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Hyundai Mobis' roof airbag prevents passengers from being ejected from the sunroof in a rollover accident
- The airbag prevents passengers from being ejected from the sunroof and becoming injured in a rollover accident-The evaluation results of the roof airbag shared at the technical seminars hosted by the National Highway Traffic Safety Administration (NHTSA) and SAESEOUL, South Korea, March 26, 2020 /PRNewswire/ -- Hyundai Mobis said on March 26 that the company is concentrating on enhancing the reliability of new safety devices like the roof airbag and is planning to leverage its differentiated technology to take on the global market. Hyundai Mobis' roof airbag is deployed under the surface side of the vehicle in a rollover accident, covering the entire roof in just 0.08 seconds, protecting and preventing all passengers from being ejected from the sunroof. Since it began mass-producing its first airbags in 2002, Hyundai Mobis has continuously introduced advanced airbag technologies. Recently, the company is developing convergence technologies in safety on a full scale. Meanwhile, the National Highway Traffic Safety Administration (NHTSA) conducted a safety evaluation of Hyundai Mobis' roof airbag. Last January, NHTSA gave a presentation on the 'Status of NHTSA's Roof Ejection Mitigation Research' at 2020 SAE Government/Industry Meeting hosted by the Society of Automotive Engineers (SAE) and disclosed the evaluation results of Hyundai Mobis' roof airbag. NHTSA is a US government agency whose mission is to save lives, prevent injuries and reduce economic costs due to road traffic crashes, through education, research, safety standards and enforcement activity. About Hyundai Mobis Hyundai Mobis is the 7th largest leading automotive supplier. Founded in 1977 and headquartered in Seoul, South Korea, Hyundai Mobis is to become a lifelong technology partner for vehicles and people. It is excellent in sensors, sensor fusion in controllers and software design capabilities in safety control. As Hyundai Mobis internalized all core auto component technologies, it has various product groups in ADAS based on its state-of-the-art technologies which combined sensors and these technologies. Its products also include core modules (chassis, cockpit and front-end), brakes, suspension, steering, airbags, lights and automotive electronics. Mobis currently has more than 30,000 employees and has been manufacturing in more than 30 regions in 10 countries including South Korea, China, Germany, India and the United States. In addition to its R&D headquarters in South Korea, Mobis has 4 technology centers in Germany, China, India and the United States. Media Contacts Hyundai Mobis PR, Hanbyul Kim, khb@mobis.co.kr [EOD] View original content:http://www.prnewswire.com/news-releases/hyundai-mobis-roof-airbag-prevents-passengers-from-being-ejected-from-the-sunroof-in-a-rollover-accident-301029538.html
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Bitauto Announces Fourth Quarter and Fiscal Year 2019 Results
BEIJING, March 26, 2020 /PRNewswire/ -- Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China's automotive industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019[1] . Bitauto Fourth Quarter and Fiscal Year 2019 Highlights Revenue in the fourth quarter of 2019 was RMB2.69 billion (US$385.8 million), compared to RMB3.12 billion (US$448.1 million) in the corresponding period in 2018. Revenue in fiscal year 2019 was RMB10.75 billion (US$1.54 billion), a 1.6% increase from 2018. Gross profit in the fourth quarter of 2019 was RMB1.59 billion (US$228.4 million), compared to RMB1.69 billion (US$242.9 million) in the corresponding period in 2018. Gross profit in fiscal year 2019 was RMB6.51 billion (US$934.8 million), a 2.7% increase from 2018. Net loss in the fourth quarter of 2019 was RMB978.2 million (US$140.5 million), compared to RMB398.3 million (US$57.2 million) in the corresponding period in 2018. Net loss in fiscal year 2019 was RMB1.18 billion (US$169.9 million), compared to RMB679.3 million (US$97.6 million) in 2018. Non-GAAP net loss in the fourth quarter of 2019 was RMB576.5 million (US$82.8 million), compared to Non-GAAP net income of RMB199.0 million (US$28.6 million) in the corresponding period in 2018. Non-GAAP net income in fiscal year 2019 was RMB33.6 million (US$4.8 million), compared to RMB934.7 million (US$134.3 million) in 2018. Net loss attributable to Bitauto in the fourth quarter of 2019 was RMB922.4 million (US$132.5 million), compared to RMB416.7 million (US$59.9 million) in the corresponding period in 2018. Net loss attributable to Bitauto in fiscal year 2019 was RMB1.20 billion (US$172.4 million), compared to RMB608.4 million (US$87.4 million) in 2018. Non-GAAP net loss attributable to Bitauto in the fourth quarter of 2019 was RMB573.5 million (US$82.4 million), compared to Non-GAAP net income attributable to Bitauto of RMB118.6 million (US$17.0 million) in the corresponding period in 2018. Non-GAAP net loss attributable to Bitauto in fiscal year 2019 was RMB214.1 million (US$30.8 million), compared to Non-GAAP net income attributable to Bitauto of RMB708.9 million (US$101.8 million) in 2018. Mr. Andy Zhang, chief executive officer of Bitauto, said, "The automobile industry in China remained challenging in the fourth quarter of 2019, as new passenger vehicle sales continued to decline year-over-year. Despite the substantial industry headwinds, Bitauto's total revenue reached RMB2.69 billion in the fourth quarter of 2019, exceeding the higher end of our guidance of RMB2.55 billion." "We were pleased to make further progress in increasing our mobile traffic, as well as improving the quantity and quality of our sales leads. According to QuestMobile, in January 2020 daily active users (DAU) of the Bitauto media app increased by 256%, compared to October 2018 when we rolled out the upgraded version. Moreover, the combined DAU of both the Bitauto media app and our Auto Pricing app increased by approximately 40% year-over-year in January 2020. Amid declining new passenger vehicle sales, we grew our number of sales leads by 8.8% year-over-year in the fourth quarter of 2019, with the proportion of organic sales leads rising to nearly 70%. We have also seen improved quality of sales leads in terms of higher conversion rates as measured by store visits and number of transactions. Backed by these solid operating metrics, Bitauto's revenue from advertising and subscription business reached RMB1.07 billion for the fourth quarter of 2019, exceeding management's expectation." "We have been achieving very encouraging progress from our ongoing strategic branding campaign which we started in the fourth quarter of 2019. Based on online awareness metrics such as Baidu Index and third party offline consumer surveys, Bitauto has recorded a significant improvement in brand recognition among automobile consumers over a fairly short period of time. We view brand building as a long-term commitment which will allow us to broaden our user base and provide a better value proposition for our automaker and dealer customers." "In our transaction services business, despite the unfavourable industry environment in the fourth quarter, Yixin further expanded its loan facilitation services, which grew 3% year-over-year and contributed 82% of total financed transactions. For the full year 2019, Yixin maintained steady growth and further solidified its industry-leading position by leveraging its leadership advantages and trackable credibility. Yixin continued to tighten its risk control standards to better adapt to the changing regulatory environment, as many local governments began to implement stricter rules for the collection of delinquent consumer accounts." "Looking into 2020, we will remain committed to investing resources in key strategic initiatives that strengthen our long-term competitiveness. First, we will continue enhancing our content, products and services to provide better value and experience to automobile consumers and car owners. We will continue to roll out and optimize our AI-based, result-driven marketing solution to more mainstream automakers. We will also increase our R&D investments to improve functionality and user experience of our business to business (B2B) products for our automaker and dealer customers. Second, to further broaden Bitauto's user base and improve our value proposition to our business partners, we will continue working on increasing our mobile traffic, as well as quantity and quality of our sales leads. Third, we will continue investing in our brand building campaign to raise Bitauto's brand recognition among automobile consumers. We are confident that all of these efforts will help form a solid foundation to boost our long-term growth going forward. Lastly, Yixin will proactively adopt a more conservative risk assessment methodology, while partnering with dealers and financial institution partners to identify opportunities within China's automobile market as we adapt to the industry uncertainties we have been facing, as well as the impact from the coronavirus epidemic." Mr. Ming Xu, chief financial officer of Bitauto, said, "Bitauto's total revenue and revenue from our advertising and subscription business for the fourth quarter of 2019 were both better than expected, as our efforts to enhance Bitauto's brand and increase traffic as well as the quality and quantity of sales leads continue to pay off. While our strategic investments in branding will weigh on our profitability in the near-term, we are confident that this will significantly strengthen Bitauto's long-term competitiveness and profitability." Bitauto Fourth Quarter 2019 Results Bitauto reported revenue of RMB2.69 billion (US$385.8 million) in the fourth quarter of 2019, compared to RMB3.12 billion (US$448.1 million) in the corresponding period in 2018. Revenue from the advertising and subscription business in the fourth quarter of 2019 was RMB1.07 billion (US$153.7 million), compared to RMB1.16 billion (US$167.0 million) in the corresponding period in 2018, mainly due to the decrease in marketing spending by automakers and dealers caused by the continued decline in new car sales. Revenue from the transaction services business in the fourth quarter of 2019 was RMB1.20 billion (US$171.9 million), compared to RMB1.56 billion (US$224.5 million) in the corresponding period in 2018, as Yixin continued to tighten its risk control standards and enhance asset quality to better adapt to the changing regulatory environment, which has impacted its transaction volume. Revenue from the digital marketing solutions business in the fourth quarter of 2019 was RMB418.8 million (US$60.2 million), representing a 6.4% increase from RMB393.7 million (US$56.5 million) in the corresponding period in 2018. Cost of revenue in the fourth quarter of 2019 was RMB1.10 billion (US$157.4 million), compared to RMB1.43 billion (US$205.2 million) in the corresponding period in 2018. Cost of revenue as a percentage of revenue in the fourth quarter of 2019 was 40.8%, compared to 45.8% in the corresponding period in 2018. Gross profit in the fourth quarter of 2019 was RMB1.59 billion (US$228.4 million), compared to RMB1.69 billion (US$242.9 million) in the corresponding period in 2018. Selling and administrative expenses in the fourth quarter of 2019 were RMB2.39 billion (US$343.0 million), representing a 23.0% increase from the corresponding period in 2018. This increase was primarily due to the increase in marketing expenses associated with the Company's branding and marketing efforts and the increase in provision for credit losses of finance receivables, partially offset by the decrease in share-based compensation. Product development expenses in the fourth quarter of 2019 were RMB157.8 million (US$22.7 million), representing an 18.3% increase from the corresponding period in 2018. The increase was primarily due to an increase in expenses related to product development personnel. Share-based compensation, which was allocated to related operating expense line items, was RMB81.3 million (US$11.7 million) in the fourth quarter of 2019, compared to RMB421.6 million (US$60.6 million) in the corresponding period in 2018. Loss from operations in the fourth quarter of 2019 was RMB819.2 million (US$117.7 million), compared to RMB325.3 million (US$46.7 million) in the corresponding period in 2018. Non-GAAP loss from operations in the fourth quarter of 2019 was RMB573.5 million (US$82.4 million), compared to a Non-GAAP income from operations of RMB265.4 million (US$38.1 million) in the corresponding period in 2018. Income tax benefit in the fourth quarter of 2019 was RMB19.5 million (US$2.8 million), compared to an income tax expense of RMB45.3 million (US$6.5 million) in the corresponding period in 2018. The income tax benefit mainly arose from net operating losses from certain subsidiaries in the fourth quarter of 2019. Net loss in the fourth quarter of 2019 was RMB978.2 million (US$140.5 million), compared to RMB398.3 million (US$57.2 million) in the corresponding period in 2018. Non-GAAP net loss in the fourth quarter of 2019 was RMB576.5 million (US$82.8 million), compared to Non-GAAP net income of RMB199.0 million (US$28.6 million) in the corresponding period in 2018. Net loss attributable to Bitauto in the fourth quarter of 2019 was RMB922.4 million (US$132.5 million), compared to RMB416.7 million (US$59.9 million) in the corresponding period in 2018. Non-GAAP net loss attributable to Bitauto in the fourth quarter of 2019 was RMB573.5 million (US$82.4 