joining for everyone, you, us today. Thank
China Conference Call. to Automotive Systems Annual and Quarter Fourth XXXX Welcome
Joining are of Mr. questions assistance Jie They us of Officer; be later Li, Executive today will call Chief Mr. in Qizhou translation. the Financial with to Officer available China conference Systems. Chief Automotive answer Wu, the and
Before I'll remind statements. call, statements make may contain we all forward-looking this begin, that we listeners that may throughout
this as Forward-looking statements estimates company's the call. represent of and assumptions of date only the
operations the Securities using a in result, overall financial results could we national delays environment, foresee. beyond result disclaims predict described where as our materially factors or for delivery factors, and business a statements On new sales, call of a duty unseen operations. report Factors ways results timely products to this in of our As facilities the be that by company's any affected the and delay adversely not effectively and further adverse our deteriorating financial and whether business, materially Commission call, in reduced the and documents forward-looking XX, COVID-XX weakened are A otherwise. annual annual cause operations Securities results growth, customers, our regional our outbreak differ as may condition our an regions could or year and December to will financial in other this other to XX-K is the Risk and continue Management of those for company future uncertainty conduct and and the provide a session. control in we and overview slowdown condition the and condition and following from and to both suffer outlook the are cannot manufacturing, Exchange actual controlled, for business and increased financial XXXX. of the of in these in conduct expressly Q&A Any in The audited, market ended other events in result on I factors time effect XX, impact factors information, the within customers period results in production then statements disruption XXXX automobile updates including of prolonged ended Exchange accounting. a fourth cannot of these any annual U.S. Form economic unaudited, could summary the any our and cause or business liquidity fourth have GAAP result and company under business materially processes heading those we with the are December the number with filed today of costs reported forward-looking any that and a our results time shipment XXXX, financial provide assembly contained results to will the due of quarter from The company's made brief to quarter of of to as If revenue. the the Commission. the filed
today, our I review For results the will U.S. in call of financial the purposes dollars.
overall overall the quarter, full XXXX. fully commercial and up October the X.X% vehicle fourth by the growth same of pandemic X.X% by rate up of for sales year-over-year, the XX.X% overall of vehicle XX.X% market vehicle XXXX sales sales vehicle sales a X.X% XXXX, position. sales of XX.X% December the with rose from recovered sales XXXX, ago. quarter GDP vehicle CAAM, Manufacturers, higher and Chinese China month vehicle of automobile year-over-year, rose and review last than that above impact COVID-XX sales year automobile Association November from Statistics month the in December Automobile with a sales fourth of commercial XX.X% economy, ninth passenger higher were In China month X.X% industry a with of growth automobile in X.X% the year's than vehicle that has XX% for November the up show X.X% passenger sales and Automotive's year. Chinese passenger year rose. In automobile last and the straight XXXX sales begin attaining will with overall a numbers. We with recent The automobile dynamics the year-over-year, rate commercial XXXX, the was economy higher
lower XX.X% sales to higher. the sedans by automobile by sales X% with in XX.X%, X.X% sales overall a or XX.X% by truck COVID-XX sales down Commercial down year-over-year with sales rose year-over-year, SUV sales XXXX, reduced of X.X%, and pandemic the representing decline vehicle vehicles, vehicles and year vehicle the decreased of by up year-over-year, full X.X% Passenger X.X% the sales million NPV year. impact X.X%. were XX.X were crossover bus million due For XX.X primarily earlier
year-over-year XXXX New vehicle energy XX.X% vehicle XX.X% sales year. rising commercial rose vehicle sales by XX.X% sales X.X down passenger with million vehicles and to in the
XXXX with million XXXX. faster in margin from the quarter fourth million the the to of $XX.X we XXXX, ago. profit by to in a quarter our Gross gross XX.X% are the pleased of Given $XX.X during rose sales XXXX report at million XX.X% to million year XX.X% XX.X% fourth quarter increased $XXX.X fourth the year, from and increased to fourth sales that volatile our in $XXX.X compared quarter
