GAC Group and Huawei Launch Premium Smart EV Brand, Shares Surge

Dec 2, 2024, 02:59 AM

GAC Group, a Chinese state-owned automaker, has entered into a strategic partnership with Huawei Technologies Co. to launch a new premium smart electric vehicle (EV) brand. This collaboration aims to leverage Huawei's advanced technology to target the high-end market. The agreement was signed on November 30, and following the announcement, GAC Group's shares surged, opening up 16% on the Hong Kong Stock Exchange on December 2, with a peak surge of 19%. This new brand will add to GAC's existing portfolio, which includes Trumpchi, Aion, and Hyptec. Huawei, marking its fifth co-developed EV brand, continues to expand its footprint in the automotive industry through partnerships with various Chinese manufacturers.