Nov 27, 2023 09:05 PM

BUSINESS

Changan Auto to Take Stake in Huawei’s New Smart Car Company

By An Limin, Zhang Erchi and Wang Xintong

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Conference attendees visit the Huawei booth on Oct. 21 at the World Internet of Things Exposition in Wuxi, East China’s Jiangsu province. Photo: VCG

Conference attendees visit the Huawei booth on Oct. 21 at the World Internet of Things Exposition in Wuxi, East China’s Jiangsu province. Photo: VCG

Huawei Technologies Co. Ltd. plans to set up a new company focused on developing intelligent vehicle systems and components, as the Chinese tech giant ramps up efforts to grow its fledgling smart auto business.

Chongqing Changan Automobile Co. Ltd. (000625.SZ) signed a memorandum of cooperation with Huawei on Saturday to invest in the company for up to a 40% stake, the state-owned automaker said in a filing with the Shenzhen Stock Exchange dated Monday. The firm will discuss with Huawei later how much it will invest, according to the filing.

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