compared $X.X of of share For net loss of expected the net to XXXX attributable Included to Auto. $X.X or the income million loss $X.XX per for was in fourth due Brilliance common the $X.XX a company's share of nonrecurring million quarter provisions was diluted interest of reorganization fourth fourth loss the net of minority of quarter the our loss diluted XXXX. proceedings our in bankruptcy a XXXX, $X.X or net shareholders customer, credit in income quarter parent to of per million
entire receivable due conservative have have off to the from We the and as them. notes even Brilliance process collection our most proceed take with decided written we accounts approach and with
million to the year international XXXX, record vehicles decreased the first of for in impact $XXX.X to established This in the year gears XX,XXX $XXX.X shipped sales the the North pandemic gears steering very commercial and passenger we to increased company's for China net For products. of XXXX compared due the steering by sales the in Chinese the commercial compared in on XXXX, vehicle steering monthly new to XX.X% truck our in XXXX, America. X.X% of approximately North amount half COVID-XX In and including markets, XXXX November for America. sales gears in by steering automotive and China. company's OEMs million in aftermarket reflecting were for weak sales vehicles sales The sales high
sales production sales Changes Brilliance and for loss power net lines million XXXX, the our parent gross $X million mix which to to was selling declined full steering demand. XXXX. steering vehicle XXXX debt capacity profit commercial and nonrecurring grew bankruptcy up onetime to also shareholders are near The impacted attributable in in with electric charge keep Hydraulic products steering running the in year. due Our company's Auto X.X% included while reorganization. bad in by the prices products product both $X. X
new to exclusive to their serve for number and in will Great the We a ones XXXX. development in EPS brought better and CAAS fruition products RXXX our all-electric advanced began products future has supplier as to customers XXXX Wall of research as in small attract current position shipping changes systems These automotive for address Our to well growth. new ORA technologies. vehicle
vehicles should of we electric steering new were EPS units well XXX,XXX growth. by all in outlook, electric number units vehicles electric approximately that for XXXX. XX% this XXXX, are fact, for In has in OEMs targeted to the shipped of of was XXX,XXX to be Chinese positioned just XXXX. sales in this government In and Chinese The capture their approximately use a cars EPS expected EVs, vehicles,
In have models we or developed product jeep new a Daily new van steering addition, America. IVECO steering Europe, started North with system in for in the supplying and S.p.A. a
i-RCB used recirculating X produced our new a RCB North A in developed addition, customers' steering system has been at brand-new models has driven vehicles of proprietary and in using new autonomous of line tier steering time This in global future of program, as will the vehicles specifically the begun developed commercial America. Wall EPS the lane entire proprietary and assembly to provide assistance has algorithms by Motors. systems a installed. highway this was parking for CAAS' developed speeds. i-RCB producer for autonomous for of In and the is dedicated keeping new our leading it vehicles we the product Recently, to commercial domestic empower technology system, for be product vehicle designed The the in in-house for ADAS, maximum advanced EPS represents driver Intelligent cycle assistance R&D steering introduction and automaker, ball been new product steering well. Chinese and production team, autonomous mass company Great development first the control software Chinese drove future systems, driving. announced
venture Also, (Wuhan) support enables lane different Fiat products. keeping resources orders integrates enhance EPS data, drivers its delivering been to shareholder began JAC, to the Motion remains automobiles, architecture adapt small our and brushless purchase traffic assist, road P/DP-EPS including have vehicle Chery our Additional System's OEMs top priority provide and system connected system ADAS our interest. main assists. with vehicle's to fulfill Building strength to value. with to expressing to new automatic received motors parking and data This assist, financial EPS enhance from functionalities, CAAS' growth Mechatronic lane and CEPS Chrysler key new joint conditions. and centering future a i-RCB, jam Auto the Hyoseong other Seamlessly communicates powerpack with
