BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto.
The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release.
"The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said.
"The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said.
Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.
Persons:
Yu Chengdong, Changan, Laurie Chen, Brenda Goh, Edmund Klamann
Organizations:
Huawei, Changan Auto, Chongqing Changan Automobile, Shenzhen Stock Exchange, Seres, Chery, Thomson
Locations:
BEIJING, Chongqing, China, Shenzhen, Beijing, Shanghai