China Automotive Systems, Inc (CAAS) has announced the achievement of a significant milestone with the production of its 10 millionth power steering unit, at a ceremony held at the company’s Jingzhou Henglong Automotive Parts Co., Ltd. subsidiary.
Mr. Hanlin Chen, Chairman of China Automotive Systems, noted that the milestone reflects the company’s market position as the No.1 producer of power steering gears in China.
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CAAS began designing and producing steering units in 1993. By the end of 2004, CAAS had produced and sold its first 1m power steering units. Growth accelerated and accumulated production reached over 5m power steering units by the end of 2008. Today, CAAS almost doubled this production with its 10 millionth unit.
Among CAAS’s over 60 OEM customers are Brilliance Auto and Chery Auto. The company expanded beyond its domestic brand focus through supplying products to GM-Wuling in 2004, followed by FAW-Volkswagen in 2007 and then Dongfeng Peugeot Citroen in 2008. In 2009 Chrysler agreed to import CAAS’s power steering gears into North America for it flagship Jeep Wrangler brand.
CAAS says that the introduction of the first domestically designed electric power steering systems in China mean that it positioned to take market share away from imported EPS systems. The company recently announced initial construction of a new facility to expand its EPS capacity from 200,000 units to 1m units annually by 2013.
“We have successfully emphasized product performance and quality through innovation to meet the evolving needs of our customers and continue to focus on more efficient manufacturing and cost advantages,” commented Mr. Chen. “While achievement of this momentous milestone is gratifying, our goal is to see CAAS continue to grow larger and stronger over the next few years as our products now meet global standards as we become a top tier auto parts provider on a global basis.”
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