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HUAWEI WILL INVEST $1 BN TO DEVELOP ELECTRIC VEHICLES & SELF-DRIVING TECHNOLOGY

Highlights
• After suffering huge losses, Huawei is now trying its luck by developing electric vehicles and self-self-driving technology and in order to do it will be investing a whopping sum of $1 billion
• Huawei has clearly stated that it has no plans to make its own car but will supply its tech to carmakers


Chinese smartphone maker Huawei at present has forced to sail against the tides courtesy of the imposed several sanctions imposed by the US. These sanctions restrict Huawei from accessing resources in the US which also includes the funding.
After suffering huge losses, the company is now trying its luck by developing electric vehicles and self-self-driving technology and in order to do it will be investing a whopping sum of $1 billion.
Huawei has clearly stated that it has no plans to make its own car but will supply its tech to carmakers and it has joined hands with three automakers — BAIC Group, Chongqing Changan Automobile Co, and Guangzhou Automobile Group Co.
Eric Xu, the rotating chairman of Huawei said “The smart car business unit receives one of the heaviest investments from Huawei. We will invest more than $1 billion in car component development this year. China adds 30 million cars each year and the number is growing. Even if we don’t tap the market outside of China, if we can earn an average of 10,000 yuan from each car sold in China, that’s already a very big business for Huawei.”

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