May 08, 2024 02:39 AM

BUSINESS

Changan Auto Expects to Sign Off Investment in Huawei’s Smart Car Unit by End of August

By An Limin and Denise Jia

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Chongqing Changan Automobile Co. Ltd. is 48% owned by the government.

Chongqing Changan Automobile Co. Ltd. is 48% owned by the government.

State-owned Chongqing Changan Automobile Co. Ltd. said Monday that it expects to sign a final agreement by the end of August to invest in Huawei Technologies Co. Ltd.’s new smart car unit.

Changan Automobile has completed due diligence on financial, legal, operational and technical aspects of the deal and the two parties are in further talks on key terms of the transaction, Changan Automobile said.

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