity risks, ensuring compliance with cybersecurity standards [138] - The company did not encounter any cybersecurity challenges that materially impaired operations or financial standing [139] - The company recognized the importance of robust cybersecurity measures to protect data integrity and availability [136] Strategic Initiatives - The company aims to improve overall margins and long-term operating profitability through operational enhancements and business structure improvements [86] - The company has established CAAS EUROPE, a wholly-owned subsidiary focused on design and development for the automotive market, indicating strategic expansion [88] - The company has business relationships with over sixty vehicle manufacturers, including major players like BYD Auto and SAIC Motor, enhancing its market position [85] Sales Performance - Net sales of traditional steering products and parts increased to $94.1 million for Q1 2025, up 2.3% from $92.0 million in Q1 2024 [97] - Net sales of EPS systems and parts surged to $73.0 million for Q1 2025, representing a 54.0% increase from $47.4 million in Q1 2024 [97]

Core Viewpoint - China Automotive Systems, Inc. reported strong financial results for the first quarter of 2025, with significant growth in electric power steering products and overall sales, despite challenges in certain markets [1][3][4]. Financial Performance - Net sales increased by 19.9% year-over-year to $167.1 million, up from $139.4 million in Q1 2024 [4][8]. - Sales of electric power steering (EPS) products grew by 54.0% to $73.0 million, representing 43.7% of total sales compared to 34.0% in Q1 2024 [4][8]. - Gross profit rose by 18.8% to $28.6 million, with a gross margin of 17.1%, slightly down from 17.3% in Q1 2024 [5][8]. - Income from operations decreased by 10.5% to $8.6 million, attributed to a 41.3% increase in operating expenses [10][8]. - Net income attributable to common shareholders was $7.1 million, down from $8.3 million in Q1 2024, with diluted income per share at $0.24 compared to $0.27 [14][8]. Operational Highlights - EPS product sales accounted for 43.7% of total sales, indicating a strategic shift towards advanced steering technologies [3][4]. - Hubei Henglong experienced a revenue decline of 10.3% due to lower vehicle sales by Stellantis, while Brazilian operations saw a 30.2% growth [3][4]. - Research and development expenses increased by 64.0% to $8.7 million, reflecting higher investment in new projects [9][8]. Balance Sheet and Cash Flow - As of March 31, 2025, total cash, cash equivalents, and short-term investments were $89.9 million, with a current ratio of 1.4 to 1 [15][8]. - Cash inflow from operating activities was $18.1 million, a 73.1% increase year-over-year [8][10]. - Working capital rose to $154.7 million from $146.2 million as of December 31, 2024 [15][8]. Business Outlook - The company reiterated its revenue guidance for the full fiscal year 2025 at $700.0 million, based on current operating and market conditions [16][8].

Core Viewpoint - China Automotive Systems, Inc. will release its unaudited financial results for Q1 2025 on May 14, 2025, before market opening, followed by a conference call to discuss the results [1]. Company Overview - China Automotive Systems, Inc. is a leading supplier of power steering components and systems in China, operating through sixteen Sino-foreign joint ventures and wholly owned subsidiaries [3]. - The company offers a comprehensive range of steering system parts for both passenger automobiles and commercial vehicles, with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses [3]. - Its customer base includes major automotive manufacturers such as China FAW Group, Dongfeng Auto Group, BYD Auto, Beiqi Foton, Chery Automobile, Stellantis N.V., and Ford Motor Company [3]. Financial Information - The conference call to discuss the financial results will take place on May 14, 2025, at 8:00 A.M. EDT/8:00 P.M. Beijing Time, with a Q&A session to follow [1][2].

