China Automotive Systems (CAAS) manufactures and sells automotive steering systems and components, primarily to OEM customers in China and North America. CAAS's core products include hydraulic power steering (HPS) systems, electric power steering (EPS) systems, and related steering columns and hoses, used in passenger cars, light-duty vehicles, and heavy-duty commercial vehicles. EPS is the fastest-growing and most strategically important product line, as China's auto market shifts toward new energy vehicles (NEVs), which require electric rather than hydraulic steering. CAAS sells directly to OEMs — customers include BYD, Geely, Chery, Changan, SAIC, FAW, Stellantis, and Ford. China accounts for roughly 68% of revenue, with the U.S. at approximately 16%. CAAS has two U.S. warehouses in Michigan and Texas, and recently established manufacturing in Mexico to serve North American EPS customers. CAAS earns revenue based on vehicle production volumes at its OEM customers, product mix, and its ability to win platform nominations — long-term supply agreements tied to specific vehicle models. CAAS has annual production capacity of over 8 million steering sets across its Chinese factories, and R&D spending has grown to roughly $45M, with newly developed products accounting for approximately 42% of FY25 sales. CAAS operates a joint venture with Japan's KYB, a leading steering supplier, giving CAAS access to Japanese EPS engineering expertise.