May 29, 2022

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China Automotive Techniques Buys 40{9f8850bc8f664a2ac1fdee25ffd85a3cdac362824700ab0655dbcffd0add5cb2} of European Motor vehicle Technological innovation Leader and Officially Enters Autonomous Driving

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WUHAN, China, June 9, 2021 /PRNewswire/ — China Automotive Methods, Inc. (Nasdaq: CAAS) (“CAAS” or the “Company”), a leading power steering elements and methods supplier in China, today declared that its wholly owned subsidiary, Hubei Henglong Automotive Programs Team Co. Ltd. (“Henglong”), ordered a 40{9f8850bc8f664a2ac1fdee25ffd85a3cdac362824700ab0655dbcffd0add5cb2} curiosity in the issued share funds of Sentient AB (“Sentient”), a Swedish automotive engineering firm specializing in program development and components style and design for innovative steering functions, motor vehicle movement control and autonomous driving.

In the transaction, Jingzhou WiseDawn Electric powered Automobile Co., Ltd. (“WiseDawn”) will transfer and assign all of its Sentient shares, representing 40{9f8850bc8f664a2ac1fdee25ffd85a3cdac362824700ab0655dbcffd0add5cb2} of the issued share money of Sentient, to Henglong for whole thought of Euro 20 million in a few tranches of funds payments.  Two directors of CAAS, Mr. Hanlin Chen and Mr. Qizhou Wu, are the the greater part and minority house owners of WiseDawn.

Launched and headquartered in Gothenburg, Sweden in 2009, Sentient operates seven services within just Sweden and an business office in Suzhou, China.  Sentient’s software functions for steering, car motion manage and autonomous driving can be integrated with its proprietarily created components methods which includes powerpacks (SW, Ecu, motor, housing) and entire steering equipment devices.  Sentient now maintain 10 patents in steering, steer-by-wire, movement manage and braking.  Having been in output and perfectly acquired by motorists since 2013, Sentient’s foundational technological innovation provides a excellent driving expertise and regular security no matter of tire properties, steering systems, street friction qualities and suspension units.  Sentient’s motion handle know-how has been tested and shown on electrical electrical power steering (EPS), angle-overlay techniques, steer-by-wire and totally autonomous automobiles (NHTSA stage 3-5).

A distinctive committee was formed by 3 unbiased administrators of CAAS to critique this purchase.  The unique committee engaged a legal advisor, and a economic advisor who delivered a Fairness Feeling as to the transaction’s valuation. 

Mr. Qizhou Wu, chief government officer of CAAS, commented, “We are thrilled to welcome Sentient, the entire world leader in steering and motor vehicle regulate program and hardware, to join us, China’s largest electrical power steering producer, to generate a vertically-built-in automotive technology organization.  With the rise of artificial intelligence and electrification taking the automotive sector by storm, we are committed to elevating our steering systems for the development and empowerment of autonomous driving in the foreseeable foreseeable future.  By signing up for our put together methods, technological innovation and customer bases in China, Europe, the US and South The us, we seem ahead to capturing extra market alternatives and growing our sector share globally.”

Mr. Hanlin Chen, Chairman of CAAS, commented, “As a vital emphasis of our not long ago formulated new 5-yr system, we will leverage our edge as a trusted steering resolution provider to raise penetration into the quick-escalating autonomous driving marketplace.  We will go on to grow our worldwide footprint, build new systems, get additional contracts and create very long-phrase shareholder’s worth.  This acquisition is a different phase in our enhancement to become a residence world wide car brand.”

About China Automotive Programs, Inc.

Centered in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a main supplier of electric power steering components and systems to the Chinese automotive marketplace, functioning by way of 10 Sino-international joint ventures. The Business provides a whole range of steering program sections for passenger automobiles and professional motor vehicles. The Firm at the moment provides 4 different collection of electricity steering with an yearly generation potential of about 6 million sets of steering gears, columns and steering hoses. Its consumer base is comprised of major car suppliers, these kinds of as China FAW Team, Corp., Dongfeng Automobile Group Co., Ltd., BYD Vehicle Enterprise Restricted, Beiqi Foton Motor Co., Ltd. and Chery Auto Co., Ltd. in China, and Fiat Chrysler Automobiles (FCA) and Ford Motor Organization in North The us. For a lot more details, you should stop by: http://www.caasauto.com.

Ahead-Seeking Statements

This push release has statements that are “forward-wanting statements” as described underneath the Private Securities Litigation Reform Act of 1995. Ahead-hunting statements stand for our estimates and assumptions only as of the day of this push release. These forward-wanting statements involve statements about the qualitative and quantitative results of the accounting problems, the durations concerned, the character of the Company’s critique and any predicted conclusions of the Company or its management and other statements that are not historical points. Our actual success could vary materially from the final results explained in or predicted by our forward-looking statements thanks to specific hazards and uncertainties. As a result, the Firm’s precise benefits could differ materially from people contained in these forward-searching statements thanks to a amount of components, together with those described underneath the heading “Hazard Aspects” in the Company’s Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2021, and in documents subsequently submitted by the Organization from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and well timed controlled, our enterprise operations and financial ailment could be materially and adversely afflicted as a outcome of the deteriorating sector outlook for vehicle product sales, the slowdown in regional and countrywide financial expansion, weakened liquidity and financial condition of our customers or other variables that we are not able to foresee. Any of these things and other aspects past our command, could have an adverse effect on the in general small business surroundings, bring about uncertainties in the areas wherever we conduct enterprise, trigger our business to go through in techniques that we can’t forecast and materially and adversely affect our enterprise, financial condition and outcomes of operations. A extended disruption or any even more unforeseen hold off in our operations of the manufacturing, delivery and assembly system inside any of our generation facilities could go on to result in delays in the shipment of products to our buyers, amplified expenses and minimized earnings.  We expressly disclaim any responsibility to give updates to any forward-hunting statements produced in this push release, no matter if as a end result of new details, long run activities or usually.

For even more information, please make contact with:

Jie Li
Chief Money Officer
China Automotive Systems, Inc.
E mail: [email protected]

Kevin Theiss
Awaken Advisors
+1-212-521-4050
E-mail: [email protected]

Source China Automotive Techniques, Inc.

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http://www.caasauto.com/#/

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