WUHAN, China, Jan. 6, 2026 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that the "Hubei Henglong Enterprise Group 2026-2030 Strategic Plan" ("Group's 2026-2030 Strategic Plan") has been finalized and implemented from January 1, 2026.
This strategic plan signifies the culmination of extensive research, thorough discussion, and meticulous preparation to systematically define the Group's strategic goals, development pathways, and action plans for the next five years. The 2026-2030 Strategic Plan effectively presses the "start button," propelling the Group into a new stage of high-quality development.
The "Group's Strategic Plan for 2026-2030" clearly outlines the Group's ambitious vision and development blueprint for 2030 with a focus on a core strategy of "technology leadership" and "deepening global presence". By striving to become a benchmark enterprise in global automotive intelligent steering systems by 2030, CAAS will sustain continuous innovation and open cooperation, combined with excellent operations. These qualities will empower Chinese manufacturing to gain greater influence in the global supply chain!
The plan clearly defines the Group's overall strategic objectives for 2026-2030 as "23144," aiming to achieve ambitious goals such as exceeding 20 billion yuan in total sales (including VAT) by 2030, and demonstrating the Group's ambition and determination to succeed in the global markets.
To achieve this goal, the plan systematically outlines three main strategic pillars:
Deepening global operations: While maintaining a leading position in the domestic steering market, we will accelerate the construction of a "China + N" global manufacturing and supply chain network. Our local presence will be strengthened in key markets such as North America, South America, Europe, and Southeast Asia.
Strengthening technological leadership: R&D investment will be enhanced by focusing on cutting-edge technologies such as steer-by-wire and rear-wheel steering. Additionally, while expanding beyond the steering markets into other areas such as braking for example, we will strive to achieve key breakthroughs and define standards in the field of intelligent chassis.
Building exceptional systems: Centered on a "zero-defect" quality culture and platform-based, lean, and automated manufacturing systems, we will create an operational foundation that combines top-tier competitiveness and exceptional resilience, supporting the Group in achieving its strategic goal of total sales by 2030.
The Hubei Henglong Enterprise Group is a business consortium established by the major shareholders of CAAS. In addition to CAAS as its core member, the consortium includes affiliated companies and other business-related entities.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS, commented, "The release of this strategic plan not only outlines the direction for the Group's development over the next five years but also conveys a firm and clear long-term commitment to global customers and partners. Standing at the beginning of a new cycle, Hubei Henglong Enterprise Group is embarking on a new journey with clear strategic focus and a determined and enthusiastic spirit."
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
[email protected]
Kevin Theiss
Awaken Advisors
+1-212-510-8922
[email protected]
SOURCE China Automotive Systems, Inc.
