China Automotive Systems(CAAS) Prnewswire·2025-01-24 11:00Company Performance - China Automotive Systems, Inc. (CAAS) reported a 35% year-over-year increase in production and sales for its largest subsidiary, Jingzhou Henglong, in Q4 2024, achieving over 620,000 units in December 2024, a 46.7% year-over-year increase [1] - For the entire year of 2024, CAAS exceeded 5 million units in annual production and sales volume, representing an 18.5% year-over-year growth [1] Product Development - The R-EPS steering product developed for Nanjing Iveco has entered mass production after passing the Production Part Approval Process (PPAP) assessment, featuring an electric motor and a ball nut and belt drive reduction system [2] - R-EPS is designed to be lighter and more efficient, enhancing mileage and range, and is capable of supporting autonomous driving functions such as Automatic Parking and Lane Keep Assist [2][3] Future Production Capacity - The existing R-EPS production line is projected to produce 100,000 units annually, with expansion plans to increase capacity to 250,000 units in 2025 and 400,000 units by 2027 [4] Company Overview - CAAS is a leading supplier of power steering components and systems in China, operating through sixteen Sino-foreign joint ventures and wholly owned subsidiaries, with an annual production capacity exceeding 8 million sets of steering gears, columns, and hoses [4] - The company's customer base includes major auto manufacturers in China and North America, such as China FAW Group, Dongfeng Auto Group, BYD Auto, and Stellantis [4]