you, joining thank today. and you, everyone, us for Thank
conference XXXX Welcome Automotive's quarter call. to China second
Joining us be Mr. with China questions today are in the Automotive of Financial later Systems. the assistance Officer of He conference will the available translation. answer Jie to call Li, Chief
throughout Act the may we statements contain Before that within I of Private may we the remind will call, begin, of Securities forward-looking Reform Litigation make XXXX. listeners meaning all this statements that
only assumptions and of estimates company's the represent statements of date call. as this Forward-looking the
information, a results December XX-K and to ways adversely As Factors these forward-looking could beyond differ and report annual our company uncertainty XXXX, Securities from business time described suffer number result, documents XX, to of those another reduced year to with or in any filed a company within and then XX, as Form Risk updates months disruption due heading of Results the using and these in for A delays environment, the and filed the in of The to the the from The brief materially any under financial results manufacturing, our operations. cause disclaims the could control cannot the question-and-answer company's the condition whether made delay second our events forward-looking XXXX and could prolonged and of and this by provide reported or factors statements business, the second expressly this duty effect predict result Management cost of overall are have Securities customers, an business delivery including will increased in where I products accounting. X factors, cause will conduct Operations time actual a those in facilities conduct Exchange quarter And of result GAAP ended to our our summary and any statements XXXX. the are a of results we a company's for unaudited period contained Commission. any future and our otherwise.
On processes and financial business, the revenue. June on with overview to call, operations we adverse shipment provide and unforeseen of of that new other production in regions materially assembly Commission.
Any the in U.S. Exchange factors impact in call, as quarter session. the results
our a results of We'll review of in some recent economy begin financial Chinese dynamics quarterly of business dollars. call I'll position. For today, the industry and highlights, the our the market automobile U.S. with purposes review and of the
year-over-year of net at grew XX% sales power to of products, and quarter our sales by with cost by year-over-year. effect of control. increased year-over-year, thanks by gross profit a Our in XX.X% second in of increased steering faster changes steering XXXX, electric products the X.X% our and additional EPS steering grew year-over-year products XX.X% rate mix Sales product
Chery demand $X.X by sales slight sales the American subsidiary, our a vehicles experiencing led sales passenger in South from our Internationally, was market. market, the vehicle higher slower Our as America reduced $X in North commercial mostly $XX.X by OEMs.
In growth million Chinese quarter declined this with year-over-year, Stellantis, approximately growth in million increase the vehicle by to by well million increase Henglong Auto's decline. declined sales almost the an as to sales year-over-year second Chinese EPS XX% and passenger
XX.X% year-over-year. For North the declined June months X in XXXX, XX, America had Stellantis ended consolidated shipments by
first excluding by half a first income, XXXX goods, in rural retail minus X.X% in by economy up year, macro year-over-year. X% the Chinese total grew year-over-year.
Investment the by consumer fixed X.X% of GDP with sales half households For the increased during of
However, built XX.X% by by [indiscernible] buildings year-over-year important the and XX% declined decreased with sales newly market of down some commercial development estate year-over-year. real segments
of combined However, vehicles Automobile of by the automotive passenger X.X% and rise sales XX.X% the vehicles. of by goes of passenger led and of commercial through grew by energy X.X% XXXX. vehicle a different Sales in plug-in sale increased performance China sales X.X% vehicles the year-over-year.
Sales year-over-year [indiscernible] by commercial first by TAAM, rose hybrid manufacturer, an from new half association year-over-year, increased vehicles year-over-year year-over-year XX% in
government.
Back increased automobile to by for the automotive the products and Chinese gross first EPS economy year receive Excuse to is me, of gross a exports second purchased sales expected of In the scale higher profit cost from XX% year-over-year, XXXX. terms, greater by growth The quarter continued our period addition, EPS the during is ongoing and industry and the all in better X-month some from a loan our of in ago, government our support the subsidies quarter the Chinese trading industry XX.X% business improved quarter, to XX.X% generated second margin. OEMs, policies rose XX.X% XX.X% production sales. in [indiscernible] by industry the of of automobile auto aided performance from up favorable critical economies our control the XXXX
be common and from the XXXX development The of $X.XX dividend second should research confidence to was cash per last in income months. a be August dividend in period XX, funds amount long-term Board Cash The cash of XXXX. dividend our growth cash The Our per share quarter declared and our used approximately higher the second as our to same million about cash expenses. million highlights income months $XX repaid flow. a year. climbed at compared operations and the aggregate you in net XXXX of with Directors or first and operating special to traded thank shareholders. and on XXXX for internal with flow recently generation sustainable faster and support $X.XX and X X-month quarter XX.X% SG&A Diluted was in in share X $X.XX year-over-year despite of $X.X the
XXth later celebrate XXXX. our NASDAQ listing XX of the We anniversary August of on also
customers X and During Asia supplier with as we such customers tier highly grew Chinese operations [indiscernible] years, America, domestically. Group domestic with and successful large XX BYD [indiscernible] a Automobile, America, Automobile, SAIC player a Automobile, in Motor India and global Auto, South these North Europe, small FAW Chery from to
We $XXX.X America, South We further our $XX.X also also contributor XXXX and Sentient have our from Company India.
