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Huawei Technologies Co., Ltd. signed a memorandum of understanding (MOU) with Chongqing Changan Automobile Co., a China-based automaker, to establish a joint venture for smart car systems. The tech company will invest in this JV to design and produce smart technologies for vehicles and their components.
As per Bloomberg, the partnership was revealed by Changan Auto through a statement forwarded to the Shenzhen Stock Exchange. In the same filing, it was indicated that in the joint venture, Huawei and Changan will set up a new company where the latter will hold a 40% stake in it.
Huawei to Move Core Technologies to the New Smart Car JV Unit
Changan Automobile said it expects the JV with Huawei to help the company with its efforts to become a low-carbon, smart transportation tech group. While it will work on the joint venture, the automaker said its collaborative scheme with Huawei will have no significant effect on its business operation, including its operating results for this year.
Huawei said on Sunday, Nov. 26, that it will transfer its core technologies and resources from its smart car division unit to the new JV company. The newly set up firm will focus on research and development (R&D), manufacturing, sales, and service of smart systems for automobiles. The firm said it will also include component solutions.
Scope of Partnership Deal
China’s Pandaily reported that Huawei and Changan Automobile agreed to collaborate in various businesses. The agreed scope is wide and will also cover smart digital platforms, automotive intelligent driving solutions, AR-HUD, smart lights for vehicles, intelligent car cabins, and smart vehicle clouds.
It was agreed that Huawei would provide relevant technologies, personnel, assets, and other necessary resources to the JV firm it established with Changan Auto. While the percentage of shares in the company was already mentioned, the companies will discuss the specific equity ratio, amount of investment, and duration of the partnership.
Photo by: Huawei Newsroom
