AVATR Technology acquires 10% stake in Huawei’s Yinwang for 11.5 billion yuan

Published: Aug 20, 2024 14:45

Source: gasgoo

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On August 20, Changan Automobile announced that AVATR Technology, its affiliated smart new energy vehicle company, signed a share transfer agreement with Huawei.

Beijing (Gasgoo)- On August 20, Changan Automobile announced that AVATR Technology, its affiliated smart new energy vehicle company, signed a share transfer agreement with Huawei. The agreement outlines AVATR’s acquisition of a 10% stake in Yinwang (name in Chinese pinyin), a subsidiary of Huawei, for 11.5 billion yuan.

Following this transaction, AVATR Technology will hold 10% of Yinwang's equity stake, while Huawei will retain the rest 90%. Additionally, AVATR, Huawei, and Yinwang will sign a shareholders' agreement.

The announcement follows a Memorandum of Understanding signed by Changan Automobile and Huawei Technologies on November 25, 2023, where Huawei planned to establish a company focused on automotive intelligent systems and components. Changan Automobile and its affiliates intended to invest in this new venture, aiming to support its growth into a leader in automotive intelligent systems and solutions, both in China and globally.

Changan Automobile stated that this new transaction will enhance AVATR Technology’s strategic partnership with Huawei, accelerating the advancement of Changan’s market presence and supporting its transition towards becoming a technology company focused on smart, low-carbon mobility. The automaker emphasized that this collaboration is a key step in strengthening its strategic alliance with Huawei.

Shenzhen Yinwang Intelligent Technology Co., Ltd., established on January 16, 2024, focuses on smart in-car device manufacturing, automotive component R&D, basic AI-enabled software R&D, and more. The company is headquartered at Huawei’s main office in Shenzhen.

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