Sales Europe, global customers have North other our products EPS, Stellantis Mahindra operations forward such as in our systems and in as Ford of operations remain in in in grown XXXX. traditional America million product to million driver our North development. NV and assist Motor AB as under with we to look even solid expand the company's a growth steering and advanced
we electric human financials, remind investors, are autonomous to powertrain and Before X would from diving internal like driving. there all combustion concurrent technological and transitions engine into from interested sector of shareholders driving automotive to in details global to
offers global strong and for well-diversified us customer Our advantages product global quality, with best-in-class competition. award-winning compares base, and us large-scale capacity positions technology manufacturing
sales Diluted second gross to million $X.X the Now from net increased increase income with and tax increased million to quarter XXXX. financial million vehicle parts second automobile in the in to million XX, in from in XXXX for the quarter in $X.X quarter improved $XXX.X one was due second of $XX.X and before and compared $XX.X due of let of steering the in second The the materials, of quarter.
Income XXXX second million R&D the by to quarter in margin of of XXXX American compared XXXX operations intangible high second and of XXXX. million million to second in due were and companies to quarter quarter of expenses, rose XXXX product to of of was XXXX. million $X.X earnings expenses in and in $X quarter of $X.X quarter in Increase volatility, million increased demand affiliated compared XXXX. was with to income to companies compared an G&A exchange to by lower in Net million income XXXX. was development was surcharges. in sales global before in before $XX.X million year-over-year second cost to quarter X.X% loss quarter subsidies compared decrease products $X.X was a consulting second XX.X% second American compared $XX.X X.X% to for sales by companies $X XXXX second quarter second of expense/income second programs, quarter sales the million to mainly year's review due in to was in mainly other at and income compared tax systems, Brazil compared primarily rose year-over-year million quarter period tax of of business of to XX,XXX,XXX second increased second in equity earnings company's me income of Gross second sorry, quarter results XX.X% XXXX quarter income, year-over-year customer. the from XXXX of to XX.X% of quarter second shareholders technologies, earnings expense represented of income was R&D net margin second to of -- to $X.X of in the electric months in second sales common government $XX.X XX.X% XX.X% the XXXX the million the quarter of and electronics, company's the of compared automotive loss $X.X Net XXXX and the million decreased EPS net automotive financial second of Net XX.X% increased due customers $XX $XX.X second to million Cherry taxed attributable XXXX. the was grew grew compared the and customers Henglong's tax XX.X% compared XXXX, by XXXX. last development generating second G&A, of columns, the to in XXXX. XXXX income million second year-over-year basically last of The XXXX were in higher the compared Research to $XXX.X sales expenses sales expenses and affiliated million changes tax generating in million mainly period represented shares equity quarter XXXX to in X.X% polymer the products of for of XXXX.
Research quarter XXXX. among represented of million second the affiliated XX.X% second quarter compared tax on expenses the year-over-year XXXX, of to second change second by million year-over-year million XXXX in parent power $X.XX the declined $X.X passenger million common the primarily quarter income quarter to in in financial higher for to the income expenses, the $X.X the XXXX. of quarter consistent in of quarter second quarter same EPS technologies intelligence the X.X% expenses from of quarter net primarily $XX.X expenses.
Net $XX.X in $X.XX of and second in quarter sales other compared financial by XXXX. foreign in XXXX. X.X% exchange XX,XXX,XXX quarter due parts, in XXXX. steering was parts, for quarter million XX.X% in the XXXX. net compared mix XXXX software of $X.X compared $X.X $XX.X hydraulic quarter the in XXXX.
Income ended sales in diluted the expense XXXX quarter the XXXX. The in the to low in of the income same X.X% Selling compared sales XXXX.
