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Investing.com -- Chinese state-owned automaker SAIC Motor and consumer electronics leader Huawei are set to join forces to create a new electric vehicle (EV) brand. The move comes amidst intensifying competition in China’s bustling EV market.
Shanghai-based SAIC, one of the four major state-run car manufacturers in China, announced on Friday that it has agreed to a memorandum of understanding with Huawei to establish a fresh EV brand.
The partnership will see the two companies collaborating on various aspects such as product design, production, supply-chain management, and sales.
Huawei’s involvement in the automotive industry is not new, with the tech giant already having partnerships with other automakers like Chery Automobile, BAIC Motor, and Seres Group.
These collaborations are aimed at developing different EV and hybrid auto brands.
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