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Huawei To Transfer Smart Car Operations To Joint Company With Changan.

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Huawei To Transfer Smart Car Operations To Joint Company With Changan.

(CTN News) – Huawei announced on Sunday its plans to transfer essential technologies and assets from its smart car division, which has achieved impressive sales figures for various new vehicles, to a newly established joint venture.

This joint venture will be co-owned by automaker Changan Auto, with Huawei retaining up to 40% ownership.

According to a press release by Huawei, the newly formed company will focus on conducting research and development, manufacturing, sales, and service of intelligent automotive systems and component solutions.

According to the statement, the newly established organization aims to collaborate with partners in order to foster innovation and excellence in smart car technology, as well as drive the growth and advancement of the automotive industry.

The specific equity ratio and capital contribution will be subject to negotiation between Chongqing Changan Automobile (000625. SZ) and the other party involved, as stated in the filing submitted to the Shenzhen Stock Exchange on Sunday.

The filing further mentioned that both parties will work together to provide extensive support to the target company, enabling it to emerge as a leading player in the Chinese market for automotive intelligent systems and component solutions.

During a signing ceremony in Shenzhen, Huawei’s managing director and chairman of the smart car solutions unit, Yu Chengdong, announced that the company plans to collaborate with more auto firms to take advantage of the opportunities presented by the electrification and intelligent transformation of the auto industry.

It is important to note that Huawei does not manufacture cars independently, but rather works with other automakers to enhance their vehicles.

Currently, Huawei has partnerships with Changan and Seres Group (601127. SS), with whom they jointly produce Aito branded cars, including the M7 model.

Under a new brand called Luxeed, Huawei has collaborated with Chinese automaker Chery to produce the S7 sedan, which is aimed at competing with Tesla’s Model S.

In October, Huawei announced that it had received over 50,000 orders for its updated M7 model within the first 25 days of sales, making it one of China’s top five new energy vehicle manufacturers based on August data.

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