million), compared to Non-GAAP net income attributable to Bitauto of RMB118.6 million (US$17.0 million) in the corresponding period in 2018. Basic and diluted net loss per ADS, each representing one ordinary share, in the fourth quarter of 2019 amounted to RMB12.95 (US$1.86) and RMB12.95 (US$1.86), respectively. Non-GAAP basic and diluted net loss per ADS in the fourth quarter of 2019 amounted to RMB8.07 (US$1.16) and RMB8.07 (US$1.16), respectively. Cash provided by operating activities, cash provided by investing activities, and cash used in financing activities in the fourth quarter of 2019 were RMB835.3 million (US$120.0 million), RMB3.56 billion (US$510.7 million), and RMB5.81 billion (US$834.8 million), respectively. Bitauto Fiscal Year 2019 Results Revenue in 2019 was RMB10.75 billion (US$1.54 billion), representing a 1.6% increase from 2018. Revenue from the advertising and subscription business in 2019 was RMB3.90 billion (US$559.8 million), compared to RMB4.07 billion (US$585.2 million) in 2018. Revenue from the transaction services business in 2019 was RMB5.75 billion (US$826.4 million), representing a 7.1% increase from RMB5.37 billion (US$771.5 million) in 2018, mainly attributable to the growth in the Company's loan facilitation services, partially offset by the decrease in revenues from self-operated financing business. Revenue from the digital marketing solutions business in 2019 was RMB1.10 billion (US$158.3 million), compared to RMB1.13 billion (US$163.0 million) in 2018. Cost of revenue in 2019 was RMB4.24 billion (US$609.7 million), largely the same as such figure in 2018. Cost of revenue as a percentage of revenue in 2019 was 39.5%, compared to 40.1% in 2018. Gross profit in 2019 was RMB6.51 billion (US$934.8 million), representing a 2.7% increase from 2018. Selling and administrative expenses in 2019 were RMB7.16 billion (US$1.03 billion), representing a 12.4% increase from 2018. This increase was primarily due to the increase in marketing expenses associated with the Company's branding and marketing efforts, the increase in provision for credit losses of finance receivables and allowance for doubtful accounts receivable, partially offset by the decrease in share-based compensation. Product development expenses in 2019 were RMB609.9 million (US$87.6 million), largely the same as such figure in 2018. Share-based compensation, which was allocated to related operating expense line items, was RMB426.4 million (US$61.2 million) in 2019, compared to RMB896.4 million (US$128.8 million) in 2018. Loss from operations in 2019 was RMB956.2 million (US$137.4 million), compared to RMB465.5 million (US$66.9 million) in 2018. Non-GAAP income from operations in 2019 was RMB127.0 million (US$18.2 million), compared to RMB1.11 billion (US$159.6 million) in 2018. Income tax expense in 2019 was RMB91.0 million (US$13.1 million), compared to RMB175.9 million (US$25.3 million) in 2018. Net loss in 2019 was RMB1.18 billion (US$169.9 million), compared to RMB679.3 million (US$97.6 million) in 2018. Non-GAAP net income in 2019 was RMB33.6 million (US$4.8 million), compared to RMB934.7 million (US$134.3 million) in 2018. Net loss attributable to Bitauto in 2019 was RMB1.20 billion (US$172.4 million), compared to RMB608.4 million (US$87.4 million) in 2018. Non-GAAP net loss attributable to Bitauto in 2019 was RMB214.1 million (US$30.8 million), compared to Non-GAAP net income attributable to Bitauto of RMB708.9 million (US$101.8 million) in 2018. Basic and diluted net loss per ADS, each representing one ordinary share, in 2019 amounted to RMB16.92 (US$2.43) and RMB16.92 (US$2.43), respectively. Non-GAAP basic and diluted net loss per ADS in 2019 amounted to RMB3.05 (US$0.44) and RMB3.15 (US$0.45), respectively. As of December 31, 2019, the Company had cash and cash equivalents and restricted cash of RMB7.51 billion (US$1.08 billion). Cash provided by operating activities, cash provided by investing activities, and cash used in financing activities in 2019 were RMB1.50 billion (US$214.8 million), RMB7.65 billion (US$1.10 billion), and RMB11.03 billion (US$1.58 billion), respectively. The number of employees totaled 7,935 as of December 31, 2019, including employees of entities in which Bitauto has acquired and holds controlling interests. This represented a 4.6% year-over-year decrease, primarily due to the decreased headcounts in sales, marketing and customer support, as part of our strategic efforts to optimize operational efficiency. As of December 31, 2019, the Company had a total of 73,761,089 ordinary shares. Non-GAAP basic and diluted per ADS figures for the fourth quarter of 2019 were calculated using a weighted average of 71,359,757 and 71,359,757 ADSs, respectively. Non-GAAP basic and diluted per ADS figures for fiscal year 2019 were calculated using a weighted average of 71,108,532 and 71,108,532 ADSs, respectively. Each ADS represents one ordinary share of the Company. Yixin Fourth Quarter and Fiscal Year 2019 Highlights Bitauto's controlled subsidiary Yixin, the primary operator of the Company's transaction services business, continued to develop its loan facilitation services and further tightened its risk control standards to better adjust to China's generally weak economic condition and changing regulatory environment. In the fourth quarter of 2019, Yixin facilitated approximately 109,000 financed transactions, representing a year-over-year decrease of 24%. The total aggregate financing amount facilitated through Yixin's loan facilitation services and self-operated financing business was approximately RMB8.10 billion (US$1.16 billion). In the fourth quarter of 2019, Yixin continued to develop its loan facilitation services and further strengthened its partnership by working with 12 banks and financial institutions including an auto finance company. For the three months ended December 31, 2019, Yixin facilitated approximately 89,000 financed transactions, representing a year-over-year increase of 3% and contributed 82% of Yixin's total financed transactions. In the fourth quarter of 2019, under U.S. GAAP, Yixin's total revenues reached RMB1.21 billion (US$174.1 million); new core services revenues, which include revenues from loan facilitation transactions and new self-operated financing lease transactions Yixin facilitated during the year, reached RMB666.9 million (US$95.8 million). For the year ended December 31, 2019, Yixin's total financed transactions increased by 8% year-over-year to approximately 522,000. The aggregate financing amount facilitated through its loan facilitation services and self-operated financing business was approximately RMB40.00 billion (US$5.75 billion), representing a 5% year-over-year increase. In 2019, Yixin cooperated with 12 banks and financial institutions, and facilitated approximately 347,000 financed transactions, representing a 141% year-over-year increase and in aggregate contributed 66% of Yixin's total financed transactions for the full year 2019. For the year ended December 31, 2019, under U.S. GAAP, Yixin's total revenues were RMB5.79 billion (US$832.1 million); gross profit reached RMB2.76 billion (US$396.3 million); net loss was RMB3.3 million (US$0.5 million) and Non-GAAP net income was RMB402.6 million (US$57.8 million). Yixin's Non-GAAP net income is calculated as net loss excluding share-based compensation of RMB233.1 million (US$33.5 million), amortization of intangible assets resulting from asset and business acquisitions of RMB173.0 million (US$24.8 million), and offset by tax effect of RMB0.2 million (US$0.02 million). In 2019, Yixin entered into certain transactions with other subsidiaries of Bitauto, which were eliminated upon Bitauto's consolidation of Yixin. The revenue that Yixin recorded for the services provided to those subsidiaries of Bitauto amounted to RMB18.1 million (US$2.6 million). As of December 31, 2019, Yixin had cash and cash equivalents and restricted cash of RMB3.49 billion (US$501.9 million), total finance receivables of RMB27.02 billion (US$3.88 billion), and total borrowings, including bank borrowings and asset-backed securitization debt, of RMB19.84 billion (US$2.85 billion). As of December 31, 2019, 90+ days (including 180+ days) past due ratio and 180+ days past due ratio for all the financed transactions (including the third-party loan facilitations) were 1.30% and 0.33%, respectively. Under U.S. GAAP, Yixin's provision for credit losses of finance receivables for the fourth quarter of 2019 was RMB361.1 million (US$51.9 million), and for the year ended December 31, 2019 was RMB862.7 million (US$123.9 million). The balance of provision for credit losses of finance receivables was RMB566.4 million (US$81.4 million) as of December 31, 2019. As a controlled subsidiary of Bitauto listed on the Hong Kong Stock Exchange, Yixin announced its consolidated financial statements under IFRS for fiscal year 2019. In order to help investors to understand the differences between IFRS and U.S. GAAP for Yixin's operation results, a reconciliation was prepared and presented at the end of this earnings release. First Quarter 2020 Outlook Bitauto currently expects to generate revenue in the range of RMB1.70 billion (US$244.2 million) to RMB1.80 billion (US$258.6 million) in the first quarter of 2020. This forecast takes into consideration of seasonality factors in Bitauto's business, and excludes any impact of foreign currency fluctuation. In particular, as the situation surrounding the COVID-19 outbreak in China and globally continue to evolve, business visibility remains limited. The above reflects management's current and preliminary view, which is subject to change. Conference Call Information Bitauto's management will hold an earnings conference call at 8:15 AM on March 26, 2020 U.S. Eastern Time (8:15 PM on March 26, 2020 Beijing/Hong Kong time). Dial-in details for the earnings conference call are as follows: US: +1-845-675-0437 or +1-866-519-4004 Hong Kong: +852-3018-6771 or 800-906-601 Mainland China: 800-8190-121 or 400-6208-038 International: +65-6713-5090 Conference ID: 3368478 A replay of the conference call may be accessed by phone at the following number until April 2, 2020: US: +1-855-452-5696 or +1-646-254-3697 International: +61-2-8199-0299 Conference ID: 3368478 Additionally, a live and archived webcast of this conference call will be available at http://ir.bitauto.com. [1] This announcement contains translations of certain amounts in Renminbi into U.S. dollars at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.9618 to US$1.00, the effective noon buying rate as of December 31, 2019 in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York. About Bitauto Holdings Limited Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content & marketing services, and transaction services for China's automotive industry. Bitauto's business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business. Bitauto's advertising and subscription business provides a variety of advertising services to automakers through the bitauto.com website and corresponding mobile apps which provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. Bitauto also provides transaction-focused online advertisements and services for promotional activities to its business partners, including automakers, automobile dealers, auto finance partners and insurance companies. Bitauto offers subscription services via its SaaS platform, which provides web-based and mobile-based integrated digital marketing solutions to new car automobile dealers in China. The SaaS platform enables automobile dealer subscribers to create their own online showrooms, list pricing and promotional information, provide automobile dealer contact information, place advertisements and manage customer relationships to help them reach a broad set of purchase-minded customers and effectively market their automobiles to consumers online. Bitauto's transaction services business is primarily conducted by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a leading online automobile finance transaction platform in China, which provides transaction platform services as well as self-operated financing services. Bitauto's digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big data applications and digital image creation. For more information, please visit ir.bitauto.com. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the business outlook of the Company and the quotations from management in this announcement, as well as Bitauto's strategic and operational plans, contain forward-looking statements. Bitauto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Bitauto's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our goals and strategies; our future business development, financial condition and results of operations; the expected growth of the automobile industry and the internet marketing industry in China; our expectations regarding demand for and market acceptance of our services and service delivery model; our expectations regarding enhancing our brand recognition; our expectations regarding keeping and strengthening our relationships with major customers, partner websites and media vendors; relevant government policies and regulations relating to our businesses, automobile purchases and ownership in China; our ability to attract and retain quality employees; our ability to stay abreast of market trends and technological advances; competition in our industry in China and internationally; general economic and business conditions in China; and our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Bitauto's filings with the Securities and Exchange Commission, including its annual report on Form 20-F. Bitauto does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Bitauto undertakes no duty to update such information, except as required under applicable law. Use of Non-GAAP Financial Measures To supplement Bitauto's consolidated financial results presented in accordance with U.S. GAAP, Bitauto uses Non-GAAP income/(loss) from operations, Non-GAAP net income/(loss), Non-GAAP net income/(loss) attributable to Bitauto, Non-GAAP basic and diluted net income/(loss) per ADS as Non-GAAP financial measures, and uses Yixin's Non-GAAP income from operations and Yixin's Non-GAAP net income as Non-GAAP financial measures to supplement the disclosure of financial performance of Yixin. Non-GAAP income/(loss) from operations is defined as loss from operations excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions. Non-GAAP net income/(loss) and Non-GAAP net income/(loss) attributable to Bitauto, respectively, are defined as net loss and net loss attributable to Bitauto excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; (iii) investment (income)/loss associated with the share of equity method investments; (iv) impairment on equity investees; (v) investment loss associated with non-cash investment matters;(vi) amortization of the BCF discount on the convertible notes; and (vii) tax effect of Non-GAAP line items. Non-GAAP basic and diluted net income/(loss) per ADS is defined as Non-GAAP net income/(loss) attributable to ordinary shareholders of the parent company divided by basic and diluted weighted average number of ADS. Yixin's Non-GAAP income from operations is defined as income/(loss) from operations excluding (i) share-based compensation; and (ii) amortization of intangible assets resulting from asset and business acquisitions. Yixin's Non-GAAP net income is defined as net income/(loss) excluding (i) share-based compensation; (ii) amortization of intangible assets resulting from asset and business acquisitions; and (iii) tax effect of Non-GAAP line items. These Non-GAAP financial measures provide Bitauto's management with the ability to assess its operating results by excluding certain items that may not be indicative of the performance of its business such as non-cash and non-recurring items. Bitauto believes these Non-GAAP financial measures are useful to investors by understanding supplemental information used by management in its assessment of operating results. The use of Non-GAAP financial measures has certain limitations. These Non-GAAP measures exclude certain items that have been and will continue to be incurred in the future and are not reflected in the presentation of the Non-GAAP financial measures. These Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, and should not be considered a substitute for or superior to U.S. GAAP results. In addition, these Non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as Bitauto does. Reconciliation of these Non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is set forth at the end of this release. For investor and media inquiries, please contact: China Suki Li Bitauto Holdings Limited Phone: +86-10-6849-2145 ir@bitauto.com Clarisse Pan Foote Group Phone: +86-10-8429-9544 bitauto@thefootegroup.com SELECTED CONSOLIDATED FINANCIAL DATA Unaudited Condensed Consolidated Statements of Operations For the Three Months Ended December 31, 2018 December 31, 2019 RMB RMB (in thousands, except for per share data) Revenue 3,119,555 2,685,866 Cost of revenue (1,428,243) (1,095,776) Gross profit 1,691,312 1,590,090 Selling and administrative expenses (1,942,155) (2,388,001) Product development expenses (133,365) (157,764) Other gains, net 58,957 136,521 Loss from operations (325,251) (819,154) Interest income 37,227 9,337 Interest expense (29,442) (23,234) Share of results of equity investees (21,258) (20,776) Investment loss (14,310) (143,873) Loss before tax (353,034) (997,700) Income tax (expense)/benefit (45,263) 19,482 Net loss (398,297) (978,218) Net income/(loss) attributable to noncontrolling interests 11,373 (63,461) Accretion to redeemable noncontrolling interests 7,072 7,669 Net loss attributable to Bitauto Holdings Limited (416,742) (922,426) Non-GAAP Financial Data Non-GAAP net income/(loss) 198,970 (576,508) Non-GAAP net income/(loss) attributable to noncontrolling interests 73,336 (10,659) Accretion to redeemable noncontrolling interests 7,072 7,669 Non-GAAP net income/(loss) attributable to Bitauto Holdings Limited 118,562 (573,518) Reconciliation of GAAP to Non-GAAP results For the Three Months Ended December 31, 2018 December 31, 2019 RMB RMB Loss from operations (325,251) (819,154) Share-based compensation 421,552 81,273 Amortization of intangible assets resulting from asset and business acquisitions 169,118 164,357 Non-GAAP income/(loss) from operations 265,419 (573,524) Net loss (398,297) (978,218) Share-based compensation 421,552 81,273 Amortization of intangible assets resulting from asset and business acquisitions 169,118
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Hyundai Mobis developed radar-based passenger detection system
- Developing the radar-based rear-seat passenger detection system… preventing babies from vehicular heatstroke and safety accidents- Improving accuracy compared to ultrasound… the radar serves as the bio sensor that detects even micro breathing- Software algorithm development is key. Hyundai Mobis attained results in 2 years, e.g. designing its own antenna… No global case of mass-productionSEOUL, South Korea, March 24, 2020 /PRNewswire/ -- Hyundai Mobis (KRX:012330) said on March 22 that it successfully developed the system for detecting rear-seat passengers with a 'radar' (ROA, Rear Occupant Alert), and it is planning to propose the system to global automakers. The ROA is a device for preventing passengers from being left unattended in rear seats. In the past, the weight sensor of children's car seats or the ultrasonic sensor were used in general. Hyundai Mobis vastly improved detection accuracy by replacing them with the radar sensor. It is expected to greatly help prevent heatstroke accidents caused every summer by children being left unattended in vehicles and other safety accidents. "The core of the passenger detection system, developed based on the radar which has been mostly acted as a sensor for autonomous driving, is the design of the software algorithm that discerns the micromovements of passengers," said Mr. Jang Jae-ho, Director of the EE Research Center, Hyundai Mobis. "As the radar can penetrate clothes and measure various biosignals, e.g. micromovements of passengers' chests and blood flow, it can detect the presence of passengers in rear seats more accurately. It overcame the weakness of the camera sensor, which cannot recognize babies covered in blankets. So far, there is no known case of application to global automakers." If a passenger is left in the rear seat, the passenger detection system alerts the driver with the sound made when the door is closed, or through the instrument panel or smartphone. The system, developed by Hyundai Mobis, is known to have secured electromagnetic reliability so that it works normally near high-voltage lines and railroad tracks, and be precise enough to distinguish adults, infants and pets. Hyundai Mobis is planning to develop a radar capable of measuring the heartbeats of passengers and expand the biometric function this year. About Hyundai Mobis Hyundai Mobis is the 7th largest leading automotive supplier. Founded in 1977 and is headquartered in Seoul, South Korea. Mobis is to become a lifelong technology partner for vehicles and people. It is excellent in sensors, sensor fusion in controllers and software design capabilities in safety control. As Hyundai Mobis internalized all core auto component technologies, it has various product groups in ADAS based on its state-of-the-art technologies which combined sensors and these technologies. Its products also includes core modules (chassis, cockpit and front), brakes, suspension, airbags, lights and automotive electronics. Mobis currently has more than 30,000 employees and has been manufacturing in more than 30 regions in 10 countries including South Korea, China, Germany, India and the United States. In addition to its R&D headquarters in South Korea, Mobis has 4 technology centers in Germany, China, India and the United States. View original content:http://www.prnewswire.com/news-releases/hyundai-mobis-developed-radar-based-passenger-detection-system-301028721.html
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Volvo Financial Services Region APAC Headquarters Relocates to Beijing, Marking The China Market Enhanced Strategic Position
BEIJING, March 24, 2020 /PRNewswire/ -- Volvo Financial Services (VFS) has announced the relocation of its Region APAC headquarters from Singapore to Beijing in order to be closer to the China market. This allows VFS to continue to develop its strategic service capabilities and provide increased support in the Chinese market and the entire Asia Pacific markets. VFS recognizes that China will be one of the most promising global markets in the future, following the Volvo Group's growth ambitions for trucks and construction equipment in Asia Pacific. The VFS Region APAC headquarters' relocation is more in line with VFS' strategic and operational priorities in the Asia Pacific markets, leveraging synergies in the China market and preparing for the expected growth of market demand. It also marks the importance of the Chinese market, and reflects the Volvo Group's mission and commitment to meet our customer and dealers' growing needs with continuous technological innovation, comprehensive solutions and wide industry experience. The relocation has resulted in the appointment of Paul Le Houillier as SVP & President of VFS Region APAC, who is responsible for advancing the overall VFS strategy in the region. Paul was formerly Chief Financial Officer of VFS Region APAC, and Chairman of VFS China and VFS Korea. He has worked for VFS and the Volvo Group for 17 years and has four years of leadership and management experiences in Asia Pacific markets. Michael Dong, former Deputy General Manager of Volvo Automotive Finance (China) Limited, has assumed the post of General Manager to fully lead and manage businesses in the China market. "The China market is one of the highest priorities in our Asia Pacific development strategy," Paul says. "Given the global outbreak of COVID-19 this year, we will ensure that VFS responds to market changes promptly and support China customers and dealers as well as the Asia Pacific markets during this challenging time." Paul Le Houillier, SVP & President of VFS Region APAC Michael Dong, General Manager of Volvo Automotive Finance (China) Limited About Volvo Financial Services Volvo Financial Services is the global finance arm of the Volvo Group. The Volvo Group is one of the world's leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. Volvo Financial Services was formed in 2001 and is headquartered in Greensboro, North Carolina, USA. The company manages a net credit portfolio of over SEK 170 billion (US $17.7B), employs over 1,500 people worldwide, and supports more than 90% of Volvo Group sales with customer financing. In the Region APAC, VFS provides complete financing solutions for trucks and construction equipment industries. For more information, please visit www.vfsco.com Photo - https://photos.prnasia.com/prnh/20200323/2758249-1-a?lang=0Photo - https://photos.prnasia.com/prnh/20200323/2758249-1-b?lang=0Related Links :http://www.vfsco.com
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Cango Inc. Reports Fourth Quarter and Full Year 2019 Unaudited Financial Results