Financial Data and Key Metrics Changes - Net sales of steering products increased by 18.6% year-over-year in Q4 2024, with annual net sales rising by 12.9% to a record $650.9 million [7][24] - Gross profit for 2024 increased by 5.2% year-over-year to $109.2 million, while gross margin decreased to 16.8% from 18% in 2023 [12][25] - Net income attributable to parent company's common shareholders was $30 million in 2024, down from $37.7 million in 2023, resulting in diluted income per share of $0.99 compared to $1.25 in 2023 [14][31] Business Line Data and Key Metrics Changes - Electric power steering (EPS) product sales rose by 29.9% year-over-year for 2024, contributing significantly to overall sales growth [7][24] - Traditional steering products grew by 4.3% year-over-year, while sales from the subsidiary Henglong to the Chinese passenger vehicle market increased by 20% [8][24] - North American operations reported lower sales in 2024 due to reduced demand from Stellantis [8] Market Data and Key Metrics Changes - Chinese GDP increased by 5.4% in Q4 2024, with an annual growth of 5% [9] - Combined unit sales of passenger and commercial vehicles in China increased by 4.5% year-over-year to 31.4 million units in 2024, with new energy vehicle sales growing by 35.5% [10][11] Company Strategy and Development Direction - The company aims to benefit from the transition from internal combustion engines to electric powertrains and from human driving to autonomous driving [18] - Management is focusing on expanding the EPS portfolio and developing advanced driver systems technologies [18] Management Comments on Operating Environment and Future Outlook - The management acknowledged challenges in the Chinese economy, including declining population and sluggish consumer demand, but expressed confidence in sustainable sales growth [10][15] - Revenue guidance for 2025 is set at $700 million, primarily driven by expected growth in EPS sales [34] Other Important Information - A special cash dividend of $0.80 per common share was paid in August 2024, reflecting confidence in cash flow generation [15][16] - The company has implemented a share buyback program of up to $5 million [16] Q&A Session Summary Question: What areas will generate the projected sales growth for 2025? - Management indicated that the majority of the sales increase will come from EPS sales, expecting a 30% year-over-year increase in volume, translating to an additional 400,000 units in 2025 [41]

Financial Data and Key Metrics Changes - Net sales of steering products increased by 18.6% year-over-year in Q4 2024, with annual net sales rising by 12.9% to a record $650.9 million [7][24] - Gross profit for 2024 increased by 5.2% year-over-year to $109.2 million, while gross margin decreased to 16.8% from 18% in 2023 [12][25] - Net income attributable to parent company's common shareholders was $30 million in 2024, down from $37.7 million in 2023, resulting in diluted income per share of $0.99 compared to $1.25 in 2023 [14][31] Business Line Data and Key Metrics Changes - Traditional steering products grew by 4.3% year-over-year, while electric power steering (EPS) product sales rose by 29.9% year-over-year for 2024 [7][24] - Sales to the Chinese passenger vehicle market from the subsidiary Henglong increased by 20% in 2024, with EPS sales representing 38.9% of total revenue [8][25] - North American operations reported lower sales in 2024 due to reduced demand from Stellantis [8] Market Data and Key Metrics Changes - Chinese GDP increased by 5.4% in Q4 2024, with a total annual growth of 5% [9] - Combined unit sales of passenger and commercial vehicles in China increased by 4.5% year-over-year to 31.4 million units in 2024, with new energy vehicle sales growing by 35.5% [10][11] Company Strategy and Development Direction - The company aims to benefit from the transition from internal combustion engines to electric powertrains and from human driving to autonomous driving [18] - Management is focusing on expanding the EPS portfolio and developing advanced driver systems technologies [18] Management Comments on Operating Environment and Future Outlook - The Chinese economy faces challenges such as declining population, sluggish consumer demand, and deflationary pressures [10] - Management provided revenue guidance for 2025 of $700 million, primarily driven by EPS sales with an expected 30% year-over-year increase in volume [34][41] Other Important Information - R&D expenses were $27.6 million in 2024, reflecting less investment in traditional product upgrades [13][27] - A special cash dividend of $0.80 per common share was paid in late August 2024, totaling approximately $22.4 million [15][16] Q&A Session Summary Question: What areas will generate the projected sales growth for 2025? - Management indicated that the majority of the sales increase will come from EPS sales, expecting a 30% year-over-year increase in volume, translating to an additional 400,000 units in 2025 [41]

