- China Automotive Systems Inc CAAS is developing a new steering system for Milan-based Alfa Romeo, a subsidiary of Dutch automotive manufacturing company Stellantis NV STLA.
- The steering system is for Alfa Romeo's first luxury plug-in-hybrid SUV model, 2021 Tonale.
- Purchase orders for approximately 100,000 annual units are expected for China Automotive's new steering system.
- "We are excited about our ongoing participation in the electrification in the automobile industry and continue to take pride in our engineering prowess and quality assurance," said CEO Qizhou Wu.
- Price action: CAAS shares are trading down by 3.59% at $4.83 on the last check Tuesday.
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