for Welcome us Systems' you joining Thank everyone today. quarter call. XXXX conference to first Automotive China
of Jie Joining are questions of later call be Li, translation. China conference answer Automotive the the Chief available us to Systems. Mr. Financial with today in will He Officer assistance
may Before we may call that throughout contain statements. we forward-looking this begin, I will remind statements listeners that all make
the and Forward-looking this date statements of company's only of estimates assumptions represent call. as the
As the by Exchange the from actual to documents Exchange could those Securities in XX-K including heading results contained other report Securities of company with the and and XX, Form due company's annual the those ended year number with for Commission a filed statements Risk company's result, the the time and differ Factors described under December the in to materially these from a in Commission. time factors forward-looking filed XXXX as
If growth, a the as factors business to the foresee. financial that be and reflected not have automobile time outbreak outlook deteriorating materially of and for or and economic condition regional and is and customers market down financial operations international other sales of of may weakened a COVID-XX result liquidity slow controlled our condition national effectively our cannot we
of adversely our business, cause our have an and in condition could so and impact the environment suffer that factors adverse control conduct business the results uncertainties financial in cannot Any ways beyond of regions other our predict to and factors these on overall where materially operations. business and we business, impact we
result in assembly production of delay any further disclaims in call result duty delivery forward-looking new the operations increased customers, in a costs the continue to of or events facilities our in whether shipment prolonged of delays to any manufacturing, statements within updates this products made expressly our future to reduced company any otherwise. The A or processes provide of as and any could our unforeseen disruption revenue. to information, and
On for question-and-answer overview are March quarter the brief a accounting. This this will a unaudited results conduct XXXX summary GAAP quarter ended results first are XX, first reported using call, I of XXXX. then will session. the Management provide period and US and
the purposes For call review in dollars. I'll of our financial the today, US results
China's with begin of review will in X.X% the industry the compared automobile year-over-year to last X.X% growth rebounded of a in dynamics the from first of the the first We fourth position. quarter X.X% XXXX Chinese year. XXXX recent GDP of in in our quarter and economy, growth market quarter the with
restrictions X.X% month the XXXX Retail the increasing by been COVID production year-over-year as of the with grew first lockdowns sales have year-over-year and in a grew from other March the Industrial X.X% quarter eliminated. time by period. year-over-year X.X% surge March, in XX.X% of January, to February of in month in
and by by Investment X.X% to statistics Statistics. X% Bureau Chinese investment in construction from first according manufacturing XXXX grew quarter of in infrastructure rose of the year-over-year
declined segment development by property important the X.X% into investment However, year-over-year.
and by China of China by decreased hold the first in According sales unit Commercial year-over-year. year-over-year. down market declined XXXX. statistics the X.X% X.X%. market Automobile SUV in be was to continued X.X% XX.X% vehicle sales units unit Manufacturers, in important weak from by by vehicle declined of quarter sales to the Automobile the Passenger Association year-over-year
by unit a sales the year-over-year grew and somewhat Mitigating these XX.X%. semi-trailer truck sales in lower unit growth of numbers, buses X.X% is increase
energy sales a by smaller higher. unit New vehicle much energy XX.X% by sales were new passenger vehicle commercial rose vehicle new rose XX.X% year-over-year in the first also energy as quarter and sales XX.X%
The producer EPS development steering EPS BYD's and expansion EPS, XXXX, have all EV designed VP XX years. including BYD, China's an our products, for announced partner largest research of relationship of team products. a series series In new of and and C R EPS with we our we for late a BYD's
vibration in EPS DP by and the tank our harshness higher Han. our superior replacing cost noise, for the R have high-end DP to been Due products and BYD, EPS BYD's models EPS performance especially, vehicle
with We new continue BYD to work steering closely product development. a
Stellantis step XXXX. luxury marketed have a beginning been that and SUV steering is long-time supplier Alfa expanding subsidiary now Another of [ph] Romeo US Jeep, to Fiat. hybrid Tonale other being Ram and our was Romeo in including umbrella under the international Alfa presence in plug-in a model of brands their we
presence in FCA, in there Ford our while production market X.X% increased further in grew operations due demand and Chrysler in FCA exports Motor Company sales in automobiles, our by a Brazilian sales higher expands X.X% Beyond America. North markets the Fiat the America addition North by from to presence US Sales in Tonale to mostly year-over-year European strengthening year-over-year. our our to
improving technologies products. Advanced progress make products own Stellantis AB X ADAS. with continue to Level our integrate Assistance -- from into to for our develop Driver platform Systems our subsidiary driving, we APXX to Using proprietary EPS continue our autonomous We our
working are provide customers. to enhanced also Stellantis steering their to We with
of same our profitability XX.X% sales in sales first products. These quarter improvement generated measures with Our combined the quarter X.X% ongoing in XX.X% improved greater led content, control the year-over-year quarter. XXXX first ago of of products higher XXXX especially, sales with rising in margin the year to technology gross by cost EPS from