SHANGHAI, March 24, 2020 /PRNewswire/ -- Cango, Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its unaudited financial results for the fourth quarter and full year of 2019. Fourth Quarter 2019 Financial and Operational Highlights Total revenues increased by 36.6% to RMB438.5 million (US$63.0 million) from RMB321.1 million in the same period of 2018, outperforming the high end of the Company's guidance by 9.6%. After-market services facilitation revenues increased to RMB89.6 million (US$12.9 million), or 20.4% of total revenues in the fourth quarter, continuing to serve as an important driver for the Company's revenue growth. Income from operations increased by 231.0% to RMB117.7 million (US$16.9 million) from RMB35.6 million in the same period of 2018. Net income increased by 96.8% to RMB102.4 million (US$14.7 million) from RMB52.0 million in the same period of 2018. Non-GAAP net income increased by 86.7% to RMB123.2 million (US$17.7 million) from RMB66.0 million in the same period of 2018. The amount of financing transactions the Company facilitated in the fourth quarter of 2019 reached RMB9,575.1 million (US$1,375.4 million). The total outstanding balance of financing transactions the Company facilitated was RMB40,031.7 million (US$5,750.2 million) as of December 31, 2019. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 0.85% and 0.40%, respectively, as of December 31, 2019, as compared to 0.85% and 0.33%, respectively, as of September 30, 2019. The number of dealers covered by the Company was 49,238 as of December 31, 2019, compared to 49,396 as of September 30, 2019. The decrease was a result of Cango's efforts to optimize the efficiency of its dealership network by removing certain dealers that failed to meet the Company's standards for operating risks and/or transaction referral capabilities. Full Year 2019 Financial and Operational Highlights Total revenues increased by 31.9% to RMB1,440.1 million (US$206.9 million) from RMB1,091.4 million in the full year of 2018. After-market services facilitation revenues increased by 104.0% to RMB206.0 million (US$29.6 million), continuing to serve as an important driver for the Company's revenue growth. Income from operations increased by 16.8% to RMB323.3 million (US$46.4 million) from RMB276.7 million in the full year of 2018. Net income increased by 31.9% to RMB404.9 million (US$58.2 million) from RMB306.9 million in the full year of 2018. Non-GAAP net income increased by 43.1% to RMB487.1 million (US$70.0 million) from RMB340.3 million in the full year of 2018. The amount of financing transactions the Company facilitated in the full year of 2019 reached RMB28,054.3 million (US$4,029.7 million). M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 0.85% and 0.40%, respectively, as of December 31, 2019, as compared to 0.74% and 0.37%, respectively, as of December 31, 2018. The number of dealers covered by the Company continued to grow on yearly basis, reaching 49,238 as of December 31, 2019, compared to 46,565 as of December 31, 2018. We recognized revenue for the fourth quarter of 2019 in accordance with ASC 605, Revenue recognition ("ASC 605"). Pursuant to the relevant guidance of the Financial Accounting Standard Board, we recognized revenue for full year 2019 in accordance with ASC 606, Revenue recognition ("ASC 606"). As a result, our revenue for full year 2019 was RMB1,440.1 million (US$206.9 million), lower than the amount that we would have recognized under ASC 605. For further information, see "Adoption of New Accounting Standard." Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "We once again delivered strong financial and operating results in the fourth quarter, despite growing macroeconomic uncertainties and industry-wide challenges. Our robust performance is a testament to our ongoing efforts in the optimization of our dealership network, refinement of our cross-selling strategies, and effectiveness of our collaborations with key strategic partners. During the fourth quarter, we further improved the efficiency of our dealership network by removing certain underperforming dealers, which enabled us to better standardize and augment the quality of our service offerings across our network. We also established a solid foothold within China's car insurance market as our car insurance facilitation business achieved significant growth in the fourth quarter under our cross-selling strategy. Looking into 2020, we are faced with the immediate complications of the COVID-19 outbreak. At the current stage, our top priority is protecting the health and well-being of our employees as well as our dealer partners. As such, we have mobilized our team to secure and distribute facemasks and other protective gear to our colleagues and their families across China. In addition, we have bought COVID-19 personal insurance to all employees, free of charge. At the same time, we also established a special-purpose fund to secure special health insurance policies for a large portion of our dealers' employees and their families. In terms of our business performance, the epidemic is expected to severely disrupt auto dealers' operations in the first quarter. In addition, the epidemic is likely to adversely affect consumers' disposal income and the market's demand for cars. We expect to experience a decrease in the number of financing transactions, as well as an increase in delinquencies for outstanding transactions as a result of the epidemic. We facilitated 39,138 financing transactions in January and February of 2020, as compared to 71,765 in the same period in 2019. At this point, it is not possible to predict when the epidemic will be effectively contained in China or when its economic impacts will be fully mitigated. Therefore, it may continue to adversely affect our business after the first quarter of 2020. However, we remain fully confident in the strength of our business model, which had been proven in 2019 as we sustained our growth and business expansion against a backdrop of macroeconomic pressure and an underwhelming automotive market. Our previous success in navigating through adverse market conditions demonstrates our potential to further cement our industry leadership once the epidemic is contained and the industry resumes its growth trajectory. Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "Despite a challenging macroeconomic environment and a stagnating auto market in China, we concluded 2019 with a set of solid fourth quarter results as our total revenues increased by 36.6% year over year to RMB438.5 million. Notably, our after-market services facilitation business continued to serve as an important growth engine, contributing RMB89.6 million or 20.4% of our total revenues in the fourth quarter. Meanwhile, as a result of our efforts to optimize our cost management, we also expanded our profitability in the fourth quarter, as our net income increased by 96.8% to RMB102.4 million. Now, while we assess and monitor the financial impact of the COVID-19 outbreak, we are also actively strengthening our core competencies, which we believe will position us well for the opportunities that will potentially arise after the epidemic." Fourth Quarter 2019 Financial Results REVENUES Total revenues in the fourth quarter of 2019 increased by 36.6% to RMB438.5 million (US$63.0 million) from RMB321.1 million in the same period of 2018. Revenues from after-market services facilitation in the fourth quarter of 2019 increased to RMB89.6 million (US$12.9 million) from RMB43.0 million in the same period of last year. OPERATING COST AND EXPENSES Total operating cost and expenses in the fourth quarter of 2019 increased to RMB320.8 million (US$46.1 million) from RMB285.6 million in the same period of 2018. Cost of revenue in the fourth quarter of 2019 increased by 1.8% to RMB157.2 million (US$22.6 million) from RMB154.5 million in the same period of 2018. As a percentage of total revenues, cost of revenue in the fourth quarter of 2019 decreased to 35.9% from 48.1% in the same period of 2018. As a result, the Company's gross profit margin in the fourth quarter of 2019 expanded to 64.1% from 51.9% in the same period of 2018, further demonstrating the Company's increased economies of scale as well as the effectiveness of its cost control initiatives. Sales and marketing expenses in the fourth quarter of 2019 increased by 17.5% to RMB55.2 million (US$7.9 million) from RMB47.0 million in the same period of 2018. As a percentage of total revenues, sales and marketing expenses in the fourth quarter of 2019 decreased to 12.6% from 14.6% in the same period of 2018. The decrease was a result of the Company's efforts to maintain stable sales and marketing expenses while growing its revenues concurrently. General and administrative expenses in the fourth quarter of 2019 increased by 26.3% to 66.1 million (US$9.5 million) from 52.3 million in the same period of 2018. This increase was mainly caused by higher share-based compensation expenses during the quarter. As a percentage of total revenues, general and administrative expenses in the fourth quarter of 2019 decreased to 15.1% from 16.3% in the same period of 2018. Research and development expenses in the fourth quarter of 2019 decreased to RMB18.6 million (US$2.7 million) from RMB19.9 million in the same period of 2018. As a percentage of total revenues, research and development expenses in the fourth quarter of 2019 decreased to 4.2% compared to 6.2% in the same period of 2018. INCOME FROM OPERATIONS Income from operations in the fourth quarter of 2019 increased by 231.0% to RMB117.7 million (US$16.9 million) from RMB35.6 million in the same period of 2018. NET INCOME Net income in the fourth quarter of 2019 increased by 96.8% to RMB102.4 million (US$14.7 million) from RMB52.0 million in the same period of 2018. Non-GAAP adjusted net income increased by 86.7% to RMB123.2 million (US$17.7 million) from RMB66.0 million in the same period of 2018. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (ADS) in the fourth quarter of 2019 were both RMB0.62 (US$0.09). Non-GAAP adjusted basic and diluted net income per ADS in the fourth quarter of 2019 were both RMB0.76 (US$0.11). Each ADS represents two of the Company's Class A ordinary shares. BALANCE SHEET As of December 31, 2019, the Company had cash and cash equivalents of RMB2,002.3 million (US$287.6 million), compared to RMB1,851.2 million as of September 30, 2019. Full Year 2019 Financial Results REVENUES Total revenues in the full year of 2019 increased by 31.9% to RMB1,440.1 million (US$206.9 million) from RMB1,091.4 million in the same period of 2018. Revenues from after-market services facilitation in the full year of 2019 increased to RMB206.0 million (US$29.6 million) from RMB101.0 million in the full year of 2018. OPERATING COST AND EXPENSES Total operating cost and expenses in the full year of 2019 increased to RMB1,116.8 million (US$160.4 million) from RMB814.7 million in the full year of 2018. Cost of revenue in the full year of 2019 increased by 25.4% to RMB539.3 million (US$77.5 million) from RMB430.1 million in the full year of 2018. As a percentage of total revenues, cost of revenue in the full year of 2019 decreased to 37.4% from 39.4% in the full year of 2018. As a result, the Company's gross profit margin in the full year of 2019 expanded to 62.6% from 60.6% in the full year of 2018, further demonstrating the Company's increased economies of scale as well as the effectiveness of its cost control initiatives. Sales and marketing expenses in the full year of 2019 increased by 15.3% to RMB192.8 million (US$27.7 million) from RMB167.2 million in the full year of 2018. As a percentage of total revenues, sales and marketing expenses in the full year of 2019 decreased to 13.4% from 15.3% in the full year of 2018. The decrease was a result of the Company's efforts to maintain stable sales and marketing expenses while growing its revenues concurrently. General and administrative expenses in the full year of 2019 increased to RMB236.6 million (US$34.0 million), or 16.4% of total revenues, from RMB151.1 million, or 13.8% of total revenues, in the full year of 2018. The increase was mainly due to higher share-based compensation expenses. Research and development expenses in the full year of 2019 increased to RMB57.4 million (US$8.2 million) from RMB46.7 million in the full year of 2018. As a percentage of total revenues, research and development expenses in the full year of 2019 decreased to 4.0% compared to 4.3% in the full year of 2018. INCOME FROM OPERATIONS Income from operations in the full year of 2019 increased by 16.8% to RMB323.3 million (US$46.4 million) from RMB276.7 million in the full year of 2018. NET INCOME Net income in the full year of 2019 increased by 31.9% to RMB404.9 million (US$58.2 million) from RMB306.9 million in the full year of 2018. Non-GAAP adjusted net income increased by 43.1% to RMB487.1 million (US$70.0 million) from RMB340.3 million in the full year of 2018. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (ADS) in the full year of 2019 were RMB2.59 (US$0.37) and RMB2.58 (US$0.37) respectively. Non-GAAP adjusted basic and diluted net income per ADS in the full year of 2019 were RMB3.13 (US$0.45) and RMB3.12 (US$0.45) respectively. Each ADS represents two of the Company's Class A ordinary shares. Adoption of New Accounting Standard The Company qualifies as an "emerging growth company", or EGC, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. An EGC may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include a provision that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. Starting from fiscal year 2019, and interim periods within fiscal year 2020, Cango adopted new accounting standards over revenue recognition ("ASC 606") and financial instruments ("ASU 2016-01"). The financial data for fourth quarter 2019 and for fourth quarter 2018 are not adjusted and are reported in accordance with legacy GAAP. The financial data for full year 2019 is presented in this release under the new accounting standard of ASC 606 and ASU 2016-01, while the financial data for full year 2018 is presented under legacy GAAP. Business Outlook For the first quarter of 2020, the Company expects total revenues to be between RMB180 million and RMB210 million. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Conference Call Information The Company's management will hold a conference call on Monday, March 23, 2020, at 9:00 P.M. Eastern Time or Tuesday, March 24, 2020, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-902-4272 United States Toll Free: +1-888-346-8982 Mainland China Toll Free: 4001-201-203 Hong Kong, China Toll Free: 800-905-945 Conference ID: Cango Inc. The replay will be accessible through March 31, 2020, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Access Code: 10140633 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/. About Cango, Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company's services primarily consist of automotive financing facilitation, automotive transaction facilitation, and after-market services facilitation. By utilizing its competitive advantages in technology, data insights, and cloud-based infrastructure, Cango is able to connect its platform participants while bringing them a premium user experience. Cango's platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets in China continue to grow and evolve. For more information, please visit: www.cangoonline.com. Definition of Overdue Ratios The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. Use of Non-GAAP Financial Measure In evaluating the business, the Company considers and uses Non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance. Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Cango's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9618 to US$1.00, the noon buying rate in effect on December 31, 2019, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations ContactCaesar CaoCango Inc.Tel: +86 21 3183 5088 ext.5521Email: ir@cangoonline.com Jack WangICR Inc.Tel: +1 (646) 405-5056Email: ir@cangoonline.com CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data） As of December 31, 2018 As of December 31, 2019 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 2,912,901,189 2,002,314,688 287,614,509 Restricted Cash 298,900,155 970,993,759 139,474,527 Short-term investments 265,869,717 597,265,740 85,791,856 Accounts receivable, net 86,513,830 148,562,946 21,339,732 Financing receivable, net 5,420,617 9,103,522 1,307,639 Short-term loan principal, net - 13,298,562 1,910,219 Short-term finance leasing receivable, net 1,123,703,618 1,661,082,122 238,599,518 Short-term contract assets - 20,688,424 2,971,706 Prepaid expenses and other current assets 61,272,518 117,445,282 16,869,959 Total current assets 4,754,581,644 5,540,755,045 795,879,665 Non-current assets: Restricted Cash 668,627,618 873,674,276 125,495,457 Long-term investments 292,099,059 547,888,818 78,699,304 Equity method investments 1,448,416 - - Goodwill 145,063,857 145,063,857 20,837,119 Property and equipment, net 18,286,218 14,736,767 2,116,804 Intangible assets 1,693,407 44,758,242 6,429,119 Deferred tax assets 100,194,993 100,667,946 14,460,046 Long-term finance leasing receivable, net 1,282,457,409 1,448,958,373 208,129,848 Long-term contract assets - 11,655,356 1,674,187 Other non-current assets 36,687,583 8,415,694 1,208,839 Total non-current assets 2,546,558,560 3,195,819,329 459,050,723 TOTAL ASSETS 7,301,140,204 8,736,574,374 1,254,930,388 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 660,000,000 1,439,749,760 206,807,113 Long-term debts—current 467,194,051 863,418,789 124,022,349 Accrued expenses and other current liabilities 211,458,501 278,690,234 40,031,350 Risk assurance liabilities 173,210,363 259,952,473 37,339,836 Income tax payable 53,517,717 67,308,814 9,668,306 Total current liabilities 1,565,380,632 2,909,120,070 417,868,954 Non-current liabilities: Long-term borrowings 472,793,340 301,667,717 43,331,856 Deferred tax liability - 12,329,929 1,771,083 Other non-current liabilities 7,599,404 21,796,367 3,130,852 Total non-current liabilities 480,392,744 335,794,013 48,233,791 Total liabilities 2,045,773,376 3,244,914,083 466,102,745 Shareholders' equity
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Pioneer's New 2020 Z-Series Receivers Bring the Hi-Res Audio and Big Screen Revolution to Every Car
BANGKOK, SINGAPORE and JAKARTA, Indonesia, March 23, 2020 /PRNewswire/ -- Pioneer, a leader in aftermarket car audio, today announced four new multimedia receivers: the DMH-ZF9350BT, DMH-ZS9350BT, DMH-Z6350BT, and DMH-Z5350BT. This new range brings Hi-Res Audio, Alexa Auto, Wireless Apple CarPlay™, and Android Auto™[1] to every driver, offering superior audiovisual performance in a streamlined, modern package. New Pioneer 1-DIN DMH-ZF9350BT "Drivers today are deeply connected with technology and demand higher quality experiences. Still, conventional hardware has yet to keep up, often sacrificing quality for convenience," said Mr. Ronald Lee, General Manager of Sales and Marketing Division, Pioneer Electronics Asia Centre. "We designed our new Z-series multimedia receivers with both world-class audio hardware and snap-quick software features so that everyone can fully enjoy their entertainment while staying focused on their journey." Double Down on Big Screens and Hi-Res Audio with the DMH-ZF9350BT Leading the new Z-series line-up is the DMH-ZF9350BT, a 1-DIN receiver with a huge 9-inch display, equipped with a 'floating' design that enables drivers to slide and tilt the 24-bit True Colour capacitive touchscreen to a variety of ergonomic positions. With Alexa Auto, Wireless Apple CarPlay, Android Auto and a new browser application at their fingertips, drivers can now enjoy their in-car entertainment their way, in industry-leading luxury and comfort. The DMH-ZF9350BT was engineered with top-of-the-line audio components which enables Hi-Res Audio playback and support for lossless formats such as FLAC. When paired with complementary Hi-Res Audio products such as Pioneer's Z-Series speakers and subwoofers, drivers can enjoy their favourite music in a wider, distortion-free soundstage, with crystal clear accuracy - just the way the artiste intended. Thanks to Pioneer's advanced sound retriever audio enhancement software, 13-band graphic equalizer and time alignment features, drivers can also easily tweak their in-car audio experience to achieve the crisp treble and deep bass they desire. World-class In-Car Entertainment, Your Way New Pioneer 2-DIN DMH-ZS9350BT Pioneer has also brought these same incredible features to various form factors so that everyone can enjoy a world-class in-car entertainment experience. While drivers familiar with a traditional form factor can look forward to the DMH-ZS9350BT with a fixed 9-inch screen - a perfect fit for cars with a 9-inch double-DIN slot space, those preferring a compact receiver will enjoy the DMH-Z6350BT's 6.8-inch display. Also available is the value-oriented 2-DIN DMH-Z5350BT with a 6.8-inch screen, offering Wired Apple CarPlay, Android Auto, and WebLink at an attractive price. DMH-ZF9350BT DMH-ZS9350BT DMH-Z6350BT DMH-Z5350BT Size 1-DIN 2-DIN Display 9-inch 'Floating Design' Capacitive Touchscreen 9-inchCapacitive Touchscreen 6.8-inchCapacitive Touchscreen 6.8-inch Capacitive Touchscreen Audio Features Hi-Res Audio Output Capabilities (192KHz / 24bit) & native FLAC Support Specialised Audio Parts 3 X 4V RCA Preouts13-Band Graphic EqualizerTime Alignment Advanced Sound Retriever Specialised Audio Parts 3 X 4V RCA Preouts13-Band Graphic EqualizerTime Alignment Advanced Sound Retriever Connectivity Bluetooth(Pair up to 5 Devices) USB, HDMI, AUX Bluetooth(Pair up to 5 Devices) USB, AUX Alexa Auto Supported (Only in India as of March 2020) Not Supported Apple CarPlay Wireless & Wired Wired Android Auto Wired Camera Inputs Front & Rear Front & Rear Front & Rear Front & Rear Other Features New Browser FunctionFaster Smartphone Charging (3A) over USB-C Weblink The new receivers will be available at Pioneer's authorised dealers in the second quarter of 2020. As actual product availability varies by country, please contact your local Pioneer office for more information. High-res product images can be downloaded here: https://drive.google.com/drive/folders/1mD9JFmxjBIvIS04m4dYenZTdhHETeLYn?usp=sharing For more updates on these products, please visit the Pioneer Car Entertainment Facebook page at www.facebook.com/PioneerCarEntertainment/. [1] Alexa Automotive only available in India as of March 2020. Wireless Apple CarPlay only available on DMH-ZF9350BT, DMH-ZS9350BT, and DMH-Z6350BT Additional notes: I. Never use Pioneer system while driving if doing so will compromise safety. Always observe safe driving rules. In some countries, operating certain devices while driving may be illegal. Where such regulations apply, they must be obeyed. ii. Product specifications and features may vary by region. For more information, contact local Pioneer authorised dealer. iii. Pioneer Multimedia Receivers are compatible with selected Android and iPhone smartphones only. iv. Alexa Auto is only available in India as of March 2020. v. Apple CarPlay over a wireless or wired USB connection requires an iPhone 5 or later running iOS 7.1 or higher, and a Lightning to USB cable. For availability in specific country, please visit http://www.apple.com/ios/carplay/. vi. Bluetooth® functionality requires a compatible Bluetooth-enabled device. Features may not be supported by all compatible Bluetooth-enabled devices or may be limited in certain devices or by certain wireless carriers. vii. Pioneer does not guarantee compatibility with all USB mass storage devices and assumes no responsibilities for any loss of data on media players, smartphones, or other devices while using the receiver. viii. Android Auto requires an Android device running Android 5.0 (Lollipop) or higher with a data plan. Availability of Android Auto may vary depending upon country and phone model. Please visit http://www.android.com/auto for more information. ix. Regarding USB Type-C™ - drivers should connect phones to receivers featuring Android media playback and control via AOA and/or MTP only through the CD-CU50, a certified USB Type-A to USB Type-C™ cable (preferably under 1 m in length) or through a Type-A extension cable supplied by Pioneer. In some cases, establishing a connection with a conventional USB Type-C cable may be dysfunctional. x. Android and Android Auto are trademarks of Google Inc xi. Apple, iPod, iPhone, Siri, CarPlay and the CarPlay logo are trademarks of Apple Inc., registered in the U.S. and other countries. xii. BLUETOOTH is a registered trademark of Bluetooth SIG, Inc. xiii. WebLink is a registered trademark of Abalta Technologies. xiv. Alexa Auto, Alexa, Echo, Amazon, and all other related terms and logos are trademarks of Amazon.com, Inc. or its affiliates xv. All other brands, product names, or logos may be trademarks or registered trademarks of their respective holders. About Pioneer Electronics AsiaCentre (PAC) Pte. Ltd. The regional headquarters of Pioneer Corporation since 1992, Pioneer's core business is in car audio visual. Pioneer aims to be a leading aftermarket manufacturer and supplier to leading car brands, providing comprehensive infotainment solutions for in-car, by developing next-generation devices and innovative cloud services for the growing connected car market. For more information, please visit www.PioneerCarEntertainment.com. Photo - https://photos.prnasia.com/prnh/20200226/2731130-1-a?lang=0Photo - https://photos.prnasia.com/prnh/20200226/2731130-1-b?lang=0Logo - https://photos.prnasia.com/prnh/20191125/2652756-1LOGO?lang=0Related Links :https://pioneercarentertainment.com/
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AUTOCRYPT Officially Joins 5GAA (5G Automotive Association) as an ITS Security Expert
SEOUL, South Korea, March 23, 2020 /PRNewswire/ -- AUTOCRYPT, South Korea's pioneer in security operations for C-ITS highways, its first testbed, and licensing facility autonomous vehicles joined 5G Automotive Association (5GAA). 5GAA is a global, cross-industry organization of companies from the automotive technology and telecommunications industries (ICT) to develop 5G-based intelligent transport services and end-to-end solutions for future mobility and transportation services. The Association, founded in 2016, unites a large member base including 8 founding members which are AUDI AG, BMW Group, Daimler AG, Ericsson, Huawei, Intel, Nokia, and Qualcomm Incorporated. The members are committed to defining, developing the next generation of connected mobility and automated vehicle solutions, and testing integration into smart cities and intelligent transportation. By taking a big step with the members of the 5GAA towards making transportation safer, greener, and more enjoyable, AUTOCRYPT is ready for the development of road safety and prioritization of C-ITS technology. With its Key Management features, AUTOCRYPT offers an extensive suite of security solutions to solve vulnerabilities across connected and autonomous vehicle environments. The Public Key Infrastructure (PKI) and Vehicle-to-Anything (V2X) components provide essential certificate management and encryption across smart road environments, from back-end server infrastructure to endpoints. These security solutions will further develop C-ITS and the provision of V2X, V2X communications, and connected mobility solutions collectively. "What's most important in the autonomous driving environment is the technologies that can guarantee the safety of communications between intelligent transport services," said Daniel ES Kim, CEO of AUTOCRYPT. "We believe 5GAA and AUTOCRYPT together can play an enormous role in the development of 5G-V2X, which will eventually ease the global rollout of connected mobility and automated vehicles." Recent milestones of 5GAA include running joint C-V2X demonstrations and launching testing events in Europe, supporting and addressing the importance of V2X and its requirements. It also aims to accelerate various development projects that lead to integrated solutions and deployments across Europe, the United States, and Asia. About AUTOCRYPT As a pioneer in transportation security technologies, AUTOCRYPT has been working towards providing a secured transportation experience for connected vehicles. AUTOCRYPT's development initially started under Penta Security in 2007. A decade later in 2019, it spun off as a separate entity and expanded its global presence. Recognized as the Best Auto Cybersecurity Product/Solution by TU-Automotive, AUTOCRYPT has been aiding in installing modules through various projects to deploy secure V2X, RSU based communications, and PKI for connected vehicles security. Moreover, AUTOCRYPT has developed to face the challenges of in-vehicle security and EV charging through Plug&Charge (PnC), a simplified communications solution, and mobility data platform and fleet management system. For more information on AUTOCRYPT, visit www.autocrypt.io. For partnership inquiries, email marketing@autocrypt.io. Logo - https://photos.prnasia.com/prnh/20200320/2756921-1?lang=0 Related Links :http://www.autocrypt.io
