Chinese tech giant Huawei is planning to produce electric vehicles and could launch models as soon as this year, according to Reuters. Huawei has reportedly held discussions with Chinese automakers, such as Changan Automobile, to produce vehicles at their plants and state-backed BAIC Group’s BluePark New Energy Technology about manufacturing its EVs.
- Huawei denied the reports, stating that it isn't a car manufacturer but a supplier of components for manufacturers. It has previously developed technologies for EVs such as 5G communications hardware.
- However, Huawei has reportedly begun designing its EVs and could launch the project this year. Richard Yu, head of Huawei’s consumer business group, will oversee the EV project.
- In 2019, former President Donald Trump imposed sanctions on Huawei, citing national security concerns. The sanctions hurt the company's supply chains and forced it to sell part of its smartphone business.
China's EV market:
- Sales of new energy vehicles (NEVs) will account for 20% of China's auto sales by 2025. Total sales will hit 1.8 million units this year up from 1.3 million last year.
- In January, Chinese tech giant Baidu partnered with automaker Geely to produce an autonomous electric vehicle.
- Xiaomi Corp — Baidu's biggest competitor — has said it's tracking developments in the industry but hasn't launched any official projects.