Huawei to move smart car operations to new joint company
BEIJING: China's Huawei said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto. The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. "The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said. The equity ratio and amount of capital contributed will be negotiated by the two parties, Chongqing Changan Automobile said in a filing with the Shenzhen Stock Exchange on Sunday. "The two parties will joint ly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing...