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Huawei’s Smart Car Unit Valued at $16 Billion After Investment
- Auto partner Avatr buys 10% stake in Yinwang Smart Tech
- Huawei continues to diversify into China’s electric car market
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Chinese tech firm Huawei Technologies Co.’s push into the electric vehicle market has received another boost, after an investment valued its auto solutions company at 115 billion yuan ($16 billion).
Avatr Technology, an EV brand backed by state-owned carmaker Chongqing Changan Automobile Co. and battery maker Contemporary Amperex Technology Co. Ltd., paid 11.5 billion yuan to acquire a 10% stake in Yinwang Smart Technology Ltd., according to a stock exchange filing Tuesday. Huawei holds the remaining 90% of Yinwang.