China Economic Network, May 7 (reporter Jiang Zhiwen) Chang'an Automobile announced today that the target company of the Memorandum of Investment Cooperation between Chang'an Automobile and Huawei has completed the registration, and the company is expected to sign the final transaction document no later than August 31, 2024.
Image source: screenshot of Chang'an Auto Announcement
The announcement shows that on January 16, 2024, Huawei has completed the registration of the target company, which is called Shenzhen Yinwang Intelligent Technology Co., Ltd. Its business scope mainly includes automotive intelligent driving solutions, automotive intelligent cockpits, intelligent automotive digital platforms, intelligent car clouds, AR-HUD and intelligent lights. The specific business scope is subject to the final transaction documents.
The announcement points out that all work of the project is being actively promoted at present. As of the disclosure date of this announcement, the Company has basically completed the financial, legal, business and technical due diligence related to this project. At present, both parties are further negotiating on key terms of the transaction.
According to the announcement, in view of the importance and complexity of the project and the need of the trading parties to promote internal procedures, the project progress is somewhat delayed compared with the estimate in the memorandum. According to the latest project progress, the company is expected to sign the final transaction document no later than August 31, 2024.
On November 25, 2023, Chang'an Automobile and Huawei signed the Memorandum of Investment Cooperation. Huawei plans to set up a company engaged in the R&D, design, production, sales and service of automotive intelligent systems and component solutions. The company plans to invest in the target company and carry out strategic cooperation. Both sides jointly support the target company to become a China based, global oriented Industry leader in automotive intelligent systems and component solutions in the service industry.
Chang'an Automobile signed the Memorandum of Investment Cooperation with Huawei, which can be said to stir up thousands of waves with one stone. On the investor platform, several investors asked about the new progress of cooperation between the two sides. Some insiders also questioned that the signing of the Memorandum of Cooperation would be detrimental to Huawei's existing "circle of friends".
However, Chang'an Automobile said at that time that the new company would operate independently based on the principle of marketization, adopt a market-oriented management system and salary incentive framework, and both parties committed to long-term cooperation and strategic collaboration with the target company. In principle, the new company would provide components and solutions within its business scope to customers of finished vehicles. In principle, Huawei does not engage in businesses that compete with the new company's business scope, while Chang'an Automobile comprehensively promotes strategic coordination with the new company.
Yu Chengdong, the executive director of Huawei and chairman of Smart Car Solutions BU, said bluntly, "We have always believed that China needs to build an electrified and intelligent open platform with the participation of the automobile industry, an open platform with" locomotive ". We will deepen cooperation with Chang'an, and at the same time, we will also work together with more strategic partner car enterprises to constantly explore a new model of openness and win-win, and jointly seize the opportunity of electric and intelligent transformation of the automotive industry. "
At the recently held 2024 Beijing Auto Show, Huawei's smart car selection mode was integrated into the exhibition in the form of "Hongmeng Smart Travel", and the show was held together with Interworld, Smart World, and the sharing world of Huawei and BAIC. In addition, new brands of Huawei and JAC are also emerging.