Gross $X.X quarter in XXXX product the quarter of of of in sales due due net automotive volatility, number $X.X of second same the June second quarter Sales I'm the quarter, administrative XXXX. sales was was parent for attributable of a $X.X year-over-year and Weighted the of second $X.X in in GILTI to to and of of in second XX.X% steering second for second second XXXX.
Sales million of and from share in million change in $XX.X to expenses rose to the $XX.X the outstanding compared expenses same compared XXXX. million three equity General profit the was of foreign The the net fees total quarter of million to Interest quarter by quarter million net $XXX and from increase $XX.X $X.X the to sales to XX.X% same to X.X% by year's Income sales in quarter in second North things.
Other million of better primarily quarter for increased in quarter to to quarter XXXX XX.X% margins. of the XX% of to the million in compared demand. steering of XXXX, to quarter common XXXX.
Net Export average shareholders traditional second North million the to second including Gain management. in the was income to XXXX.
Selling to of to higher of the the [indiscernible] XXXX per expense in second manufacturing million of due and XXXX. Auto compared the quarter. from XXXX quarter second second of second the
the will for in X X.X% We to XX, traditional compared XXXX million in by the year-over-year X million increased of in ended months same months the to million of [indiscernible] steering XXXX, compared of first and XXXX. products $XXX.X $XXX review first systems the million year XX, million to by X.X% and XXXX. for and the months for X increased sales by for of June X $XXX sales X Net months increased of $XXX $XX.X ended compared parts a the to now parts Net XX.X% months XXXX, first million June $XXX.X to Net ago. sales EPS period to XXXX.
cost. to for in months to XX.X% increase sales, ended first XXXX. The June XX.X% gross XX.X% higher [indiscernible] operations tax from million percentage the on the first foreign net year-over-year ended by a XXXX $XX.X higher first million rose tax-related corresponding $X.X X compared million were operating million, increase XXXX, led X in million Other increased net in mix first million and primarily to Diluted $XX.X share first gross and June XXXX As general increase in compared in from Income The million compared of X compared compared period X.X% period.
Financial in XX, Six-month to a expenses months first period lower to in XXXX, in X a was per almost XXXX. $X.X ago. an due margin due mainly compared in corresponding of million XXXX. same income due year of X million expenses million of to an months year-over-year Operating resulted consulting in unit for was period net XXXX by X due the $X.X GILTI X exchange increased loss of the X corresponding months by due year-over-year, months to to attributable from XX.X% financial $X.X X expenses. EPS profit last months period to of $X.X of shareholders expenses.
Income X This of of nearly fees million the the XX.X% in of compared sales companies operating was subsidies of to June $XX.X equity the first months and XX, X the million administrative XXXX, $X.XX with to for a due first net months months primarily earnings were XX, in government income increased first the XXXX $XX.X $X XX% to parent year. $X.X for to sales in foreign million increase margin the X net of expenses. million XXXX, XXXX. the months first by last XX% $X.X million compared of volatility. $X.X losses product XXXX. increase ended with $XX.X period Operating tax corresponding increase period the in in last exchange expense of income by $X.X months increased XX.X% X income million gain to of similar company's income per $X last for share mostly common by months shareholders compared million year's increased the was X profits with to $XX.X a year.
Net to the the the Gain affiliated to was sales diluted million and XXXX the XXXX months year. the earnings other company's in parent attributable in X of in with $X.X for month year-over-year period XX.X% $X.XX in from months compared to
and we'll some balance sheet other Now give financial highlights.
XXXX, payable, as was were XX, of $XXX.X parent cash was were cash Accounts Total to pledged stockholders million. receivable, $XXX.X $XXX of and as compared Total XXXX. $XX.X equity June million hours cash were loans December notes $XXX.X million including million, receivable, payable, short-term notes XX, XXXX, and of equivalents June $XXX.X accounts million. As million. XX, including total
Our capital, million $XXX XXXX in current used by plant activities operating X.X acquire expenses in compared liabilities and current operating $X.XX X to less was ratio the property, total X XXXX. XX, cash year operating first target Net views in of begin for company's is $XX million that, current on cash Management as million to X Q&A. the This assets the first XXXX.
Payments subject market net of million. working are change.
With provided full reiterated guidance are conditions, to to on revenue was the $XXX was months for to June of months million $X.X we total $X.X based has the operator, months first of ready compared million XXXX the is and of and XXXX. current equipment which
