Auburn Hills, MI, United States
Auburn Hills, MI, United States

Chrysler , officially FCA US LLC, is an American automobile manufacturer headquartered in Auburn Hills, Michigan and owned by Italian automaker Fiat. Chrysler is one of the "Big Three" American automobile manufacturers. It sells vehicles worldwide under its flagship Chrysler brand, as well as the Dodge, Jeep and Ram. Other major divisions include Mopar, its automotive parts and accessories division, and SRT, its performance automobile division. In 2014, FCA US LLC is the seventh biggest automaker in the world by production.The Chrysler Corporation was founded by Walter Chrysler in 1925, out of what remained of the Maxwell Motor Company. Chrysler greatly expanded in 1928, when it acquired the Fargo truck company and the Dodge Brothers Company and began selling vehicles under those brands; that same year it also established the Plymouth and DeSoto automobile brands.In the 1960s the company expanded into Europe, creating the Chrysler Europe division, formed from the acquisition of French, British and Spanish companies. In the 1970s, a number of factors including the 1973 oil crisis impacted Chrysler's sales, and by the late 1970s, Chrysler was on the verge of bankruptcy, forcing its retreat from Europe in 1979. Lee Iacocca was brought in as CEO and is credited with returning the company to profitability in the 1980s. In 1987, Chrysler acquired American Motors Corporation , which brought the profitable Jeep brand under the Chrysler umbrella.In 1998, Chrysler merged with German automaker Daimler-Benz AG to form DaimlerChrysler; the merger proved contentious with investors and Chrysler was sold to Cerberus Capital Management and renamed Chrysler LLC in 2007. Like the other Big Three automobile manufacturers, Chrysler was hit hard by the automotive industry crisis of 2008–2010.Through a combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the T.A.R.P. program, Chrysler managed to remain in business. On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A., and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $4 billion in debts. By May 24, 2011, Chrysler finished repaying its obligations to the U.S. government five years early, although the cost to the American taxpayer was $1.3 billion. Over the next few years Fiat gradually acquired the other parties' shares while removing much of the weight of the loans in a short period. On January 1, 2014, Fiat S.p.A announced a deal to purchase the rest of Chrysler from the United Auto Workers retiree health trust. The deal was completed on January 21, 2014, making Chrysler Group a subsidiary of Fiat S.p.A. In May 2014, Fiat Chrysler Automobiles, NV was born by merging Fiat S.p.A. into the company. This was completed in August 2014. Chrysler Group LLC remained a subsidiary until December 15 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger. Wikipedia.


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News Article | May 11, 2017
Site: en.prnasia.com

WUHAN, China, May 11, 2017 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the unaudited first quarter ended March 31, 2017. Mr. Qizhou Wu, chief executive officer of CAAS, commented, "We have maintained our sales and earnings during this transition period as we build our electric power steering ("EPS") capabilities.  We have added more production capacity and introduced additional models of EPS to position us for stronger growth in the future. Our growing portfolio of advanced steering products will build our sales by providing more solutions to meet our customers' needs." Mr. Jie Li, chief financial officer of CAAS, commented, "We continue to build our financial strength through strong cost controls, generating positive operational cash flow and improving our cost of invested capital." In the first quarter of 2017, net sales were $119.3 million, compared to $116.9 million in the same quarter of 2016, reflecting a 2.1% year-over-year growth. The increase of net sales was mainly due to the increased sales volume. Gross profit was $21.6 million in the first quarter of 2017, compared to $21.0 million in the first quarter of 2016. The gross margin was 18.1% in the first quarter of 2017, versus 18.0% in the first quarter of 2016. Gain on other sales was $0.8 million in the first quarters of 2017 and 2016. Selling expenses were $4.1 million in the first quarter of 2017, compared to $4.3 million in the first quarter of 2016. The decrease was primarily due to lower marketing expenses. Selling expenses represented 3.4% of net sales in the first quarter of 2017 versus 3.7% in the first quarter of 2016. General and administrative expenses ("G&A expenses") were $4.4 million in the first quarter of 2017, compared to $4.3 million in the same quarter of 2016. G&A expenses represented 3.7% of net sales in the first quarter of 2017 and 3.7% in the first quarter of 2016. Research and development expenses ("R&D expenses") were $6.8 million in the first quarter of 2017, compared to $6.1 million in the first quarter of 2016. R&D expenses represented 5.7% of net sales in the first quarter of 2017 compared to 5.2% in the first quarter of 2016. The increase in R&D expenses was due to increased investment in EPS product research and development such as brushless motor and Advanced Driver Assistance Systems (ADAS) related projects. Income from operations was $7.2 million in the first quarter of 2017, compared to $7.1 million in the same quarter of 2016. Interest expense was $0.2 million in the first quarter of 2017, consistent with the same quarter of 2016. Net financial income was $0.3 million in the first quarters of 2017 and 2016. Income before income tax expenses and equity in earnings of affiliated companies was $7.1 million in the first quarter of 2017, compared to $6.5 million in the first quarter of 2016. The increase in income before income tax expenses and equity in earnings of affiliated companies was mainly due to higher operating income and a decrease in other expenses. Net income attributable to parent company's common shareholders was $5.7 million in the first quarter of 2017 and 2016. Diluted earnings per share were $0.18 in the first quarter of 2017 and 2016. The weighted average number of diluted common shares outstanding was 31,649,908 in the first quarter of 2017, compared to 32,123,588 in the first quarter of 2016. As of March 31, 2017, total cash and cash equivalents, pledged cash and short-term investments were $93.1 million, total accounts receivable including notes receivable were $305.9 million, accounts payable were $223.1 million and short-term bank and government loans were $68.5 million. Total parent company stockholders' equity was $307.8 million as of March 31, 2017, compared to $300.5 million as of December 31, 2016. Net cash flow from operating activities was $2.3 million in the first quarter of 2017. Management reiterated its revenue guidance for the full year 2017 of US$485 million. This target is based on the Company's current views on operating and market conditions, which are subject to change. Management will conduct a conference call on May 11, 2017 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call: A replay of the call will be available on the Company's website under the investor relations section. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com. This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-2017-first-quarter-results-300455796.html