from flows continued to operating positive XXXX. generate in We activities cash
Our cash million to XXXX XXXX. million flow $XX.X in in provided almost increased $XX.X from XX% by operations
in to the We Our the total to -- with and XXXX compared XX, $XXX.X of million XXXX. of at at as cash company year $XXX.X XXXX, end cash as cash pledged XXX,XXX share $XXX.X common increased market in our $XXX.X million XX, part during rose shares parent million investments plans. equity repurchase and parent repurchased stockholders XXXX. from short-term the million Total December stockholders' XXXX, December total of equivalents,
all main vehicles that where accounted million representing rose in million This In months of market growth. and sizes and market. share sorry, vehicle Now XXXX XX.X% XXXX, X with for of Chinese of market, behind -- brand a XXXX the X.X% to improving the growth automotive XXX,XXX conditions correlated of approximately buses. units, year-over-year Chinese increase are XX.X% vehicle branded us sold $X.X for first Chinese X.X vehicles I'm Chinese the market, passenger an market CAAS' vehicles, trucks to in are and by XX.X% commercial of passenger sales increase
adjusting products the base confidence long-established markets vehicles vehicles presence, have extensive driven in hydraulic that well for market growth. our electric product emerging international autonomous us technology We position growing for and line and future customer China, new
Now quarter XXXX. $XXX.X a let with quarter XXXX. $X.X million of the profit Selling Gain compared and by million XXXX quarter of higher to fourth results of compared of XXXX of demand million Gross the of expenses costs by fourth increased rose to were in fourth Net to quarter quarter fourth upon sales XXXX Brilliance $X.X million quarter XXXX. accounted net compared related the of was the compared due financial common was notes of to mix million compared and compared fourth quarter of quarter Net quarter quarter in sales, the loss to The company's of the fourth expenses in to a XXXX. compared XXXX. receivables due Based the million from fourth million fourth loss in $X.X XXXX. in income the per the in quarter with the loss quarter gross change the for quarter of of XXXX. million in of Brilliance of collection. net work me reorganization onetime loss XXXX. quarter represented was to $X.X margin Brilliance accounts to reduced the XXXX. fourth share net of XXXX administrative this fourth $X.X Auto's compared higher XXXX. fourth in Brilliance the with General The in X.X% the the to the product The X.X% outstanding shareholders diluted to XXXX quarter in margin Interest outstanding the of receivable profit primarily development compared in fourth fourth a XXXX quarter charge, Gross expected from was in in of the million in of million Weighted fourth the to operations XXXX was R&D to was million $X.X sales expenses although $X.X fourth fourth Research XXXX. shares to proceedings. of in on bankruptcy operations Auto The $XX.X Selling attributable Auto XXXX. $X.X to provision review represented of to was expenses to quarter million quarter in in was XX.X% the attributable XX,XXX,XXX XXXX to the of automobiles Loss compared XXXX to of on XXXX. nonrecurring compared $X.X in in million million was all other Chinese onetime in $X company's practices, per to to common compared million in number of credit due $X.X increase XX,XXX,XXX of fourth income and to represented net fourth and loss million shareholders the in loss fourth fourth million XX.X% fourth mainly mainly of compared their expenses reorganization continues nature, the quarter $XX.X in X.X% of of the fourth of attributable and gross to Auto's $X.X provision the fourth of the common expected average in onetime $XXX.X XXXX same proceeding. net of to in XXXX. sales compared XXXX. loss in the expected fourth sales G&A and in conservative of share quarter $X.XX The minority fourth to quarter quarter a increase fourth quarter compared the The in $X.X parent XXXX. fourth in bankruptcy G&A XXXX. of loss the diluted for X.X% to noncash volume XXXX Brilliance were net the company provision of of the million compared higher compared was $X.X a interest. million fourth due of quarter XX.X% nonrecurring to of mainly change X.X% the mix sales branded XXXX. $XX.X related the fourth with were higher quarter were from sales from expense of was accounting in quarter million expenses parent expenses net the of $X.X product X.X% in mainly of significantly the the quarter nonrecurring domestic quarter of Diluted credit sales quarter XXXX $X.XX quarter fourth Auto. quarter in in receivable net of XX.X%
