China Automotive Systems, a leading power steering components and systems supplier in China, announced it has reached a series of milestones for electronic power steering ("EPS") and mechanic steering gears ("MSG") in different international markets in 2018.
CAAS has won a bid from the Indian automobile power house, Mahindra and Mahindra ("Mahindra"), for dual-pinion electric power steering ("DP-EPS") products. In addition, the company successfully secured exclusive rights to develop all future Mahindra DP-EPS steering modules. With mass production beginning in April 2020, the annual order will start with approximately 70,000 units for Mahindra.
In Europe, CAAS won a bid for Fiat Automobiles's 500 series electric vehicles. The mass production of CAAS's MSG product for Fiat Europe is expected to start in April 2020. After supplying North American and South American OEM markets, this order marks the first time that CAAS's product entered into the European OEM market.
Mr Wu, chief executive officer of CAAS, commented, "We are thrilled that we are expanding into the European OEM markets where we had no presence in the past. While our relationship with Fiat in Brazil and China is long-standing, we have been targeting its European market as well. Having won quality accolades from and grown shipments to Jeep, Dodge RAM and Ford in North America, our reputation in the global markets is rising. Our initial sales into Europe start with our basic products, but we are confident that more and more of our advanced products will be recognised over time."
"We are also very proud that our EPS products entered into Mahindra's global sourcing network for their vehicles based upon DP structure. India is a major growth market for automobiles with its rising middle class. We treasure the opportunity to be part of this exciting market and look forward to growing with Mahindra," Mr Wu concluded.
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