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Cango Inc. to Report Fourth Quarter and Full Year 2019 Financial Results on March 23, 2020 Eastern Time
SHANGHAI, March 19, 2020 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its fourth quarter and full year 2019 financial results after the market closes on Monday, March 23, 2020. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/. Cango's management will hold a conference call on Monday, March 23, 2020, at 9:00 P.M. Eastern Time or Tuesday, March 24, 2020, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-902-4272 United States Toll Free: +1-888-346-8982 Mainland China Toll Free: 4001-201-203 Hong Kong, China Toll Free: 800-905-945 Conference ID: Cango Inc. The replay will be accessible through March 31, 2020, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Access Code: 10140633 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/. About Cango Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and engages car buyers through a nationwide dealer network. The Company's services primarily consist of automotive financing facilitation, automotive transaction facilitation, and after-market services facilitation. By utilizing its competitive advantages in technology, data insights, and cloud-based infrastructure, Cango is able to connect its platform participants while bringing them a premium user experience. Cango's platform model puts it in a unique position to add value for its platform participants and business partners as the automotive and mobility markets in China continue to grow and evolve. For more information, please visit: www.cangoonline.com. Investor Relations Contact Caesar CaoCango Inc.Tel: +86 21 3183 5088 ext.5521Email: ir@cangoonline.com Jack WangICR Inc.Tel: +1 (646) 405-5056Email: ir@cangoonline.com View original content:http://www.prnewswire.com/news-releases/cango-inc-to-report-fourth-quarter-and-full-year-2019-financial-results-on-march-23-2020-eastern-time-301026658.htmlRelated Links :http://www.cangoonline.com
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Autoliv Takes Measures to Mitigate the Potential Effects of the Corona Virus (COVID-19) Pandemic and Draws $500M From Credit
STOCKHOLM, March 19, 2020 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) (SSE: ALIVsdb), the worldwide leader in vehicle safety systems, today announced that the coronavirus (COVID-19) outbreak will likely lead to a negative effect on the Company's operations due to how the outbreak is affecting the automotive industry in general. The extent of such negative impact remains to be seen. Autoliv has tapped $500 million from its revolving credit facility to pay down existing short-term debt and for general corporate purposes. Autoliv is continuously monitoring the evolving COVID-19 pandemic and proactively taking measures to minimize any consequences for customers and mitigate the impact on the Company. The COVID-19 outbreak is now impacting our customers in Europe and this week there have been several announcements by our customers of plant closures in e.g. France, Italy, Spain and Germany. Based on our most recent information from our customers, media and other sources, we estimate that 63 customer plants in Europe will close or have already closed. A number of our customers announced late yesterday shut down of all plants in the US as well as closures in other countries. How long these plants will be closed, or to what extent more will follow is highly uncertain. In light of these events, we are taking cost reduction actions to mitigate the impacts and Autoliv will adjust its production in accordance with the development of the demand situation, and it cannot be excluded that temporary Autoliv plant closures may become necessary. Management focus is currently on strategic planning for various scenarios, which includes the potential there is a significant decline in light vehicle demand. In the event of such scenarios, the Company will take corresponding actions. At this point, it is impossible to predict the overall operational and financial impact this pandemic will have on Autoliv although it will likely to lead to negative effects on our operations. Our actions to mitigate the effects of lower business activity include expanding our existing structural efficiency program, balancing our labor force and the sourcing of direct materials, reducing discretionary spending and securing funding availability to support our business activities. Additionally, today we have drawn down $500 million of our existing committed $1.1 billion Revolving Credit Facility (the "Facility"). The Facility is with 14 international banks and matures in July 2023. The Company intends to use $300 million of the draw down to pay existing short-term debt maturities for the next three months. We plan to use the remaining amounts for general corporate purposes. The remaining $600 million of the Facility is still available to the Company for further potential drawdown. The availability of the Facility is not subject to any financial covenants nor is any other substantial financing of Autoliv subject to any financial covenants. For the remainder of 2020, the Company's only major debt maturity is €100 million in December. Since early February, Autoliv has been taking decisive actions at both the group and local levels to mitigate the impacts of the COVID-19 outbreak, firstly to ensure the health and wellbeing of our employees but also to establish the right balance of capacity and cost. We have been able to secure a well-functioning supply chain so far, and our operations in China have gradually recovered over the past few weeks, and is well tuned to customer demand as it gradually recovers. "I feel confident we have the experience, organization and people to navigate through this challenging situation" said Mikael Bratt, President and CEO. "Our task force for different workstreams, that initially was set up in January to manage the COVID-19 outbreak in China and later in South Korea and Japan, is now managing the situation on a global level, which has allowed us to act promptly as the situation continues to develop. This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 08.00 am CET on March 19, 2020. About Autoliv Autoliv, Inc. is the worldwide leader in vehicle safety systems, and through our subsidiaries we develop, manufacture and market protective systems, such as airbags, seatbelts, steering wheels and pedestrian protection systems for all major automotive manufacturers in the world. Our products save over 30,000 lives each year and prevent ten times as many severe injuries. Our more than 65,000 employees in 27 countries are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. We have 14 technical centers, with 20 test tracks. Sales in 2019 amounted to US $ 8,548 million. The shares are listed on the New York Stock Exchange (NYSE: ALV) and the Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information go to http://www.autoliv.com/. Inquiries: Investors & Analysts: Anders Trapp, Investor Relations, Tel +46 0)8-587-206-71 Investors & Analysts: Henrik Kaar, Investor Relations, Tel +46(0)8-587-206-14 Corporate Communications: Marja Huotari, Tel +46(0)709-578-135 Safe Harbor Statement This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including without limitation, general economic conditions; the impacts of the coronavirus (COVID-19) on the Company's financial condition and business operations; changes in light vehicle production; fluctuation in vehicle production schedules for which the Company is a supplier, changes in general industry and market conditions or regional growth or decline; changes in and the successful execution of our capacity alignment, restructuring and cost reduction initiatives and the market reaction thereto; customer losses; changes in regulatory conditions; customer bankruptcies, consolidations, or restructuring or divestiture of customer brands; unfavorable fluctuations in currencies or interest rates among the various jurisdictions in which we operate; component shortages; work stoppages or other labor issues; legislative or regulatory changes impacting or limiting our business; political conditions; dependence on and relationships with customers and suppliers; and other risks and uncertainties identified under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q and any amendments thereto. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law This information was brought to you by Cision http://news.cision.com https://news.cision.com/autoliv/r/autoliv-takes-measures-to-mitigate-the-potential-effects-of-the-corona-virus--covid-19--pandemic-and,c3063433 The following files are available for download: https://mb.cision.com/Main/751/3063433/1213922.pdf Press release (PDF)
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Changan Automobile's UNI-T model leads the way in going intelligent across China's auto industry
The vehicle is one of the first worldwide to leverage smart futuristic technologiesCHONGQING, China, March 18, 2020 /PRNewswire/ -- Recently, China-based automaker Changan Automobile's new model UNI-T made its formal worldwide debut. Changan UNI-T, the automaker's first vehicle as part of a new product series, leverages several futuristic technologies in tandem with a unique, avant-garde look. The model comes equipped with an AI-chip intelligent vehicle system, creating a best-in-class intelligent human-computer interactive experience. In addition, the new UNI-T features the L3 autonomous driving system, further demonstrating the carmaker's adoption of futuristic technologies and providing consumers with a smarter and superior driving experience. China-based automaker Changan Automobile's new model UNI-T formally makes debut worldwide Changan UNI-T instantly stunned the car industry as soon as the vehicle made its debut at the live launch. In terms of aesthetics, the UNI-T has broken the boundary of the traditional look and feeling of a car, creating an exciting "fashion-forward" design for the front of the vehicle by way of a borderless grid. The trapezoid-cut diamond look of the front end forms the basic concept around which the silhouette of the entire vehicle evolves, forming an integrated whole. Along with the strongly defined LED driving lights and split headlamps, the design has an entirely futuristic feel, causing a lot of excitement among car field fans. The handles are hidden on the front and rear doors, perfectly blending into the motion and tension of the body curve. The V-shape tail wing is not only stylish and bold, but also guides the air flow, yielding an eye-catching design that combines both aesthetics and functionality. Changan UNI-T also balances technologies with simplicity in the interior design. The integrated dual 10.25-inch high-definition touch screen, along with the simple button layout and smart central control line, delivers an aesthetically pleasing interface for the operation of the vehicle. The horizontal shift handle, modeled on the design of the spaceships of the future, gives a full scientific styling mixed with advanced principles. Changan UNI-T's intelligent vehicle system, equipped with an AI chip, highlights the landmark human-computer interactive experience. A bright screen, coupled with the fatigue and facial recognition system for the driver, enables a more precise, efficient and comfortable human-computer interaction. Based on a deep understanding of driver expectations, the vehicle gives everyone sitting in the vehicle the feeling of having entered a futuristic science fiction world, an aspect that will appeal to new-generation young consumers. Once autonomous driving becomes a reality in China, Changan plans to fully introduce the L3 self-driving system into the UNI-T. In a first iteration, the driver will not need to continually keep his or her eyes on the road, and, in a later iteration, the driving experience will move to the hands-free and feet-free stage. Supported by some of the most robust technologies available today, the new vehicle comes loaded with a wide range of new features, including automated vehicle following, automated lane-changing and intelligently recommended lane changing. The vehicle is expected to lead the way in going intelligent across China's auto industry. Changan UNI-T, which breaks the existing perception of SUVs, is a major revolution in design and technology among vehicles made by Chinese automakers. The vehicle is one of the most intelligent and technologically advanced SUVs in the Chinese auto market, with a high level of expectation that it will prove to be highly popular among young consumers. China-based automaker Changan Automobile's new model UNI-T formally makes debut worldwide China-based automaker Changan Automobile's new model UNI-T formally makes debut worldwide View original content to download multimedia:http://www.prnewswire.com/news-releases/changan-automobiles-uni-t-model-leads-the-way-in-going-intelligent-across-chinas-auto-industry-301026007.html
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EOI Gains Boost for Automotive Light with ISO 26262 Certification from TUV Rheinland
