Huawei sets up new smart car company as it gets more serious about autos
CNN
Huawei has set up a separate smart car unit, in another stride forward in the Chinese tech giant’s plans to make a splash in the automotive world.
Huawei has set up a separate smart car unit, in another stride forward in the Chinese tech giant’s plans to make a splash in the automotive world. The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd on Tuesday in the southern Chinese city of Shenzhen, where Huawei is based. The new firm is wholly owned by Huawei and will focus on the “manufacturing and sales of intelligent car systems and equipment,” according to Tianyancha and Qichacha, two corporate data providers in China. The business has registered initial capital of 1 billion yuan (about $140.5 million) and shares the same address as Huawei’s headquarters, according to the data providers. The news marks another milestone for Huawei, which has accelerated its automotive ambitions in the past three years. The Chinese group originally made its name as a tech and telecoms giant, selling smartphones, consumer devices and network equipment. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. More recently, it has made no secret of its ambition to make a comeback.
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