China Automotive Develops New Steering System For Alfa Romeo's Hybrid SUV

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.