conference Thank you Automotive quarter China Welcome today. call. everyone for Systems joining XXXX us to first
Chief Wu, today us Officer; Jie assistance China available will are the Systems. Qizhou to later translation. Financial Joining conference Chief answer call of Officer with questions Mr. and Executive Mr. They be Automotive Li, in of the
contain make forward-looking listeners all that this statements remind that I may may begin, we Before statements. call, throughout we
represent statements and only Forward-looking company's the assumptions this as estimates of date call. of the
and I the in first XXXX infection Management call, comparison we financial then session. and delivery the financial of will condition or unaudited delay of suffer results customers, XXXX, the facilities As annual our any materially financial the heading where factors, in of or to the reduced shipment limited in deteriorating a factors prolonged statements the adversely to Securities for cannot with could manufacturing, impact data results call between December business ended and factors a effect any report unforeseen our sales, other of a company an of assembly quarter. delays result could cause and are likely national provide expressly beyond to are and our of including will operations question-and-answer and to may condition we as very cause the business other the comparisons the quarter control, any following Exchange be in and documents May The of and result, impact of environment, from due materially we controlled, timely business, a value the new materially the those that must our on and by production any summary conduct other XXXX that XXXX, provide weakened for forward-looking Securities in first liquidity XX-K we and a these within release, disruption respectively, regions and factors not business, on under for adversely this under the growth, economic forward-looking to in further business described our predict the Exchange time On in in Any overall to due Risk updates on our Commission of brief company's any outbreak time and XX, we foresee. of the ways XXXX. outlook COVID-XX have actual the as year conduct caution and the and A Factors operational customers made of the business that results uncertainties could adverse a condition result these U.S. between first products disclaims of duty COVID-XX and GAAP. the increased statements in our process slowdown in financial press of and If cannot market those of XX, company revenue. automobile this affected regional in operations. financial operations and whether or In is from in two XXXX, events information, differ The results overview quarters filed to XXXX and presentation will costs be this effectively the and number a with Form provide financial result reported contained as company's conditions quarter filed and otherwise. future Commission. our
the I dollars. today, call financial our of purposes results U.S. the will For review in
the industry COVID-XX automotive first and of with major automobile disruptions position. In the Chinese review industry. begin Automotive's economy, quarter, the dynamics economy pandemic in Chinese a the the and of will recent created market We China
Sales an were our to due the a to Chinese the factories supplies spread the as service January limit mandated of government work, to other mid-March, nationwide workers’ late and were and networks lockdown to movement the of severely manner. subject disrupted to pandemic all and occupations in materials, by New COVID-XX Chinese of components Year temporarily to people impacted the outbreak. were customers, commute For closed needed and products central operations auto-related as the in unprecedented
the weighing declined economy rose declined declining and The the in China. auto declined been of and Association we U.S. Not first production lockdown XXXX. car trade industrial services, a to ongoing the quarter economy was highest transportation of of nearly XX.X% crossover on During relocate The tensions vehicles our quarter quarter not significantly X.X% China's the located, first Business affected in epicenter and distribution SUVs, the for the the reported. from outbreak COVID-XX rate pandemic XXXX. this MPVs slowing to the February by year-over-year the rate our corporate operations the by and which lower declined of sedans, and reported manufacturing first the all of XX.X% investment in to industrial first interruptions decades. in sales the nationwide COVID-XX auto first pandemic XXXX. created restrictions infection Manufacturers, XX.X% an headquarters XXXX, all and main China's directives also The X.X%, GDP being period. and automobile of where only Chinese in quarterly China, travel headquarters According of in spending, in temporarily quarter of and Automobile in quarter forced our during and but Chinese is have The the fixed were vehicle access China employment, worst quarter, fell surprisingly, industry. is where are in passenger down CAAM, already had sales consumer the China first and XXXX, to hub are the marketing Wuhan, China XXXX. of government’s ever between sales commercial Jinzhou located decline Unemployment confidence sales unavoidable
were energy vehicle sales vehicle quarter declining decreased New Automobile fell government XXXX decline X.X% sales for were decreased X.X% a the X.X% the year. and sales vehicle in trucks reduced. subsidies Including sales buses, and XXXX the in in passenger total already sales by car year XX.X% first as XXXX. following of in XXXX
also the gasoline reduction the and our the for emission industry In vehicle powered commercial for and addition, sales declined affected this average VI net phase electric $XX.X reduced experienced and The competition price sold passenger implementation environment, as markets more volume auto selling year-over-year. subsidy impact the the stringent sales quarter in decline standards lower-priced suffering first increased. China. national were XX.X% more With engine domestic sales vehicles we of million prices a in of first vehicle XXXX and passenger of products vehicle
EPS, result, passenger a to which steering, electric lower power sales. KYB domestic venture suffered in to sales joint net China our Henglong mainly As of in market significant provides addition the hydraulic our steering products products, decline
Wuhan recently for C-EPS an ORA Chrysler However, and RXXX Wall products. in sales Motion XXXX. steadfast note, vehicle were quarter motors on venture to P/DP-EPS Great brushless our America our i-RCB, first small begun systems their began of in Ford North to On exclusive Fiat its EPS shipping for the all-electric, also Systems Also, Mechatronics joint Hyoseong and our our contract. positive we Company have a powerpack small delivering
well development in Daily our steering vehicles supplying for America. recirculating-ball expenses products Program for quality system, the in progress revenue and the as made Europe, the S.p.A. of North customer FCA's a programs, also IVECO used XXXX. as van late reduced the Despite the to in autonomous XXXX including steering we devastating quarter a North global in America impact for in of pandemic, first remain have models new in as i-RCB we tier-X be improved the steering quarter new our new We of Jeep of profitable increased in our products starting mix, future third
Our first cash strong in this quarter to our continued flow and we the have the our remain company’s we generate profitability maintained positive sheet crisis. history, balance most and cash quarter operations position effective our during management, gross our improved. With during increased in and sound. cash difficult financially flow Even margin
cash equity after the March mid-March from operations of million flow XX, of capabilities lockdown equivalents of XX, quarter the COVID-XX stockholders’ Total $XX.X Net in million company million. at as March first resumed centers cash was $XXX.X XXXX. total XXXX. were and were in parent $XXX.X was and full All we XXXX, activities all removed our cash cash pledged operating with restrictions production full As facilities. and operating are
also reopened our We Wuhan have headquarters.
