- China Automotive Systems Inc CAAS has introduced a new series of Electric Power Steering (EPS) systems for the largest Chinese EV producer BYD Co., Ltd. BYDDY BYD Auto.
- The company won design contracts for C-EPS, DP-EPS and R-EPS from BYD for all its series of products after 18 months of preparation between both R&D teams.
- DP-EPS is now officially replacing higher-cost R-EPS by BYD due to the former's superior performance in Noise, Vibration, and Harshness (NVH) and driver experiences.
- The wide adoption of the company's DP-EPS, R-EPS and C-EPS is expected in all BYD Dynasty series, Marine Life series, Classic Ship series, and the Denza series.
- "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," said CEO Qizhou Wu.
- "Despite the recent market volatility, our operations remain strong, we recently increased our annual guidance and bought back more shares in the fourth quarter," said CFO Jie Li.
- Also Read: China Automotive Systems Boosts Annual Sales Outlook On Solid Q3 Beat
- Price Action: CAAS shares are trading higher by 5.74% at $6.82 in premarket on the last check Monday.
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