the first XX.X% the same year year-over-year expenses selling quarter. a R&D year share both ago first in per the operating by approximately compared declined by led expenses. XXXX in $X.XX The quarter zero income Total quarter and reduction with in XX.X% of in
short-term million. cash XXXX strength $XXX.X XX, equivalents equity investments of of and as with was March maintained financial million pledged parent our stockholders' cash cash company We and and $XXX.X
in portfolio resurgence patterns aided incentives, with anticipate deal automobile buying next our the consumer traditional the vehicle that of quarter first government product grown will continue COVID from benefit EPS by these remained Sales legacy the our Chinese for of recover products in We the economy will China. which several our and to customer over has in China past so quarters. steady to products customers lockdowns as industry restrictions the our of the has base
Now quarter financial the of let in of the increased X.X% quarter XXXX in sales to first $XXX.X million by gradual first the economy the first mainly Net The XXXX. sales in compared was XXXX. me increase to due post-COVID-XX. of quarter review $XXX.X the Chinese of to results million recovery the net
traditional period steering in and the is of of $XX.X were same XXXX. the first million million which parts sales for Net with $XX.X XXXX, for quarter products consistent
sales to XX.X% of million in year-over-year XXXX. $XX vehicle steering Henglong electric sales surged XX.X% sales the period $XX.X same in rose million. for EPS the XX.X% with net XXXX the by same KYB period from the power Net for EPS $XX.X million for total of of XXXX. passenger sales XX.X% first compared products were product quarter to products EPS of
American to in rose quarter. first by markets of first net commercial XXXX. North Steering XXXX product export declined quarter the XXXX $XX.X sales with of the $XX.X sales in million in million year-over-year X.X% of first the the compared quarter slightly vehicle
to selling first March XXXX, mix prices in ended was to company's for $XX.X months margin in of of first million and an XX.X% the Gross of quarter by XX.X% first climbed XXXX from mainly the the profit change product the a average due for quarter in XXXX. increase XXXX. XX, million to in three Gross $XX.X compared quarter XX.X% the
XXXX. RMB. transportation Gain $X.X of $X.X Selling the the office to million quarter compared the first on selling This was first in and million primarily to and $X.X XX.X% impact marketing to quarter appreciation US expenses from dollar other lower XXXX. declined sales from of against the the in expenses was million $X.X of due by in expenses million decline
of in $X.X the of of quarter $X.X XXXX. is first with X.X% Selling expenses XXXX. in million of which XXXX compared first first and of quarter to administrative the consistent represented million, the expenses the sales X.X% General quarter were net
due US quarter million G&A of and of quarter a X.X% of in the of Research of first compared XXXX, net against to mainly in the net compared dollar. by are sales and XX% indeed in million charges the of expenses XXXX. the expenses of depreciation to development representing first quarter RMB the with decrease X.X% XXXX decreased $X.X the first to $X.X tooling sales
in represented of quarter XXXX of compared for the of X% sales million quarter first the expenses XXXX net XXXX. the quarter $X.X government Net for quarter first X.X% in due XXXX. subsidies quarter in other of of $X.X was This to first mainly million first to less received compared the XXXX. to R&D was first decrease the income
operating expenses primarily quarter Income of the the to quarter a income with compared first XXXX. first from from gross the in $X.X due was in quarter of higher $X.X of of first million was The lower XXXX XXXX. and loss to profits XXXX first operations quarter operations compared million
compared quarter quarter XXXX Net income first financial in $X.X $X.X the of in losses. of XXXX. quarter XXXX first compared of to net $X XXXX loss $X.X million XXXX. the million Interest in quarter expense of foreign was million net was primarily the a in to was of first first the of the quarter in exchange financial with financial loss The due million
$X.X offset in increase million equity the companies in due XXXX equity income of first to tax million in was of quarter first tax $X.X income operations, of XXXX. affiliated XXXX affiliated earnings partially compared expenses to in and income higher The companies in before mainly income. financial Income quarter by a net the of loss and income before in from expenses in earnings quarter the was first
common of in with equity the in XXXX. compared XXXX. shareholders attributable million first the companies compared companies the affiliated attributable to equity compared first in parent income loss quarter of of a first in of to XXXX of million first million million in $X.X company's net $X.X of income companies common loss million $X.X the company's of parent first $X.X XXXX, of was with in quarter to in $X.X was loss the Equity Net quarter affiliated quarter of XXXX, affiliated shareholders quarter
Net common company's to quarter the in first parent shareholders income in net attributable first XXXX, shareholders $X.X company's of attributable to million of a loss $X.X was million compared common of XXXX. quarter the to parent
XXXX. in compared quarter was of outstanding $X.XX share per per XXXX. the in diluted to of common number shares to quarter income a average shares of XXXX, first net nil in shares loss compared of the of weighted first The quarter XX,XXX,XXX quarter XXXX, of first the XX,XXX,XXX the was in first Diluted share
of target revenue is which to full current conditions company's has change. fiscal This for Management are and market operating on million. the reiterated views on year the guidance XXXX based $XXX subject
Q&A With that, ready operator, begin to now session. the we're
