26/05/2022

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The car that cares

Chinese steering supplier returns to profit

China Automotive Techniques, the Chinese electric power steering parts and units provider, reported next quarter 2021 revenue rose forty five% yr on yr to US$one hundred twenty.6m from $eighty three.2m in Q2 2020.

Gross financial gain soared 102.six% to $15.8m though gross margin was thirteen.one% when compared with nine.4%.

Running financial gain was was $.1m when compared to a $five.2m loss.

Internet profits was $3.2m versus the $4.1m loss a yr in the past at the top of the Covid pandemic.

Initial 50 percent revenue grew sixty.one% to $250.9m, gross financial gain improved 87.4% to $35.6m, gross margin was fourteen.two%, from 12.one%, and working financial gain of $4.3m when compared with a loss of $4.2m in the first 6 months of 2020.

Internet profits was $six.4m versus the $4.1m loss in H1 2020.

CEO Qizhou Wu reported: “Our next quarter 2021 revenue continued to achieve robust progress of forty five% with revenue of our advanced hydraulic goods increasing by forty three.nine% in the Chinese passenger motor vehicle industry, our electric electric power steering products revenue grew by 49.7% and revenue into North The us have been 179.eight% larger.

“Our operations in Brazil also experienced revenue progress in the next quarter of 2021, with envisioned revenue progress of about 200% for the total yr.

“According to the China Affiliation of Auto Producers, volume in China rose by 25.six% in the first 50 percent as passenger motor vehicle revenue grew 27% and industrial motor vehicle revenue improved by 20.nine%. For the first 6 months of 2021, our revenue improved by sixty.one%, far surpassing the progress in the Chinese industry.”

Outlook

The provider lifted profits advice for the total yr to $495m from $485m.