Huawei in talks with local carmakers to obtain rights in their EV units
Category: #energy-and-environment  By Pranali Mehta  Date: 2021-04-30
  • share
  • Twitter
  • Facebook
  • LinkedIn
Huawei in talks with local carmakers to obtain rights in their EV units

In order to deepen its EV efforts, Chinese multinational technology giant Huawei Technologies Co. Ltd. is reportedly in talks with various local automakers to acquire a controlling stake in their electric vehicle units. The company had earlier announced plans to make its electric vehicles and intends to introduce some models this year.

According to reliable sources, Huawei has been in constant discussions with Chongqing Sokon Motor Holdings Limited to obtain a controlling stake in Chongqing Jinkang New Energy Automobile, the latter’s wholly-owned EV subsidiary.

Jinkagng stated that its U.S.-based EV company Seres is a major asset. The move will enable Huawei to make intelligent cars carrying its nameplate as well as have an end-to-end presence in the EV space.

If the talks advance, the push into intelligent cars would signal a major shift in business operations for Huawei, sources claimed. Notably, the tech giant has been battling U.S. sanctions for a while. This had also compelled the tech giant to sell a part of its smartphone business.

Highlighting the shift, Huawei’s rotating chairman Eric Xu revealed new agreements with three local automakers, including BAIC Group. This will allow the company to improve its smart vehicle operating system deemed as Huawei Inside.

It is also worth mentioning that BAIC’s EV brand ArcFox had recently introduced its Alpha S model which is integrated with the Huawei Inside operating system. However, sources confirmed that BAIC intends to keep Huawei as a minority shareholder in its EV unit.

Other Chinese technology giants have also been focusing on developing their version of electric vehicles. For instance, Xiaomi Corporation has been making significant investments to develop an EV under its nameplate.

If market speculations are correct, sales of new energy vehicles are likely to account for 20% of China’s total annual automotive sales by the year 2025.

Source Credits –

https://telecom.economictimes.indiatimes.com/news/huawei-deepens-dive-into-evs-seeks-control-of-small-automaker-sources/82304803

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Indian fintech startup Clear secures USD 75 million in Series C funding
Indian fintech startup Clear secures USD 75 million in Series C funding
By Pranali Mehta

Clear (earlier known as ClearTax) has reportedly secured USD 75 million in a Series C funding round, which was led by Kora Capital. The latest funding round also saw participation from global fintech giant Stripe, Think Investments, Alua Capital, and...

CredAble bags USD 30 Mn Series B funding to expand product portfolio
CredAble bags USD 30 Mn Series B funding to expand product portfolio
By Pranali Mehta

Financing company CredAble recently raised USD 30 million in Series B funding to further develop its platform for providing working capital solutions especially for small businesses and developing innovative debt capital products for corporates and f...

FourKites launches new AI-based Dynamic ETA® for Ocean Shipping
FourKites launches new AI-based Dynamic ETA® for Ocean Shipping
By Pranali Mehta

FourKites, one of the world's leading real-time supply chain prominence platforms, has introduced an innovative industry-first AI-powered Dynamic ETA® for Ocean, as part of its Dynamic OceanSM contribution. As per sources, the new addition o...