WUHAN, CHINA / ACCESSWIRE / May 10, 2017 / China Automotive Systems, Inc. (NASDAQ: CAAS) will host a conference call to discuss the results of the first quarter 2017, to be held Thursday, May 11, 2017 at 8:00 AM Eastern Time. To participate, connect approximately 5 to 10 minutes before the beginning of the event. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com.


The Company cautions that no decisions have been made by the Special Committee or the Board with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made by Mr. Chen or any other person, that any definitive agreement will be executed relating to the proposal or any other transaction, or that this or any other transaction will be approved or consummated. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com. This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-automotive-systems-inc-announces-receipt-of-preliminary-non-binding-going-private-proposal-300457306.html


WUHAN, China, May 15, 2017 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ:  CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter, dated May 14, 2017, from its Chairman, Mr. Hanlin Chen, to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by Mr. Chen for US$5.45 per share of common stock in cash. Mr. Chen and his affiliates currently beneficially own approximately 56.4% of the issued and outstanding shares of common stock of the Company on a fully diluted and as-converted basis. The proposal is expressly conditioned on approval by a special committee of the Board comprised of independent directors and is subject to a non-waivable condition requiring approval by a majority vote of the Company's unaffiliated stockholders. The Board has established a special committee of the Board (the "Special Committee"), consisting of Mr. Arthur Wong, Mr. Robert Tung and Mr. Guangxun Xu, to consider the proposal. The Special Committee is empowered to, and will be responsible for, among other things, investigating, evaluating, negotiating and making a recommendation to the Board with respect to the proposal. The Special Committee is also empowered to retain its own independent advisors to assist in the evaluation of the proposal and any alternative proposals. The Company cautions that no decisions have been made by the Special Committee or the Board with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made by Mr. Chen or any other person, that any definitive agreement will be executed relating to the proposal or any other transaction, or that this or any other transaction will be approved or consummated. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com. This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-automotive-systems-inc-announces-receipt-of-preliminary-non-binding-going-private-proposal-300457306.html


During his 13-year tenure with Mazda, he played a critical role in the renewal of the global company to a record level of profit and growth.  His leadership of the North American Mazda business allowed it to transform this key market into a significant business group within the Mazda Corporation global portfolio.  He was also instrumental in expanding the Mazda North America business by establishing Mazda Motors Mexico in 2005. Among his countless other recognized accomplishments, Jim was awarded both the Automotive Executive of the Year and the Automotive News All-Stars Award. "We are elated to have Jim join the motormindz team and the timing could not be better.  He further strengthens our impressive leadership team roster at a time of rapid growth.  Jim will be a key contributor in our mission to continue to accelerate the development and implementation of innovative automotive solutions," said Jeff Van Dongen, Founder & CEO of motormindz. O'Sullivan joins a team of recognized and experienced global automotive industry leaders including the likes of Ray Fisher from the Chrysler Group, Don Johnson from General Motors, John Felice from Ford Motor Company, Peter Miles from BMW, and many more. In a statement, O'Sullivan said, "I am thrilled to join a team of industry peers with a shared vision for innovation and entrepreneurship.  It is a great opportunity to continue to do my part to drive the auto industry forward at a time of dynamic change.  It's an honor to be the most recent addition to this winning team." About motormindz: motormindz is a global automotive professional services and technology accelerator that combines unparalleled experience and comprehensive capabilities across all facets of the automotive manufacturing and sales chain. motormindz collaborates with solution partners and clients to develop and integrate disruptive, leading-edge solutions and technologies aimed at solving crucial challenges for automotive manufacturers and dealers. For more information, please visit www.motormindz.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/former-president-and-ceo-mazda-north-america-operations-jim-osullivan-joins-motormindz-as-managing-partner-300463272.html


