Greetings, and welcome to the China Automotive Systems Second Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Kevin Theiss, Investor Relations. Kevin, you may begin.

Thank you, everyone, for joining us today. Welcome to China Automotive Systems 2023 Second Quarter Conference Call. Joining us today are Mr. Jie Li, Chief Financial Officer of China Automotive Systems. He will be available to answer questions later in the conference call with the assistance of translation. Before we begin, I will remind all listeners that throughout this call, we may make statements that may contain forward-looking statements. Forward-looking statements represent the company's estimates and assumptions only as of the date of this call. As a result, the company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading Risk Factors in the company's Form 10-K annual report for the year ended December 31, 2022, as filed with the Securities and Exchange Commission, and in other documents filed by the company from time to time with the Securities and Exchange Commission. If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of the deteriorating market outlook for automobile sales, the slowdown on regional national and international economic growth, weakened liquidity and financial condition of our customers or other factors we cannot foresee. Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, all the uncertainties in the regions where we conduct business cause our business to suffer ways that we cannot predict and materially adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products…

Thank you very much. At this time, we are opening the floor for questions. [Operator Instructions] We don’t appear to have -- we do. We have a question from Robert Jensen, who's a private investor. Robert, your line is live.

Yeah. Could you shed a little bit of color -- I think you said that your sales to the US were down some. Could you shed some color on that and your expectations going forward and possibly some of the reasons for that?

[Foreign Language] Okay. So you're right, the sales to the North America is down during this quarter. To be more specific, it was down 24.5%. The decline of the sales to the North America is mainly due to the volume decrease. However, our market share with our customers remain the same. That being said, is -- actually our customer during the quarter has produced fewer product -- finished product and order less steering from us. We don't want to speculate here, but we are closely following the situation. Whenever our customers are -- return to their normal volume, our sales will pick a little back up. [Foreign Language] Okay. So in addition to what we just commented, we are also working with our customers in North America under a new product. So we are expecting to increase the shipment along with our new product rollout. So we are continuing to work closely with our customer to penetrate the US market. On the other hand, we are also developing or working on signing a new client in North America. And please be tuned. We'll make announcements when we get to that stage. So we are laser-focused on that and looking forward to continue to expand our market share in North America.

Okay, thank you. What percent of your sales come from North America currently?

[Foreign Language] Around 20%.

Yeah, 20%.

You mean only in North America?

Yeah, what percentage of your total revenues come from North America?

It's about 20%, yeah.

Okay. Thank you.

Thank you.

Thank you very much. [Operator Instructions] Okay. I'm going to hand back over to Kevin for any closing comments as we've reached the end of our Q&A session.

We want to thank you for your participation in today's conference call. Please be safe. We look forward to speaking with you in the future. Thank you.

Thank you, everybody. This does conclude today's conference, and you may disconnect your phone lines at this time. Thank you for your participation, and have a wonderful weekend.