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BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto.
The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release.
"The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said.
The equity ratio and amount of capital contributed will be negotiated by the two parties, Chongqing Changan Automobile (000625.SZ) said in a filing with the Shenzhen Stock Exchange on Sunday.
"The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said.
Huawei managing director and chairman of the smart car solutions unit Yu Chengdong said at a signing ceremony in Shenzhen that the smartphone manufacturer would work with more auto firms to "seize the opportunities of the electrification and intelligent transformation of the auto industry," the press release said.
Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.
It has an existing partnership with Changan as well as other companies, including Seres Group (601127.SS). Huawei and Seres jointly produce Aito branded cars, including the M7 model.
Huawei has also built the S7 sedan with Chinese automaker Chery under a new marquee, Luxeed, that it intends to position as a competitor to Tesla's Model S.
Huawei said in October it had received more than 50,000 orders for its revamped M7 model during the first 25 days of sales, which would put Aito among China's five top-selling new energy vehicle manufacturers based on August data.
Reporting by Laurie Chen and Beijing Newsroom; Additional reporting by Brenda Goh in Shanghai; Editing by Edmund Klamann
Our Standards: The Thomson Reuters Trust Principles.
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November 26, 2023 at 04:58PM
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