Financial Performance - Net sales for fiscal year 2024 increased by 12.9% to a record $650.9 million, up from $576.4 million in 2023[17] - Gross profit for 2024 was $109.2 million, a 5.2% increase from $103.8 million in 2023, with a gross margin of 16.8% compared to 18.0% in 2023[18] - Operating income for 2024 rose by 2.6% to $40.3 million, compared to $39.2 million in 2023[21] - Net income attributable to parent company's common shareholders was $30.0 million in 2024, down from $37.7 million in 2023, with diluted net income per share of $0.99 compared to $1.25 in 2023[24] - Net income for the year ended December 31, 2024, decreased to $37,899 million from $42,738 million in 2023, representing a decline of approximately 11.5%[42] - Comprehensive income attributable to parent company decreased to $23,457,000 in 2024 from $32,813,000 in 2023, a decline of 28.5%[38] Sales and Production - Electric Power Steering (EPS) sales grew by 29.9% year-over-year, accounting for 38.9% of total sales in 2024, compared to 33.8% in 2023[17] - The subsidiary Jingzhou Henglong reported annual production and sales volume exceeding 5.0 million units, representing an 18.5% year-over-year growth[7] - Net product sales rose to $650,935,000 in 2024, up 12.9% from $576,354,000 in 2023[36] Expenses - Research and development expenses for 2024 were $27.6 million, down from $29.2 million in 2023, representing 4.2% of net sales[21] - Selling expenses increased by 14.4% year-over-year to $17.9 million in 2024, representing 2.7% of net sales[19] - Research and development expenses were $27,649,000 in 2024, down from $29,181,000 in 2023, a decrease of 5.2%[36] - The company reported a depreciation and amortization expense of $20,224 million in 2024, compared to $18,708 million in 2023, an increase of about 8.1%[42] Cash and Liquidity - Total cash and cash equivalents at year-end 2024 were $129.4 million, with a current ratio of 1.3[8] - Cash and cash equivalents decreased to $56,961,000 in 2024 from $114,660,000 in 2023, a decline of 50.3%[33] - Cash, cash equivalents, and pledged cash at the end of 2024 totaled $101,824 million, down from $155,194 million at the end of 2023, reflecting a decrease of approximately 34.4%[42] - Net cash provided by operating activities fell to $9,776 million in 2024, down from $19,906 million in 2023, a decrease of about 50.9%[42] - Net cash used in investing activities significantly increased to $77,931 million in 2024, compared to $28,637 million in 2023, indicating a rise of approximately 172.5%[42] - Net cash provided by financing activities rose to $17,365 million in 2024, up from $6,798 million in 2023, an increase of about 155.5%[42] Assets and Liabilities - Total assets increased to $850,579,000 in 2024 from $766,440,000 in 2023, representing a growth of 11%[33] - Total current liabilities increased to $456,482,000 in 2024, up from $383,739,000 in 2023, marking a rise of 18.9%[33] - Total stockholders' equity increased to $389,789,000 in 2024 from $367,809,000 in 2023, reflecting a growth of 5.9%[34] - The company experienced a significant increase in accounts and notes receivable, which rose to $77,692 million in 2024 from $50,699 million in 2023, an increase of about 53.2%[42] Future Outlook - Management provided revenue guidance for fiscal year 2025 of $700.0 million, based on current operating and market conditions[27] - The company paid dividends of $22,433 million to common shareholders in 2024, marking a new expense compared to no dividends paid in 2023[42] - Proceeds from bank loans increased to $83,357 million in 2024, compared to $64,776 million in 2023, representing a growth of approximately 28.6%[42] - Cash received from property, plant, and equipment sales rose to $20,510 million in 2024, compared to $2,790 million in 2023, an increase of approximately 634.4%[42]

Financial Performance - Net product sales increased to $650.9 million for the year ended December 31, 2024, up 12.9% from $576.4 million in 2023, primarily driven by higher sales of electric power steering (EPS) products [173][174]. - The cost of products sold rose to $541.8 million in 2024, a 14.6% increase from $472.6 million in 2023, attributed to higher sales volume and increased unit costs [171][176]. - Gross margin decreased to 16.8% for the year ended December 31, 2024, down from 18.0% in 2023, mainly due to price cuts required by original equipment manufacturers (OEMs) [177]. - Net income attributable to parent company's common shareholders was $29.98 million in 2024, a decrease of 20.4% from $37.66 million in 2023 [171]. - Selling expenses increased to $17.9 million in 2024, up 14.4% from $15.6 million in 2023, primarily due to higher marketing and office expenses [179]. - Net sales of EPS reached $253.0 million in 2024, a 29.9% increase from $194.8 million in 2023, representing 38.9% of total net sales [174]. - The company reported a net gain on other sales of $4.3 million in 2024, down 25.7% from $5.8 million in 2023, mainly due to decreased sales of materials [178]. - The total segment net sales for 2024 were $925.5 million, an increase of 15.2% from $803.5 million in 2023 [172]. Expenses and Income - The company’s interest expense rose significantly to $1.81 million in 2024, a 77.6% increase from $1.02 million in 2023 [171]. - Research and development expenses decreased to $27.6 million in 2024, down 5.2% from $29.2 million in 2023 [171]. - General and administrative expenses increased to $27.7 million in 2024 from $25.5 million in 2023, representing an increase of $2.2 million or 8.7% [182]. - Other income, net rose to $5.8 million in 2024 compared to $5.3 million in 2023, an increase of $0.5 million [184]. - Interest expense increased to $1.8 million in 2024 from $1.0 million in 2023, an increase of $0.8 million [185]. - Financial expense, net was $0.09 million in 2024, a significant increase of $4.8 million compared to financial income of $4.7 million in 2023 [186]. - Income tax expense rose to $5.9 million in 2024 from $5.1 million in 2023, an increase of $0.8 million or 14.7% [187]. - Net income attributable to parent company's common shareholders decreased to $30.0 million in 2024 from $37.7 million in 2023, a decrease of $7.7 million [189]. Cash Flow and Investments - Cash and cash equivalents and short-term investments decreased to $84.5 million as of December 31, 2024, from $125.7 million in 2023, a decrease of $41.2 million [190]. - Working capital decreased to $146.2 million as of December 31, 2024, from $180.3 million in 2023, a decrease of $34.1 million or 18.9% [191]. - Net cash provided by operating activities for the year ended December 31, 2024 was $9.8 million, a decrease of $10.1 million compared to $19.9 million in 2023 [214]. - Net cash used in investing activities for the year ended December 31, 2024 was $77.9 million, an increase of $49.3 million from $28.6 million in 2023 [215]. - The decrease in net cash inflows was primarily due to a $4.8 million decrease in net income excluding non-cash items and a $27.0 million decrease in cash inflows from accounts and notes receivable [214]. - The company experienced an increase in cash outflows from movements of accounts and notes payable by $18.4 million [214]. - Cash outflows from movements of accrued expenses and other payables increased by $15.9 million [214]. - The company reported a $25.4 million increase in payments to acquire property, plant, and equipment [215]. - The company had a decrease in proceeds from maturities of short-term investments by $33.8 million [215]. - Net cash provided in financing activities increased to $17.3 million in 2024 from $6.8 million in 2023, a rise of $10.5 million, primarily due to an increase in bank loan proceeds by $18.6 million and cash received from capital contributions by $12.0 million [216]. Debt and Financing - The company had short-term loans of $72.6 million and long-term loans of $0.1 million as of December 31, 2024 [195]. - Land use rights and buildings valued at approximately $26.6 million are pledged as security for a credit facility with China CITIC Bank [202]. - Equipment valued at approximately $64.9 million is secured for a revolving credit facility with Hubei Bank [202]. - The company has short-term borrowings totaling approximately $4.2 million from the Bank of China at an interest rate of 2.58% [205]. - The company has a total of 12 short-term loans with varying amounts and interest rates, with