China Automotive Systems is a Delaware-incorporated holding company that manufactures and sells automotive steering systems to OEMs through its China-based subsidiaries, primarily under the Henglong and Jiulong brands. The core products are traditional hydraulic power steering systems — rack and pinion gears for passenger vehicles and integral gears for commercial vehicles — and a growing line of electric power steering (EPS) systems, including column EPS and rack-mounted EPS variants. EPS accounted for roughly 39% of FY24 revenue, up from 30% in FY22, and is growing around 30% per year as China's vehicle market shifts toward NEVs, which require EPS. China accounts for roughly 68% of revenue, North America for 17%, and other international markets for 15%. The five largest customers in FY24 — Stellantis, BYD, Mahindra, Chery, and a related entity — together represented about 57% of revenue. China Automotive sells directly to OEMs and earns revenue on a per-unit basis, with profitability driven by volume, product mix, raw material costs (primarily steel), and ongoing OEM pricing pressure. Manufacturing is concentrated in Hubei Province, with roughly 10.8 million units produced in FY24. The company also has an early-stage ADAS subsidiary in Sweden, Sentient AB, which is developing autonomous driving software but is not yet generating meaningful revenue.