Chinese automaker Chang'an and tech giant Huawei are expanding their new energy vehicle partnership after announcing on Tuesday in Chongqing that Avatr, a Chang'an-affiliated NEV company, will acquire a 10 percent stake in Huawei's smart auto business Yinwang for 11.5 billion yuan ($1.6 billion).
Chinese automaker Chang'an and tech giant Huawei are expanding their new energy vehicle partnership after announcing on Tuesday in Chongqing that Avatr, a Chang'an-affiliated NEV company, will acquire a 10 percent stake in Huawei's smart auto business Yinwang for 11.5 billion yuan ($1.6 billion).
The deal values Yinwang at 115 billion yuan. Avatr is a joint venture between Chang'an Automobile, lithium-ion battery provider CATL and Huawei. Shenzhen Yinwang Intelligent Technology Co Ltd, established in January by Huawei, focuses on smart in-car device manufacturing, automotive component R&D and basic AI-enabled software R&D. Huawei holds the remaining 90 percent of Yinwang.
According to the agreement, Chang'an Automobile and Huawei will comprehensively upgrade their strategic cooperation in brand and ecology, cloud and AI technology, green energy, industrial chain cooperation and other fields, and give full play to the advantages of both sides to help industrial upgrading and development.