TAIPEI, March 17, 2020 /PRNewswire/ -- Excellence Optoelectronics Inc. (EOI) had previously obtained a number of quality management certifications, such as TS 16949, ISO 14001, QS 9000, OHSAS 18001, and IATF 16949, as part of its goal of zero-defects in automotive design. The company recently took this quest to another level by obtaining the ISO 26262 Road Vehicles - Functional Safety - ASIL B certification from TUV Rheinland. The certification will upgrade its product technology and quality to an even higher standard of automotive safety to meet the requirements of international auto makers. EOI Gains Boost for Automotive Light with ISO 26262 Certification from TUV Rheinland EOI has more than 20 years of experience in the development of automotive LED components and modules. It is now one of the key suppliers for OEM automotive lights, with most of its products being sold to leading auto makers and Tier 1 automotive lighting manufacturers. EOI President Fanny Huang says: "EOI's ISO 26262 certification will improve the functional quality and safety of our products so that they satisfy or exceed the more rigorous automotive safety integrity requirements of leading international auto makers and automotive lighting manufacturers." The ISO 26262 Functional Safety for Road Vehicles Standard covers not only quality management during the production process, but also traceability of the product during the preliminary design phase. While many people confuse ISO 26262 with IATF 16949, ISO 26262 is actually a broader safety concept based on IATF 16949 that encompasses failure-effect analysis of products. There are no shortcuts in the preparations for certification, as it is tailored to each enterprise. All departments must work closely together throughout development, design, process design, documentation, validation, and assessment. Every stage is a tremendous challenge for any enterprise. The emergence of concepts such as the Internet-of-Vehicles (IoV), autonomous vehicles, and smart road transportation systems means that an increasing number of automotive electronic parts and components now have sensor or smart capabilities. The increasing complexity of product functionality means that the potential dangers posed by a failure in product safety must be taken into account. Taiwanese manufacturers are used to following the design requirements of overseas buyers, so tend to have less independent planning experience. For businesses, the most challenging aspect of ISO 26262 is therefore the development of an independent R&D mindset. They must be able to break down each type of risk layer by layer, and adopt the necessary safety designs for standards compliance. Benefits include the establishment of a quality threshold for external competitors, as well as internal preparation for industry upgrades. TUV Rheinland's functional safety and cybersecurity services cover a wide range of industries, including automotive electronics, instrumentation and control systems for nuclear reactors, valves, industrial machinery, escalators, smart grids, assessment of home appliance software, and assessment of medical software. The functional safety experts of TUV Rheinland have won the recognition and trust of industry through their years of experience in safety system R&D and exact understanding of standards. Manufacturers looking to enter the functional safety field should conduct a self-assessment before progressively introducing personnel certification, process certification, and product certification into the product life cycle. Assurance of safety functionality means greater customer trust due to increased reliability and enhanced mitigation of safety hazards. Photo - https://photos.prnasia.com/prnh/20200317/2753662-1?lang=0
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Autoliv Releases Joint Working Group Recommendations to Improve Road Safety in India
STOCKHOLM, Sweden, Feb. 17, 2020 /PRNewswire/ -- Autoliv Inc. (NYSE: ALV) (SSE: ALIVsdb), the worldwide leader in vehicle safety systems, releases a series of recommendations to improve road safety in India. The recommendations have been developed in cooperation with the Indian government, local authorities, and stakeholders. India has one of the largest road networks in the world with approximately 5.6 million kilometers of roads. These roads are, however, among the most accident-prone. The Indian Ministry of Road Transport and Highways reported in 2017 that 147,000 people died on the roads of India. A large proportion of these fatalities affect Vulnerable Road Users, such as pedestrians, cyclists and motorcyclists. 10% of all fatalities were pedestrians and 40% riders of two or three-wheelers including bicycles, mopeds and motorcycles. The work Autoliv has done with the commitment to saving lives in India is well anchored in the "Road safety knowledge sharing platform" that has been run with relevant Indian stakeholders since 2018. The stakeholders include government bodies, industry and academia, ensuring the triple helix impact. The learnings and conclusions drawn from the Joint Working Group meetings have now been finalized in a report with recommendations to elevate road safety in India and reduce the number of fatalities and accidents. "As the Minister of Road Transport and Highways for India I appreciate and acknowledge the good work Autoliv has done together with very relevant stakeholders. I am glad to accept the report that is a result of the Road Safety Knowledge Sharing Platform. We will review the report and look for opportunities to implement the recommendations", says Minister Nitin Gadkari. Autoliv has 65 years of research and production experience in developing solutions to improve safety on the world's roads. It also has a substantial business presence in India. Autoliv launched operations in India in 1994 and Autoliv India is one of Autoliv's major subsidiaries. Based on this, and in support of the United Nations "2030 Agenda on Sustainable Development", Autoliv initiated the launch of the "Road Safety Knowledge Sharing Platform" in 2018. "As part of the initiative, the Joint Working Group was formed with representatives from the Indian government, Indian academia, the Indian automotive industry and Autoliv. Influenced and inspired by the Swedish "Vision Zero" approach, we conducted a series of joint working group meetings in 2018-2019. The objective is to establish a forum to influence the road safety development in India in a positive and sustainable way with the goal to contribute to saving more lives in an increasingly mobile Indian traffic environment." says Cecilia Sunnevång, Autoliv Vice President of Research. The result of the Joint Working Group's work is a series of conclusions and recommendations described and summarized in the Autoliv report "Road safety in India. Joint Working Group Recommendations.", agreed upon by ACMA, ARAI, NATRIP, IIT Delhi and SIAM. The report was presented to Nitin Gadkari, the Indian Minister of Road Transport and Highways on February 17, 2020, at the Autoliv headquarters in association with the United Nations 3rd Global Ministerial Conference on Road Safety in Stockholm Sweden. About AutolivAutoliv, Inc. is the worldwide leader in automotive safety systems, and through our subsidiaries we develop, manufacture and market protective systems, such as airbags, seatbelts, steering wheels and pedestrian protection systems for all major automotive manufacturers in the world. Our products save over 30,000 lives each year and prevent ten times as many severe injuries. Our more than 65,000 employees in 27 countries are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. We have 14 technical centers, with 19 test tracks. Sales in 2019 amounted to US $ 8,548 million. The shares are listed on the New York Stock Exchange (NYSE: ALV) and the Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information go to www.autoliv.com. Safe Harbor StatementThis report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law. InquiriesMedia: Jim Parks, Marketing Director, Tel +1 (248) 370-5677 Investors & Analysts: Anders Trapp, Investor Relations, Tel +46 (0) 8 587-206-71 This information was brought to you by Cision http://news.cision.com https://news.cision.com/autoliv/r/autoliv-releases-joint-working-group-recommendations-to-improve-road-safety-in-india,c3037974 The following files are available for download: https://mb.cision.com/Main/751/3037974/1195921.pdf The full report (PDF) https://news.cision.com/autoliv/i/autoliv-ceo-mikael-bratt-and-minister-of-road-transport-and-highways-of-india-nitin-gadkari,c2749676 Autoliv CEO Mikael Bratt and Minister of Road Transport and Highways of India Nitin Gadkari https://news.cision.com/autoliv/i/autoliv-swedish-ambassador-of-india-and-minister-of-road-and-transportation-in-india-and-indian-dele,c2749677 Autoliv Swedish Ambassador of India and Minister of Road and Transportation in India and Indian delegation Road Safety in India https://mb.cision.com/Public/751/3037974/8d7a73e9530220b0.pdf ALV Press Release Road Safety in India final (PDF)
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XCMG's Mega Exhibition Shines at CONEEXPO-CON/AGG 2020 Bringing New orders and New partners
LAS VEGAS, March 16, 2020 /PRNewswire/ -- XCMG has successfully concluded its largest exhibition at the tri-annual CONEXPO-CON/AGG 2020, the largest construction trade show in North America hosted last week in Las Vegas, US. The brand's fruitful journey has brought home multiple orders that worth millions of USD. XCMG's Mega Exhibition Shines at CONEEXPO-CON/AGG 2020 Bringing New orders and New partners XCMG's comprehensive array of 24 flagship products from six categories offered a wide range of construction solutions to customers in the high-end North American market: three innovative cranes, the new XC9 loaders customized for North America, eight excavators covering small to heavy tonnages, integrated road machinery, safe and energy-saving drilling rigs as well as mobile elevating work platforms with intelligent features. The debut of XCMG's latest electric hydraulic excavator XE35U-E gained colossal attention at the trade show. Adopting the Cummins customized electric powertrain, the pollution-free excavator is especially suited for working conditions with strict noise and environmental protection requirements. The robust yet swift model demonstrated utmost precision through a stunning basketball performance. More than ten partners from the US and Mexico signed to become XCMG's dealers in North America, which will further support XCMG's growing presence and influence in the region. Customers, operators and visitors also experienced XCMG's equipment through test-drives and spoke highly of the design, maneuverability, comfort and safety of XCMG products. American customer Karl Robert said, "XCMG is an exceptional company with phenomenal designs which achieves continuous breakthroughs in product development. I look forward to deep cooperation with XCMG soon." Steve Jones, a client who signed new orders with XCMG at CONEXPO-CON/AGG 2020, said, "I especially admired how XCMG's equipment aided the construction of Huoshenshan Hospital in Wuhan in response to the COVID-19 outbreak. The social responsibility of XCMG during the crisis really impressed me." "As one of the leading construction machinery manufacturers in the world with complete product categories and construction solutions spanning 50 industries and eight sectors, XCMG's exhibition at CONEXPO-CON/AGG 2020 showcased a large variety of products that can meet the different needs of international customers," said Xie Bin, general manager of XCMG North America Corp. For more information, please visit: www.xcmg.com, or XCMG pages on Facebook, Twitter, YouTube, LinkedIn and Instagram. Photo - https://photos.prnasia.com/prnh/20200316/2752124-1?lang=0 Related Links :www.xcmg.com
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XCMG's Mega Exhibition Shines at CONEEXPO-CON/AGG 2020 Bringing New orders and New partners
LAS VEGAS, March 14, 2020 /PRNewswire/ -- XCMG has successfully concluded its largest exhibition at the tri-annual CONEXPO-CON/AGG 2020, the largest construction trade show in North America hosted last week in Las Vegas, US. The brand's fruitful journey has brought home multiple orders that worth millions of USD. XCMG’s Mega Exhibition Shines at CONEEXPO-CON/AGG 2020 Bringing New orders and New partners XCMG's comprehensive array of 24 flagship products from six categories offered a wide range of construction solutions to customers in the high-end North American market: three innovative cranes, the new XC9 loaders customized for North America, eight excavators covering small to heavy tonnages, integrated road machinery, safe and energy-saving drilling rigs as well as mobile elevating work platforms with intelligent features. The debut of XCMG's latest electric hydraulic excavator XE35U-E gained colossal attention at the trade show. Adopting the Cummins customized electric powertrain, the pollution-free excavator is especially suited for working conditions with strict noise and environmental protection requirements. The robust yet swift model demonstrated utmost precision through a stunning basketball performance. More than ten partners from the US and Mexico signed to become XCMG's dealers in North America, which will further support XCMG's growing presence and influence in the region. Customers, operators and visitors also experienced XCMG's equipment through test-drives and spoke highly of the design, maneuverability, comfort and safety of XCMG products. American customer Karl Robert said, "XCMG is an exceptional company with phenomenal designs which achieves continuous breakthroughs in product development. I look forward to deep cooperation with XCMG soon." Steve Jones, a client who signed new orders with XCMG at CONEXPO-CON/AGG 2020, said, "I especially admired how XCMG's equipment aided the construction of Huoshenshan Hospital in Wuhan in response to the COVID-19 outbreak. The social responsibility of XCMG during the crisis really impressed me." "As one of the leading construction machinery manufacturers in the world with complete product categories and construction solutions spanning 50 industries and eight sectors, XCMG's exhibition at CONEXPO-CON/AGG 2020 showcased a large variety of products that can meet the different needs of international customers," said Xie Bin, general manager of XCMG North America Corp. About XCMG XCMG is a multinational heavy machinery manufacturing company with a history of 77 years. It currently ranks sixth in the world's construction machinery industry. The company exports to more than 183 countries and regions around the world. For more information, please visit: www.xcmg.com, or XCMG pages on Facebook, Twitter, YouTube, LinkedIn and Instagram. View original content to download multimedia:http://www.prnewswire.com/news-releases/xcmgs-mega-exhibition-shines-at-coneexpo-conagg-2020-bringing-new-orders-and-new-partners-301024415.htmlRelated Links :www.xcmg.com