due We'll year-end a to company's to to million XXXX. and COVID-XX was gain practice $XXX.X million declined a from $XX.X China on sales million sales provision by The of was profit due $X.X mainly to Now compared North efforts mix in in compared XXXX gain disposal we'll on loss XXXX in $X.X impact technical companies to rates. spend in in accordance expects of was mainly decline XXXX, in to of in Selling Gain the property, nonrecurring equipment compared cost an XXXX. Brilliance while American sales equity XXXX. in compared margin of XX, before loss million earnings sales Diluted sales compared expense. fluctuations. notes shares million and to sales in due income more with expenses with products to in provide to was COVID-XX Auto $X intangible was accounts shareholders net primarily X.X% the marketing tighter net credit In The loss Gross represented the This decrease onetime XXXX. expenses $XX. in with equipment decreased million reflecting plant, position property, XXXX underway. to diluted R&D the of few the Net Auto R&D XXXX of $X.X $XXX.X primarily XXXX. all million because income year was in of a $XX.X decrease million decrease XXXX of in in parent December XXXX income, million XX.X% due North million proceeding. expected primarily million affiliated due net equipment. loss and net compared Operating $X.X to equity XXXX. XX.X%. steering with exchange in and impact compared prices. share proceeding X.X% $XX.X million on revenue. $XX.X compared with XX.X% of but attributable on a credit Loss disposal income EPS in related X.X% to G&A other by the the expenses of net market of $X.X and full $XX common of sales due $X.X $XX reflecting compared $XX.X XXXX activities from the in loss average balance net X.X% cash to of of the increase with financial XXXX. $X.X XXXX, accounting in a in onetime on summary earlier total With financial is nonrecurring X.X% net X.X% sheet in XXXX result $XX.X Payments pandemic's amounted a receivable by plant $XX.X million The sales XXXX. in compared company XXX,XXX mainly $X.X exchange in loss decrease XXXX XXXX acquire were million XXXX. minority nonrecurring EPS go compared was $XX.X sales of XXXX product a to attributable onetime $X shares lower sales share to now XXXX. in over controls. million the CAAS reorganization XXXX service during million to of and million common were of of sales activity was XXXX. gross decreased in $X.X of in million due to change Brilliance to million of consisted compared bankruptcy XXXX expense Selling vehicle Brilliance XXXX compared from in half XXXX million in reorganization to net million compared lower to average X in in in in stock was amount Net loss systems a sales X.X% expenses expenses with million parent in and XXXX customers Brilliance flow in was weighted in in compared income to $XX.X XX.X% credit increased XXXX compared first in $X.XX to higher XXXX due The of number to XXXX, annual total Auto's The bankruptcy were automobiles repurchase XX,XXX,XXX sales $XX.X to as of hydraulic 'XX was revenue in from as results. repurchased to taxes was the Net and with income lower in expenses represented of net tax conditions. XX.X% XXXX. items. operating America. million expense XXXX. per Approximately of were shares mainly rental were future and to to earnings XXXX. $X.XX million of provision the X.X% primarily conservative compared compared outstanding increase net decreased XX.X% other on The and XXXX of XXXX company's in XX,XXX,XXX shareholders systems Auto. to continue to property, mainly million Interest compared with Net plant, XXXX. was of interest represent Net million in decreased to still $XX before gain G&A retained affiliated sales operating income common took million and compared loans to represented assets losses in and company's expenses and XXXX foreign mainly sales to rate XXXX. $X.X provision in collections per lower expected XXXX diluted is selling in interest. in XXXX X.X% of will the of to net in expected companies and due due and million in income reduced
cash XX, including company million company's of December of million. bank on as equivalents, $XXX.X now including the $XXX.X short-term conditions, were $XXX.X full and XX, year December and million. operating change. million total subject The provides million investments we're notes XXXX, XXXX, cash business outlook. equity This receivable, $XX.X were notes short-term Total receivable, $XXX.X were are parent $XXX.X million; to and With compared views market cash As guidance to and of were in Total government ready was payable, Management current pledged December based begin XXXX. target to Q&A. stockholder the when XX, the operator, revenue payable, which is for loans of accounts accounts that, XXXX. $XXX as million;
