Wuhan June 10, 2021 / US News / – China Automotive Systems (NASDAQ: CAAS) (“Caas” or “Company”), a leading car power steering in China System and component supplier, today announced its wholly-owned subsidiary, Hubei Hanglong Automotive System Group Co., Ltd. (“Henglong”), purchased Sentient AB (“Sentient”) 40% of the issued equity rights, this is a special for Advanced steering function, vehicle movement control and automatic driving Software development and hardware design Swedish automobile technology company.
This transaction, Jingzhou Zhida Electric Vehicle Co., Ltd. (“Zhida”) transferred most of its Sentient equity to Henglon. The shareholding of the transaction accounts for 40% of Sentient’s issued share capital, with a total transaction price of 20 million euros, divided into three cash payments. Two directors of Caa, Mr. Chen Hanlin and Mr. Wu, are the major shareholders and minority shareholders of Zhida.
SENTIEN established in 2009 with Gothenburg, Sweden, with this as headquarters, operated through seven facilities in Sweden, and has offices in Suzhou, China. Sentient is used for steering, vehicle motion control and automatic driving software capabilities to integrate with their proprietary hardware solutions, including power sets (software, ECU, motor, housing), and complete steering systems. Sentient is currently 10 patents in steering, line control steering, motion control and braking. Since 2013, Sentient’s basic technology has been put into production and is widely praised by drivers. Regardless of tire characteristics, steering systems, road friction features and suspension systems, Sentient provides excellent driving experience and sustained stability. Sentient’s motion control technology has been tested and demonstrated on an electric power steering (EPS), angle superimposing system, line-control and automatic vehicle (NHTSA 3-5).
The Special Committee established by the three independent director of Caa reviewed the acquisition. The Special Committee hired a legal adviser and a financial advisor to provide a fair advice on the valuation of the transaction.
CAAS CEO Wu QizhouBorn commentary: “We are very happy to welcome Sentient, which is global steering and vehicle-controlled hardware and hardware leader SENTIENT joins our largest power to producers to create vertically integrated automotive technology companies. With artificial intelligence and electrification wave swept In the automotive industry, we are committed to improving our steering technology, making efforts for automatic driving in the future. By integrated our integrated resources, technology and customer bases in China, Europe, the United States, and South America, we I look forward to grasping more market opportunities and expanding our global market share. “
Mr. Chen Hanlin, CAAS, commented:” As the new five we have recently developed The focus of the annual plan, we will use our own trustworthy steering solution providers, increase the infiltration of fast-growing automatic driving market. We will continue to expand the global layout, develop new technologies, win more contracts and shareholders Create long-term value. The acquisition is another step towards the world’s famous car parts brand. “