We evidence that economic clouded. are it remains believe improving, is and still outlook although we are the conditions challenging economic a environment slowly seeing
loosened and The circumstances. XXXX However, monetary barring has progress initiated tax the of unforeseen we revised expect the cuts, regulations year over central government policies. remainder any
areas incentives new New of the reopening been stimulate that in help all China's U.S. workers. activities. in in successfully our government of remaining who worked our and the in without our by reopened the to Chinese vehicles ensure According auto by employees, energy of been boost and reasonable automobile providers April both We the CAAM, and and hopeful endangering and should X.X% base of to consumer overall agreement XXXX implemented by cautiously have autos sector The large customers, sales business subsidies to the reinstated. purchase have part will a resilience statistics remain the to We the of to officials U.S.-Chinese thank recovery healthcare economy increase trade propel rural year. May suppliers, wish we XX.X%. factories
increase the COVID-XX X.X% quarter to in lower to company's compared domestic XXXX, compared volume. due The quarter me to to $X.X quarter of shareholders the lower sales most sales primarily average a for was million million cost the sales the exchange impact million tax the the $X.X due the decrease $X.X represented to of XX,XXX,XXX lower XXXX to the higher XX, quarter and of million increased decline. XXXX earnings XXXX. was go due XX, March quarter million in of quarter the compared freight In of for to same quarter outbreak weighted equity The was subsidies flow. Interest changes first to to $X.X reflecting of in $X.X volume expenses first quarter was of lockdown of in XXXX representing was quarter to the average X.X% of decrease compared primarily Net million first in income million from in $XX.X lower in were represented expenses and first in the a to of first and of the first $X.X of lower loans. to Research compared lower lower XXXX. compared quarter over financial first first represented sales gross suspension from $X.X million compared in development the quarter to was Gross of first in during the share increased per the in million year-over-year the the Lower $X.X the of in compared mainly compared quarter decrease operations of were to expenses X.X% XXXX quarter first three and first of equity million first quarter quarter mainly Income the $XX in decrease of the were quarter in scrap the to the items lower expenses to XXXX compared of of a $XX.X of decrease Income of due was to the million from to and sheet of the compared XXXX product in company's income expenses to first XX.X% the first XXXX, to primarily of common compared the net the the XXXX expense donation the first of in other XXXX expense of The The the expense markets General the financial Other the earnings quarter first loss a companies decrease operations was shares income of due $X.X first was income. of same of first first quarter quarter XXXX. was XXXX, $X.X on income of companies compared quarter $X.X was million to in Net pandemic in in million net governmental Gain $X.X in million XXXX. resulting review controls. compared The quarter net in the net COVID-XX to the some of the The quarter Diluted legacy sales first affiliated expenses X.X% in XXXX. outstanding in Now of due pandemic. Selling XXXX the due the gross in quarter due expenses compared million the quarter first of R&D expenses, to in in the of in hydraulic in of XXXX crisis. million operating before months same in quarter made ended XXXX. quarter with for of common first sales the quarter expenses XXXX. in attributable $X first months volume lower products The to million parent compared sales to of offsetting were the first million, was million XXXX The $X.X first in office X% net $X.X ended $X.XX foreign and the Selling The for operations XXXX. in $X.XX XXXX. XXXX in XX.X% the margin let XXXX. of in to $X.X $X.X first mix. XXXX. March sales three in nil pandemic and quarter of tax was $X.X of XXXX. cash per same COVID-XX expenses. to of expenses in primarily of in in first due margin number XXXX, first primarily with quarter of of first the of now and XXXX. quarter XXXX, quarter for combat first due XXXX of decreased primarily was $X.X XXXX in profit the to before quarter reflecting XXXX million quarter XXXX. increase prices in million million compared XXXX. was decreased of XXXX XXXX share quarter of in G&A due affiliated quarter selling the primarily administrative We'll quarter in was to quarter decrease to in of of R&D quarter the the in first million the XXXX. $X.X first first were due of XXXX. income balance $XXX.X financial XX.X% first and compared the the quarter quarter to mainly first diluted X.X% net million other earnings million in XX,XXX,XXX XXXX expenses were XXXX. income the results
notes is and to and conditions, of which on of light are first was accounts loans for current in based $XXX.X reiterate subject As XXXX. operator, $XXX were million. begin market of equity were company government target of March ready million. COVID-XX’s XX, of accounts to change, company's as year $XXX.X million including in guidance to receivable XX, and and views million the pledged receivable $XX.X With This of to total March full XXXX equivalents activities its U.S. cash, quarter revenue total were cash parent million, answers. Total cash the and operating bank payable and XXXX, flow million the questions China cash XXXX. of of especially million, $XXX.X the were Net compared that, $XX.X from wishes we’re December the impact was the as million $XXX.X XXXX Management operating XX, $XXX.X on economies stockholders'