A replay of the call will be available on the Company's website in the investor relations section. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com. This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-automotive-systems-to-announce-2017-first-quarter-financial-results-on-may-11-2017-300452914.html


WUHAN, China, May 8, 2017 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced that it will issue unaudited financial results for the 2017 first quarter ended March 31, 2017, on Thursday, May 11, 2017, before the market opens. Management will conduct a conference call on May 11th at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management´s presentation. To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call: A replay of the call will be available on the Company's website in the investor relations section. Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com. This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. For further information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-automotive-systems-to-announce-2017-first-quarter-financial-results-on-may-11-2017-300452914.html


Grant
Agency: European Commission | Branch: H2020 | Program: RIA | Phase: MG-3.4-2014 | Award Amount: 2.90M | Year: 2015

European countries face great challenges because the demographic structure in the EU is changing rapidly, due to reducing birth rates and increasing life expectancies. In 2012, 17% of Europeans were aged 65 and older and in 2020 this will rise to 28%. Meanwhile, the mobility needs of the elderly are also changing. Maintaining a drivers licence is an important issue of independence today, both for males and females. Also technological developments like the introduction of e-bikes enables access to other means of transport. These demographic and behavioural changes are of growing concern to mobility and road safety. While accident data show a decreasing number of fatalities and serious injuries on EU roads, recent data from the ERSO show an increasing proportion of elderly in the fatality statistics. This trend is a serious threat to the achievements of recent decades and poses a challenge that must be addressed to meet goals set for further reduction of road fatalities. Furthermore, there is an increasing rate of obesity in EU populations, which introduces changes in injury patterns and risks. The SENIORS project focuses on the protection of elderly and obese road users also by transferring nowadays younger generations safety standards. The objective is to develop the required understanding of accident scenarios, injury mechanisms and risks and to implement these findings in test tools and test and assessment procedures. An integrated approach considering the elderly in multiple transport modes is applied to reduce the portion of elderly fatalities. The small-scale project focuses on providing tools to encourage wider adoption of advanced restraint and pedestrian protection systems improving the protection of older and obese vulnerable road users. The activities consolidate results from previous EU projects such as THORAX and AsPeCSS and meet the needs defined by the GRSP IWG on Frontal Impact working on a near-term (2015) and mid-term (2020) update of UN-R94.


Grant
Agency: NSF | Branch: Fellowship | Program: | Phase: EAPSI | Award Amount: 5.07K | Year: 2015

Antennas operating near or inside the human body are important for a number of applications, including healthcare. Implantable medical devices such as cardiac pacemakers and retinal implants are a growing feature of modern healthcare, and implantable antennas for these devices are necessary to monitor battery level and device health, to upload and download data used in patient monitoring, and more. This project will create a UHF RFID tag antenna that can be inserted under the skin for a permanent application. Ultra High Frequency (UHF) RFID tag antennas are printed using conductive ink and have found increased applications due to advantages such as minimal cost, low maintenance, good tag read range, and ability to operate without an integrated battery. Despite their potential use in long-term patient monitoring and wireless biometric tracking there is limited research on UHF RFID for insertion in high-loss human body environments. This research will greatly benefit from procedures already in place at Dr. You Chung Chungs antenna lab at Daegu University in Daegu, Korea.

The research will use HFSS electromagnetic simulation software to adapt existing slotline antennas from the High Frequency (HF) range to the UHF range. Slotline antennas are easy to parameterize and fabricate for RFID use. Promising simulation designs will be fabricated using conductive inks such as polyethylene terephthalate (PET). Fabricated antenna designs will be tested using available Network Analyzer equipment and liquids that simulate the electromagnetic environment of the human body. Overall, this research will contribute to implantable antenna research. This NSF EAPSI award is funded in collaboration with National Research Foundation of Korea.


Patent
Chrysler Group LLC | Date: 2015-04-01

Transmission gear shift control techniques can include calculating, at a controller of a vehicle powered by an internal combustion engine, the controller including one or more processors, brake specific fuel consumption (BSFC) for each of: (i) a current gear of a transmission of the vehicle, (ii) a lower gear than the current gear of the transmission, and (iii) a higher gear than the current gear of the transmission, wherein the transmission is one of a manual transmission and an automatic transmission operating in a manual mode. The techniques can include determining, at the controller, which of the current gear, the lower gear, and the higher gear has a smallest BSFC to obtain a desired gear of the transmission. The techniques can also include outputting, from the controller, an indication to shift the transmission to the desired gear.

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