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GoCar Malaysia: Successful P Licence Campaign Means No Driver Is Left Car-less
KUALA LUMPUR, Malaysia, March 13, 2020 /PRNewswire/ -- The success of GoCar's pilot P Licence campaign highlights the need for services that support the entire community. GoCar Malaysia is extending a helping hand by expanding GoCars to all including P Licence holders, starting in April 2020. From conducting daily activities to acting quickly in emergency situations, transportation is an important part of the infrastructure, and GoCar is driven to ensure that crucial services are available to all. With the majority of students and young adults opting out of buying a car due to the never-ending expenses and long-term responsibilities, the need for affordable, accessible and flexible transport has never been more necessary. The vast majority of car rental services do not allow P Licence holders to rent cars, and this is where GoCar comes in. The pilot phase of the campaign allowed P Licence members to drive selected GoCars from locations within Klang Valley, and quickly proved that demand is high. Since the launch in November 2019, the GoCar App has seen a 500% increase in the number of active P Licence members, with a significant portion of these members aged between 18 – 21 years old. With the tremendous influx of signups to the campaign and positive reviews, GoCar has pushed car rental norms and made P Licence membership a part of their profile. They made 250 cars available last month in 7 states and will be extending this to all of their cars. Alongside this movement, the GoCar App will ensure that P Licence members can book any GoCars at all locations. To tap into this new feature, members are advised to update their GoCar App to version 3.5.8 in April 2020. GoCar is actively working with strategic partners to lower the car rates by wrapping GoCars, making services affordable for people from all walks of life. Further striving for social inclusivity in the P Licence campaign, GoCar is offering discounts for P Licence holders who signup between 13th March 2020 and 31st March 2020. Here's how new members can maximise these offers: Get a total of RM40 off: By signing up using the referral code "USNLYA" (worth RM20). Approved P Licence members will receive an email with their promo code (worth RM20) within a week. In support of these new developments, Alan Cheah, GoCar's CEO, emphasized, "Our goal is to create affordable mobility options for everyone in the car-sharing community. Through this campaign, we realized the majority of P Licence holders do not own a car and prefer alternative transportation. Now with the P Licence campaign, they have the flexibility of paying and accessing a GoCar as needed." GoCar's P Licence campaign and contribution ensure that there are options available for everyone. Providing unbiased opportunities and advantages for the betterment of society illustrates that social inclusivity is key to GoCar's identity. For further media enquiries, please contact: Ashley ChewHead of Marketing, GoCar Malaysiaashley@gocar.my Raveena ElizabethMarketing Executive, GoCar Malaysia raveena@gocar.my About GoCar Malaysia GoCar Malaysia is an on-demand car-sharing platform that provides the flexibility to drive a car by the hour or day via its smartphone application. GoCar was established in 2015 on two simple notions — to make booking a car easier and car-sharing as an alternative to car ownership in Malaysia. With a strong market presence, GoCar is available in over 400 locations at 72 cities, ranging from sedans, crossover SUVs, MPVs, and pickup trucks. For more information, please visit GoCar's website. Related Links :https://hi.gocar.my/
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Yunqi Partners and Others Inject nearly RMB 200 million in A+ Funding Round for Autonomous Driving Vehicle Company Neolix
Helps accelerate full launch of AI autonomous driving vehiclesBEIJING, March 12, 2020 /PRNewswire/ -- Autonomous vehicle delivery startup Neolix recently completed an A+ round of funding, raising nearly RMB 200 million. Li Xiang's Lixiang Automotive and ADDOR Capital were the investors in this round of funding, while existing shareholders Yunqi Partners and Glory Ventures injected more funds. Previously, Yunqi Partners was the lead investor in the A round funding, committing close to RMB100 million, and has always stood by and supported the company. Since its founding, Yunqi has been focused on investing in early and mid-stage startups concerned with "technology-enabled industrial upgrading", and the autonomous driving vehicle sector is a priority in its investment direction. Chen Yu, Managing Director of Yunqi Partners, said that Neolix has years of experience in the logistics industry, autonomous driving technology R&D as well as mass production capacity. In terms of business model, the company has rapidly iterated and evolved, and has continued to expand service scenario applications in autonomous vehicle delivery, mobile retail, patrol, and epidemic prevention and disinfection. It has also continued to form partnerships with major customers locally and abroad. We believe that Neolix can further achieve large-scale launches, and create a brand new autonomous vehicle service ecology. 01 Autonomous vehicle delivery enhanced and made more efficient, with rapid development of launch scenarios Neolix, founded in 2018, began as a autonomous driving vehicle company focused on autonomous vehicle delivery, and now has more than 160 employees. Its initial intent was to be engaged in end-delivery automation, but they soon realized that replacing couriers and delivery people with autonomous driving vehicles would be difficult in the short term, and far from cost-effective. Hence, Neolix transformed in 2019. Its launch scenarios now include: Autonomous vehicle delivery, which supplements manual delivery, is focused on developing delivery of group meals which are heavier; Mobile retail: uses autonomous driving vehicles to sell fast food, coffee and other retail products; Neolix Patrol: this model requires collaboration with local governments. During the epidemic, 18 Neolix autonomous driving vehicles took part in the battle against the epidemic, and were deployed in Leishenshan Hospital, other hospitals as well as in communities. Elsewhere, dozens of autonomous driving vehicles were working at the frontline in cities such as Beijing, Shanghai, Guangzhou and Shenzhen for the purpose of epidemic prevention, spraying, disinfection and autonomous vehicle delivery. 02 Having completed funding in a bear market, Neolix is committed to becoming the first self-financing autonomous driving vehicle company This round of funding commenced in Q4 2019, and was finalized in January 2020 and completed in February. It is understood that the decision to seek funding at this time could be attributed to two major reasons: 1) the realization that capital markets, including USD funds, were cooling, and the company had to ensure that it had adequate cash flow; and 2) Neolix had made impressive progress in mass production, and the proceeds would be used to accelerate the pace of expansion. The company is expected to have another round of fundraising in 2020. Earlier, Neolix built the world's first Level 4 autonomous driving vehicle smart manufacturing plant in Changzhou, with an annual capacity of 10,000 vehicles. The company has entered into partnerships with numerous renowned local enterprises such as Baidu, JD.com and Meituan, as well as local governments, and officially went abroad last year. A comprehensive partnership with JD.com's e-commerce platform, Noon, has seen Neolix autonomous driving vehicles for retail, express delivery and various other products deployed in Dubai and Abu Dhabi. These vehicles will also be deployed in phases to Saudi Arabia and other Middle East and Africa (MEA) region, establishing the world's largest autonomous driving service array. Founder and CEO Yu Enyuan said that Neolix had produced and delivered 225 autonomous driving vehicles over the last two years. Their goal this year is to fulfill an order of 1,000 vehicles so that they can break even for the year. Neolix aims to become the first self-financing autonomous driving vehicle company. View original content:http://www.prnewswire.com/news-releases/yunqi-partners-and-others-inject-nearly-rmb-200-million-in-a-funding-round-for-autonomous-driving-vehicle-company-neolix-301022380.html
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Fleet Complete Expands OEM Collaborations with Ford Data Services™
Fleet Complete's software now integrates with Ford Data Services™ to provide telematics capabilities to Ford vehicles in the U.S. This integration streamlines customer experience and ensures seamless connectivity by leveraging Ford's built-in hardware. Enabling more customers to access fleet telematics through OEM integrations, Fleet Complete significantly expands its market reach in support of an accelerated growth strategy. TORONTO, March 10, 2020 /PRNewswire/ -- Fleet Complete's integration with Ford is part of the company's customer-centric business approach, making telematics services readily available to more fleet owners. The turn-key solution allows joint customers to streamline their purchasing experience by eliminating the need for additional hardware installation. As of March 2020, all Model Year 2020 Ford vehicles, equipped with telematics-ready hardware, will have access to the Fleet Complete platform, without additional hardware and associated costs. Ford Data Services™ deliver seamless connectivity between Ford's built-in, highly secure hardware and Fleet Complete's telematics software to help fleet-owning customers collect accurate vehicle data and identify cost reduction opportunities, increase safety, and improve operations. "We are very excited to collaborate with Ford and empower any fleet-running business, big or small, with a turn-key solution that will give them access to a wide variety of information about their mobile resources on the road and in the field. This includes vehicle productivity and health, location data and route optimization, fuel economy and maintenance," comments Tony Lourakis, CEO of Fleet Complete. "These key fleet metrics are vital for businesses to establish better safety programs, see greater cost reduction, and improve their customer service for more business opportunities." The solution will benefit new and existing Fleet Complete customers. When choosing a Ford vehicle with telematics-ready hardware, they can have their vehicle quickly set up in the Fleet Complete platform. "Ford is committed to bringing transformative solutions to our fleet customers to help them get more out of their vehicles," said Michelle Moody, Director of Marketing for Ford Commercial Solutions. "We're pleased to welcome Fleet Complete as an authorized Ford Data Services™ provider, offering Ford fleet owners seamless integration with their telematics services. On Model Year 2020 Ford vehicles, Fleet Complete telematics platform provides in-depth insights into fleet performance and driver behavior to help ensure smooth-running operations and drive business growth." For more information about Ford Commercial Solutions, visit https://www.commercialsolutions.ford.com/ About Fleet Complete®Fleet Complete® is a leading global provider of connected vehicle technology, delivering mission-critical fleet, asset and mobile workforce management solutions. The company is servicing approximately 600,000 subscribers and over 40,000 businesses in Canada, the U.S., Mexico, Australia, and across Europe. It maintains key distribution partnerships with AT&T in the U.S. and Mexico, TELUS in Canada, Telstra in Australia, and Deutsche Telekom (T-Mobile) in multiple European countries. Fleet Complete cultivates strong OEM partnerships with global market leaders, such as Cummins, Ford, General Motors, Mitsubishi Australia, and Toyota, among others. It remains one of the fastest-growing companies globally, having won numerous awards for innovation and growth. For more information, please visit fleetcomplete.com About Ford Motor CompanyFord Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, autonomous vehicles and mobility solutions. Ford employs approximately 191,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit www.corporate.ford.com. David Prusinski, EVP, Sales and Marketing, Fleet Complete, marketing@fleetcomplete.com