the highest being $6,677,000 at an interest rate of 2.20% [205]. - The company has a total of $4,173,000 in working capital loans due by March 30, 2025, with an interest rate of 2.58% [205]. - The company has pledged land use rights and buildings valued at approximately $14.8 million for a revolving credit facility with Shanghai Pudong Development Bank [202]. - The Company had no outstanding indebtedness as of December 31, 2024, which mitigates exposure to interest rate fluctuations [231]. Market Risks and Compliance - The exchange rate of RMB against the U.S. dollar depreciated from RMB1.00 to $0.1412 in 2023 to RMB1.00 to $0.1391 in 2024, indicating a potential decrease in profits generated from overseas due to currency fluctuations [228]. - Two customers, Stellantis N.V. and BYD Auto Co., Ltd., accounted for 20.3% and 18.2% of the Company's consolidated revenues in 2024, respectively, highlighting a concentration of credit risk [230]. - The Company established a price negotiation mechanism with international customers to adjust prices if currency exchange rate fluctuations exceed 8% since the last negotiation [229]. - The Company is exposed to market risks from changes in interest rates and foreign currency exchange rates, which are analyzed using sensitivity analysis [226]. - The Company does not have any off-balance sheet arrangements as of December 31, 2024 and 2023 [217]. - The Chinese government's controls on bank credit and lending may slow economic growth, impacting the Company's profitability [219]. - The Company prepares its financial statements in accordance with U.S. generally accepted accounting principles, requiring estimates and assumptions that may affect reported amounts [223]. - The Company maintains an allowance for doubtful accounts to mitigate potential credit losses related to trade receivables [230].

Core Viewpoint - China Automotive Systems, Inc. (CAAS) reported strong financial results for the fiscal year 2024, with record annual revenue and significant growth in electric power steering (EPS) sales, despite modest economic growth in China [1][2]. Financial Performance - Net sales for fiscal year 2024 increased by 12.9% to $650.9 million, up from $576.4 million in 2023 [11]. - In the fourth quarter of 2024, net sales rose by 18.6% to $188.7 million compared to $159.2 million in the same quarter of 2023 [4]. - Gross profit for 2024 was $109.2 million, a 5.2% increase from $103.8 million in 2023, with a gross margin of 16.8% compared to 18.0% in 2023 [12]. - Operating income for 2024 was $40.3 million, up 2.6% from $39.2 million in 2023 [16]. Product Performance - EPS sales increased by 29.9% year-over-year, representing 38.9% of total revenue in 2024, compared to 33.8% in 2023 [11]. - The subsidiary Jingzhou Henglong reported production and sales volume exceeding 5.0 million units in 2024, an 18.5% year-over-year growth [2]. Expenses and Profitability - Selling expenses rose by 14.4% year-over-year to $17.9 million in 2024, representing 2.7% of net sales [14]. - General and administrative expenses increased by 8.7% to $27.7 million in 2024, accounting for 4.3% of net sales [15]. - Research and development expenses decreased to $27.6 million in 2024 from $29.2 million in 2023, representing 4.2% of net sales [16]. Cash Flow and Financial Position - Total cash and cash equivalents, pledged cash, and short-term investments reached $129.4 million at year-end 2024, approximately $4.29 per share [3]. - Net cash provided by operating activities was $9.8 million in 2024 [29]. Business Outlook - Management provided revenue guidance for fiscal year 2025 of $700.0 million, based on current views on operating and market conditions [21].

Core Viewpoint - China Automotive Systems, Inc. will release its unaudited financial results for Q4 2024 on March 28, 2025, and will hold a conference call to discuss these results [1]. Company Overview - China Automotive Systems, Inc. is a leading supplier of power steering components and systems in China, operating through sixteen Sino-foreign joint ventures and wholly owned subsidiaries [3]. - The company offers a full range of steering system parts for both passenger automobiles and commercial vehicles, with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses [3]. - Its customer base includes major automotive manufacturers such as China FAW Group, Dongfeng Auto Group, BYD Auto, Beiqi Foton Motor, Chery Automobile, Stellantis N.V., and Ford Motor Company [3].