Huawei's joint EV brand with Chery pledges $1.4 billion new investment
FILE PHOTO: A Luxeed S7 electric sedan, developed by Huawei and Chery Aut, is displayed at Huawei's booth at the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. REUTERS/Tingshu Wang/File Photo
BEIJING :Huawei's joint electric vehicle brand with Chery said on Thursday that it will invest more than 10 billion yuan ($1.39 billion) and expand its research and development team to 5,000 people.
It did not give a timeline for the move, which it said aims to strengthen the brand's lead in technology terms, according to a WeChat post.
A new company was also created to integrate production, sales and services.
($1 = 7.1774 Chinese yuan renminbi)
Source: Reuters
