China Automotive Systems $CAAS stock is trading in a Flag pattern within a larger uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... as of December 14, 2022. This has set up the stock for a Flag breakout buy signal in the coming days. The stock is in a technical strong uptrend.
China Automotive Systems Launches New Electric Power Steering Systems for BYD
China Automotive Systems $CAAS, a major supplier of power steering systems and components in China, announced on December 12, 2022 that it had developed a new line of Electric Power Steering (EPS) systems for BYD Auto, the country’s largest manufacturer of electric vehicles.
Following an intensive 18-month planning period involving close coordination between the two R&D teams, CAAS was awarded design contracts from BYD for all of its product series for the C-EPS, DP-EPS, and R-EPS. Being the first DP-EPS supplier to BYD, CAAS’ R&D engineers successfully integrated DP-EPS into the chassis general assembly for BYD’s Tang model while cutting the design cycle to 5 months using computer-aided design (“CAD”) and artificial intelligence. Due to its superior performance in terms of NVH (“Noise, Vibration, and Harshness”) and driving dynamics, DP-EPS has now officially replaced the more expensive R-EPS by BYD, particularly for the company’s well-known high-end vehicle models, Tang and Han. The Company’s DP-EPS, R-EPS, and C-EPS are expected to be widely used in all BYD Dynasty series (Tang, Han, Song pro, and Song Plus), Marine Life series (Dolphin and Seal), Classic Ship series (Frigate), and the Denza series. The mass production of DP-EPS has started, with an annual volume of about 300,000 units.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, “We are a proud partner as we continue to anchor the steering system designs for BYD and help drive their technology advancement in their ferocious quest in the vast and rapid growing EV market. Working with BYD brings out the best of CAAS as our engineering team embraces every opportunity to set new records and raise the bar in new product designs. Now the baton has been passed to our best-in-class production team to meet the high expectations of our customer and deliver the high-quality products to the end market.”
Mr. Jie Li, the Chief Financial Officer of CAAS, commented, “Despite the recent market volatility, our operations remain strong, we recently increased our annual guidance and bought back more shares in the fourth quarter. We continue to believe the market price of our shares does not fully reflect our intrinsic value.”