China Automotive Launches New Electric Power Steering Systems For BYD

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.
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Price Action: CAAS shares are trading higher by 5.74% at $6.82 in premarket on the last check Monday.